??????丨æ????FICC??究å?¢é??

?????¸å?è§???/strong>

????5??CPI??æ¯?????ï¼????ä¸?è¡?ï¼?PPI?????延续è´?å¢?ï¼?PPI-CPI????å·?????å¹?åºþ@??æ·±ã??ä¾???????ä¸???»·ä»??¨ç£¨åº?ï¼?????ä»·æ?¼å????§èµ°ä½?ï¼?ä¸?游ç??产æ??ç»?¼±?????½é??油价ä¸??¢å??åºþ??è¡?ç­???ç´?????½®??????å¼±ç??主线??å¾?????ï¼?ä»?å¹´ç?äº?è½??¶å?¨å????½å?°ï???????æ±???å¼±ï?å±?æ°?ç«??è´¹æ???¿è?ä½?ï¼?æµ·å?è¡°é??é£??©é??æ­¥å???µï???å¤?????å¼±ç???¼å?ä¸?ä½??????????å°?延续??

????é£???项延ç»???ä»·è????é£???项价?¼ç?±æ¶¨è½??ï¼?CPI??æ¯?å¢???è¾¹é??????ï¼??????å¹??¥æ???©å¤§??5??CPI??æ¯?ä¸?æ¶?.2ï¼?ï¼?涨å?è¾?4??ä¸???0.1pctï¼????ä¸???0.2ï¼?ï¼???å¹?è¾?4???©å¤§0.1pct???ºæ?°æ??åº?ä¸?5??CPI??æ¯?读æ?°è¾¹??èµ°é??????è§?åºþ>??ï¼?é£???项ç???ä¸???0.7ï¼?ï¼???å¹?è¾?4??缩å?0.3pctï¼???é£???项ç?????????ä¸?æ¶?.1ï¼?è½?¸ºä¸???0.1ï¼????·ä??¥ç??ï¼??????½å???ºæ???¢å»¶ç»?¿®å¤?ï¼?5????项价?¼å??æ¯?å¤??°ä?涨ã??????æ³?ä¸?ï¼?ä»???æ¯?è§?åºþ=?¥ç??ï¼??¤å?ä½???交é????ä¿¡å????æ´»ç?¨å???????¡å??项ä?è·?å¤?ï¼??¶ä???项å??æ¯?????ä¸?æ¶??ä»????è§?åºþ=?¥ç??ï¼??¤è¡£?????¶ä??¨å???????¡å???»ç??ä¿??¥å?å¹?ä¸?æ¶????æ´»ç?¨å???????¡é¡¹??å¹³å?ï¼??¶ä???项å????ä¸???ï¼??¶ä¸­äº¤é????ä¿¡ã??é£?????????项å???½è?为æ???¾ã??æ­¤å?ï¼??£é?¤é??????½æ????¸å?CPI??æ¯?ä¸?æ¶?.6ï¼?ï¼?涨å?è¾?4???¶ç?0.1pctï¼?????PI??æ¯?ä¸?æ¶?.9ï¼?ï¼?涨å?è¾?4???¶ç?0.1pct??

??????»·ç£¨å???????å­£è???§é??价带?¨é???é¡ CPI ???ä¸?è¡???5??é£???项å??æ¯?ä¸?æ¶?ï¼?ï¼?涨å?è¾?4???©å¤§0.6pctï¼????ä¸???0.7ï¼?ï¼???å¹?è¾?4??缩å?0.3pct???·ä??¥ç??ï¼?å½?ä¸??½ç?æ¯???????¸å?è¾?é«?ï¼???²®æ¯?价为5.18ï¼?ä»?ä½?äº?6???????»æ?????ä»???????ä»??????©ï?æ¯???º§?½å????ºç?°å¤§å¹??»å??????»·?´ä????°é???¡æ?¢å?èµ°å?¿ï????ä¸???2ï¼?ï¼???å¹?è¾?4???¶ç?1.8pctsï¼???æ¯???????ä¸?æ¶?.0ï¼?è½?¸ºä¸?è·?3.2ï¼???????æ°?温æ??ç»?????ï¼???ç±»è??????é²???æ­¥å?¥å????¶è?·æ??ï¼???????æ¶?è´¹é??æ±?æ­¥å?¥å??¿æ??ï¼???æ±?å¢???ä¸?ä»·æ?¼é??å¹??¥æ???¶ç?ï¼?é²???ä»·æ?¼å??æ¯?ä¸???1.7ï¼?ï¼???æ¯???å¹??¶ç?11.8pctsï¼????ä¸???3.4ï¼?ï¼???å¹?è¾?4???¶ç?2.7pcts??æ­¤å?ï¼?ç²????水产??ç­?é£???ä»·æ?¼è?为稳å®????»ä??¥ç??ï¼?é²?????????ä»·æ?¼å???½ä??¶æ????½®é£???项é??ä»·ç??主è?驱å?¨ã??å¾?????ï¼??½å????¹å?å·²å????????究é???¶å???¨å¹´??ç¬???¹æ?¶å?¨å·¥ä½?ä½?å°????½å?°ï???å±?æ°?ç«????????æ±?è¾?为ç?²å¼±ï¼?é¢?计ç????????»·å°?继续磨å?ï¼?é¢?计è????ä»·æ?¼å??¨å¹´ä¸???¥å????§ä??¹ï???ç»?????æ­¥ä?稳ï?é¢?计æ???¥é???项é????å°?ç»´æ???¸å?ä½?ä½?è¿?è¡???

????å°??¿å??ç»??????ºè???æ±???å¼±ï?????ä¿?????¶ä?å±?æ°?é¢???ï¼???é£???é¡?PI???èµ°ä???5????é£???é¡?PI??æ¯?å½?å¾?0ï¼?ï¼?涨å?è¾?4??ä¸???0.1pctï¼??????????ä¸?æ¶?.1ï¼?è½?¸ºä¸???0.1ï¼???5??å°??¿å??ç»?????ï¼?å±?æ°??ºè???æ±????½ï?交é??å·¥å?·ç?èµ?è´¹ã??é£??ºç¥¨?????ä¸???7.2ï¼?ï¼????±ä?临è?å¤?å­£ï???è£?ä¸??¢å?ä¸??°ï?æ¼??±ä?ç­?æ¼??ºæ´»?¨å???ï¼???è£?ä»·æ?¼ã???µå½±??æ¼??ºç¥¨ä»·æ?¼å?????ä¸???ä¸?æ¶?.4ï¼???0.8ï¼???æ­¤å?ï¼??¹æ???½å?ç»?计å?5????????°æ???4???¨å?½å????è°??¥å¤±ä¸???å¾???ï¼?ä½?16-24å²???å¹´è??¥å¤±ä¸???å½?å¾?20.4ï¼?ï¼??????²æ?°é?ï¼???æ¯?ä¸?å­£é???³ï??????¶é??ä¸?è¡?ä¸????åºþ@??ä½?ï¼?å°±ä?????????°é?¿æ????è¶??¿ã??å¾?????ï¼??¨å?æ°?对æ???¥å°±ä¸????¶å?¥é????¸å?ä¸?稳ç?????ä¸?ï¼???ç»???é£???项涨价å?¨è?½æ???´å???稳å??¿ã???©å????以å??ä¿?æ¶?è´¹æ?¿ç???????空é?´å½±??????????è¨?ï¼?????å­þ=?¡æ?¾å??ï¼????????´å?ºè???æ¶?è´¹æ????å­£è???§å????ï¼???é£???项å???½å?·å?ä¸?å®????涨价???¨å??ï¼?ä½??¥è??¨å??涨价?¨è?½å¼±äº?å­£è???§ï???ä¸?????PI??æ¯?è´?å¢??????½æ?§ã??

??????å¤???èµ°å¼±???½é??油价??åºþ=?¢å?ï¼?PPI??æ¯?延续ä¸?è¡???5??ä»?PI??æ¯?ä¸???4.6ï¼?ï¼???å¹?è¾?ä¸????©å¤§1.0pctï¼??????å¹??±ä???0.5ï¼??©å¤§??.9ï¼?????产è???ä»·æ?¼ç???ä¸???1.2ï¼?ï¼???å¹?è¾?ä¸????©å¤§0.6pctï¼??¶ä¸­????å·¥ä?ä»·æ?¼è?ä¸???å¤???1.4pctsï¼???????å·¥ä?ä»·æ?¼ã????工工ä¸?ä»·æ?¼ç??????????1.5ï¼???0.9ï¼???5???¶é??ä¸?PMI延续?¶ç¼©ï¼???产æ???°ä?å·²å???½è?³è?£æ??º¿ä»¥ä?ï¼???ä¸?游é??æ±???弱影??ï¼?ä¸?游å?å·¥æ??ç»????½ï?é«???å¼?å·¥ç????æ°´æ³¥??è¿???ä»?å¤?äº?2019å¹´æ?¥ç?????²å?????¸å?ä½?ä½????·ä???è¨?ï¼?é»??²é??å±??¿é????ä¸??????²é??å±??¿é????ä¸?ä»·æ?¼ç?????å¹?è¾?ä¸????????©å¤§??.9ï¼???1.0ï¼???æµ·å?é«??????ä¸???æ±?èµ°å¼±ï¼?5??å¸?ä¼þ>?¹å??æ²¹æ??货价?¼ä¸­?¢è?ä¸?步走ä½???ä¸?游工ä¸???ä»·æ?¼ç?¸å?稳å?ï¼?计ç??ºã????ä¿¡å???¶ä??µå?设å??¶é??ä¸????????????å·¥ä??????å¹??¥æ???¶ç?ï¼??°å?·å?ä»????¶é??é¥???ç­?ä»·æ?¼ç???è½?????????°é??æ±????½ä????¥å?½é????油价?¼ç¼ºä¹?????ï¼?PPIå¹´å????延续??æ¯?è´?å¢?ï¼????ºæ?°æ??åº?ä¸?åº??¨æ???¹å???½è?å¿??ºç?°ã??

????PPI-CPI????å·?????延续??æ·±ï?é£???项价?¼å????§å???½ã????å¤?????å¼±ç???延续????½®????èµ°å¼±??主线??5??CPI??æ¯?ä¸?è¡?ï¼?PPI??æ¯?ä¸?è¡?ï¼?PPI-CPI????å·?????å¹?åºþ=?©å¤§??PPI?¹é???æµ·å?é«??????ä¸?è¡°é??é£??©è?ä¸?æ­¥å???µï??¨ç????æ±?走弱导è?´æ²¹ä»·å???½è?³å¹´???°ä?ï¼????½å??ä¸??游å??????æ±???ç»?????§å??å¼±ï?使å?ä¸?游ç??产ç?缺ä?????ï¼?è¿???å¼?èµ?PI??æ¯?ä¸????è´?å¢?ï¼???ç»?¿®å¤?主è????³ä?稳å??¿ã???©å?????¿ç??????????½æ?§ã??CPI?¹é???5????»·ä»??¨ç£¨åº?ï¼???ä»?å¹´æ?¥ç?????»æ??·æ??ç»???????????????ºæ??ï¼?????ä»?å¹´ç??????æ±??´ä???å¼±ï?é£???项涨价å?¨è?½ç¼ºä¹?????ï¼?????ç­?é£?????项ä?ç»?è¾?为å??è£?ï¼?5??ä»·æ?¼ä?è¡??´å????温å????ç­?å­£è???§å??ç´????´ã????é£???项主è¦????¶ä?å°??¿å??ç»??????ºè???游é??æ±????½ã??ç»????§å¤±ä¸???è¾?é«???å±?æ°??¶å?¥é???????ç­???ç´?ï¼?????å¢??¿å?¨è?½å?????°å??¨é???¾ã??å¾?????ï¼?ä¾?强é??å¼±ç???¼å?ä¸???»·???½å»¶ç»??ä½????¡ï???????ä¿??ä»?å¾?å±?æ°?ç«?????¹å??ï¼?ä½??¨å?ºæ?°æ??åº?ä¸?é¢?计ä???å¹?PI??æ¯?????æ­¥å????ï¼?????ä¸?ï¼??¥æ???????´é??é£???项ç??涨价?¨è?½è?å¼±ï?CPI??æ¯????½å?¨å?ºæ?°æ??åº?ä¸?è½????

?????ºå?ç­??¥ï?5??CPI??æ¯?ä¸?è¡?ï¼?PPI??æ¯?ä¸?è¡?ï¼??½å????????å¼±ã??5??????ä½?ä½?è¿?è¡???主å???ç´??¨ä????¨æ??延续磨å???????ä»·æ?¼å????§èµ°ä½?????å¤?????å¼±ç???ä¸?å·¥ä???ä»·æ?¼ç¼ºä¹?????ç­???å¾?????ï¼?ä¾?强é??å¼±ç???ä¸???»·????ä»?å¾??¶æ?¥ï???æµ·å?è¡°é?????????µã???½å???ºæ???¢å¼±ä¿???ºè?ä¸?PPI???涨价?¨è?½è??¾é???¾ï?é¢?计å?¨å¹´ä½????????å°?ä¼?延续??对å?ºå???è¨?ï¼?ä½???????????©ä?宽货å¸?ï¼?ä½?è¿???人æ?å¸?è´??¼å????????ï¼?å¤?空交ç»?ä¸??¿å?ºå?©ç????延续å°?å¹????¡èµ°?¿ã??

????é£??©å??ç´?ï¼???????????ä»·æ?¼æ³¢?¨è?é¢???ï¼??½é???°ç??¿æ²»å½¢å?¿è?é¢???ï¼??©å?????¿ç?è¶?é¢?????