文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 核心观点 本周从地区与行业视角，观察各地区的产业集中度以及各产业在地区层面的集中度。从产业的健康发展角 度，若所有地区都在发展该行业，则或易带来"内卷"。若所有地区在该行业投入都较少，则可能也同样不 易于产业进步。后续需要的关注产业或是这两个极端。 报告摘要 一、地区视角：各省份的核心产业是哪些？ 我们关注各省工业企业的分行业收入数据。基于各省统计年鉴（注：不含西藏），多数省份数据更新至 2023 年，个别例外。 以营收排名第一的行业占该省工业企业收入之比来看， 30 省平均值为 19.7% 。超过 20% 的包括 ：吉林 （汽车， 42.3% ）、山西（煤炭开采， 38.7% ）、河北（黑色金属冶炼及压延， 29.6% ）、北京（电 热， 28.4% ）、广东（电子设备制造业， 25.7% ）、海南（燃料加工业， 25.6% ）、上海（汽车制造 业， 20.9% ）、内蒙（煤炭开采， 20.7% ）、重庆（电子设备制造业， 20.6% ）等。 以营收排名前五的 行业合计 ...

Group 1: CPI Analysis - In April, the Consumer Price Index (CPI) increased by 0.1% month-on-month and decreased by 0.1% year-on-year, with the core CPI remaining stable [1] - The rise in CPI was driven by a recovery in food prices and travel service prices, with food prices up 0.2% month-on-month, exceeding seasonal levels by 1.4 percentage points [2] - The decline in CPI year-on-year was primarily influenced by a 4.8% drop in energy prices, with gasoline prices down 10.4%, contributing approximately 0.38 percentage points to the year-on-year decline [1][2] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 0.4% month-on-month and 2.7% year-on-year, with the year-on-year decline widening compared to the previous month [1][3] - The Producer Purchase Price Index fell by 2.7% year-on-year, with a month-on-month decline of 0.6%, indicating increased price pressure in upstream materials due to external demand shocks [3] - Specific sectors such as coal mining and black metal mining continued to see price declines, while non-ferrous metal prices experienced a slight increase [3] Group 3: Policy Impact and Future Outlook - The government has intensified macro policies to promote consumption, leading to improved supply-demand relationships in certain industries, resulting in narrowed price declines [4] - High-tech industries are experiencing price increases, with wearable device manufacturing prices up 3.0% and aircraft manufacturing prices up 1.3% [4] - Analysts expect CPI to maintain a moderate trend due to domestic policy shifts towards expanding demand, while PPI may still face downward pressure amid various influencing factors [5]