Group 1 - The Consumer Price Index (CPI) in July 2025 increased by 0.4% month-on-month, reversing a 0.1% decline in June, indicating a positive trend in consumer prices driven by service and industrial goods [2][3] - Core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the third consecutive month of growth, reflecting the ongoing effects of domestic demand expansion policies [2][3] - Service prices increased by 0.6% month-on-month, contributing approximately 0.26 percentage points to the overall CPI increase, with significant price hikes in travel-related services due to the summer vacation season [2][3] Group 2 - The Producer Price Index (PPI) decreased by 0.2% month-on-month in July 2025, but the decline was less than in previous months, indicating a narrowing of the downward trend for the first time since March [4][5] - Year-on-year, the PPI fell by 3.6%, with the average PPI for January to July 2025 down by 2.9% compared to the same period last year, marking 33 consecutive months of negative growth [4][5] - The improvement in PPI is attributed to seasonal factors and enhanced market competition in various industries, including coal, steel, and photovoltaic sectors, which have seen reduced price declines [4][5]

Core Viewpoint - The article discusses the recent trends in China's Consumer Price Index (CPI) and Producer Price Index (PPI), highlighting a shift in consumer prices and the implications for economic policy and market conditions [1][2][7]. CPI Analysis - In July, the CPI increased by 0.4% month-on-month, reversing a previous decline of 0.1%, and remained flat year-on-year. The core CPI, excluding food and energy, rose by 0.8%, marking the highest increase since March 2024 [1][6]. - The rise in CPI was primarily driven by increases in service prices (up 0.6%) and industrial consumer goods prices (up 0.5%). Seasonal factors and the impact of summer travel contributed to higher prices for air tickets, tourism, and accommodation [4][6]. - Food prices decreased by 1.6% year-on-year, influenced by a high base from the previous year, with fresh vegetables and fruits being significant contributors to this decline [6]. PPI Analysis - The PPI fell by 0.2% month-on-month, but this decline was the smallest since March, indicating a potential stabilization in industrial prices. Year-on-year, the PPI decreased by 3.6%, consistent with the previous month [2][8]. - The decline in PPI is attributed to seasonal factors, market order optimization, and uncertainties in international trade. Specific industries such as non-metallic mineral products and coal mining experienced price drops due to reduced demand [9][10]. - Despite the overall decline, the competitive market environment has led to a narrowing of price decreases in several sectors, including coal and steel, suggesting a potential for price stabilization in the future [10]. Economic Policy Implications - The article emphasizes the importance of coordinated monetary and fiscal policies to support economic stability and reasonable price levels. The People's Bank of China has indicated a need for moderately loose monetary policy to address domestic demand issues and low price levels [7].

Group 1 - The State Intellectual Property Office has granted a patent to China Metallurgical Group Corporation for a method and system for predicting the metallurgical performance of sintered ore, with the patent number CN116364206B and application date of April 2023 [1] - China Metallurgical Group Corporation was established in 2003 and is based in Chongqing, primarily engaged in black metal smelting and rolling processing, with a registered capital of 1.143 billion RMB [1] - The company has invested in 22 enterprises, participated in 5,000 bidding projects, holds 350 trademark records, and has 3,940 patent records, along with 23 administrative licenses [1] Group 2 - China Metallurgical Technology Research Center Co., Ltd. was established in 2009 and is also located in Chongqing, focusing on professional technical services, with a registered capital of 50 million RMB [1] - The research center has participated in 275 bidding projects, holds 1,724 patent records, and has 2 administrative licenses [1]

Core Viewpoint - The June CPI increased by 0.1% year-on-year, surpassing the previous value of -0.1%, while the PPI decreased by 3.6% year-on-year, lower than the previous value of -3.3%. The simulated deflation index based on CPI and PPI remains at -1.38%, consistent with May and at a low since February 2024 [1][5]. Summary by Sections CPI and PPI Analysis - The CPI data met expectations, with high-frequency data estimating a 0.14% year-on-year increase, while the PPI was significantly lower than the expected -3.0% [1][5]. - The PPI showed a base effect advantage with a 0.2% month-on-month recovery, but year-on-year figures continued to decline, indicating potential discrepancies in high-frequency data representation [1][7]. Price Movements in Industries - In June, the PPI for coal processing fell by 5.5% month-on-month, and the prices in coal mining and black metal industries also decreased, reflecting weaker performance compared to high-frequency data [1][7]. - The durable consumer goods segment of PPI fell from 0.1% to -0.1%, with notable declines in the computer and textile sectors, possibly influenced by tariff uncertainties and the "618" e-commerce promotions [2][8]. Positive Trends in PPI - The automotive manufacturing sector saw a month-on-month PPI increase of 0.2%, indicating initial positive effects of the "anti-involution" trend in production [3][9]. - The prices for complete vehicles and new energy vehicles rose by 0.5% and 0.3% respectively, suggesting a narrowing of year-on-year declines in these categories [10]. Notable CPI Details - Key details in CPI include a 0.3% month-on-month decrease in alcohol prices, a shift in clothing prices from increase to decrease during the "618" sales, and a 0.4% decline in transportation tools, indicating ongoing price reductions in the automotive retail sector [4][10]. - Medical service prices have shown a consistent upward trend, with a year-to-date increase of 0.7%, while pork prices fell by 1.2% month-on-month, although a rebound was noted post-June 26 [4][10]. Overall Price Stability and Future Outlook - The current task of stabilizing prices remains significant, with no signs of a turning point in the simulated deflation index. Various factors, including supply-demand fundamentals and external demand fluctuations, are influencing prices [4][13]. - Positive signs include a moderate rise in core CPI year-on-year, improvements in coal and meat prices since July, and initial positive signals in automotive manufacturing prices [4][13]. Key future indicators will be the recovery of local project starts and the continued effectiveness of the "anti-involution" trend [4][13].

Core Viewpoint - Sichuan province's industrial value added for the first five months of 2023 increased by 7.1% year-on-year, outpacing the national growth rate by 0.8 percentage points [1] Economic Indicators - The total retail sales of consumer goods in Sichuan reached 1,173.45 billion yuan, reflecting a year-on-year growth of 5.6%, which is 0.6 percentage points higher than the national average [1] Industry Performance - Out of 41 major industry categories, 35 reported an increase in value added during the first five months [1] - The automotive manufacturing industry saw a significant increase in value added, growing by 22.2% year-on-year [1] - The chemical raw materials and chemical products manufacturing industry experienced a growth of 18.8% year-on-year [1] - The computer, communication, and other electronic equipment manufacturing industry grew by 14.9% year-on-year [1] - The black metal smelting and rolling processing industry also increased by 14.9% year-on-year [1] - The electrical machinery and equipment manufacturing industry reported a growth of 10.3% year-on-year [1]

Economic Overview - Sichuan province achieved a total retail sales of social consumer goods of 11,734.5 billion yuan, with a year-on-year growth of 5.6%, outpacing the national growth rate by 0.6 percentage points [1] - Among 41 major industries, 35 reported an increase in value added [1] - The industrial product sales rate for large-scale industrial enterprises was 94.5% [3] Industrial Growth - In the first five months, the value added of large-scale industrial enterprises grew by 7.1%, exceeding the national growth rate by 0.8 percentage points [1] - Key industries with significant growth included: - Automotive manufacturing: 22.2% year-on-year growth - Chemical raw materials and products manufacturing: 18.8% growth - Computer, communication, and other electronic equipment manufacturing: 14.9% growth - Black metal smelting and rolling processing: 14.9% growth - Electrical machinery and equipment manufacturing: 10.3% growth [1] Major Industrial Products - Natural gas production increased by 11.2% - Power generation rose by 2.8% - Smart watches saw a remarkable growth of 95.2% - Generator sets (power generation equipment) increased by 60.8% - Lithium-ion batteries grew by 49.0% - Automotive production increased by 36.4% - Industrial boilers rose by 33.1% - LCD screens grew by 28.6% - Integrated circuits increased by 14.6% - Smartphones saw a growth of 14.2% [2] Fixed Asset Investment - Fixed asset investment (excluding rural households) grew by 3.0% year-on-year [3] - Investment in the primary industry increased by 17.8% - Investment in the secondary industry rose by 14.1%, with industrial investment growing by 14.3% - Investment in the tertiary industry decreased by 2.1% [3] Real Estate Development - Real estate development investment decreased by 6.7% - The construction area of commercial housing fell by 12.3% - The sales area of newly built commercial housing declined by 7.4% [3] Consumer Market - In terms of consumption patterns, restaurant income reached 1,611.8 billion yuan, growing by 4.5% - Retail sales of goods amounted to 10,122.8 billion yuan, with a year-on-year growth of 5.8% - Among retail sales, enterprises above the designated size achieved online retail sales of 863.4 billion yuan [3] Hot Products - Retail sales of communication equipment by enterprises above the designated size grew by 65.9% - Retail sales of household appliances and audio-visual equipment increased by 20.2% - Retail sales of grain, oil, and food grew by 13.2% - Retail sales of cultural and office supplies increased by 11.9% - Retail sales of gold, silver, and jewelry grew by 11.3% - Retail sales of beverages increased by 10.7% [4]

Economic Growth - Sichuan Province's industrial added value increased by 7.1% year-on-year from January to May [1] - State-owned enterprises' added value grew by 7.4%, while foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a significant increase of 17.5% [1] Industry Performance - Out of 41 major industries, 35 experienced growth in added value, with notable increases in automotive manufacturing (22.2%), chemical raw materials and products (18.8%), and computer and electronic equipment manufacturing (14.9%) [1] - The black metal smelting and rolling processing industry also grew by 14.9%, while electrical machinery and equipment manufacturing increased by 10.3% [1] Production Output - Key industrial product outputs included natural gas (up 11.2%), electricity generation (up 2.8%), and significant growth in smartwatches (95.2%), generators (60.8%), and lithium-ion batteries (49.0%) [1] - Other notable increases were seen in automotive production (36.4%), industrial boilers (33.1%), LCD screens (28.6%), integrated circuits (14.6%), and smartphones (14.2%) [1] Fixed Asset Investment - Fixed asset investment (excluding rural households) in Sichuan Province grew by 3.0% year-on-year, with the primary industry seeing a 17.8% increase and the secondary industry growing by 14.1% [1] - Industrial investment specifically rose by 14.3% [1] Retail Sales - The total retail sales of consumer goods in Sichuan reached 1,173.45 billion yuan, marking a 5.6% year-on-year increase [2] - Urban retail sales accounted for 950.47 billion yuan (up 5.5%), while rural retail sales reached 222.99 billion yuan (up 6.1%) [2] Consumer Trends - Restaurant income grew by 4.5%, with significant growth in household appliances and audio-visual equipment (20.2%), food and oil products (13.2%), and cultural office supplies (11.9%) [2] - Jewelry sales increased by 11.3%, and beverage sales rose by 10.7% [2]

Group 1: CPI Analysis - In May, the Consumer Price Index (CPI) decreased by 0.2% month-on-month and by 0.1% year-on-year, while the core CPI, excluding food and energy, increased by 0.6%, with the growth rate expanding by 0.1 percentage points compared to the previous month [1][2][3] - The month-on-month decline in CPI was primarily driven by a 1.7% decrease in energy prices, which accounted for approximately 70% of the total decline in CPI [2] - Food prices fell by 0.2%, with seasonal vegetables seeing a 5.9% price drop, while prices for eggs, pork, and poultry slightly decreased by 0.3% to 1.0% [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 0.4% month-on-month and by 3.3% year-on-year, with the year-on-year decline expanding by 0.6 percentage points compared to the previous month [1][4][5] - The month-on-month PPI decline was influenced by international factors, including a 5.6% drop in oil and gas extraction prices and a 3.5% decrease in refined oil product manufacturing prices [4] - Some sectors showed marginal price improvements, with consumer demand policies positively impacting prices in certain industries, such as a 12.8% increase in the price of arts and crafts and a 0.8% rise in footwear manufacturing [5]

Group 1 - The automotive manufacturing industry experienced a decline of 5.1% from January to April [1] - The computer, communication, and other electronic equipment manufacturing industry saw a growth of 11.6% during the same period [1] - The oil and gas extraction industry decreased by 6.9%, while coal mining and washing industry faced a significant decline of 48.9% [1] Group 2 - The petroleum, coal, and other fuel processing industries reported a year-on-year increase in losses [1] - The black metal smelting and rolling processing industry transitioned from a loss to a profit year-on-year [1]

Economic Growth - Sichuan province's industrial added value increased by 7.1% year-on-year from January to April, outpacing the national growth rate by 0.7% [2] - The total retail sales of consumer goods reached 928.59 billion yuan, with a year-on-year growth of 5.3%, also exceeding the national average by 0.6% [2] Industry Performance - Out of 41 major industries, 35 reported growth in added value [2] - The automotive manufacturing industry saw a significant increase of 22.3% year-on-year [2] - Chemical raw materials and products manufacturing grew by 20.0% [2] - The computer, communication, and other electronic equipment manufacturing sector increased by 15.0% [2] - Black metal smelting and rolling processing industry grew by 14.9% [2] - Electrical machinery and equipment manufacturing rose by 10.6% [2] Industrial Product Output - Natural gas production increased by 9.4% year-on-year [2] - Power generation grew by 4.1% [2] - Smart watch production surged by 92.7% [2] - Generator sets production increased by 73.1% [2] - Lithium-ion battery output rose by 66.7% [2] - Automobile production grew by 35.6% [2] - Industrial boiler output increased by 28.3% [2] - Integrated circuit production rose by 15.7% [2] - Color television production increased by 14.9% [2] - Smartphone production grew by 12.4% [2] Investment Trends - The product sales rate for industrial enterprises above designated size was 94.6% [3] - Fixed asset investment (excluding rural households) increased by 3.2% year-on-year [3] - Investment in the primary industry grew by 20.5% [3] - Investment in the secondary industry increased by 15.7%, with industrial investment rising by 15.9% [3] - Investment in the tertiary industry declined by 2.6% [3] Real Estate Development - Real estate development investment decreased by 6.8% year-on-year [4] - The construction area of commercial housing fell by 12.6% [4] - The sales area of newly built commercial housing declined by 7.4% [4] Consumer Spending - Restaurant revenue reached 130.32 billion yuan, growing by 4.6% year-on-year [4] - Retail sales of goods amounted to 798.27 billion yuan, with a year-on-year growth of 5.4% [4] - E-commerce sales from above-designated size enterprises reached 67.14 billion yuan, increasing by 27.1% [4] Hot Product Categories - Retail sales of communication equipment from above-designated size enterprises surged by 79.2% [4] - Retail sales of household appliances and audio-visual equipment grew by 16.4% [4] - Retail sales of grain, oil, and food increased by 13.0% [4] - Beverage retail sales rose by 12.7% [4] - Retail sales of cultural and office supplies grew by 10.5% [4]