6月9日，国家统计局公布5月份居民消费价格指数（CPI）和工业生产者出厂价格指数（PPI）。 5月，CPI环比下降0.2%，同比下降0.1%，扣除食品和能源价格的核心CPI同比上涨0.6%，涨幅比上月扩大0.1个百分点。PPI环比下降0.4%，降幅与上月相 同，同比下降3.3%，降幅比上月扩大0.6个百分点。 东方金诚研究发展部总监冯琳在接受《每日经济新闻》记者（以下简称每经记者）微信采访时认为，5月CPI同比下降0.1%，略高于市场预期。主要原因是 当月工业消费品价格和服务价格同比涨幅扩大，抵消了国际原油价格下跌向国内能源价格传导以及食品价格同比降幅扩大的影响，带动整体CPI同比保持稳 定。 国家统计局城市司首席统计师董莉娟认为，影响本月PPI环比下降的主要原因，一是国际输入性因素影响国内相关行业价格下降，二是国内部分能源和原材 料价格阶段性下行。 5月份，全国居民消费价格同比下降0.1% 图片来源：国家统计局 核心CPI同比上涨0.6% 5月，CPI同比下降0.1%，降幅与上月相同。扣除食品和能源价格的核心CPI同比上涨0.6%，涨幅比上月扩大0.1个百分点。 冯琳分析，5月应季蔬菜上市量增加，加之上年同 ...

Inflation Overview - May CPI year-on-year growth slightly exceeded consensus expectations, while PPI year-on-year growth was slightly below expectations[1] - May CPI decreased by 0.1% year-on-year, primarily driven by a 6.1% year-on-year decline in energy prices, which contributed approximately 0.47 percentage points to the CPI decline[2] - May PPI decreased by 3.3% year-on-year, with production materials down 4.0% and living materials down 1.4%[20] Price Trends - Energy prices fell 1.7% month-on-month, accounting for nearly 70% of the CPI's month-on-month decline[6] - Food prices decreased by 0.2% month-on-month, which was less than the seasonal decline of 1.1 percentage points, impacting CPI by approximately 0.04 percentage points[5] - Core CPI rose by 0.6% year-on-year, with service prices increasing by 0.5%[4] Sector Performance - High-end equipment manufacturing prices showed an upward trend, contrasting with the overall weakness in energy and raw material prices[1] - The decline in CPI reflects a mixed performance across sectors, with food prices showing a potential upward trend and strong service consumption demand[7] - International factors continue to influence CPI growth, highlighting the need to monitor durable goods price changes[7] Risks and Outlook - Risks include the potential for global inflation to rise again, a rapid slowdown in the European and American economies, and increasing complexity in international situations[24]

Group 1 - In May, China's Producer Price Index (PPI) decreased both month-on-month and year-on-year, with a month-on-month decline of 0.4% and a year-on-year decline of 3.3%, indicating a worsening trend compared to the previous month [1][2] - The decline in PPI was significantly influenced by international factors, particularly the drop in international crude oil prices, which led to price decreases in the petroleum-related industries, contributing approximately 0.23 percentage points to the overall PPI decline [1] - Despite the overall decline, some sectors showed signs of improvement due to enhanced macroeconomic policies and better supply-demand relationships, with certain prices beginning to recover [1] Group 2 - Consumer-related policies have positively impacted demand, leading to a stabilization in the prices of daily necessities, with clothing, general daily goods, and durable consumer goods experiencing slight price increases [2] - Specific industries such as arts and crafts, washing machine manufacturing, television manufacturing, and automobile manufacturing saw year-on-year price changes, with notable increases in the price of arts and crafts products by 12.8% [2] - The transition towards high-end, intelligent, and green development is progressing steadily, with high-tech product demand driving price increases in sectors like integrated circuit packaging, aircraft manufacturing, and wearable smart devices [2]

Group 1 - The core viewpoint of the article highlights the decline in the Consumer Price Index (CPI) and the increase in the core CPI, indicating a mixed economic environment with ongoing adjustments in consumer prices [2][4]. - In May, the CPI decreased by 0.2% month-on-month and 0.1% year-on-year, while the core CPI, excluding food and energy, rose by 0.6% year-on-year, an increase of 0.1 percentage points from the previous month [1][4]. - The Producer Price Index (PPI) also saw a month-on-month decline of 0.4% and a year-on-year decrease of 3.3%, with the decline in PPI year-on-year widening by 0.6 percentage points compared to the previous month [1][5]. Group 2 - The decrease in CPI was primarily influenced by a 1.7% drop in energy prices, which accounted for approximately 70% of the total decline in CPI [3][4]. - Food prices saw a slight decrease of 0.2%, with seasonal factors affecting the prices of fresh vegetables, eggs, and meat, while some fruits and fish experienced price increases due to supply constraints [3][4]. - The increase in consumer demand, driven by holiday activities and entertainment, led to a rise in hotel accommodation and tourism prices, with hotel prices reaching a near ten-year high [3][4]. Group 3 - The PPI's decline was significantly impacted by international factors, particularly the decrease in global oil prices, which affected domestic oil-related industries [6]. - Domestic energy and raw material prices also saw a seasonal decline, with coal prices dropping due to sufficient supply and low demand [6]. - Despite the overall decline in PPI, some sectors showed signs of improvement, with macroeconomic policies enhancing supply-demand relationships in certain industries [5][6]. Group 4 - The article notes that new consumption drivers are emerging, leading to a recovery in prices for daily necessities, with life goods prices stabilizing after a previous decline [7]. - High-end manufacturing and technological advancements are contributing to price increases in related industries, with significant growth in sectors like integrated circuits and aerospace manufacturing [7][8]. - The renewable energy sector, including solar and lithium battery industries, is experiencing improved supply-demand dynamics, resulting in a narrowing of price declines [8].

Group 1 - Daqing Oilfield Co., Ltd. applied for a patent related to a quantitative determination method and device for abnormal high permeability zones, published as CN120102396A, with an application date of December 2023 [1] - The patent aims to address the lack of quantitative determination methods for abnormal high permeability zones, which affects the accuracy of reservoir quality predictions and oilfield development outcomes [1] - The method involves comparing porosity and permeability under normal compaction conditions with current values to classify the type of sedimentary or diagenetic influence on reservoir evolution [1] Group 2 - Daqing Oilfield Co., Ltd. was established in 2000, primarily engaged in oil and gas exploration, with a registered capital of 4,750 million RMB [2] - The company has invested in 28 enterprises, participated in 5,000 bidding projects, and holds 4,426 patents along with 7,335 administrative licenses [2] - China National Petroleum Corporation (CNPC), established in 1999, focuses on gas production and supply, with a registered capital of 18,302 million RMB [2] - CNPC has invested in 1,245 enterprises, participated in 496 bidding projects, and holds 5,000 patents along with 163 administrative licenses [2]

Core CPI and Economic Policy - The core CPI shows a steady upward trend, reflecting the effectiveness of macroeconomic policies and the increasing impact of domestic demand on prices [1][5] - In May, the core CPI excluding food and energy prices rose by 0.6% year-on-year, an increase of 0.1 percentage points from the previous month [2][4] CPI and PPI Trends - In May, the CPI decreased by 0.2% month-on-month and 0.1% year-on-year, while the PPI fell by 0.4% month-on-month and 3.3% year-on-year, with the year-on-year decline widening by 0.6 percentage points [2][7] - Energy prices dropped by 6.1% year-on-year, contributing approximately 0.47 percentage points to the CPI decline [4] Food Prices and Consumer Demand - Food prices decreased by 0.4% year-on-year, with pork prices rising by 3.1% but showing a decline in growth rate compared to the previous month [4] - The analysis indicates that consumer demand is in a critical recovery phase, with expectations of gradual improvement in consumption as counter-cyclical policies take effect [4][5] Sector-Specific Price Movements - Certain sectors are experiencing marginal price improvements, with some consumer goods seeing price stabilization or increases [8] - High-tech product demand is expanding, leading to price increases in sectors such as integrated circuits and aircraft manufacturing [8] Future Price Outlook - Short-term inflation may face dual pressures, with expectations of continued negative growth in CPI and PPI in the second and third quarters [9] - Recent financial policies may signal the start of a new round of incremental policies aimed at stabilizing employment, businesses, and market expectations [9]

Group 1: CPI Analysis - The Consumer Price Index (CPI) decreased by 0.2% month-on-month and 0.1% year-on-year in May, with the core CPI (excluding food and energy) increasing by 0.6% year-on-year, an expansion of 0.1 percentage points from 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 [2][3] - Food prices fell by 0.2%, with seasonal vegetables seeing a 5.9% price drop, while hotel accommodation and tourism prices rose by 4.6% and 0.8%, respectively, indicating a recovery in consumer demand [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 0.4% month-on-month and 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, which contributed significantly to the overall decline [4][5] - Despite the overall decline, some sectors showed positive price movements, with consumer goods prices stabilizing and certain industries, such as high-end equipment manufacturing, experiencing price increases due to improved demand [5]

一是国际输入性因素影响国内相关行业价格下降。国际原油价格下行影响国内石油相关行业价格下降， 石油和天然气开采业价格下降5.6%，精炼石油产品制造价格下降3.5%，化学原料和化学制品制造业价 格下降1.2%，上述3个行业合计影响PPI环比下降约0.23个百分点，超过总降幅的五成。 ...

Core Viewpoint - In May, the Producer Price Index (PPI) in China decreased by 0.4% month-on-month and 3.3% year-on-year, with the year-on-year decline widening by 0.6 percentage points compared to the previous month [1] Group 1: PPI Changes - The month-on-month decline in PPI was primarily influenced by international input factors leading to price decreases in related domestic industries [1] - The price of crude oil fell, impacting domestic oil-related industries, with prices in the oil and gas extraction sector down by 5.6%, refined petroleum product manufacturing down by 3.5%, and chemical raw materials and products manufacturing down by 1.2% [1] - These three sectors collectively contributed approximately 0.23 percentage points to the month-on-month PPI decline, accounting for over 50% of the total decrease [1] Group 2: Domestic Price Influences - Domestic energy and raw material prices experienced a phase of decline, with coal mining and washing prices down by 3.0% due to seasonal demand factors and sufficient coal stockpiles [1] - The price of coal processing decreased by 1.1%, while black metal smelting and rolling industries, as well as non-metallic mineral products, saw a price drop of 1.0% due to ample supply of construction materials [1] - These four sectors together contributed approximately 0.18 percentage points to the month-on-month PPI decline [1]

Group 1 - The main reason for the month-on-month decline in PPI is the impact of international input factors leading to price decreases in related domestic industries [1] - The decline in international crude oil prices has resulted in a 5.6% decrease in the prices of the oil and gas extraction industry, a 3.5% decrease in refined petroleum product manufacturing prices, and a 1.2% decrease in the prices of chemical raw materials and chemical products manufacturing [1] - These three industries collectively contributed to a month-on-month decline in PPI of approximately 0.23 percentage points, accounting for over 50% of the total decline [1] Group 2 - Domestic energy and raw material prices have also experienced a phase of decline, with coal mining and washing prices decreasing by 3.0% due to seasonal demand factors [1] - The prices of coal processing have decreased by 1.1%, while the black metal smelting and rolling industry and non-metallic mineral products industry have both seen a 1.0% price decline [1] - The combined effect of these four industries contributed to a month-on-month decline in PPI of approximately 0.18 percentage points [1]