香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 明 確 表示，概不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條作出。 茲 載 列 重 慶 鋼 鐵 股 份 有 限 公 司 （「本 公 司 」）在 上 海 證 券 交 易 所 網 頁 （ www.ss e . c om. c n ） （ 股 票 代 碼 ： 60 1 0 0 5 ） 刊 載 之 《 2 0 2 5 年 年 度 報 告》。 承 董 事 會 命 重 慶 鋼 鐵 股 份 有 限 公 司 匡 雲 龍 董 事 會 秘 書 中國重慶，2026 年 3 月 30 日 於 本 公 告 日 期 ， 本 公 司 的 董 事 為 ： 王 虎 祥 先 生 （ 執 行 董 事 ） 、 匡 雲 龍 先 生 （ ...

Report Industry Investment Ratings - Steel: Oscillating [1] - Iron Ore: Oscillating with a bearish bias [3] - Coking Coal and Coke: Oscillating [5][6] - Thermal Coal: Stable with a slight upward trend before the holiday, may face pressure after the holiday [7] Core Views - Steel market shows simultaneous weakening of supply and demand, with steel prices oscillating weakly due to pre - holiday inventory growth and lack of raw material drive [1] - Iron ore market has a large supply - demand contradiction, with port inventory slightly decreasing and iron water output rising. If port liquidity issues are resolved, there will be a large supply impact [3] - Coking coal and coke markets have a quiet trading atmosphere before the holiday. Coke prices are expected to oscillate with cost fluctuations, and coking coal prices are expected to be stable with narrow adjustments [5][6] - Thermal coal market has limited trading volume, with prices rising slightly due to supply contraction and expected to be stable and slightly strong before the holiday, but may face pressure after the holiday [7] Summary by Commodity Steel - **Market Analysis**: Futures prices of steel oscillated downward. This week, steel demand dropped significantly, and inventory accumulation accelerated. The output of the five major steel products was 794100 tons, a week - on - week decrease of 25800 tons. The inventory was 1.4427 million tons, with an inventory accumulation of 105000 tons (last week's inventory accumulation was 59000 tons). The apparent demand was 689100 tons, a week - on - week decrease of 71600 tons [1] - **Supply - Demand and Logic**: The overall contradiction in the steel market is not prominent. Before the holiday, the construction material terminal is stagnant, and the rebar price is weak. The plate demand is relatively stable, but high inventory restricts the price space of hot - rolled coils. The steel inventory continues to grow before the holiday, and the supply - demand pressure increases slightly. With weak raw material drive, steel prices will oscillate weakly. Later, attention should be paid to winter storage replenishment and raw material price changes [1] - **Strategy**: Unilateral: Oscillating; Other strategies: None [2] Iron Ore - **Market Analysis**: Iron ore futures prices oscillated. In the spot market, the prices of mainstream imported iron ore varieties in Tangshan Port fluctuated slightly. The daily average molten iron output of 247 steel mills was 330490 tons, a week - on - week increase of 1910 tons. The total inventory of 45 ports was 169.46 million tons, a week - on - week decrease of 1.94 million tons [3] - **Supply - Demand and Logic**: On the supply side, non - mainstream shipments remain high at high ore prices, and global shipments decline seasonally, with port inventory slightly decreasing. On the demand side, the daily average molten iron output has increased slightly. After steel mills complete replenishment, the support for raw material prices is weak. The supply - demand contradiction is still large. If port liquidity issues are resolved, there will be a large supply impact. Later, attention should be paid to iron ore inventory changes and negotiation progress [3] - **Strategy**: Unilateral: Oscillating with a bearish bias; Other strategies: None [4] Coking Coal and Coke - **Market Analysis**: The futures prices of coking coal and coke oscillated narrowly. The trading atmosphere of coking coal was quiet before the holiday, and the price decreased slightly. The spot price of coke was relatively stable, and most steel mills had completed inventory replenishment. This week, coking coal inventory decreased significantly, and coke inventory increased slightly [5] - **Supply - Demand and Logic**: For coke, supply has increased slightly recently. Most steel mills have completed winter storage replenishment. Before the holiday, coking plants adjust production independently, and the price is expected to oscillate and follow cost fluctuations. For coking coal, the molten iron output of steel mills has increased, and the rigid demand maintains resilience. After downstream replenishment is completed, speculative demand shrinks. Before the Spring Festival, coal mines stop production and take holidays one after another, and Mongolian coal customs clearance is suspended during the Spring Festival, so the supply pressure of coking coal is relieved. It is expected that the coal price will be stable with narrow adjustments before the Spring Festival. Attention should be paid to the resumption of domestic coal production after the holiday [6] - **Strategy**: Coking coal: Oscillating; Coke: Oscillating; Other strategies: None [6] Thermal Coal - **Market Analysis**: In the production area, most private coal mines are on holiday, and supply further shrinks. In the port area, most traders are on holiday, and market trading is light. In the import market, the Indonesian policy has not been implemented, and the market pattern remains unchanged [7] - **Supply - Demand and Logic**: Recently, due to coal mine holidays, supply has shrunk, and downstream factories are also on holiday, so both supply and demand are weak. Affected by supply in the import market, the price of domestic coal continues to rise slightly. It is expected that the Indonesian supply will recover later. Overall, the price increase space before the holiday is limited, and it is expected to run stably and slightly strongly. After the holiday, when coal mine supply recovers and the peak season is approaching the end, coal prices may face pressure [7]

Report Industry Investment Ratings - Steel: Oscillation [2] - Iron Ore: Oscillation with a bearish bias [4] - Coking Coal and Coke: Oscillation [6] - Thermal Coal: Stable with a slight upward trend before the holiday, may face pressure after the holiday [7] Core Views - The overall contradiction in the steel market is not prominent, with poor building material demand, weak downstream procurement sentiment, and seasonal inventory accumulation slightly higher than last year, suppressing rebar prices. Plate demand is relatively stable, but high inventory restricts the price space of hot-rolled coils. Before the holiday, steel inventory continues to increase, and the supply-demand pressure increases slightly. Coupled with the weakening of raw material prices, steel prices will maintain an oscillating and weakening trend [1]. - The supply-demand contradiction of iron ore is intensifying. The global iron ore shipment has significantly declined, and the port inventory has continued to increase. As the steel mill replenishment is approaching the end, the support of raw material prices has weakened. If the port liquidity factors are removed, the port supply will form a great impact [3]. - The supply and demand of coking coal and coke are both weak. The coking coal price is stable with a slight downward trend, and the demand has significantly shrunk. The supply of coke is marginally relaxed, and the speculative demand has sharply decreased. It is expected that the prices will oscillate in the short term, following the cost fluctuations [5][6]. - Due to the shutdown of coal mines for the holiday, the supply of thermal coal has shrunk, and the downstream factories have also gradually closed for the holiday, resulting in a weak supply and demand situation. The import market is affected by supply, and the domestic coal price continues to rise slightly. It is expected that the price will be stable with a slight upward trend before the holiday, and may face pressure after the holiday [7]. Market Analysis Steel - Futures and spot: The steel futures market oscillated downward yesterday. In the spot market, the rebar inventory in Hangzhou over the weekend was 770,000 tons, and the rebar delivery was 16,000 tons. The inventory in the same period last year was 555,000 tons, and the delivery was 30,000 tons. According to Gangyin data, the building material inventory increased seasonally, and the coil inventory showed a trend of inventory accumulation [1]. - Supply and demand logic: Currently, the overall contradiction in the steel market is not prominent. The demand for building materials is poor, the downstream procurement sentiment is weak, and the seasonal inventory accumulation is slightly higher than last year, suppressing the rebar price. The demand for plates is relatively stable, but the high inventory restricts the price space of hot-rolled coils. Before the holiday, the steel inventory continues to increase, and the supply-demand pressure increases slightly. Coupled with the weakening of raw material prices, steel prices will maintain an oscillating and weakening trend. In the later stage, attention should be paid to the winter storage replenishment and the change of raw material prices [1]. Iron Ore - Futures and spot: The iron ore futures price was weak yesterday. In the spot market, the prices of mainstream imported iron ore varieties at Tangshan Port fluctuated slightly, and traders' quotes mostly followed the market. Steel mills' procurement was mainly for rigid demand. The global iron ore shipment decreased significantly this period, with a total shipment of 25.35 million tons, a month-on-month decrease of 18.1%. The arrival volume at 45 ports continued to decline, with a total arrival volume of 23.61 million tons, a month-on-month decrease of 5.0% [3]. - Supply and demand logic: In terms of supply, the non-mainstream shipment remained at a high level under high ore prices, and the global shipment volume decreased seasonally. In terms of demand, the daily average pig iron output remained stable, and the iron ore consumption increased slightly month-on-month. The iron ore port inventory continued to increase. As the steel mill replenishment was approaching the end, the support of raw material prices weakened. Currently, the supply-demand contradiction of iron ore continues to deepen. If the port liquidity factors are removed, the port supply will form a great impact. In the later stage, attention should be paid to the change of iron ore inventory and the negotiation progress [3]. Coking Coal and Coke - Futures and spot: The main contracts of coking coal and coke futures oscillated yesterday. In terms of coking coal, the coking coal price has been stable with a slight downward trend recently, and individual coal varieties have been adjusted. As the holiday approaches, the downstream coking enterprises' replenishment has entered the final stage, and the demand has significantly shrunk. In terms of coke, the coking enterprises that were shut down due to environmental protection have gradually resumed production, and the coking enterprises' production enthusiasm has improved month-on-month. The supply of coke is marginally relaxed. Most steel mills have completed the winter storage replenishment, and the speculative demand for coke has sharply decreased [5]. - Supply and demand logic: In terms of coke, the supply has increased slightly recently. Most steel mills have completed the winter storage replenishment. As the holiday approaches, the coking plants adjust their production autonomously. It is expected that the price will oscillate in the short term, following the cost fluctuations. In terms of coking coal, the pig iron output of steel mills has increased, and the rigid demand for coking coal has maintained resilience. As the downstream replenishment is approaching the end, the speculative demand has shrunk. As the Spring Festival approaches, coal mines will gradually shut down for the holiday, and the Mongolian coal customs clearance will be suspended during the Spring Festival. The supply pressure of coking coal will be relieved. It is expected that the coal price will be stable with a narrow adjustment before the Spring Festival. Attention should be paid to the resumption of domestic coal production after the holiday [6]. Thermal Coal - Futures and spot: In terms of production areas, more coal mines in the main production areas have taken holidays, mainly private mines, and most state-owned mines are still in normal production. The supply contraction is gradually increasing. At the same time, the demand for non-electric coal from downstream has also decreased, so the procurement has decreased. The prices of some coal mines are under pressure, and the shipments of some coal mines with high cost performance are relatively good, and the prices have increased slightly. Currently, more coal mines have taken holidays and entered the vacation mode, and the transactions are few. At the port, affected by the supply contraction at the pithead, the market arrival resources are tight. Coupled with the continuous inversion of port shipments, the prices are also rising continuously. In the import market, the sentiment is high. Affected by domestic and Indonesian shipments, the arrival resources are few, and the quotes are continuously firm [7]. - Supply and demand logic: Recently, due to the shutdown of coal mines for the holiday, the supply has shrunk, and the downstream factories have also gradually closed for the holiday, resulting in a weak supply and demand situation. The import market is affected by supply, and the domestic coal price continues to rise slightly. Recently, the RKAB of the leading Indonesian mine has been fully approved, and it is expected that the approval results of other mines will be announced one after another. The Indonesian supply is expected to recover. Overall, the price increase space before the holiday is limited, and it is expected to run stably with a slight upward trend. Attention should be paid to the fact that after the coal mine supply recovers after the holiday, coupled with the approaching end of the peak season, the coal price may face pressure [7]. Strategies Steel - Single-sided: Oscillation [2] - Inter-period: None [2] - Inter-variety: None [2] - Futures-spot: None [2] - Options: None [2] Iron Ore - Single-sided: Oscillation with a bearish bias [4] - Inter-period: None [4] - Inter-variety: None [4] - Futures-spot: None [4] - Options: None [4] Coking Coal and Coke - Coking coal: Oscillation [6] - Coke: Oscillation [6] - Inter-period: None [6] - Inter-variety: None [6] - Futures-spot: None [6] - Options: None [6] Thermal Coal No specific strategy is mentioned in the report.

Report Industry Investment Ratings - Strongly bullish: Platinum, Palladium, Fuel Oil, Low-Sulfur Fuel Oil, Cotton [27][113][156] - Bullish: Gold, Carbonate Lithium, Paraxylene, PTA [5][38][69] - Neutral: Copper, Zinc, Lead, Tin, Aluminum, Cast Aluminum Alloy, Nickel, Stainless Steel, Industrial Silicon, Polysilicon, Iron Ore, Rebar, Hot-Rolled Coil, Ferrosilicon, Silicomanganese, Coke, Coking Coal, Steam Coal, Logs, MEG, Synthetic Rubber, LLDPE, PP, Methanol, Urea, Styrene, Soda Ash, Short Fiber, Bottle Chip, Offset Printing Paper, Pure Benzene, Soybean Meal, Soybean, Corn, Eggs, Peanuts [9][12][16][19][23][29][39][43][46][50][53][57][59][69][76][79][82][95][100][103][105][130][133][138][141][144][158][165] - Bearish: Alumina, Rubber, Caustic Soda, Pulp, Glass, PVC, Sugar, Live Pigs [24][73][84][87][92][110][147][161] - Strongly bearish: None Core Views - The report analyzes the fundamentals, market trends, and investment opportunities of various commodities, including precious metals, base metals, energy, chemicals, agricultural products, etc. [2][6][9] - It provides trend intensities and investment suggestions for each commodity based on factors such as supply and demand, macroeconomic conditions, and geopolitical events. [11][15][17] Summaries by Relevant Catalogs Precious Metals - **Gold**: Reached a new high, with positive price trends influenced by factors like geopolitical tensions and macroeconomic policies [5]. - **Silver**: Experienced price fluctuations due to tariff expectations, with specific price and trading volume data provided [6]. - **Platinum**: May initiate a catch-up rally, showing positive price movements and trading volume changes [25]. - **Palladium**: Trended upward in a volatile manner, with price increases and trading volume variations [25]. Base Metals - **Copper**: Faced price pressure due to market risk aversion, affected by factors such as Japanese bond market turmoil and increased investment by the State Grid [9]. - **Zinc**: Slightly declined, with changes in price, trading volume, and inventory levels [12]. - **Lead**: Price was pressured by increasing overseas inventories, with specific price and inventory data presented [16]. - **Tin**: Traded within a range, with price fluctuations and changes in trading volume [20]. - **Aluminum**: Had support at lower levels, while alumina trended downward, and cast aluminum alloy followed the trend of electrolytic aluminum [23]. - **Nickel**: Price fluctuated widely due to inconsistent statements from Indonesia, and stainless steel was supported by the rise in nickel iron [29]. Energy - **Fuel Oil**: Rose with fluctuations and rebounded strongly at night, with price and trading volume data provided [113]. - **Low-Sulfur Fuel Oil**: Followed the upward trend of fuel oil, with a slight contraction in the price spread between high and low sulfur in the spot market [113]. - **Coking Coal and Coke**: Were affected by both macro and micro factors, trending weakly in a volatile manner [53]. - **Steam Coal**: Market sentiment was weak, with short-term price adjustments [57]. Chemicals - **Paraxylene**: The futures price rose driven by the significant increase in polyester leading stocks, with supply expected to be ample in the future [63]. - **PTA**: Considered reducing processing fees, with future supply and demand expected to weaken and inventory to accumulate [70]. - **MEG**: Traded in a range, with limited downside space and attention on basis and 5 - 9 positive spreads [72]. - **Rubber**: Trended weakly in a volatile manner, affected by factors such as inventory increases and weak downstream demand [73]. - **Synthetic Rubber**: Operated weakly in the short term, with price and trading volume changes [76]. - **LLDPE**: The standard product production continued to increase, and spot trading weakened [79]. - **PP**: Production remained at a low level, and profit repair was limited [82]. - **Caustic Soda**: Faced downward pressure, with supply and demand imbalances and high inventory levels [84]. - **Pulp**: Trended weakly in a volatile manner, affected by factors such as high inventory and weak demand [87]. - **Glass**: The original sheet price remained stable, with weak downstream demand and some support from export orders [92]. - **Methanol**: Traded in a range, with inventory changes and market sentiment influencing the price [95]. - **Urea**: Consolidated in a volatile manner, with the downside space narrowing [100]. - **Styrene**: Trended upward in a volatile manner, with strong export performance and increased downstream replenishment [103]. - **Soda Ash**: The spot market changed little, with stable production and weak market support [105]. - **PVC**: Trended weakly in a volatile manner, with high production and inventory levels and limited export benefits [110]. Agricultural Products - **Soybean Meal**: May trade in a range as overnight US soybeans slightly declined, with specific price and trading volume data provided [141]. - **Soybean**: The spot price was stable, and the futures price adjusted, with market sentiment influenced by factors such as the US - EU situation and Brazilian soybean production [141]. - **Corn**: Pulled back, with price and trading volume changes and market information about supply and demand [144]. - **Sugar**: Trended weakly, affected by factors such as global supply and demand and import policies [147]. - **Cotton**: Trended upward in a volatile manner, with active spot trading and some improvement in the foreign trade order situation [152]. - **Eggs**: Market sentiment weakened, with price and trading volume changes [158]. - **Live Pigs**: The spot price weakened, and the peak - season expectation decreased, with price and trading volume data provided [161]. - **Peanuts**: Traded in a range, with price and trading volume changes and market information about supply and demand [165]. Shipping - **Container Freight Index (European Line)**: Traded in a range temporarily, affected by factors such as the accelerating decline in spot prices and geopolitical uncertainties [115].

Price Data Overview - In December 2025, the CPI increased by 0.8% year-on-year, up from 0.7% in the previous month, aligning with market expectations[2] - The core CPI remained stable at 1.2% year-on-year for three consecutive months[4] - The PPI decreased by 1.9% year-on-year, an improvement from the previous month's decline of 2.2%, while it increased by 0.2% month-on-month[2] CPI Analysis - The rise in CPI is primarily driven by a low base effect and an increase in food prices at year-end, with food prices rising by 1.1% year-on-year in December[4] - Non-food prices remained stable at a year-on-year increase of 0.8%[4] - December food prices increased by 0.3% month-on-month, compared to a decrease of 0.6% in the same month last year[4] PPI Insights - The month-on-month PPI increase of 0.2% in December is attributed to rising international prices of non-ferrous metals and the ongoing effects of domestic "anti-involution" policies[6][7] - Prices in the non-ferrous metal mining and smelting sectors rose by 3.7% and 2.8% month-on-month, respectively[7] - The coal mining sector saw a month-on-month price increase of 1.3%, marking five consecutive months of growth[7] Future Outlook - For 2026, the domestic price environment is expected to continue improving, with the CPI likely to stabilize around 0.7%[9] - The ongoing price increases in upstream materials, such as non-ferrous metals and storage chips, may lead to downstream price adjustments in consumer goods[9] - The "anti-involution" policies are anticipated to further support price recovery in upstream and midstream sectors throughout the year[9]

1. Report Industry Investment Rating - No specific industry investment ratings are provided in the reports. 2. Core Views - The steel market shows a pattern of macro - expectation implementation and price fluctuations. The iron ore market has intensifying supply - demand contradictions and wide - range price oscillations. The coking coal and coke market is affected by supply expectations and shows an oscillatory trend. The thermal coal market has weak spot prices and different views at ports [1][2][3][4]. 3. Summary by Related Catalogs Steel - **Market Analysis**: The main contract of rebar futures closed at 3,074 yuan/ton, and the main contract of hot - rolled coil at 3,233 yuan/ton. Spot steel transactions were average, with prices rising slightly following the futures. National building materials transactions reached 101,217 [1]. - **Supply - Demand and Logic**: Building materials' supply - demand fundamentals are improving, with decreasing production and low inventory pressure. Plate prices are suppressed by high inventory, but demand has resilience. Attention should be paid to demand, exports, production cuts, and profit changes during the off - season [1]. - **Strategy**: The unilateral strategy is to expect price oscillations, and there are no cross - period, cross - variety, spot - futures, or option strategies [1]. Iron Ore - **Market Analysis**: Iron ore futures prices oscillated. The 2605 contract closed at 753 yuan, down 0.92%. Spot prices fell slightly with few transactions, and steel mills restocked as needed [2]. - **Supply - Demand and Logic**: This week's iron ore shipments increased by 6.6% week - on - week to 3,592.5 million tons, with Australia up 4.3% and Brazil up 32.7%. Supply - demand contradictions are intensifying, inventory is rising, and some port supplies have weak liquidity, supporting high prices. Some steel mills have started production cuts, and there is an expectation of seasonal decline in molten iron. If port supply liquidity recovers, prices may face pressure [2]. - **Strategy**: The unilateral strategy is to expect price oscillations, and there are no cross - period, cross - variety, spot - futures, or option strategies [2][3]. Coking Coal and Coke - **Market Analysis**: Coking coal and coke futures prices oscillated strongly, with coking coal prices rebounding significantly. There was strong market wait - and - see sentiment for imported Mongolian coal [3]. - **Logic and Views**: For coking coal, supply is at a low level, and there is no obvious increase. Mongolian coal customs clearance is high, and overall supply - demand contradictions are not prominent. Steel mills' procurement is mainly for刚需, and the market's restocking willingness is weak. For coke, the second price cut has been implemented, profits are shrinking, supply has declined slightly, and demand is weak due to some steel mill overhauls and lack of winter - storage restocking [3][4]. - **Strategy**: Both coking coal and coke are expected to oscillate, and there are no cross - period, cross - variety, spot - futures, or option strategies [3][4]. Thermal Coal - **Market Analysis**: In the production areas, coal prices are weak, and snow has affected shipments. Some coal mines have stopped production. At ports, there are different views. Some traders think coal prices will stabilize due to increased daily consumption in cold weather, while others are selling at reduced prices due to high inventory and turnover requirements. Import coal has great pressure, and the market is inactive [4]. - **Demand and Logic**: Coal prices have been weak due to lower - than - expected downstream consumption and high inventory. Some coal mines will stop production after completing annual tasks, and supply improvement is difficult. In the long - term, supply pattern changes, non - power coal consumption, and restocking should be monitored [4][5]. - **Strategy**: Attention should be paid to coal mine safety supervision, port inventory changes, daily consumption of power and chemical coal, and other unexpected events [6].

Group 1: CPI Analysis - In November 2025, the CPI increased by 0.7% year-on-year, up from 0.2% in the previous month, aligning with market expectations[2] - The main driver for the CPI increase was the turnaround in food prices, particularly fresh vegetable prices, which rose by 14.5% year-on-year, compared to a decline of 7.3% in the previous month[4][5] - Core CPI remained stable at 1.2% year-on-year, with gold prices contributing significantly to this stability, while service prices showed a slowdown due to seasonal demand[6] Group 2: PPI Analysis - The PPI decreased by 2.2% year-on-year in November, slightly worse than the previous month's decline of 2.1%, primarily due to a high base effect from the previous year[8] - PPI showed a month-on-month increase of 0.1%, marking the second consecutive month of growth, driven by rising prices in the coal and non-ferrous metal sectors[8][9] - The "anti-involution" effect is evident as downstream consumer goods prices stabilize, while upstream coal and metal prices continue to rise[11] Group 3: Future Outlook - The CPI is expected to maintain its upward trend in December, supported by low base effects and rising food prices, with a projected average CPI growth rate of 0.7% for the coming year[10] - The PPI's year-on-year decline is anticipated to narrow, influenced by global manufacturing recovery and domestic supply-demand adjustments, although the timing for a return to positive growth remains uncertain[11] - The recovery of domestic demand and the potential for a rebound in pork prices are critical factors that could influence CPI trends in the upcoming months[10]

Group 1: CPI Analysis - In October 2025, the CPI increased by 0.2% year-on-year, reversing a decline of 0.3% from the previous month[2] - The core CPI, excluding food and energy, rose by 1.2%, marking the highest increase since March 2024 and expanding for six consecutive months[6] - The tail effect on CPI was approximately -0.6%, narrowing by 0.3 percentage points from the previous month, indicating reduced drag from previous price declines[6] Group 2: PPI Insights - The PPI decreased by 2.1% year-on-year, but the decline narrowed by 0.2 percentage points compared to the previous month, marking the third consecutive month of narrowing[2][6] - The PPI increased by 0.1% month-on-month, the first increase of the year, driven primarily by rising international non-ferrous metal prices[6] - General daily goods prices saw a significant month-on-month increase of 0.7%, suggesting improved price transmission[6] Group 3: Sector-Specific Trends - Food prices fell by 2.9% year-on-year, contributing approximately 0.54 percentage points to the CPI decline, while energy prices decreased by 2.4%, impacting CPI by about 0.18 percentage points[6] - Travel prices rose by 2.1% year-on-year, with airfares and hotel prices increasing by 8.9% and 2.8%, respectively, significantly contributing to the core CPI[6] - The prices of household appliances and communication tools related to consumption subsidies have decreased from previous highs, while transportation prices have remained stable for three consecutive months[6] Group 4: Risks and Considerations - Risks include the potential ineffectiveness of growth stabilization policies, unexpected severity of overseas economic downturns, and escalation of geopolitical conflicts[5]

Group 1: PPI Overview - The Producer Price Index (PPI) is primarily influenced by production materials, which account for approximately 75% of its weight, compared to 25% for living materials[6][22] - The internal structure of production materials shows that the price changes in extraction, raw materials, and processing industries generally align, with extraction industries exhibiting the highest volatility[8][9] - Living materials display a more diversified price trend across four categories, with food prices often moving contrary to upstream prices[9][10] Group 2: Industry Impact on PPI - The "Three Black and One Color" industries (black metals, petrochemicals, coal, and non-ferrous metals) significantly dominate PPI trends[17][22] - The highest industry weightings affecting PPI include computer, communication, and other electronic equipment manufacturing at 10.84%, followed by automotive manufacturing at 7.43%[16][20] - The correlation between crude oil prices and PPI is strong, with a coefficient of 0.86 since 2014, indicating that oil prices are a core factor influencing PPI trends[18][21] Group 3: Risk Factors - Key risk factors include geopolitical risks and unexpected increases in international oil prices, which could further impact PPI trends[25]

Manufacturing Sector Insights - The manufacturing PMI for September is 49.8%, a month-on-month increase of 0.4 percentage points, indicating a slight recovery within the contraction zone[3] - The new orders index stands at 49.7%, up 0.2 percentage points from the previous month, while the new export orders index increased by 0.6 percentage points to 47.8%[3] - The production index rose to 51.9%, reflecting a month-on-month increase of 1.1 percentage points, indicating active manufacturing activities[3] Price and Demand Dynamics - The major raw material purchase price index remains high at 53.2%, despite a month-on-month decline of 0.1 percentage points[8] - The "anti-involution" policy has supported the prices in certain manufacturing sub-sectors, with the specialized equipment manufacturing price index rising by 2.2 percentage points[2] - However, the overall demand remains weak, as evidenced by declines in finished goods inventory and new orders in the electrical machinery and general equipment manufacturing sectors[2] Non-Manufacturing Sector Overview - The non-manufacturing PMI for September is 50.0%, down 0.3 percentage points, indicating stagnation at the threshold level[4] - The new orders index for non-manufacturing is at 46.0%, a decrease of 0.6 percentage points, while the new export orders index improved to 49.8%, up 1.0 percentage points[10] - The employment index in the non-manufacturing sector is at 45.0%, reflecting a contraction with a month-on-month decline of 0.6 percentage points[10] Sector-Specific Performance - The construction sector's PMI is at 49.3%, with a new orders index of 42.2%, indicating continued contraction despite a slight month-on-month improvement[14] - The service sector PMI is at 50.1%, showing a slight decline of 0.4 percentage points, but still within the expansion zone[14] - Notably, the metal products and automotive manufacturing sectors have shown significant month-on-month improvements in their economic performance[16]