国家统计局永州调查队近日发布数据显示，11月份永州市居民消费价格总水平（CPI）同比下跌0.3%， 环比微降0.1%。当前全市食品市场供应充足，价格总体运行平稳。 八大类商品价格同比"四涨四跌"。其他用品及服务价格涨幅居首，同比上涨15.8%；生活用品及服务、 衣着、医疗保健价格分别上涨1.9%、0.4%和0.1%。交通通信价格同比下跌2.0%，居住、食品烟酒、教 育文化娱乐价格分别下跌1.6%、0.9%和0.7%。 八大类商品价格环比呈现"三涨三跌二平"格局。其他用品及服务价格环比上涨1.7%，食品烟酒、衣着价 格分别上涨0.4%和0.2%。交通通信价格环比下跌1.1%，教育文化娱乐、生活用品及服务价格分别下跌 0.6%和0.3%。居住和医疗保健价格环比持平。 鲜活食品价格稳中有变。鲜菜价格环比上涨5.5%，猪肉价格环比回落，牛肉、鸡肉、鸭肉价格环比基 本持平。非食品价格环比微降0.2%。其中服务价格环比下跌0.3%，主要受旅游出行需求季节性回落影 响，飞机票、旅行社收费、其他住宿、宾馆住宿价格分别下跌17.0%、4.4%、1.1%和0.4%。能源价格环 比下跌1.2%，受国际油价下行传导，国内汽油、柴油价 ...

证券研究报告 | 朝闻国盛 gszqdatemark 2025 12 11 年 月 日 朝闻国盛 11 月 CPI 涨幅扩大，PPI 降幅小幅走阔 今日概览 ◼ 重磅研报 【宏观】可选消费亮点不少—CPI 三连升的背后——20251210 【固定收益】菜价推升 CPI——20251210 ◼ 研究视点 【电力】新能源新格局：解码 19 省机制电价竞价结果——20251210 【宏观】可选消费亮点不少—CPI 三连升的背后 作者 | 分析师 | 张一鸣 | | | | --- | --- | --- | --- | | 执业证书编号：S0680522070009 | | | | | 邮箱：zhangyiming@gszq.com | | | | | 行业表现前五名 | | | | | 行业 | 1 月 | 3 月 | 1 年 | | 通信 | 14.0% | 19.3% | 91.1% | | 综合 | 6.4% | 5.9% | 46.2% | | 国防军工 | 3.9% | 4.9% | 15.1% | | 轻工制造 | 2.1% | 3.3% | 10.6% | | 机械设备 | 1.6% | 4.3% ...

非食品价格同比上涨0.7%，涨幅与上月持平，拉升价格总水平约0.6个百分点。非食品中，工业消费品 价格上涨1.2%，涨幅较上月收窄0.3个百分点；服务价格上涨0.6%，涨幅较上月扩大0.4个百分点。扣除 食品和能源价格的核心CPI同比上涨1.1%，涨幅较上月扩大0.1个百分点。 环比：猪肉、鸡蛋价格下降 11月，南京居民消费价格环比下降0.3%。八大类价格环比3涨5降，衣着、医疗保健、其他用品及服务 分别上涨1.2%、1.2%、0.5%，食品烟酒、居住、生活用品及服务、交通通信、教育文化娱乐分别下降 0.8%、0.1%、1.0%、1.2%、0.4%。 食品价格环比下降1.2%，降幅较上月扩大0.4个百分点。鲜活食品价格下降2.4%，降幅较上月扩大1.4个 百分点，其中，鲜菜、猪肉、淡水鱼、虾蟹类、鸡蛋价格分别下降1.1%、2.1%、4.0%、4.7%、1.5%。 非食品价格环比由上月持平转为下降0.2%。工业消费品价格持平，其中，汽油、柴油价格分别下降 2.3%、2.4%，金饰品价格上涨7.7%。服务价格下降0.2%，其中，旅行社收费、飞机票、宾馆住宿价格 分别下降6.2%、8.2%、32.5%。(孙奇玮 许 ...

食品价格拉动中国CPI同比涨幅创近21个月新高 编辑：徐世明 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 11月份，扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续3个月保持在1%以上。服务和扣除能 源的工业消费品价格同比分别上涨0.7%和2.1%。其中，扩内需政策措施继续显效，家用器具和服装价 格同比分别上涨4.9%和2.0%，飞机票、家政服务和在外餐饮价格同比分别上涨7.0%、2.4%和1.2%。金 饰品价格同比涨幅扩大至58.4%。 从环比看，11月份CPI下降0.1%。董莉娟指出，这主要受服务价格季节性下降影响。当月，服务价格环 比下降0.4%。其中，节后出行需求季节性回落，宾馆住宿、飞机票、旅行社收费和交通工具租赁费价 格环比均有所下降。 中国民生银行首席经济学家温彬表示，11月中国CPI同比涨幅扩大，反映居民消费持续恢复。展望2026 年，随着扩内需等政策措施发力显效，现代化产业体系加快构建，叠加重点行业产能治理持续推进、市 场竞争秩序优化，中国物价有望低位温和回升。(完) 来源：中国新闻网 中新社北京12月10日电 (记者 王恩博)中国国家统计局10日公布，主要 ...

Core Insights - The continuous expansion of the core CPI for six months is seen as a positive sign, but it is insufficient to determine whether a true turning point in China's economic prices has been reached, requiring further evaluation of upcoming data [1][14]. Economic Performance - In October, the total retail sales of consumer goods increased by 2.9% year-on-year, marking a decline in growth rate for five consecutive months [2]. - The core CPI rose by 1.2% year-on-year in October, with the growth rate expanding for the sixth consecutive month, indicating a potential turning point in price trends and a signal of recovering consumer demand [2][3]. Consumption Trends - The decline in retail sales growth is attributed to a "supply-demand imbalance," highlighting the need for enhanced consumer demand [3]. - Consumption has become the primary driver of GDP growth this year, with various policies introduced to stimulate consumption, such as "trade-in" programs [3]. Price Dynamics - The core CPI's rise is influenced by factors such as the consumption boost from the National Day and Mid-Autumn Festival holidays and a surge in gold prices [7]. - Service prices have been gradually recovering since March, with notable increases in airfares and hotel accommodation prices [7]. Future Outlook - Experts suggest that while the core CPI's growth reflects improving terminal consumer demand, it also indicates underlying pressures on food and energy prices [14]. - The overall CPI is expected to remain low, with projections indicating that achieving a 2% or 3% year-on-year CPI growth next year will require multiple favorable factors, including a recovery in real estate prices and improvements in median income growth [15].

Group 1 - The core viewpoint of the articles indicates that China's economic growth is facing challenges, with a decline in social retail sales and an increase in core CPI, suggesting a complex economic environment [2][3][12] - In October, the social retail sales total increased by 2.9% year-on-year, marking a continuous decline for five months, while the core CPI rose by 1.2%, indicating a potential turning point in consumer demand [2][8] - Experts highlight a "supply-demand imbalance" in the economy, emphasizing the need for enhanced consumer demand to address the declining retail sales growth [2][12] Group 2 - The increase in core CPI is attributed to factors such as the consumption stimulus from the National Day and Mid-Autumn Festival holidays, as well as rising gold prices, with service prices also showing a recovery [7][8] - The core CPI's growth reflects improvements in terminal consumer demand, but it also indicates underlying pressures on food and energy prices, which remain low [13][14] - The overall CPI has been operating at low levels, with experts suggesting that while the core CPI's increase is a positive sign, it is not sufficient to confirm a definitive turning point in the economy [11][12]

Group 1 - The Consumer Price Index (CPI) in Shenzhen increased by 0.4% year-on-year in October 2025, with the core CPI rising by 0.9%, marking a 0.1 percentage point increase from the previous month [1] - Average CPI from January to October 2025 rose by 0.1% compared to the same period last year [1] - Food prices decreased by 1.5%, with rice, pork, and dairy prices falling by 10.0%, 6.3%, and 4.4% respectively, contributing to a 0.17 percentage point decline in CPI [1] Group 2 - Non-food prices increased by 0.7%, with medical services and utilities rising by 6.3% and 1.4%, respectively, contributing to a 0.29 percentage point increase in CPI [1] - Jewelry and platinum prices surged by 51.1% and 56.4%, respectively, adding approximately 0.21 percentage points to the CPI [1] - The CPI remained stable month-on-month, following a 0.2% decline in the previous month [1] Group 3 - The pork market is currently characterized by strong supply and weak demand, leading to a 2.1% decrease in pork prices [2] - The arrival of seasonal fruits has increased supply, resulting in a 2.8% drop in fresh fruit prices [2] - Non-food prices remained stable, with hotel accommodation and travel agency fees rising by 7.6% and 4.1% during the National Day holiday, contributing to a 0.06 percentage point increase in CPI [2]

Group 1: Inflation Data - In October 2025, the CPI increased by 0.5 percentage points year-on-year to 0.2% and rose by 0.2% month-on-month, slightly above seasonal levels, indicating a moderate recovery in prices[1] - Core CPI, excluding food and energy, rose by 1.2% year-on-year, marking a six-month consecutive increase and reaching the highest level since March 2024[1] - Food prices decreased by 2.9% year-on-year, but the decline narrowed by 1.5 percentage points compared to the previous month, impacting the overall CPI negatively by approximately 0.54 percentage points[11] Group 2: Producer Price Index (PPI) Insights - In October 2025, the PPI increased by 0.1% month-on-month, marking the first positive growth of the year, while year-on-year it decreased by 2.1%, with the decline narrowing by 0.2 percentage points over the previous month[19] - The narrowing of the PPI decline is attributed to improved supply-demand relationships in key industries, effective capacity management, and the release of consumer demand[19] - Prices in the photovoltaic equipment and battery manufacturing sectors saw a reduction in their year-on-year decline, reflecting the positive impact of industrial upgrades and technological innovation[19] Group 3: Economic Signals and Risks - The month-on-month CPI increase signals multiple positive economic indicators, including the effectiveness of demand expansion policies and the recovery of service consumption[16] - However, potential risks remain, such as insufficient effective demand and the cyclical adjustment of agricultural product prices, particularly pork, which may continue to drag down the CPI[16] - The energy prices remain a significant external variable affecting price fluctuations, influenced by international commodity market volatility[16]

Core Insights - The Consumer Price Index (CPI) for October showed a month-on-month increase of 0.2% and a year-on-year increase of 0.2%, marking a recovery from the previous value of -0.3% [2] - The core CPI, excluding food and energy, rose by 1.2% year-on-year, the highest increase since March 2024, indicating a sustained upward trend for six consecutive months [2] - Key factors contributing to the improvement in price data include better food prices, rising gold prices, and robust travel consumption during the holiday season [2] Food Prices and Consumer Behavior - Food prices showed a notable improvement, with actual prices rising by 0.3% in October, contrary to the expected decline of 0.4% based on high-frequency wholesale prices [2] - The increase in gold jewelry prices contributed approximately 0.06 percentage points to the month-on-month CPI [2] - The demand for travel during the National Day and Mid-Autumn Festival led to significant price increases in accommodation (8.6%), air tickets (4.5%), and tourism (2.5%) [2] Weakness in Certain Price Segments - Despite the overall CPI recovery, certain segments like pork and tobacco prices remain weak, with pork prices declining by 2.5% month-on-month, impacting CPI by approximately 0.03 percentage points [4] - Tobacco and alcohol prices also experienced negative growth, both decreasing by 0.1 percentage points, reflecting limited demand for non-essential consumer goods due to unhealed consumer sentiment [4] Durable Goods Demand - Reports indicate that the demand for durable consumer goods is not strong, with transportation tools showing a consistent year-on-year decline of 1.9% for three consecutive months [4] - The year-on-year growth rates for household appliances and communication tools have also decreased, indicating a slowdown in consumer spending [4] Urban vs. Rural Price Trends - There is a divergence in price trends between urban and rural areas, with urban CPI increasing by 0.3% year-on-year while rural CPI decreased by 0.2% [4] - The higher weight of food expenditure in rural consumption leads to a more pronounced impact from food price deflation, resulting in a weaker rural price index [4] Future Outlook - The increase in holiday-related consumption is seen as a temporary spike, and fluctuations in gold prices are expected in November [5] - For sustained improvement in CPI, ongoing policy support will be necessary, as the current factors driving CPI are not expected to be long-lasting [5]

Core Insights - In October, Nanjing's consumer price index (CPI) increased by 0.1% year-on-year, while it decreased by 0.2% month-on-month [1] - Among eight categories, five saw price increases, while three experienced declines, with notable increases in clothing (1.7%), daily necessities and services (2.3%), education and entertainment (1.4%), healthcare (1.3%), and other goods and services (15.9%) [1] - Food prices decreased by 2.7% year-on-year, contributing to a total price level reduction of approximately 0.48 percentage points, while non-food prices rose by 0.7%, adding about 0.56 percentage points to the overall price level [1] Year-on-Year Summary - Year-on-year price changes showed increases in clothing (1.7%), daily necessities and services (2.3%), education and entertainment (1.4%), healthcare (1.3%), and other goods and services (15.9%) [1] - Food and tobacco prices decreased by 2.7%, while housing and transportation and communication prices fell by 1.7% and 1.4%, respectively [1] - Industrial consumer goods prices rose by 1.5%, influenced by international gold price increases, with gold and platinum jewelry prices rising by 53.2% and 57.5% respectively [1] Month-on-Month Summary - Month-on-month, the overall consumer price index decreased by 0.2%, with two categories increasing and six decreasing [1] - Education and entertainment, along with other goods and services, saw increases of 0.4% and 5.5%, respectively, while food and tobacco, clothing, housing, daily necessities and services, transportation and communication, and healthcare all experienced declines [1] - Food prices decreased by 0.8% month-on-month, contributing to a total price level reduction of about 0.14 percentage points, while non-food prices remained stable [2]