中新网松原5月13日电 (郭佳高东旭)在位于吉林省松原市的中国石油吉林油田公司黑46区块，从长岭天 然气净化站分离出的二氧化碳经过12.6公里的运输管道，源源不断地注入地下。 4月28日，吉林松原，吉林油田一平台正利用CCUS技术开采石油。 郭佳摄 "把注入地下的二氧化碳作为开采石油的介质，开采效率比传统的水介质要高25%，这样每年可以多开 采20多万吨石油。"中国石油吉林油田二氧化碳开发公司(一体化中心)主任张德平13日受访时说。 中国石油吉林油田公司最新数据显示，今年前4个月，埋存二氧化碳14.8万吨，至此埋存二氧化碳总量 已接近400万吨，相当于植树3400万棵、200余万辆经济型轿车停开一年，埋存二氧化碳总量稳居中国第 一。 2005年，吉林油田在科尔沁草原深处发现了中国陆上第一个火山岩气田——长岭气田。该气田虽然天然 气蕴藏丰富，但二氧化碳含量高达20%以上，若清洁开采必先解决伴生二氧化碳气体的去向问题。 为解决这一难题，吉林油田将大情字井油田黑59、黑79、黑46区块列为先期"试验田"，在国内率先走通 了二氧化碳捕集输送、集输处理、循环注入全流程，累计申报国家专利技术30多项。 凭借系列自主技术， ...

石油和化工行业景气指数由中国石油和化学工业联合会与山东卓创资讯股份有限公司联合编制，是石油 化工行业的微观景气循环监控指标，包括"石油和天然气开采业景气指数""燃料加工业景气指数""化学 原料和化学制品制造业景气指数""橡胶、塑料及其他聚合物制品制造业景气指数"4个分指数。石油和化 工行业景气指数的景气指标选择以度量行业的潜在产出和经济效益为标准，包括生产类微观数据和行业 效益类数据，其中生产类微观数据包括产能利用率、产品盈利能力、产成品库存水平。基础数据来源于 与千余家企业建立的定期调研评估结果。 核心摘要 ●终端需求恢复 景气指数回暖 4月，虽然美国关税政策对国内经济复苏造成冲击，但是国内刺激消费的举措不断出台，终端需求恢复 加速，企业补库增加，存货周转率止跌转升，带动石油和化工行业景气指数环比上升3.97个百分点，至 100.21。从分指数看，4月终端需求回暖，企业采购节奏加快，化学原料和化学制品制造业和橡胶、塑 料及其他聚合物制品制造业景气指数环比分别上升7.21个百分点和5.09个百分点。采购回升叠加出行需 求增加，对成品油需求亦有所增长，燃料加工业景气指数环比上升3.68个百分点。然而，市场对于关 ...

Group 1: Consumer Price Index (CPI) Analysis - In April 2025, Guangdong's Consumer Price Index (CPI) decreased by 0.4% year-on-year, with the decline narrowing by 0.1 percentage points compared to the previous month [1][4] - Month-on-month, the CPI increased by 0.3%, reversing the previous month's decline of 0.4%, resulting in a difference of 0.7 percentage points [1][3] - The core CPI, excluding food and energy prices, rose by 0.1% year-on-year, compared to a decline of 0.1% in the previous month, indicating a 0.2 percentage point difference [2] Group 2: Food and Non-Food Price Changes - Food prices increased by 0.3% month-on-month, contrasting with a 0.9% decline in the previous month, leading to a 1.2 percentage point difference [3] - Pork prices decreased by 1.1%, but the decline was less than the previous month's drop of 2.1% [3] - Non-food prices shifted from a 0.3% decline to a 0.2% increase, contributing approximately 0.19 percentage points to the CPI increase [3] Group 3: Producer Price Index (PPI) Analysis - In April 2025, Guangdong's Producer Price Index (PPI) decreased by 1.4% year-on-year, with the decline expanding by 0.1 percentage points compared to the previous month [5][6] - Month-on-month, the PPI fell by 0.3%, with production material prices decreasing by 0.4% and living material prices declining by 0.1% [5] - In the PPI survey of 38 major industries, 34.2% experienced price increases, an increase of 5.3 percentage points from the previous month [5][6] Group 4: Industry-Specific Price Movements - Significant price increases were observed in the non-ferrous metal mining industry, which rose by 12.5%, and in the cultural, educational, and sports goods manufacturing sector, which increased by 11.1% [6][7] - Conversely, prices in the petroleum, coal, and other fuel processing industries decreased by 10.4%, while prices in the oil and gas extraction industry fell by 9.8% [6][7] - The overall impact of last year's price changes on the PPI decline was approximately -0.66 percentage points, with new price increases contributing about -0.76 percentage points [7]

Group 1: CPI Inflation - The CPI inflation for April is -0.1% year-on-year, which is in line with the previous value and higher than market expectations of -0.3% [1] - Core CPI inflation remains stable, with a month-on-month increase of 0.2%, while year-on-year it holds steady at 0.5% [8] - Food prices have turned from decline to increase, with a month-on-month rise of 0.2% and a year-on-year decline narrowing by 1.2 percentage points to 0.2% [5][6] Group 2: PPI Inflation - The PPI inflation for April is -2.7% year-on-year, down 0.2 percentage points from the previous month, and -0.4% month-on-month, which is weaker than the historical average since 2017 [12] - The decline in PPI inflation is primarily due to tariff impacts, with energy prices being suppressed and some industries facing export obstacles [15] - New momentum industries show resilience, with prices in sectors like computer and electronic equipment manufacturing improving [15] Group 3: Forward Outlook - Looking ahead, the implementation of a package of financial policies on May 7 is expected to support consumption and stabilize the real estate market, potentially leading to a stabilization and gradual recovery of core CPI inflation [11] - The PPI inflation is projected to face downward pressure due to ongoing tariff uncertainties, but the recent financial policies may alleviate some of this pressure [20] - The expected CPI inflation midpoint for Q2 is around 0.2%, while the annual midpoint is projected at 0.4%; for PPI, the Q2 midpoint may drop to around -2.5%, with an annual midpoint of -2.4% [21]

Group 1 - In April, China's Producer Price Index (PPI) decreased by 0.4% month-on-month and 2.7% year-on-year, with the year-on-year decline widening by 0.2 percentage points compared to the previous month [1] - The decline in PPI is attributed to changes in the international trade environment and a rapid drop in prices of certain international bulk commodities, affecting domestic industry prices [1] - Specific sectors such as oil and gas extraction saw a price decrease of 3.1%, while refined petroleum products and chemical manufacturing prices fell by 2.5% and 0.6% respectively [1] Group 2 - Seasonal declines in energy prices were noted, with coal mining and processing prices dropping by 3.3% due to the end of heating season and traditional off-peak demand [1] - The electricity and heat production and supply sector experienced a price decrease of 0.3%, influenced by lower costs of new energy generation and increased wind power output [1] - Despite international factors exerting downward pressure, domestic macro policies aimed at boosting consumption and the growth of high-tech industries have led to increased demand in certain sectors, resulting in positive price changes in some areas [1] Group 3 - Policies promoting consumption and equipment upgrades are expected to lead to a recovery in prices for certain consumer goods and manufacturing products [2] - In April, the year-on-year price decline for household washing machines narrowed by 0.3 percentage points, while food manufacturing and new energy passenger vehicles also saw a reduction in their price decline by 0.2 percentage points [2] - The diversification of trade and market expansion has contributed to price increases or reduced declines in some export sectors, with integrated circuit packaging and testing prices rising by 2.7% and semiconductor device manufacturing prices increasing by 1.0% in April [2]

Core Viewpoint - The article discusses the recent trends in China's Consumer Price Index (CPI) and Producer Price Index (PPI), highlighting the impact of international oil prices and domestic economic policies on these indices [1][2]. CPI Analysis - In April, the CPI showed a month-on-month increase of 0.1% after a previous decline of 0.4%, but year-on-year it decreased by 0.1% [1]. - The core CPI, excluding food and energy, rose by 0.5%, indicating stable inflation in essential goods [2]. - The year-on-year decline in CPI is attributed mainly to a significant drop in energy prices, which fell by 4.8%, with gasoline prices decreasing by 10.4%, contributing approximately 0.38 percentage points to the CPI decline [6]. PPI Analysis - The PPI decreased by 0.4% month-on-month and 2.7% year-on-year, with the latter decline widening by 0.2 percentage points compared to the previous month [7]. - The drop in PPI is influenced by international commodity price declines, particularly in oil and gas extraction, which saw a price drop of 3.1%, and refined petroleum products, which fell by 2.5% [7]. - Seasonal factors also contributed, with coal prices declining as demand decreased post-heating season [7]. Positive Price Changes - Despite the overall decline in CPI and PPI, certain sectors are experiencing positive price changes due to improved supply-demand dynamics and government policies promoting consumption [9]. - Industries such as black metal smelting and non-metallic mineral products saw a narrowing of year-on-year price declines, indicating a recovery in demand [9]. - High-tech industries are also benefiting, with prices for wearable smart devices and aircraft manufacturing increasing by 3.0% and 1.3%, respectively [10]. Trade and Export Impact - The diversification of trade and market expansion has led to price increases in some export sectors, such as integrated circuit packaging, which rose by 2.7% [10]. - The government emphasizes the importance of maintaining prices within a reasonable range to support both consumer spending and corporate profitability [10].

Core Viewpoint - The article discusses the current state of China's Consumer Price Index (CPI) and Producer Price Index (PPI), highlighting a slight decrease in both indices, indicating ongoing deflationary pressures in the economy. It emphasizes the need for effective demand stimulation and policy coordination to enhance economic recovery and stabilize prices. CPI Analysis - In April 2025, the CPI year-on-year change was -0.1%, consistent with the previous value, while the PPI year-on-year change was -2.7%, lower than the previous -2.5% [1][7] - The CPI month-on-month change was 0.1%, an improvement over the negative growth seen in February and March. Key price increases were driven by reduced imports affecting beef prices, increased travel activity during the May Day holiday, and rising gold prices [8][9] - Beef prices rose by 3.9% month-on-month in April, with the year-on-year decline narrowing by 5.9 percentage points. Travel-related costs, including airfare and accommodation, saw significant increases, contributing approximately 0.10 percentage points to the CPI month-on-month [8][9] PPI Analysis - The PPI month-on-month change was -0.4%, unchanged from March. Input price pressures remain significant, particularly in the oil and gas extraction sector, which saw a month-on-month decline of 3.1% [10][11] - The steel industry continues to face the necessity of capacity reduction, with black metal smelting prices decreasing by 1.0% month-on-month. The construction sector supports cement prices, while the automotive industry experiences ongoing price declines due to technological advancements and market competition [10][11] - The article anticipates that the PPI year-on-year decline may continue to widen due to elevated bases from May to July and external demand pressures affecting capacity utilization in certain industries [4][12] Policy Implications - The People's Bank of China (PBOC) emphasizes that the relationship between money supply and prices is complex and depends on supply-demand dynamics. Effective demand stimulation is crucial for price recovery, necessitating coordinated policies across various sectors [5][14] - The article suggests that optimizing the supply-demand ratio is essential for positive effects from monetary policy expansion. Key policy paths include boosting consumption, stabilizing local investment, and promoting technological and industrial innovation [6][15]

Economic Overview - The National Bureau of Statistics indicates that despite international input factors exerting downward pressure on prices in certain industries, China's economic foundation remains stable and resilient, with macro policies working in synergy to promote high-quality development [1][2] - In April, the Consumer Price Index (CPI) showed a month-on-month increase of 0.1% after a previous decline of 0.4%, while year-on-year, it decreased by 0.1% [1][4] - The Producer Price Index (PPI) experienced a month-on-month decline of 0.4%, with a year-on-year decrease of 2.7%, which is an expansion of the decline by 0.2 percentage points compared to the previous month [1][5] CPI Analysis - The core CPI, excluding food and energy prices, rose by 0.5% in April, maintaining a stable growth rate [2] - The year-on-year CPI decline is primarily influenced by a significant drop in international oil prices, with energy prices decreasing by 4.8% year-on-year, and gasoline prices falling by 10.4%, contributing approximately 0.38 percentage points to the CPI decline [4] PPI Analysis - The PPI's decline is attributed to international input factors affecting domestic industry prices, with global commodity prices, including Brent crude oil and LME copper, experiencing declines of 6.6% and 5.5% respectively [5][6] - Domestic energy prices are also seasonally declining, particularly in coal mining and processing, which saw a month-on-month decrease of 3.3% [6] Price Trends in Specific Industries - Certain industries are witnessing positive price changes due to improved supply-demand relationships, with construction and manufacturing sectors showing signs of recovery [7] - Prices in the black metal smelting and rolling industry and non-metallic mineral products industry have seen a narrowing of year-on-year declines by 1.4 and 1.0 percentage points respectively [7] - The prices of consumer goods and equipment manufacturing products are also rebounding, with household washing machines and new energy vehicles showing reduced year-on-year price declines [7][8] Export and Trade Impact - The ongoing diversification of trade is leading to price increases or reduced declines in some export sectors, such as integrated circuit packaging and testing, which saw a price increase of 2.7% [8] - The government emphasizes the importance of maintaining reasonable price levels to balance consumer spending and corporate profitability, with policies aimed at promoting price recovery [8]

Group 1: Consumer Price Index (CPI) Insights - In April, the CPI increased by 0.1% month-on-month and decreased by 0.1% year-on-year, indicating a shift from decline to growth in the month-on-month comparison [1][3] - Food prices rose by 0.2%, while non-food prices increased by 0.1%, with service prices up by 0.3%, driven by seasonal factors and demand recovery [3][4] - The core CPI, which excludes food and energy, rose by 0.2% month-on-month and 0.5% year-on-year, reflecting stable supply-demand dynamics [3][10] Group 2: Producer Price Index (PPI) Trends - The PPI decreased by 0.4% month-on-month and 2.7% year-on-year, with the decline attributed to international input factors and seasonal drops in energy prices [1][9] - Certain industrial sectors showed signs of price stabilization, with black metal and non-metal mineral product prices experiencing reduced year-on-year declines [5][6] - The PPI's month-on-month decline was influenced by falling prices in the petroleum and natural gas extraction sectors, as well as in the non-ferrous metal industries [9][10] Group 3: Economic Policies and Market Dynamics - The People's Bank of China noted that policies aimed at expanding domestic demand are beginning to take effect, which is expected to support a moderate recovery in price levels [1][10] - Recent macroeconomic policies, including interest rate cuts and structural tools, are designed to stimulate domestic demand and support price stability [10] - The upcoming holiday seasons are anticipated to boost service prices, contributing to a potential recovery in the core CPI [10]

Core Insights - The Consumer Price Index (CPI) increased by 0.1% month-on-month in April, while year-on-year it decreased by 0.1%. The Producer Price Index (PPI) decreased by 0.4% month-on-month and by 2.7% year-on-year [1][2]. CPI Analysis - The month-on-month CPI change shifted from decline to increase, with a core CPI increase of 0.2% month-on-month and a stable year-on-year increase of 0.5%. This reflects the resilience of the economy [2][4]. - Food prices rose by 0.2%, and service prices increased by 0.3%, driven by seasonal factors and demand recovery during the holiday period [3][4]. PPI Analysis - The PPI's month-on-month decline of 0.4% was consistent with the previous month, influenced by international factors and seasonal declines in energy prices [8][10]. - Certain industrial sectors showed signs of price recovery, with reduced year-on-year declines in sectors such as black metal smelting and non-metallic mineral products [5][6]. Sector Performance - High-tech industries and construction activities contributed to a positive trend in some industrial prices, with specific sectors like wearable smart devices and aircraft manufacturing showing price increases [5][6]. - The international oil price decline negatively impacted domestic oil-related industries, leading to price drops in sectors such as petroleum extraction and refining [10]. Economic Outlook - The People's Bank of China anticipates that policies aimed at expanding domestic demand will support a moderate recovery in price levels [2][11]. - Recent monetary policies, including interest rate cuts and structural tools, are expected to stimulate domestic demand and support price stability [11].