Report Industry Investment Rating No relevant content provided. Core View of the Report In July, the CPI turned from flat to rising month - on - month, mainly due to higher service prices during the summer travel season, rising international oil and gold prices, and increased demand driven by replacement policies. The PPI's month - on - month decline narrowed, and its year - on - year growth stopped falling. Overall, with policy promotion and external factors, prices improved marginally in July. However, the price improvement in the upstream of the industrial chain was significantly better than that in the mid - and downstream. Mid - and downstream enterprises' price increases were restricted by insufficient effective demand. Anti - involution policies cannot boost prices overnight, and "stabilizing prices, reducing production capacity, and increasing demand" need to be coordinated. In the short term, with the continuous implementation of replacement and anti - involution policies, domestic prices are expected to recover steadily [3][35]. Summary by Relevant Catalogs 1. Service and Industrial Consumer Goods Prices Rise, CPI Month - on - Month Exceeds Seasonal Improvement - The CPI was flat year - on - year, rising 0.4% month - on - month after a 0.1% decline last month. Its month - on - month growth was better than the seasonal average [11]. - The month - on - month increase in CPI beyond the seasonal level was mainly driven by rising service and industrial consumer goods prices. During the summer travel season, service prices rose 0.6% month - on - month, contributing about 0.26 pct to the CPI increase. International oil price hikes and replacement policies led to a 0.5% month - on - month increase in industrial consumer goods prices, contributing about 0.17 pct to the CPI increase [11]. - The carry - over effect turned negative, and the negative impact on the CPI year - on - year reading from the carry - over effect will expand from August to September [12]. - The year - on - year increase in the core CPI has been expanding for three consecutive months, with the highest month - on - month increase this year, mainly affected by rising prices of gold and platinum jewelry and services [14]. - Among the eight major categories, service - related items such as transportation, communication, education, culture, entertainment, and other supplies and services had relatively large month - on - month increases, while food and tobacco decreased both month - on - month and year - on - year [16]. - Food prices declined more than the seasonal average, dragging the CPI from rising to flat. In July, food prices fell 0.2% month - on - month, and the year - on - year decline widened, mainly due to high base prices last year [17]. - Non - food prices rose more than the seasonal average, supported by the summer travel season, rising international oil prices, and policies to boost domestic demand, which was the main factor for the CPI to turn from decline to increase month - on - month [20]. 2. Raw Material and Energy Mining and Processing Prices Improve, PPI Month - on - Month Decline Narrows - The PPI was flat year - on - year, and its month - on - month decline narrowed. In July, the PPI decreased 3.6% year - on - year, with the same decline as last month, and 0.2% month - on - month, with a 0.2 pct narrower decline than last month [25]. - The negative impact of the carry - over effect on the PPI weakened. In August, the PPI carry - over factor rose to - 0.7%, and from September to December, it will be in the range of 0 to - 0.1%. With the continuous release of policies to expand domestic demand and combat involution, the year - on - year decline in PPI may narrow significantly [27]. - The month - on - month decline in production material prices narrowed, while the decline in consumer goods prices widened [28]. - By industry, industries such as oil and gas extraction, fuel processing, and non - ferrous metal mining and processing had relatively large month - on - month increases, while industries such as coal, ferrous metal ore, and non - metallic mineral mining had relatively large month - on - month decreases. Overall, industrial product prices in most industries still declined, but some upstream industries showed obvious improvements [30]. - The decline in the PPI - CPI gap narrowed, but mid - and downstream industrial enterprises still faced significant pressure, mainly due to rising upstream prices, falling or stagnant downstream prices, and insufficient endogenous consumer demand [34]. 3. Conclusion: Positive Signals in July's Prices In July, the CPI turned from flat to rising month - on - month, and the PPI's month - on - month decline narrowed. Overall, prices improved marginally in July. However, the price improvement in the upstream was better than that in the mid - and downstream. Anti - involution policies need to be coordinated with "stabilizing prices, reducing production capacity, and increasing demand." In the short term, domestic prices are expected to recover steadily with continuous policy implementation [35].

Economic Overview - The economy of Hainan Province showed a stable and progressive development trend in the first half of 2025, with a GDP growth of 4.2% year-on-year at constant prices [1] - The value added of primary, secondary, and tertiary industries grew by 4.7%, 5.1%, and 3.7% respectively [1] Agricultural Sector - The total output value of agriculture, forestry, animal husbandry, and fishery reached 129.185 billion yuan, marking a year-on-year increase of 5.1% [1] Industrial Sector - Industrial production accelerated, with the equipment manufacturing sector experiencing a significant increase of 72.4%, outpacing the overall industrial value added growth by 61 percentage points [1] - The processing value added in the free trade port policy showed positive effects, with petroleum, coal, and other fuel processing increasing by 35.2%, and oil and gas extraction growing by 52.8% [1] - The agricultural and sideline food processing industry saw a growth of 53.5% [1] Service Sector - The value added of the service industry (tertiary sector) increased by 3.7% year-on-year [1] - The total import and export value of services reached 34.710 billion yuan, reflecting a rapid growth of 24.7% [1] Investment and Consumption - Equipment investment grew by 5.9% due to the promotion of large-scale equipment renewal policies [2] - Infrastructure investment (excluding electricity, gas, and water supply) increased by 17.9%, exceeding the overall investment growth rate by 25.5 percentage points [2] - The total retail sales of social consumer goods reached 132.989 billion yuan, with a year-on-year growth of 11.2%, accelerating by 7 percentage points compared to the first quarter [2] Environmental and Energy Development - The air quality in Hainan was rated as good 96.8% of the time, with a 100% compliance rate for water quality in urban water sources [2] - Clean energy generation, particularly wind and hydropower, saw significant growth, with wind power increasing by 3.3 times and hydropower by 12.7% year-on-year [2] Future Outlook - The overall economic recovery trend is strengthening, with positive factors for economic transformation and high-quality development continuing to accumulate [2] - Future efforts will focus on effective investment, stabilizing foreign trade, and improving service quality [2]

Economic Performance - The UK economy unexpectedly contracted by 0.1% in May, marking the second consecutive month of decline, indicating a loss of earlier strong growth momentum [1] - This contraction follows a 0.3% decline in April, suggesting a significant slowdown in the second quarter compared to a 0.7% growth in the first quarter [1][8] - If June output falls by 0.4% or more, the UK economy will experience an overall contraction in the second quarter [1] Sector Performance - The contraction in May was primarily driven by significant declines in the production and construction sectors, which were only partially offset by growth in the services sector [8] - The downturn in production was concentrated in oil and gas extraction, automotive manufacturing, and the volatile pharmaceutical industry [8] Market Reactions - Following the data release, the British pound fell by 0.2% against the US dollar, reaching $1.35 [4] - Investors slightly increased bets on a 25 basis point rate cut by the Bank of England in August, with expectations for two rate cuts by the end of the year [9] Government Response - Chancellor Rachel Reeves acknowledged the disappointing GDP data and expressed determination to stimulate economic growth [7] - The Labour government is relying on stronger growth to fund its spending plans, but fiscal conditions are tightening due to changes in welfare payments and winter fuel subsidies [7] Economic Outlook - Economists predict that even if June GDP stabilizes, overall growth for the second quarter will slow to just 0.1% [8] - Concerns about the health of the UK economy have increased, with the Bank of England previously warning of weak potential growth [10]

吉林油田勘探开发研究院松南天然气研究所副所长周俊廷介绍说，EOR产出的伴生气中二氧化碳浓度比 注入的低70%，直接循环回注会影响混相驱替效果。通过EGR过程提纯的二氧化碳再回注提高驱替效 率，能起到碳库和EOR后期差异化注入的调峰作用。吉林油田利用现有资源，一方面通过共享技术成 果，减少不必要的研发成本；另一方面共享基础设施，共同使用一套完善的运输管网，避免重复建设和 资源浪费。 中化新网讯 近日，吉林油田在长岭气田开展的气藏提高采收率技术（CCUS—EGR）矿场试验的先导试 验项目进入现场实施阶段，拉开了二氧化碳驱油提高采收率技术（CCUS—EOR）与CCUS—EGR全链 条协同发展模式的序幕。 据悉，长岭气田是吉林油田天然气稳产上产的"压舱石"，当前气藏采收率偏低，虽然具备提高采收率的 空间，但是缺乏有效技术手段。按照"一碳两用三循环"理念，吉林油田以长岭气田在气源、场站、管网 等方面的优势条件和CCUS的成熟经验为基础，探索打通EOR、EGR的自循环和两者之间的循环，打造 CCUS-EOR与CCUS—EGR全链条协同发展模式。 今年年初开始，吉林油田在前期研究的基础上，启动致密气CCUS—EGR可行性研 ...

Group 1: CPI and PPI Analysis - In April 2025, the Consumer Price Index (CPI) decreased by 0.1% year-on-year, remaining unchanged from the previous month[11] - The CPI increased by 0.1% month-on-month, reversing a previous decline of 0.4%[12] - Energy prices fell by 4.8% year-on-year, with gasoline prices dropping by 10.4%, contributing approximately 0.38 percentage points to the CPI decline[13] - The Producer Price Index (PPI) decreased by 2.7% year-on-year, with the decline widening by 0.2 percentage points compared to the previous month[11] Group 2: Economic Implications and Policy Outlook - The low inflation environment provides room for policy adjustments, with both monetary and fiscal policies expected to be more proactive[4] - The decline in oil prices has led to a decrease in domestic prices across related industries, impacting overall economic stability[4] - The core CPI, excluding food and energy, rose by 0.5%, indicating stable demand despite the overall CPI decline[14] - The report suggests that the current economic conditions allow for a more aggressive macroeconomic policy response to external uncertainties[30] Group 3: Risks and Market Considerations - Potential risks include worsening geopolitical events, changes in international financial conditions, and unexpected shifts in US-China policies[5] - The report emphasizes the importance of monitoring external factors that could impact domestic economic performance and inflation trends[30]