Core Insights - In November 2025, Shenzhen's Producer Price Index (PPI) increased by 1.3% year-on-year and 0.6% month-on-month, while the Industrial Producer Purchase Price decreased by 0.3% year-on-year and increased by 0.5% month-on-month [1] Group 1: Producer Price Index (PPI) Analysis - The average PPI from January to November showed a year-on-year increase of 0.2% [1] - The prices of production materials remained stable, with a notable decline in the mining industry by 6.5% and a slight decrease in raw materials by 0.4%, while processing industry prices increased by 0.1% [1] - Consumer goods prices rose by 3.8%, with durable goods prices decreasing by 2.1%, clothing prices down by 1.8%, food prices up by 1.3%, and general daily goods prices soaring by 25.9% [1] Group 2: Purchase Price Index Analysis - In the purchase price index, fuel and power prices fell by 6.7%, building materials and non-metallic prices decreased by 5.8%, and agricultural products prices dropped by 4.0% [1] - Other industrial raw materials and semi-finished products saw a decline of 3.4% [1] - Month-on-month, the purchase prices for textiles decreased by 0.5%, black metal materials fell by 0.4%, while other industrial raw materials and semi-finished products increased by 0.1%, and agricultural products rose by 0.2% [2]

一、工业生产者价格同比变动情况 11月份，工业生产者出厂价格中，生产资料价格下降2.4%，影响工业生产者出厂价格总水平下降约1.79 个百分点。其中，采掘工业价格下降6.1%，原材料工业价格下降2.9%，加工工业价格下降1.9%。生活 资料价格下降1.5%，影响工业生产者出厂价格总水平下降约0.38个百分点。其中，食品价格下降1.5%， 衣着价格下降0.3%，一般日用品价格上涨1.1%，耐用消费品价格下降3.6%。 2025年11月份，全国工业生产者出厂价格同比下降2.2%，工业生产者购进价格同比下降2.5%；工业生 产者出厂价格和购进价格环比均上涨0.1%，涨幅均与上月相同。1—11月平均，工业生产者出厂价格比 上年同期下降2.7%，工业生产者购进价格下降3.1%。 工业生产者购进价格中，燃料动力类价格下降6.9%，建筑材料及非金属类价格下降5.8%，化工原料类 价格下降5.0%，农副产品类价格下降4.9%，黑色金属材料类价格下降3.0%，纺织原料类价格下降 1.9%；有色金属材料及电线类价格上涨8.1%。 二、工业生产者价格环比变动情况 11月份，工业生产者出厂价格中，生产资料价格上涨0.1%，影响工业生 ...

Core Insights - The Producer Price Index (PPI) in Shenzhen increased by 0.7% year-on-year and 0.5% month-on-month in October 2025, while the purchasing prices for industrial producers decreased by 0.5% year-on-year and increased by 0.5% month-on-month [1][2] - For the period from January to October, the average PPI rose by 0.1% year-on-year, while the purchasing prices fell by 0.3% year-on-year [1] Price Trends - Year-on-year, the prices of production materials decreased by 0.4%, with mining industry prices dropping by 10.5% and processing industry prices down by 0.4%. Raw materials prices increased by 1.2%. In contrast, living materials prices rose by 2.8%, with durable consumer goods prices down by 2.2% and clothing prices down by 1.7% [1] - Year-on-year, food prices increased by 2.2%, and general daily necessities saw a significant rise of 21.3% [1] - In terms of purchasing prices, fuel and power prices decreased by 8.1%, while prices for building materials and non-metallic products fell by 5.3% and wood and pulp prices dropped by 5.0%. Agricultural products prices decreased by 4.1% [1] Month-on-Month Changes - Month-on-month, production material prices increased by 0.1%, with mining prices down by 1.3% and both raw materials and processing prices up by 0.1%. Living materials prices rose by 1.2%, with food prices down by 1.3% [2] - Durable consumer goods prices increased by 0.3%, clothing prices rose by 0.6%, and general daily necessities prices surged by 4.8% [2] - For purchasing prices, building materials and non-metallic prices decreased by 0.8%, while fuel and power prices increased by 0.5% and chemical raw materials prices rose by 0.6% [2]

Core Insights - In October 2025, the national industrial producer's ex-factory prices decreased by 2.1% year-on-year, with a narrowing decline of 0.2 percentage points compared to the previous month; month-on-month, prices shifted from flat to an increase of 0.1% [1] - The average industrial producer's ex-factory prices from January to October fell by 2.7% compared to the same period last year [1] Year-on-Year Changes - In October, the prices of production materials decreased by 2.4%, contributing approximately 1.77 percentage points to the overall decline in industrial producer's ex-factory prices [3] - The mining industry saw a significant price drop of 7.8%, while raw materials and processing industries experienced declines of 2.5% and 1.9%, respectively [3] - Prices for living materials decreased by 1.4%, with food prices down by 1.6% and clothing prices down by 0.3% [3] Month-on-Month Changes - In October, the prices of production materials increased by 0.1%, contributing approximately 0.08 percentage points to the overall increase in industrial producer's ex-factory prices [8] - The mining industry prices rose by 1.0%, while raw materials remained flat and processing industry prices increased by 0.1% [8] - Living material prices remained unchanged, with food and clothing prices both decreasing by 0.1% [8] Industrial Producer Purchase Prices - The purchase prices for fuel and power decreased by 7.4%, while agricultural and sideline products fell by 5.2% and chemical raw materials by 5.0% [7] - Prices for non-ferrous metal materials and wires increased by 7.5% [7] Key Industry Price Changes - The coal mining and washing industry experienced a price drop of 15.6% year-on-year, while the oil and gas extraction industry saw a decline of 8.4% [11] - The non-ferrous metal mining industry had a price increase of 18.9% year-on-year [11] - The chemical raw materials and products manufacturing industry saw a decrease of 5.0% year-on-year [11]

Core Insights - In October 2025, the national industrial producer's ex-factory prices decreased by 2.1% year-on-year, with a narrowing decline of 0.2 percentage points compared to the previous month, while month-on-month, it shifted from flat to an increase of 0.1% [1] - The average industrial producer's ex-factory prices from January to October fell by 2.7% compared to the same period last year [1] Group 1: Year-on-Year Changes - In October, the prices of production materials decreased by 2.4%, contributing approximately 1.77 percentage points to the overall decline in ex-factory prices. The mining industry saw a price drop of 7.8%, raw materials decreased by 2.5%, and processing industry prices fell by 1.9% [4] - Consumer goods prices decreased by 1.4%, impacting the overall ex-factory price level by about 0.36 percentage points. Food prices fell by 1.6%, while clothing prices decreased by 0.3% [4] Group 2: Month-on-Month Changes - In October, the ex-factory prices of production materials increased by 0.1%, contributing approximately 0.08 percentage points to the overall increase in ex-factory prices. The mining industry prices rose by 1.0%, while raw materials remained flat, and processing industry prices increased by 0.1% [8] - Consumer goods prices remained flat, with food and clothing prices both decreasing by 0.1%, while general consumer goods prices increased by 0.7% [8] Group 3: Industrial Purchase Prices - The industrial producer's purchase prices saw a year-on-year decline of 2.7%, with a month-on-month increase of 0.1%. The prices of fuel and power decreased by 7.4%, agricultural and sideline products fell by 5.2%, and chemical raw materials dropped by 5.0% [9][12] - Notably, prices for non-ferrous metals and wires increased by 7.5% [7]

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

Core Viewpoint - The industrial producer price index shows a year-on-year decline of 2.9%, indicating a downward trend in producer prices [5][7]. Group 1: Producer Prices - The industrial producer's ex-factory prices have decreased, with a year-on-year drop of 2.9% and a month-on-month decrease of 0.1% [5][9]. - The decline in production material prices contributed approximately 2.40 percentage points to the overall decrease in producer prices, while living material prices contributed about 0.45 percentage points [7]. Group 2: Price Changes by Category - Year-on-year changes in producer prices for various categories include: - Production materials down 3.2% - Living materials down 1.7% [7]. - Month-on-month changes in producer prices show: - Black metal materials down 5.6% - Fuel and power down 9.7% - Chemical raw materials down 6.2% - Agricultural and sideline products down 5.6% - Construction materials and non-metallic materials down 4.7% - Textile raw materials down 2.0% - Non-ferrous metal materials and wires up 4.7% [9].

Industrial Producer Price Changes - In July, the industrial producer's ex-factory prices saw a year-on-year decline of 3.6%, with production material prices dropping by 4.3%, contributing approximately 3.20 percentage points to the overall decline [8][9] - 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% [8][9] - Consumer goods prices decreased by 1.6%, with food prices down by 1.8% and durable goods prices down by 3.5% [8][9] Industrial Producer Purchase Price Changes - The purchase prices for industrial producers fell by 4.5% year-on-year, with fuel and power prices decreasing by 10.8% and black metal materials down by 8.0% [10] - Chemical raw materials saw a decline of 6.5%, while agricultural products dropped by 4.6% [10] - In contrast, prices for non-ferrous metal materials and wires increased by 2.8% [10] Monthly Price Changes - Month-on-month, the industrial producer's ex-factory prices decreased by 0.2%, with production materials down by 0.2% and consumer goods prices also declining by 0.2% [7][8] - The mining sector's prices fell by 0.2%, while raw materials and processing industries saw decreases of 0.1% and 0.3%, respectively [7][8] - The purchase prices for industrial producers decreased by 0.3% month-on-month, with notable declines in building materials and non-metallic prices by 1.4% [10]

Core Insights - In April 2025, the national industrial producer's ex-factory prices decreased by 2.7% year-on-year and 0.4% month-on-month, while the purchase prices decreased by 2.7% year-on-year and 0.6% month-on-month [1][4][6] - The average decline in ex-factory and purchase prices from January to April 2025 was 2.4% compared to the same period last year [1][7] Group 1: Year-on-Year Changes - In April, the prices of production materials fell by 3.1%, contributing approximately 2.28 percentage points to the overall decline in ex-factory prices [3][6] - The mining industry saw a significant price drop of 9.4%, while raw materials and processing industries experienced declines of 3.6% and 2.3%, respectively [3][7] - Consumer goods prices decreased by 1.6%, with food prices down by 1.4% and durable goods prices down by 3.7% [3][7] Group 2: Month-on-Month Changes - In April, production material prices decreased by 0.5%, impacting the overall ex-factory price level by approximately 0.37 percentage points [6][9] - The mining sector's prices fell by 2.1%, while raw materials and processing industries saw declines of 1.0% and 0.2%, respectively [6][9] - Consumer goods prices decreased by 0.2%, with food prices down by 0.1% and durable goods prices down by 0.7% [6][9] Group 3: Purchase Price Trends - In April, the purchase prices for fuel and power decreased by 7.7%, while black metal materials and chemical raw materials saw declines of 6.7% and 4.1%, respectively [9][10] - Prices for agricultural products and textile raw materials fell by 2.9% and 2.3%, respectively, while prices for non-ferrous metal materials and wires increased by 8.5% [9][10]