7月会议决策：美联储在7月30日的会议上决定维持联邦基金利率目标区间在4.25%-4.5%不变，仅两位官员（鲍曼和沃勒）支持降息25个基点。这一决策反映 了美联储对通胀上行风险和就业下行风险的平衡考量。 一、7月CPI数据详解：通胀温和回落，但结构性压力仍存 根据最新数据，2025年7月美国CPI同比上涨2.7%，低于市场预期的2.8%，环比上涨0.2%，符合预期。核心CPI同比上涨3.1%，环比上涨0.3%，创下6个月来 最大涨幅。这一数据表明，尽管整体通胀压力有所缓解，但核心通胀仍具韧性，服务通胀（如住房）的黏性尤为显著。 通胀回落的主要驱动力： 1. 能源价格下跌：7月能源指数下降1.1%，其中WTI原油价格在7月23日为65.45美元/桶，较前一交易日微涨0.214%，但整体趋势仍抑制了通胀压力。地 缘风险溢价虽对油价形成支撑，但全球能源需求预期变化及夏季出行高峰接近尾声，使得能源价格未出现大幅反弹。 2. 供应链改善：尽管关税对部分商品（如服装、家具）价格有冲击，但未引发全面通胀飙升。企业逐步消化关税前库存，缓解了商品通胀压力。 3. 需求减弱：居民消费疲软，企业投资增速放缓，尤其是设备及无形资产投 ...

资料显示，中驰车福互联科技(全球)有限公司公司是一家在开曼群岛注册成立的境外控股母公司,主要由 其境内实体子公司中驰车福互联科技(香港)有限公司运营。公司主要通过其在中华人民共和国("中华人 民共和国"或"中国")的直接或间接拥有的子公司(统称"集团")从事新车、汽车零部件和汽车配件的销售, 以及汽车保险相关服务。作为一家综合性汽车服务提供商,AUTOZI通过将汽车制造商、汽车零部件制造 商、保险公司与MBS认证店及各类车主连接起来,建立了覆盖汽车全生命周期的全生命周期汽车服务生 态系统,形成了"新车购买-保险发行-预约维修-理赔维修-零部件供应"的完整循环。 8月23日，中驰车福(AZI)盘中上涨4.82%，截至01:20，报0.237美元/股，成交20.53万美元，总市值 2710.83万美元。 财务数据显示，截至2024年09月30日，中驰车福收入总额1.25亿美元，同比增长9.86%；归母净利 润-1085.6万美元，同比减少6.93%。 本文源自：金融界 作者：行情君 ...

Core Viewpoint - Zhongchi Chefu (AZI) experienced a 4.03% increase in stock price, reaching $0.235 per share, with a total market capitalization of $26.89 million as of August 20 [1] Financial Performance - For the fiscal year ending September 30, 2024, Zhongchi Chefu reported total revenue of $125 million, reflecting a year-on-year growth of 9.86% [1] - The company recorded a net loss attributable to shareholders of $10.856 million, which is a decrease of 6.93% compared to the previous year [1] Company Overview - Zhongchi Chefu Internet Technology (Global) Co., Ltd. is a Cayman Islands-registered holding company, primarily operated by its subsidiary, Zhongchi Chefu Internet Technology (Hong Kong) Co., Ltd. [1] - The company engages in the sales of new cars, auto parts, and automotive accessories, as well as providing automotive insurance-related services through its subsidiaries in the People's Republic of China [1] - As a comprehensive automotive service provider, AUTOZI connects automobile manufacturers, auto parts manufacturers, insurance companies, MBS-certified stores, and various car owners, establishing a full lifecycle automotive service ecosystem [1] - The complete cycle includes new car purchases, insurance issuance, appointment for maintenance, claims repair, and parts supply [1]

Core Viewpoint - Zhongchi Chefu (AZI) has shown a modest increase in stock price, with a total market capitalization of approximately $26.87 million, despite a decline in net profit [1] Financial Performance - As of September 30, 2024, Zhongchi Chefu reported total revenue of $125 million, reflecting a year-on-year growth of 9.86% [1] - The company experienced a net loss attributable to shareholders of $10.86 million, which is a decrease of 6.93% compared to the previous year [1] Company Overview - Zhongchi Chefu Internet Technology (Global) Co., Ltd. is a Cayman Islands-registered holding company, primarily operated by its subsidiary in Hong Kong [1] - The company engages in the sales of new cars, auto parts, and related insurance services through its subsidiaries in China, forming a comprehensive automotive service ecosystem [1] - The ecosystem includes a complete cycle of services from new car purchase, insurance issuance, appointment for maintenance, claims repair, to parts supply [1]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Views of the Report - The July CPI remained unchanged year - on - year, with a growth of 2.7%, lower than the Wind expected value of 2.72%. The core CPI increased slightly year - on - year, growing by 3.0%, also lower than the expected 3.04%. Both CPI and core CPI are below the inflation level in February this year [2]. - The main reason for the CPI decline this month is the drop in the energy item, and food prices also slightly decreased. The energy sub - item decreased by 1.1% month - on - month, and gasoline prices decreased by 2.2% month - on - month. Food sub - item increased by 2.9% year - on - year, with a slowdown [3]. - The new and used car markets are warming up, indicating a recovery in consumer demand and confidence. However, the used - car wholesale market shows a slight decline, and the inflation concerns from it may be alleviated. Furniture prices are still cooling, reflecting a deepening of weakening demand [4]. - Service - related CPI continues to rise, mainly due to expectations. But the cooling housing market may make service inflation unsustainable, and the spiral risk is still weak [5]. - Supply chain pressure continues to ease, and the CPI of tariff - related commodity categories is cooling. The "one - time impact theory of tariffs" has more explanatory power for the market [7]. - This month's CPI presents a pattern of "service inflation and commodity deflation". Weak demand has a strong resistance to prices, and the decline in commodity CPI further confirms that the impact of tariffs on prices may be one - time. The rise in service CPI may not form a stubborn inflation spiral [7]. - Inflation is still controllable. Market participants regard the inflation data as a positive signal. The FedWatch tool shows that the expectation of the Fed cutting interest rates in September has risen from 85.9% to 93.4%, and more voices within the Fed support interest rate cuts [8]. 3. Summary by Relevant Catalogs 3.1 Data Observation - **CPI and Core CPI Trends**: In July, the CPI increased by 2.7% year - on - year, with a 0.2% month - on - month increase (0.1 pct lower than the previous value). The core CPI increased by 3.0% year - on - year, with a 0.3% month - on - month increase (0.1 pct higher than the previous value) [2]. - **CPI Sub - item Analysis**: The energy sub - item decreased by 1.1% month - on - month (previous value 0.9%), and gasoline prices decreased by 2.2% month - on - month. The food sub - item increased by 2.9% year - on - year, 0.1 pct lower than last month, and 0.0% month - on - month (0.3% in June) [3]. - **Demand - Sensitive Indicators**: Used - car prices increased by 0.5% month - on - month (previous value - 0.7%), and 4.8% year - on - year. New - car prices also recovered. The CCI US consumer confidence index rose to 97.3% (previous value 93%). However, the used - car wholesale market declined, with the Manheim used - car value index showing a year - on - year decrease to 2.8% and a month - on - month decrease to - 0.53% [4]. - **Demand - Lagging Indicators**: Furniture price growth slowed to 0.7% month - on - month (previous value 1.0%), reflecting the real impact of tariffs on prices and the deepening of weakening demand [4]. - **Service - Related CPI**: Service - related CPI continued to rise, but the housing market cooled. Most service - related CPI items increased, especially for medical care services and transportation services. The S&P CS housing price index shows that market rent growth has slowed for 5 consecutive months [5]. 3.2 In - depth Analysis - **Inflation Pattern**: This month's CPI shows a pattern of "service inflation and commodity deflation". Weak demand has a strong resistance to prices, and the decline in commodity CPI confirms the one - time impact of tariffs on prices [7]. - **Reasons for the Limited Service Inflation Spiral**: Firstly, the rise in service CPI is driven by inflation expectations, but the actual decline in commodity prices this month may disprove these expectations. Secondly, the areas where service inflation continues to rise are mostly essential - need categories, and the downward trend in the real estate market shows that inflation lacks a strong rolling effect [7][10]. - **Inflation Outlook**: Inflation is still controllable. Since May, the CPI has remained at 2.7% after a one - time jump, and the core CPI has only increased by 0.1 pct per month, which is lower than the level in February. The market regards the inflation data as positive, and the expectation of the Fed cutting interest rates in September has increased [8].

Core Viewpoint - The article discusses the stability of the U.S. inflation rate in July, with a notable rebound in core inflation, indicating potential implications for monetary policy and market expectations regarding interest rate adjustments [1][6][22]. Inflation Data Summary - In July, the Consumer Price Index (CPI) increased by 2.7% year-on-year, consistent with the previous value and slightly below market expectations of 2.8%. The core CPI rose by 3.1%, surpassing the previous value of 2.9% and the expected 3.0% [1][6][9]. - The core goods prices increased by 1.2% year-on-year, up from 0.7% in the previous month, marking the fourth consecutive month of recovery. Various core goods categories, such as furniture (+0.7% month-on-month) and shoes (+1.4% month-on-month), showed price increases, reflecting the impact of tariffs [2][13][14]. - Core services saw a year-on-year increase of 3.6%, remaining stable compared to the previous month, with a month-on-month rise of 0.4%, higher than the previous 0.3% [4][18]. Tariff Impact and Economic Outlook - The article highlights that the impact of tariffs on inflation may have become more evident in July, although the overall inflation rebound has been moderate due to product differentiation. Future impacts remain uncertain, with varying estimates on how quickly tariffs affect consumer prices [3][14][15]. - The Federal Reserve's internal divisions on monetary policy direction are noted, with some members advocating for a cautious approach while others support a shift towards a neutral interest rate stance, indicating differing views on inflation risks and economic slowdown [5][20][21]. Market Reactions - Following the inflation data, market expectations for a rate cut by the Federal Reserve in September increased, with the probability rising to 93.4% from 85.9%. This led to a decline in the U.S. dollar index and a rise in major stock indices, reflecting a favorable environment for emerging market assets [5][22].

Core Viewpoint - The article discusses the anticipation surrounding the release of the US July Consumer Price Index (CPI), with expectations of a slight inflation increase that is not expected to alter the Federal Reserve's interest rate cut path in September [1][2]. Inflation Expectations - The consensus forecast for the July CPI indicates a month-over-month increase of 0.2%, a decrease of 0.1 percentage points from June, and a year-over-year increase from 2.7% to 2.8%. The core CPI, excluding food and energy, is expected to rise by 0.3% month-over-month and 3.0% year-over-year, marking the highest level since February [2][3]. Institutional Forecasts - Various financial institutions have provided their forecasts for the July CPI, with the median forecast showing a month-over-month increase of 0.24% and a year-over-year increase of 2.8% for the headline CPI, while the core CPI is expected to rise by 0.31% month-over-month and 3.1% year-over-year [3]. Tariff Impact - The data will serve as a critical signal to assess the impact of new tariffs on consumer prices. Wells Fargo notes that the data will further validate the inflationary effects of tariff increases, although the distribution of the burden among consumers, domestic sellers, and foreign exporters remains unclear [5][6]. Employment and Rate Cut Expectations - Following a significant drop in non-farm employment data, analysts believe that as long as inflation does not exhibit extreme overheating, a rate cut in September is almost certain. The probability of a 25 basis point cut is currently estimated at 89% [7][17]. Market Reactions - Goldman Sachs suggests that as long as the core CPI does not exceed a month-over-month increase of 0.44%, the market will view tariffs as a short-term influence, limiting their impact on rate cut expectations [8][12]. Price Trends - Key price trends expected in the July CPI report include a 0.75% increase in used car prices, a 0.2% decrease in new car prices, a 2% increase in airfare prices, and a direct contribution of approximately 0.12 percentage points to the core inflation month-over-month increase from tariffs [11]. Future Inflation Projections - Goldman Sachs predicts that excluding tariff impacts, underlying inflation trends will further decline, primarily driven by easing pressures from housing rents and the labor market. By December 2025, core CPI and core PCE year-over-year increases are expected to be 3.3%, dropping to 2.5% when excluding tariff effects [15]. Data Quality Concerns - There are concerns regarding the quality of data collection for the CPI, as the Bureau of Labor Statistics has suspended price collection in some cities, leading to a higher estimation ratio. This could result in greater volatility in monthly data and potential significant revisions [20][21]. Market Volatility - Following the CPI release, market volatility is expected to increase, with predictions of a 0.70% fluctuation, the highest since May of this year. The volatility index (VIX) is currently at a low level, indicating potential for significant market reactions [24].

New Car Transaction Situation - In June, Beijing's new car transactions reached 69,300 units, with a month-on-month increase of 37.15% and a year-on-year increase of 12.52%. The month-on-month growth rate exceeded the national average by 29.05 percentage points, while the year-on-year growth rate was 1.28 percentage points lower than the national average [3] - From January to June, a total of 304,300 new cars were traded in Beijing, representing a year-on-year decrease of 3.5%, with growth lagging behind the national average by 14.9 percentage points [3] Imported Car Sales Situation - In June, Beijing's imported car transactions totaled 2,446 units, showing a month-on-month decrease of 2.86% and a year-on-year decrease of 20.58% [7] - From January to June, the cumulative transactions of imported cars in Beijing were 14,500 units, reflecting a year-on-year decline of 21.65% [7] New Energy Vehicle Sales Situation - In June, Beijing's new energy vehicle transactions reached 45,500 units, with a month-on-month increase of 52.74% and a year-on-year increase of 37.92%, accounting for 65.74% of total new car transactions [13] - Pure electric vehicle sales were 31,800 units, making up 69.72% of new energy vehicle sales [13] - From January to June, a total of 172,800 new energy vehicles were traded in Beijing, marking a year-on-year growth of 18.56% and accounting for 60.31% of total new car transactions [13] Used Car Transaction Situation - In June, Beijing's used car transaction migration rate was 34.38%, showing a month-on-month decrease of 0.82 percentage points and a year-on-year decrease of 1.79 percentage points [19] - The number of used car transactions in June reached 63,200, with a month-on-month increase of 18.56% and a year-on-year increase of 12%. The new-to-old car ratio was 1:0.91 [20] - From January to June, the cumulative number of used car transactions was 323,100, reflecting a year-on-year decrease of 0.6%, with a new-to-old car ratio of 1:1.06 [20] Market Overview - The rapid recovery of Beijing's automotive consumption in June was attributed to the issuance of 60,000 new energy vehicle indicators, which significantly boosted new car transactions [22] - The new energy vehicle market share reached a record high of 65.74% in June, indicating strong growth driven by policy support [22] - The overall increase in new car sales in June positively impacted the used car market, leading to a notable recovery in transaction volumes [22] - Despite the recovery in June, the used car market still faced challenges, with transaction values declining significantly compared to the previous year [22]

Core Viewpoint - Zhongchi Chefu (AZI) has shown a positive stock performance with a 3.62% increase, reflecting investor confidence despite a slight decline in net profit [1] Financial Performance - As of September 30, 2024, Zhongchi Chefu reported total revenue of $125 million, representing a year-on-year growth of 9.86% [1] - The company's net profit attributable to shareholders was a loss of $10.856 million, which is a decrease of 6.93% compared to the previous year [1] Company Overview - Zhongchi Chefu Internet Technology (Global) Co., Ltd. is a Cayman Islands-registered holding company, primarily operated by its subsidiary in Hong Kong [1] - The company engages in the sales of new cars, auto parts, and related insurance services through its subsidiaries in China [1] - As a comprehensive automotive service provider, AUTOZI connects manufacturers, parts suppliers, insurance companies, and vehicle owners, creating a full lifecycle automotive service ecosystem [1]

Core Viewpoint - Zhongchi Chefu (AZI) experienced a 5.08% increase in stock price, reaching $0.23 per share, with a total market capitalization of $26.25 million as of August 6 [1] Financial Performance - As of September 30, 2024, Zhongchi Chefu reported total revenue of $125 million, reflecting a year-on-year growth of 9.86% [1] - The company recorded a net loss attributable to shareholders of $10.86 million, which is a decrease of 6.93% compared to the previous year [1] Company Overview - Zhongchi Chefu Internet Technology (Global) Co., Ltd. is a Cayman Islands-registered holding company, primarily operated by its subsidiary in Hong Kong [1] - The company engages in the sales of new cars, auto parts, and automotive-related insurance services through its subsidiaries in China [1] - As a comprehensive automotive service provider, AUTOZI connects manufacturers, parts suppliers, insurance companies, and various vehicle owners, creating a full lifecycle automotive service ecosystem [1]