国家统计局昨日发布数据显示，5月份，全国居民消费价格指数（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。 国家统计局城市司首席统计师董莉娟表示，我国以更大力度和更精准措施提振消费，新质生产力成 长壮大，部分领域供需关系有所改善，价格呈现积极变化。 CPI环比由涨转降 主要受能源价格下降影响 宾馆住宿价格涨幅创新高 CPI环比由涨转降主要受能源价格下降影响。能源价格环比下降1.7%，影响CPI环比下降约0.13个百 分点，占CPI总降幅近七成。其中，汽油价格下降3.8%，降幅比上月扩大1.8个百分点。 CPI同比略有下降，降幅与上月相同。其中，能源价格同比下降6.1%，降幅比上月扩大1.3个百分 点，影响CPI同比下降约0.47个百分点，是CPI同比下降的主要因素。 消费需求持续回暖，叠加假日和各地开展文体娱乐活动等因素影响，宾馆住宿和旅游价格分别上涨 4.6%和0.8%，均高于季节性水平，其中宾馆住宿价格涨幅创近十年同期新高；夏装换季上新，服装价 格上涨0.6%。 此外，食品价格下降0.2%，降幅小于季节性水平1.1个百分点，影响CP ...

Core Viewpoint - Shanghai aims to enhance its pilot testing service supply in key industries by establishing around 20 municipal pilot testing platforms by 2027, with a goal of creating 3 national-level platforms [1] Group 1: Pilot Testing Platforms - The implementation plan includes building comprehensive, specialized, and distinctive pilot testing platforms in key industrial sectors [1] - The focus will be on industries such as integrated circuits, large aircraft, gas turbines, and industrial mother machines to improve testing and validation service capabilities [1] Group 2: Software and AI Development - The plan emphasizes accelerating the construction of pilot testing platforms for foundational software, industrial software, and artificial intelligence, including model training and evaluation [1] Group 3: New Materials and Biomanufacturing - There will be efforts to promote the conversion of technological achievements into process packages and complete equipment in fields like new materials and biomanufacturing [1] - The development of contract research outsourcing models will be encouraged [1] Group 4: Future Industry Integration - The initiative aims to facilitate the integration of production, education, research, and application in future industries, shortening the pilot testing maturation cycle and addressing gaps from engineering to industrialization [1]

期货研究报告|宏观数据 2025-06-10 5 月 CPI 维持回落，PPI 降幅走扩 ——宏观通胀系列九 研究院 徐闻宇 xuwenyu@htfc.com 从业资格号：F0299877 投资咨询号：Z0011454 投资咨询业务资格： 证监许可【2011】1289 号 宏观事件 6 月 9 日，国家统计局公布数据显示： 2025年 5月份，全国居民消费价格同比下降 0.1%。其中，城市持平，农村下降 0.4%； 食品价格下降 0.4%，非食品价格持平；消费品价格下降 0.5%，服务价格上涨 0.5%。 1—5 月平均，全国居民消费价格比上年同期下降 0.1%。 2025 年 5 月份，全国工业生产者出厂价格同比下降 3.3%，环比下降 0.4%；工业生产 者购进价格同比下降 3.6%，环比下降 0.6%。1—5 月平均，工业生产者出厂价格和购 进价格比上年同期均下降 2.6%。 核心观点 ■ 5 月 CPI 同比微降，PPI 降幅走扩 CPI：2025 年 5 月全国居民消费价格（CPI）同比微降 0.1%，能源价格受国际油价下行 影响环比降 1.7%，贡献近七成降幅；食品价格因鲜菜季节性供应增加降 0. ...

国家统计局6月9日发布的数据显示，5月份居民消费价格指数(CPI)环比下降0.2%，同比下降0.1%；工业 生产者出厂价格指数(PPI)环比下降0.4%，同比下降3.3%。 数据显示，我国提振消费的政策持续显效，新质生产力成长壮大，部分领域供需关系有所改善。 据国家统计局城市司首席统计师董莉娟分析，能源价格是拖累CPI同比和环比表现的主要因素。从同比 看，5月份能源价格同比下降6.1%，降幅比上月扩大1.3个百分点，影响CPI同比下降约0.47个百分点。 从环比看，能源价格下降1.7%，影响CPI环比下降约0.13个百分点，占CPI总降幅近七成。 5月份，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。同期，宾馆住宿 和旅游价格环比分别上涨4.6%和0.8%，均高于季节性水平，其中宾馆住宿价格涨幅创近十年同期新 高。 从PPI的分项数据来看，部分数据也反映了终端消费需求边际改善。数据显示，5月份，生活资料价格环 比由负转平，同比降幅收窄。从行业看，计算机整机制造价格同比上涨0.2%，家用洗衣机、电视机制 造、汽车整车制造价格同比降幅比上月分别收窄1.6个、1.4个和0.6个百分点 ...

国家统计局6月9日公布的最新数据显示，5月，居民消费价格指数（CPI）环比下降0.2%，同比下降 0.1%；工业生产者出厂价格指数（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。 展望后市国内物价走势，温彬认为，物价中枢大概率上行。下一阶段，CPI将呈现低位温和回升态势， 其中食品价格总体有望保持平稳，能源方面油价或触底回升。核心通胀方面，一系列增量政策与存量政 策显效，推动供需结构持续改善，对相关行业价格起到支撑作用，暑期出行需求增加亦将带动服务价格 上涨。PPI也有望边际改善，但走出负区间仍需时日。从国际宏观来看，关税风险阶段性缓和，对市场 风险偏好及商品需求预期起到了较好的改善作用，有助于全球大宗商品价格修复。从国内来看，外贸企 业"抢出口"对原材料和产成品价格形成了一定支撑。 国家统计局城市司首席统计师董莉娟解读数据时表示，我国以更大力度和更精准措施提振消费，新质生 产力成长壮大，部分领域供需关系有所改善，价格呈现积极变化。 李彦森建议，未来需重点关注三个方面：一是输入性压力是否延续，甚至进一步加剧；二是内需尤其是 地产需求能否进一步恢复，对原材料产生边际 ...

记者今日从航宇嘉泰获悉，东航和南航成为国产飞机座椅制造商航宇嘉泰的新股东，其中东航通过旗 下东航产投持股9%，南航通过旗下南航资本持股11%。 在此之前，航宇嘉泰为中航工业集团旗下公司全资持有，公司是国产飞机C919目前唯一的座椅供应 商。 ...

事件：根据国家统计局公布的数据，2025 年 5 月，CPI 同比下降 0.1%，上月为下降 0.1%，1-5 月 CPI 累计同比下降 0.1%；5 月 PPI 同比下降 3.3%，上月为下降 2.7%，1-5 月 PPI 累计同比下降 2.6%。 基本观点：5 月 CPI 同比-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。5 月 CPI 同比连续三个月负增长，剔除波动较大的食品和能源价格、更能反映基本物价水 平的核心 CPI 同比持续处于 1.0%以下的低位，表明当前国内物价水平稳中偏弱，其中消费需求不足是主要 原因。5 月 PPI 环比续跌，主因国际原油价格下跌并传导至国内相关行业，以及在国内需求偏弱而供给充 足影响下，煤炭、钢材、水泥等能源和工业品价格亦有所下行。不过，受提振消费政策效果显现等因素拉 动，5 月耐用消费品价格环比改善，带动生活资料价格环比止跌。5 月 PPI 同比跌幅较上月大幅扩大 0.6 个百分点，这一方面源于新涨价动能持续减弱，另一方面也因翘尾 ...

Group 1 - The overall consumer price index (CPI) showed a slight decline in May, with a month-on-month decrease of 0.2% and a year-on-year decrease of 0.1%, influenced by seasonal factors and falling oil prices [1][2] - Core CPI, excluding food and energy, increased by 0.6% year-on-year, indicating a strengthening demand in certain sectors, supported by holiday consumption and a recovery in travel services [2][3] - Energy prices fell by 1.7% month-on-month, contributing significantly to the overall CPI decline, with a year-on-year decrease of 6.1% [1][2] Group 2 - Food prices decreased by 0.2% month-on-month, with fresh vegetable prices dropping by 5.9%, while some fresh fruits and fish saw price increases due to supply constraints [2][3] - The producer price index (PPI) decreased by 0.4% month-on-month and 3.3% year-on-year, but some sectors showed positive price trends, particularly in consumer goods [3][4] - Prices in high-tech industries, such as integrated circuits and wearable devices, increased year-on-year, reflecting a shift towards high-end, intelligent, and green production [4][5] Group 3 - The demand for high-tech products is growing, leading to price increases in related industries, while the prices in the solar and lithium battery sectors showed a narrowing decline [5] - The positive impact of macroeconomic policies is expected to further stimulate domestic demand and promote reasonable price recovery in the future [5]

6月9日，国家统计局发布数据显示，5月份居民消费价格指数（CPI）环比下降0.2%，同比下降0.1%；工业 生产者出厂价格指数（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。 光大证券研究所分析师刘星辰对券商中国记者表示，CPI同比保持低位，主要受能源价格下跌拖累。核心CPI 同比增速回升，与衣着、部分耐用消费品、出行类服务价格回升有关，指向在前期提振消费等一系列政策推动 下，居民消费需求正逐步回暖。 中国民生银行首席经济学家温彬表示，5月份核心CPI同比涨幅扩大，国内经济韧性凸显。 5月份"CPI—PPI"同比剪刀差扩大，反映出工业部门需求不济的情况有所加剧，但企业数据也反映部分行业供 需关系有所改善，结构性特征更加明显，如宾馆住宿价格环比涨幅创近十年同期新高、光伏、锂电等新能源行 业供需关系有所改善。 市场机构分析认为，5月CPI环比由涨转降，持平于历史同期平均水平，而从PPI来看，输入性价格下行压力依 然偏大。 能源价格影响拖累CPI表现 自3月以来，CPI连续三个月同比降幅为0.1%，环比看，5月CPI由涨转降。 国家统计局城市司首席统计师董莉娟介绍，能源 ...

Group 1: New Stock Market Insights - The new stock market activity has decreased, with the first-day gains and opening valuations of new stocks in May declining across the three major boards [5][4] - In the past week, 10 new stocks recorded positive gains, accounting for 20.83% of the total, down from 26.53% previously [5] - The main board saw a new stock, Guqi Textile Materials, debut with a first-day gain of 148.34% and an opening valuation of 34.86 times [5] Group 2: Automotive Industry Developments - Multiple companies are accelerating their layouts to compete in the trillion-level unmanned logistics market, with significant growth in the sector [6][8] - As of 2024, the scale of unmanned delivery vehicles has exceeded 6,000 units, delivering over 100 million orders across more than 100 sub-segments [8] - The unmanned delivery vehicle industry is expected to see a substantial increase in production, with New Stone Technology delivering over 1,000 unmanned vehicles monthly, projecting a monthly delivery of 2,000 units in the second to third quarters of 2025 [9] Group 3: Aviation Industry Insights - The development of China's large aircraft has faced challenges but has ultimately succeeded with the C919, marking a significant milestone in the country's aviation industry [13][14] - The demand for large aircraft is shifting towards the Asia-Pacific region, with China projected to receive 9,323 new aircraft over the next 20 years, representing 21.3% of global deliveries [13] - China Commercial Aircraft Corporation (COMAC) is positioned as a potential disruptor in the duopoly of Boeing and Airbus, benefiting from domestic demand and the successful rollout of the C919 [13][16] Group 4: Non-Banking Financial Sector - The regulatory body is developing evaluation methods for financial services, emphasizing technology finance as a key assessment indicator [15][17] - The evaluation framework includes a scoring system that prioritizes technology-related financing activities, reflecting the regulatory focus on enhancing services for technology enterprises [17] - Recent regulatory changes aim to improve corporate governance among listed companies, promoting better practices and protecting minority investors [17]