柴达木英雄岭页岩油作为全球独具特色的"高原山地式"陆相页岩油藏，受喜马拉雅构造运动多期强改造 和沉积环境高频变化作用的共同影响，地下地质与地上地表条件"双复杂"，呈现出咸化湖盆巨厚混源沉 积、低有机质丰度烃源岩高效生烃和构造复杂等特点，与国内外构造相对稳定的海相和陆相页岩油藏在 地质背景和富集条件方面具有明显差异。同时，英雄岭地区地处偏远、社会依托弱，加之高寒缺氧、干 旱缺水，导致页岩油勘探开发难度极大。 "近年来，研究团队针对英雄岭页岩油有多少、在哪里、哪里好、如何采等关键问题开展系统攻关，实 现勘探战略突破，形成配套技术体系。"青海油田勘探开发研究院英雄岭页岩油勘探开发项目负责人伍 坤宇表示，目前已完成3个开发先导试验平台的部署实施，为今后规模增储和效益上产提供科学指导。 (完) 深居中国西北干旱内陆、青藏高原北部的柴达木盆地平均海拔超3000米，是全球最具代表性的高原含油 气盆地。 历经多年开发，柴达木盆地油田探明储量动用程度高、产量递减压力大，亟需拓展新领域。为保障油田 持续增储上产，2021年起，中国石油天然气股份有限公司青海油田分公司研究团队梳理研究柴达木盆地 非常规油气地质特征、勘探开发关键技术 ...

从同比指数看，CPI下降0.4%，降幅较上月收窄0.1个百分点。其中，食品价格下降0.4%，降幅较上月收 窄0.5个百分点。猪肉价格上涨6.1%，涨幅较上月回落1.1个百分点；鲜果、水产品价格分别上涨3.4%和 1.0%，合计影响CPI上涨约0.10个百分点；牛肉、鲜菜价格分别下降6.5%和5.4%，合计影响CPI下降约 0.15个百分点。非食品价格同比下降0.4%，与上月持平。金饰品、在外餐饮、教育服务、服装价格分别 上涨37.3%、2.7%、1.1%和1.1%；汽油、飞机票、燃油小汽车、旅行社收费价格分别下降10.4%、 9.7%、5.8%和2.9%，合计影响CPI下降约0.77个百分点，其中汽油价格影响CPI下降约0.41个百分点。 据测算，在4月份CPI同比0.4%的降幅中，上年翘尾因素影响约为－0.68个百分点，2025年新涨价因素影 响约为0.28个百分点。 PPI环比降幅收窄、同比降幅扩大 2025年4月份，受国际输入性价格传导、煤炭等能源需求季节性下行与部分行业市场生产快于需求等因 素影响，广东工业生产者出厂价格指数（PPI）环比降幅收窄，同比降幅扩大。 5月11日，国家统计局广东调查总队公布 ...

一、CPI通胀：同比持平，核心支撑 4月CPI通胀同比-0.1%，环比为0.1%。从分项看，核心CPI通胀稳定形成支撑，能源通胀的拖累增大。 图1：能源对CPI通胀的拖累加大 4月CPI通胀-0.1%，持平于前值，高于市场预期（-0.3%）；PPI通胀-2.7%，低于前值（-2.5%），略好于市场 预期（-2.8%）。 资 料 来 源 ： M a c r o b o n d ， 招 商 银 行 研 究 院 食品价格在供给偏紧的支撑下由跌转涨。 食品价格环比上涨0.2%，同比降幅收窄1.2pct至0.2%。一方面，季节 性供给减少支撑部分分项价格上涨，包括部分地区进入休渔期使水产品价格由下跌0.2%转为上涨1.2%，由于 处于新果上市初期阶段，供给较少，鲜果价格环比上涨2.2%；另一方面，关税反制扰动食品进口，牛肉价格 环比涨幅扩大3.4pct至3.9%。猪肉、羊肉、鲜菜、蛋类价格也在需求改善的拉动下由跌转涨或跌幅收窄。 能源 方面， 全球经贸局势动荡影响下，4月国际油价跌幅走阔，国内成品油价随之下调，交通工具用燃料价格环比 下跌2.0%，同比降幅扩大4.5pct至10.2%。 图2：在供给偏紧与需求改善支撑下 ...

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].

广发证券首席经济学家 郭磊 guolei@gf.com.cn 摘要 第一， 2025 年 4 月 CPI 同比 -0.1% ，持平前值； PPI 同比 -2.7% ，低于前值的 -2.5% 。按 CPI 和 PPI 权重分别 60% 和 40% 模拟的平减指数为 -1.14% ，低于前值的 -1.06% 。 第二， CPI 环比为 0.1% ，好于 2-3 月的环比负增。上涨的价格线索主要有三：（ 1 ）进口减少影响牛肉 价格， 4 月牛肉价格环比上涨 3.9% ，同比降幅缩窄 5.9 个点；（ 2 ）五一假期居民出行活跃带动假期前 价格， 飞机票、交通工具租赁费、宾馆住宿和旅游价格环比分别上涨 13.5% 、 7.3% 、 4.5% 和 3.1% ，涨幅均高于季节性水平，合计影响 CPI 环比约 0.10 个百分点；（ 3 ）黄金价格上涨背景下，国内金饰品 价格环比上涨 10.1% ，影响 CPI 环比约 0.06 个百分点。 第三， 价格偏弱的领域包括：（ 1 ）猪肉价格环比继续下行，在过去 7 个月有 6 个月环比负增长；（ 2 ） 交通工具价格环比为 -0.3% ，显示汽车降价依然在延续；（ 3 ）酒 ...

国家统计局表示，虽然国际输入性因素对部分行业价格产生一定下拉影响，但我国经济基础稳、韧性 强，各项宏观政策协同发力，高质量发展扎实推进，部分领域价格呈现积极变化。 受国际油价下行等因素影响，4月份CPI同比持续下降，PPI同比降幅扩大。 国家统计局5月10日发布的数据显示，4月份居民消费价格指数（CPI）环比由上月下降0.4%转为上涨 0.1%，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 2.7%，降幅比上月扩大0.2个百分点。 4月份，扣除食品和能源价格的核心CPI上涨0.5%，涨幅保持稳定。 国家统计局城市司首席统计师董莉娟表示，虽然国际输入性因素对部分行业价格产生一定下拉影响，但 我国经济基础稳、韧性强，各项宏观政策协同发力，高质量发展扎实推进，部分领域价格呈现积极变 化。 CPI同比连续三个月为负 中信证券研报显示，自4月2日美国公布对等关税政策以来，全球大宗商品价格呈普跌态势，其中布伦特 原油、伦敦商品交易所（LME）铜现货价格分别下跌6.6%、5.5%。 董莉娟分析，影响本月PPI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行。国际贸 ...

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]

5月10日，国家统计局发布数据显示，4月份，居民消费价格指数（CPI）环比上涨0.1%，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2.7%。 4月份CPI环比由降转涨，同比降幅与上月相同，核心CPI涨幅稳定，PPI环比降幅与上月相同，部分工业行业价格同比继续呈现稳中向好走势。中国人民银行最新发 布《2025年第一季度中国货币政策执行报告》认为，随着扩大内需政策落地显效，市场需求加快释放，将更好支撑物价水平温和回升。 食品、出行服务表现好于季节性 4月份，CPI环比上涨0.1%。其中，食品价格上涨0.2%，非食品价格上涨0.1%；消费品价格持平，服务价格上涨0.3%。 国家统计局城市司首席统计师董莉娟表示，从环比看，CPI由降转涨，涨幅高于季节性水平0.2个百分点，主要是食品、出行服务回升带动。 食品价格的带动包括部分地区进入海洋休渔期，海水鱼价格上涨；新果上市初期供给季节性减少，薯类和鲜果价格上涨等情况，也包括受进口量减少等因素影响， 牛肉价格上涨等情况。此外，鲜菜和猪肉价格降幅小于季节性有一定影响。 同时，4月份，受需求回暖及假日因素共同影响，出行服务价格回升明显。飞机票 ...

5月10日，国家统计局公布最新数据显示，4月份，居民消费价格指数（CPI）环比由上月下降0.4%转为上 涨0.1%，同比下降0.1%，降幅与上月相同。核心CPI环比由平转涨，上涨0.2%；同比上涨0.5%，涨幅保持 稳定。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2.7%，降幅比上月扩 大0.2个百分点。 P PI 环比下降 0.4% ，降幅与上月相同。 影响本月 PPI 下降的主要原因： 一是国际输入性因素影响国内相 关行业价格下行。 国际贸易环境变化，部分国际大宗商品价格迅速下行，影响国内相关行业价格下降。 其中，国际原油价格下行影响国内石油相关行业价格环比下降，石油和天然气开采业价格下降 3.1% ，精 炼石油产品制造价格下降 2.5% ，化学原料和化学制品制造业价格下降 0.6% ； 国际铝、锌和铜等有色金 属价格下行影响国内铝冶炼、锌冶炼和铜冶炼价格分别下降 2.4% 、 1.6% 和 0.8% 。 部分出口行业价格环 比下降，汽车制造业价格下降 0.5% ，计算机通信和其他电子设备制造业、家具制造业、金属制品业价格 均下降 0.2% 。 上述 10 个行业合计影响 ...