Core Viewpoint - In October 2025, the national industrial producer price index showed a year-on-year decline of 2.1%, with a month-on-month increase of 0.1%, indicating a slight recovery in industrial pricing trends [1][7]. Group 1: Year-on-Year Changes - The industrial producer's ex-factory prices decreased by 2.1% year-on-year, while the average from January to October showed a decline of 2.7% compared to the previous year [1][8]. - The prices of production materials fell by 2.4%, contributing approximately 1.77 percentage points to the overall decline in ex-factory prices [3][8]. - The mining industry experienced a significant price drop of 7.8%, while raw materials and processing industries saw declines of 2.5% and 1.9%, respectively [3][8]. Group 2: Month-on-Month Changes - In October, the ex-factory prices of industrial producers increased by 0.1% month-on-month, with production materials contributing an increase of 0.08 percentage points [6][8]. - The mining sector's prices rose by 1.0%, while raw materials remained stable, and processing industries saw a slight increase of 0.1% [6][8]. - The prices of life goods remained unchanged, with food and clothing prices decreasing by 0.1% and durable goods prices dropping by 0.3% [6][8]. Group 3: Purchase Price Changes - The industrial producer's purchase prices decreased by 2.7% year-on-year, with an average decline of 3.2% from January to October [5][8]. - Fuel and power prices fell by 7.4%, while agricultural products and chemical raw materials saw declines of 5.2% and 5.0%, respectively [5][8]. - Conversely, prices for non-ferrous metals and wires increased by 7.5%, indicating a divergence in price trends across different material categories [5][8].

Core Insights - In September 2025, the national industrial producer price index (PPI) decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month, while remaining stable month-on-month [1] - The average PPI from January to September 2025 showed a decline of 2.8% compared to the same period last year [1] Group 1: Year-on-Year Changes - The prices of production materials decreased by 2.4%, contributing approximately 1.81 percentage points to the overall decline in the PPI [3] - The mining industry saw a significant price drop of 9.0%, while raw materials and processing industries experienced declines of 2.9% and 1.7%, respectively [3] - Prices for living materials fell by 1.7%, impacting the overall PPI by about 0.45 percentage points, with food prices down by 1.7% and durable goods prices down by 3.9% [3] Group 2: Month-on-Month Changes - In September, the PPI for production materials remained stable, with mining prices increasing by 1.2% and processing prices decreasing by 0.1% [8] - Living material prices decreased by 0.2%, with food prices down by 0.1% and durable goods prices down by 0.4% [8] - In the industrial purchase price index, prices for non-ferrous metals and wires increased by 1.2%, while fuel and power prices rose by 0.5% [8]

Core Insights - In September 2025, the national industrial producer price index (PPI) showed a year-on-year decline of 2.3%, with the decrease narrowing by 0.6 percentage points compared to the previous month, while remaining stable month-on-month [1] - The average PPI from January to September 2025 decreased by 2.8% compared to the same period last year [1] Group 1: Year-on-Year Changes - The prices of production materials fell by 2.4%, contributing approximately 1.81 percentage points to the overall decline in the PPI [3] - The mining industry experienced a significant price drop of 9.0%, while raw materials and processing industries saw declines of 2.9% and 1.7%, respectively [3] - Consumer goods prices decreased by 1.7%, with food prices down by 1.7% and durable goods prices down by 3.9% [3][10] Group 2: Month-on-Month Changes - In September, the PPI for production materials remained unchanged, with mining prices increasing by 1.2% and processing prices decreasing by 0.1% [8] - Consumer goods prices fell by 0.2%, with food prices down by 0.1% and durable goods prices down by 0.4% [8] - The industrial purchase price index saw a month-on-month increase of 0.1%, with notable increases in non-ferrous metal materials and electrical wire prices by 1.2% [8][10] Group 3: Specific Price Changes - Fuel and power prices dropped by 8.1%, while chemical raw materials and agricultural products saw declines of 5.5% and 5.4%, respectively [7] - The prices of non-metallic building materials decreased by 4.5%, while non-ferrous metal materials and electrical wire prices increased by 6.6% [7][10] - The coal mining and washing industry saw a year-on-year price drop of 16.8%, while the non-ferrous metal mining industry experienced a price increase of 13.9% [10]

Core Viewpoint - In July 2025, the national industrial producer price index showed a month-on-month decline in both the producer's ex-factory prices and the purchasing prices, indicating a continued downward trend in industrial prices [1][3]. Group 1: Year-on-Year Changes in Industrial Producer Prices - In July, the ex-factory prices of industrial producers decreased by 3.6% year-on-year, while the purchasing prices fell by 4.5% [1][3]. - The average decline from January to July for ex-factory prices was 2.9%, and for purchasing prices, it was 3.2% [1][3]. - The prices of production materials dropped by 4.3%, significantly impacting the overall ex-factory price level [3][7]. Group 2: Month-on-Month Changes in Industrial Producer Prices - In July, the ex-factory prices of industrial producers decreased by 0.2% month-on-month, with production materials contributing to a decline of approximately 0.17 percentage points [6][7]. - The purchasing prices of industrial producers fell by 0.3% month-on-month, with notable declines in fuel and power prices by 0.6% and black metal materials by 0.7% [6][7]. Group 3: Breakdown of Price Changes by Category - In the ex-factory price category, the mining industry saw a significant decline of 14.0% year-on-year, while the processing industry experienced a decrease of 3.1% [3][7]. - For purchasing prices, fuel and power prices decreased by 10.8%, and black metal materials dropped by 8.0% [5][7]. - The prices of durable consumer goods fell by 3.5%, while general daily goods saw a slight increase of 0.6% [3][7].

Group 1: Year-on-Year Changes in Industrial Producer Prices - In July, the producer prices for industrial goods saw a decline in production material prices by 4.3%, contributing approximately 3.20 percentage points to the overall decrease in producer prices [3] - The mining industry experienced a significant price drop of 14.0%, while raw material prices fell by 5.4% and processing industry prices decreased by 3.1% [3] - Consumer goods prices decreased by 1.6%, impacting the overall producer price level by about 0.42 percentage points, with food prices down by 1.8% and durable goods prices down by 3.5% [3] Group 2: Month-on-Month Changes in Industrial Producer Prices - In July, the producer prices for industrial goods showed a month-on-month decline in production material prices by 0.2%, affecting the overall producer price level by approximately 0.17 percentage points [7] - The mining industry prices decreased by 0.2%, raw material prices fell by 0.1%, and processing industry prices dropped by 0.3% [7] - Consumer goods prices also saw a decline of 0.2%, with food prices remaining stable and durable goods prices decreasing by 0.6% [7] Group 3: Changes in Purchase Prices of Industrial Producers - In July, the purchase prices for industrial producers indicated a notable decline in fuel and power prices by 10.8%, black metal materials by 8.0%, and chemical raw materials by 6.5% [6] - Agricultural and sideline product prices decreased by 4.6%, while construction materials and non-metallic materials fell by 3.8% [6] - Conversely, prices for non-ferrous metal materials and wires increased by 2.8% [6]

Core Viewpoint - In June 2025, the national industrial producer price index showed a year-on-year decline of 3.6% for ex-factory prices and a 0.4% month-on-month decline, indicating a continued downward trend in industrial pricing pressures [1]. Group 1: Year-on-Year Changes in Industrial Producer Prices - In June, the ex-factory prices of industrial producers saw a decline in production materials by 4.4%, contributing approximately 3.26 percentage points to the overall decrease in ex-factory prices. The mining industry experienced a significant drop of 13.2%, while raw materials and processing industries saw declines of 5.5% and 3.2%, respectively [3]. - Prices for living materials decreased by 1.4%, impacting the overall ex-factory price level by about 0.35 percentage points. Food prices fell by 2.0%, while clothing prices increased by 0.1%, and general daily goods prices rose by 0.8%. Durable consumer goods prices, however, decreased by 2.7% [3]. Group 2: Month-on-Month Changes in Industrial Producer Prices - In June, the month-on-month ex-factory prices of industrial producers showed a 0.6% decline in production materials, affecting the overall price level by approximately 0.42 percentage points. The mining industry prices decreased by 1.2%, raw materials by 0.7%, and processing industry prices by 0.5% [7]. - Living materials prices saw a slight decline of 0.1%, contributing about 0.02 percentage points to the overall price level decrease. Food prices fell by 0.3%, while clothing prices remained stable, and general daily goods prices increased by 0.1% [7]. Group 3: Changes in Industrial Producer Purchase Prices - In June, the purchase prices for industrial producers showed a significant decline in fuel and power categories by 10.4%, black metal materials by 8.0%, and chemical raw materials by 6.2%. Agricultural products also saw a decrease of 4.2%, while construction materials and non-metallic categories dropped by 2.6% [6]. - The textile raw materials category experienced a decline of 2.4%, while prices for non-ferrous metal materials and wires increased by 2.4% [6].

Group 1: Service Trade Growth - In the first five months of 2025, China's service trade grew steadily, with a total import and export value of 32,543.6 billion yuan, an increase of 7.7% year-on-year [4] - Service exports reached 14,033.7 billion yuan, growing by 15.1%, while imports were 18,509.9 billion yuan, increasing by 2.7% [4] - The service trade deficit was 4,476.2 billion yuan, a decrease of 1,352.2 billion yuan compared to the same period last year [4] Group 2: Knowledge-Intensive Services - Knowledge-intensive service trade maintained growth, with imports and exports totaling 12,492.7 billion yuan, up by 5.0% [4] - Major contributors included other business services and telecommunications, computer, and information services, with respective trade values of 5,384.1 billion yuan and 4,400.6 billion yuan, growing at 3.2% and 10.7% [4] - Knowledge-intensive service exports were 7,196.5 billion yuan, increasing by 6.6%, while imports were 5,296.2 billion yuan, up by 2.9%, resulting in a surplus of 1,900.3 billion yuan, an increase of 293 billion yuan year-on-year [4] Group 3: Travel Services - Travel services experienced the fastest growth, with total imports and exports reaching 9,200.5 billion yuan, a growth of 12.2%, making it the largest sector in service trade [5] - Travel service exports surged by 74.2%, while imports grew by 5.3% [5]