Core Viewpoint - The article discusses the September CPI data in the U.S., highlighting a year-on-year increase of 3%, which is above the previous value of 2.9% but below the expected 3.1%. The core CPI also shows a similar trend, indicating ongoing inflationary pressures influenced by tariffs and energy prices [1][7][20]. CPI Data Summary - The September CPI data was initially scheduled for release on October 15 but was postponed to October 24 due to the government shutdown. However, CPI data remains a priority as it is essential for calculating cost-of-living adjustments for social security [1][6]. - The year-on-year CPI increase of 3% in September reflects a rebound in energy prices, while the month-on-month increase was 0.3%, lower than both the previous value and expectations [7][8]. - Core CPI increased by 3.0% year-on-year, which is also below both the previous value and expectations [7][20]. Core Goods and Services - Core goods prices showed upward pressure, with a year-on-year increase of 1.5% and a month-on-month increase of 0.2%, marking the fourth consecutive month of at least 0.2% increase. This reflects the shared burden of new tariffs among businesses, suppliers, and consumers [2][13]. - Specific items affected by tariffs include personal computers (+0.2%), sports goods (+1%), footwear (+0.9%), clothing (+0.7%), and household appliances (+0.8%) [2][13][14]. - Core services prices cooled down, with a core services CPI of 3.5% year-on-year and a month-on-month increase of 0.2%, both lower than previous values. Housing costs showed a month-on-month increase of 0.2% and a year-on-year increase of 3.6%, returning to pre-pandemic levels [3][16][17]. Inflation Trends and Business Responses - Overall, the inflation data for September indicates a moderate recovery, with businesses absorbing some costs from tariffs while also passing on some to consumers. For instance, new car prices increased only 0.8% year-on-year, while used car prices saw a higher increase [4][20][21]. - A survey by the New York Fed indicated that about one-third of manufacturing firms have passed on all tariff costs to customers, while around 45% have only passed on part of the costs, and 25% have absorbed the costs entirely [20][21]. Economic Indicators - The October Markit PMI data showed strong economic expansion, with a composite PMI of 54.8, the highest in six months. The manufacturing PMI was 52.2, and the services PMI was 55.2, indicating robust activity in various sectors [5][22]. - However, consumer confidence slightly declined to 53.6 in October, reflecting concerns over high interest rates and price fatigue [23]. Market Reactions - Following the CPI data release, the probability of a rate cut by the Federal Reserve in September was reported at 96.7%, reinforcing market expectations of a "soft landing" for the economy. U.S. stock markets saw gains across major indices, with technology stocks leading the rally [5][24][25].

Core Insights - JD.com has reported a significant increase in consumer engagement and sales during the 11.11 shopping festival, with active users on the JD app rising by 47.6% year-on-year from October 9 to 10, leading the industry in growth [1] - The sales volume for electronic categories such as home appliances, mobile phones, and computers has surged over 70% year-on-year, indicating a strong consumer demand [4][6] - The introduction of various promotional strategies, including direct discounts and a "采销推荐" (Sourcing Recommendation) section, has enhanced the shopping experience and attracted more consumers [3][15] Sales Performance - JD.com has seen a tenfold increase in transaction volume for exclusive custom products, further solidifying its market leadership [4] - Emerging categories like AI hardware and smart robots have shown remarkable growth, with smart robot sales increasing fivefold and AI glasses growing over threefold [6] - The fashion sector has also performed well, with sales from nearly 2,000 brands in apparel and beauty increasing by over 200% [6] Promotional Strategies - The 11.11 event features simplified promotional tactics, with discounts as low as 10% and additional coupon packages available for consumers [8] - A series of themed "Surprise Days" will be held, offering a variety of engaging activities and products to enhance consumer experience [12][14] - JD.com is also leveraging AI and smart logistics to improve service efficiency and customer satisfaction during the event [20][21] Product Highlights - Notable product categories include health-related items, with sales of weight management and nutritional supplements increasing significantly [9] - Fresh produce, particularly durian, has become a top choice among consumers, with sales rising by 420% [8] - The introduction of a new "National Good Car" in collaboration with CATL and GAC Group will be exclusively available on JD.com during the event [19] Logistics and Technology - JD.com is deploying advanced AI and smart logistics solutions to enhance operational efficiency, with over 66,000 logistics employees and 3,600 warehouses involved in the 11.11 event [22] - The integration of smart devices and AI tools is expected to improve delivery times and reduce logistics costs significantly [21][22] - The company has achieved full coverage of free shipping in several remote regions, saving consumers substantial shipping costs [22]

Core Viewpoint - The article discusses the recent rise in U.S. inflation data for June, highlighting a year-on-year CPI increase of 2.7%, up from 2.4% in the previous month, primarily driven by a rebound in energy prices. However, core CPI growth remains moderate, indicating a complex inflationary landscape influenced by tariffs and supply chain dynamics [1][7][16]. Inflation Data Analysis - June CPI year-on-year increased by 2.7%, with a month-on-month rise of 0.3%. Energy prices rose by 0.9%, with gasoline prices contributing significantly to this increase [8][9]. - Core CPI year-on-year rose to 2.9%, with a month-on-month increase of 0.2%. The Cleveland Fed's Trimmed Mean CPI also showed a rise to 3.17% [9][10]. Core Goods and Services Pricing - Core goods prices rebounded with a month-on-month increase of 0.2% and a year-on-year increase of 0.7%, marking the second consecutive month of growth. Various core goods, such as furniture and appliances, showed significant price increases, while clothing and vehicle prices remained below trend lines [10][11]. - Core services prices increased by 0.3% month-on-month and remained stable at 3.6% year-on-year. The super core services category also saw a rise, indicating a rebound in medical and transportation service prices [14][15]. Tariff Impact and Economic Outlook - The article emphasizes that tariffs are beginning to show their impact on inflation, but the overall effect is moderate. The Federal Reserve is expected to take more time to assess these developments before making further decisions [16][17]. - The anticipated impact of tariffs on core CPI is projected to peak around 3.3% in the fourth quarter, with an estimated additional influence of about 80 basis points from tariffs [12][16]. Federal Reserve's Position - The Federal Reserve is expected to initiate interest rate cuts in the fourth quarter, with market expectations indicating a likelihood of rate cuts in September. The Fed's decision-making is influenced by the need to confirm whether inflationary impacts are temporary and whether long-term inflation expectations remain anchored [16][19]. Currency and Market Reactions - The U.S. dollar index has weakened by 9.1% since the end of last year, contributing to a rise in emerging market equities. The dollar's performance is seen as a significant variable affecting global financial markets in the second half of the year [20].

Core Viewpoint - The article discusses the importance of brand price control and the methods to maintain price order in the market, addressing issues like price discrepancies and potential internal diversion or patent infringement [1] Group 1: Price Control Strategies - Establishing a "source tracking system" is crucial for preventing diversion. Brands can add special identifiers to products, allowing them to quickly locate and penalize unauthorized sellers. For instance, a sports brand identified 12 cross-region selling stores within three months, resulting in a 70% decrease in diversion rates [2] - Brands can initiate intellectual property complaints against counterfeit or patent-infringing products. By preparing necessary documentation, such as patent certificates and comparison images, brands can effectively remove infringing listings. An electronic brand managed to eliminate over 200 infringement links in six months, leading to a 35% increase in sales of patented products [4] - Implementing a dual approach of platform rules and internal policies is essential for price control. For example, setting up price monitoring on e-commerce platforms can alert brands when prices fall below the suggested retail price. A beauty brand achieved a compliance rate of 95% among its distributors by controlling price fluctuations within 5% [5] Group 2: Overall Impact of Price Control - The essence of brand price control is to create a dual defense of "technology + rules." By ensuring traceability of each product and a quick response to infringements, the market can return to a rational order. Price control is not about limiting competition but about protecting brand value and consumer trust [5]