Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.4% month-on-month in July, reversing a previous decline of 0.1% in June, with year-on-year growth remaining flat [1][2] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the highest increase since March 2024, with a continuous expansion in growth for three consecutive months [2][3] - Service prices contributed significantly to the CPI increase, with a month-on-month rise of 0.6%, driven by seasonal factors such as summer travel, affecting prices of flights, hotels, and transportation [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 0.2% month-on-month, but the decline was less than the previous month, marking the first narrowing of the month-on-month decline since March [4][5] - Year-on-year, the PPI fell by 3.6%, with the decline remaining consistent with the previous month, indicating some stabilization in certain industries due to improved supply-demand relationships [5][6] - Seasonal factors and uncertainties in international trade impacted prices in several sectors, including construction materials and energy, while domestic market competition helped to narrow price declines in various industries [4][5]

宏观日报 | 2025-06-12 关注能源、化工上游价格变动 中观事件总览 生产行业：新能源车产销增加。1）中国汽车工业协会数据显示，1至5月份，汽车产销量分别完成1282.6万辆和1274.8 万辆，同比分别增长12.7%和10.9%。其中，新能源汽车产销量分别完成569.9万辆和560.8万辆，同比分别增长45.2% 和44%，新能源汽车新车销量达到汽车新车总销量的44%。在出口方面，1至5月，汽车出口249万辆，同比增长7.9%。 其中，新能源汽车出口85.5万辆，同比增长64.6%。 服务行业：关注养老服务相关方案推进。 1）国际标准化组织近期正式发布由我国牵头制定的《老龄化社会老龄 化包容性数字经济通用要求与指南》国际标准，这也是首个人口老龄化视角下的数字经济国际标准。标准针对在 线购物、数字银行、数字医院、社交媒体等老年人参与数字经济的高频场景提出了具体建议。 数据来源：央视，iFind，华泰期货研究院 行业总览 上游：1）能源：国际油价小幅上行。2）化工：尿素、纯碱价格回落。 中游：1）化工：PX开工率回升。2）农业：生猪制品开工回升。 下游：1）地产：一、二线城市商品房销售与去年同期持平，处 ...