【中国银河】全球大类资产配置周观察：如何理解美国CPI和PPI的表征分化？-250817（12页）.pdf

1、 CPIPPI 20250817 “”CPIPPI9PMI7 17PPI2 7PPI9GDPA 9GDP 010-8092-7696 yangchao_ S0130522030004 2025-08-06 2025-07-31 8+2025-07-3179 2025-07-30 7A 2025-07-22 2025-07-16A 2025-07-15 2025A 2025-06-26 2025 2025-06-222025 2025-06-212025A 2025-06-10:2025-05-29 2025-05-21 2025-05-12 2025-05-085 2025-05-07 202

2、5-05-05 2025-05-04 Catalog 2025811815815CPICPI2PPI966PMI 7“”“”PPI 912PPIA 8.58%10 6.00BP10 5.74BP 4.55%CBOT 4.41%225 3.73%2.84%CAC40 2.33%1.74%1.70%1.65%STOXX 1.56%500 0.94%SENSEX30 0.93%DAX 0.81%0.81%0.69%LME 0.57%LME 0.55%0.54%100 0.47%ICE 0.45%LME 0.15%NYMEX WTI 0.08%0.22%0.39%0.43%DCE 0.84%SHFE

3、0.84%COMEX 1.32%CBOT 1.73%CBOT 2.04%COMEX 3.12%NYMEX 4.78%20258112025815BP%Wind 7PPI+0.9%97“”“9”（%）（BP）500COMEX Wind Wind APIEIA Wind Wind WTI62-65/Brent65.85/OPEC20252026 97（吨）（吨）（美元/盎司）（1985-2019年=100）（万桶）7PPI Wind Wind 7 7 Wind Wind（亿美元）（%）858.670.5%60.9%9 Wind Wind PMI 20 Wind Wind 7PMI72.5%129

4、PMI Wind Wind GDP CPICPI Wind Wind A 20258118159GDP 2253.73%CAC402.33%1.74%1.70%1.65%2001.49%5000.94%SENSEX300.93%DAX0.81%0.81%0.49%1000.47%IBOVESPA0.31%日本实际环比私人消费私人住宅投资私人企业设备投资政府消费公共投资商品和服务出口商品和服务进口 815 Wind Wind 815 Wind Wind （倍）（%）（%）（%）20258112025815BP%500COMEX APIEIA 7PPI PMI 20 PMI GDP CPICPI 815 815 82019“”612A30050 10%-5%10%5%20%5%20%-5%5%5%308820 0755-83471683 chengxi_ 0755-83479312 suyiyun_ 9931 021-60387901 luyunru_ 021-20252671 liyangyang_ 81 010-80927721 010-80927755 chuying_