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来源：证券之星时间：2023-08-10 10:33 阅读量：4097

Hi everyone. I’m Stephanie LI.

大家好，我是主持人李莹亮。

Coming up on today’s program.

重点提要

China’s consumer inflation registers negative growth in July, first time in more than two years;
China pips Japan as top auto exporter in H1.

Here’s what you need to know about China in the past 24 hours

中国经济要闻

China#39;s consumer prices fell for the first time in more than two years in July, while the country#39;s factory-gate price index declined at a slower rate, official data showed Wednesday.

China#39;s consumer price index edged down 0.3 percent from a year earlier in July, after remaining flat in June, the National Bureau of Statistics said.

Deemed as the possible lowest point over the year, analysts said that the index may change course and start to climb in the coming months.

The price of vegetables and pork, the two major categories that influence food prices, both fell in July, driving food prices down 1.7 percent on a yearly basis.

The price of pork tumbled by 26 percent year-on-year, the decline of which expanded by 18.8 percentage points compared with that of June, while prices of fresh vegetables dipped 1.5 percent compared with a 10.8 percent surge registered in June, NBS data showed.

Core CPI, deducting food and energy prices, rose 0.8 percent year-on-year, with the pace of increase widening by 0.4 percentage points compared with that in June.

Among the non-food items, prices across the tourism sector, which is currently running brisk because of summer holidays, rose 13.1 percent on a yearly basis in July, accelerating 6.7 percentage points compared with June#39;s growth rate.

The country#39;s CPI decline on a yearly basis was mainly due to a high base in the corresponding period of 2022, NBS statistician Dong Lijuan said in a statement. In fact, on a monthly basis, China#39;s CPI climbed 0.2 percent in July, compared with June#39;s 0.2 percent decline, ending a five-month fall, according to the data.

In the next stage, with China#39;s economic recovery picking up momentum and the market demand steadily expanding, coupled with the gradual erasing of last year#39;s high base effect, the index will rise, Dong noted.

Meanwhile, China#39;s factory-gate prices dropped 4.4 percent from a year ago in July, narrowing from June#39;s 5.4 percent decline. On a monthly basis, China#39;s PPI inched down 0.2 percent in July, compared with a 0.8-percent fall in the month prior.

The narrowed decline of PPI is mainly due to sufficient domestic supply, demand improvement in some industrial lines, and shoring up of bulk commodity prices such as oil and coal, the statistics bureau said.

8月9日，7月物价数据出炉。

国家统计局公布数据显示，7月份，全国居民消费价格同比下降0.3%，环比上涨0.2%。7月CPI继续走低，但是主要由于去年同期基数较低，7月在火热的暑期消费带动下服务价格和核心CPI都在明显好转，经济稳步恢复的态势比较明显。

国家统计局城市司首席统计师董莉娟表示，7月食品环比价格降幅有所扩大，主要在于应季果蔬大量上市，鲜果和鲜菜价格较上月有所下降；市场供应充足，7月猪肉价格与6月持平，鸡蛋、食用油、牛羊肉和禽肉类价格较6月份有所下降。非食品中，服务价格环比上涨0.8%，涨幅比上月扩大0.7个百分点，主要受出行类服务价格上涨带动，其中暑期出游大幅增加，飞机票、旅游和宾馆住宿价格分别上涨26.0%、10.1%和6.5%。工业消费品环比价格转为上涨0.3%，其中受国际油价上行影响，国内汽油价格较上月有所上涨；“618”促销活动结束，大型家用器具、家庭日用杂品和个人护理用品等价格有所回升。

从同比看，CPI由上月持平转为下降0.3%。同比由平转降，主要是受上年同期对比基数较高影响。其中，食品价格由上月上涨2.3%转为下降1.7%，影响CPI下降约0.31个百分点。其中，猪肉价格下降26.0%，降幅比上月扩大18.8个百分点；鲜菜价格由上月上涨10.8%转为下降1.5%。非食品价格由上月下降0.6%转为持平。非食品中，服务价格上涨1.2%，涨幅比上月扩大0.5个百分点，其中飞机票价格由上月下降5.8%转为上涨11.9%，宾馆住宿、旅游、电影及演出票价格分别上涨13.2%、13.1%和5.9%，涨幅均有扩大。

暑期消费火热带动相关服务价格回升，这股出行热潮也带动核心CPI的好转。7月刨除食品和能源的核心CPI同比上涨0.8%，环比上涨0.5%。7月核心CPI环比涨幅为年内目前最高水平，同比涨幅仅次于今年1月份表现。

PPI方面，7月份，全国工业生产者出厂价格同比下降4.4%，环比下降0.2%。7月PPI同比降幅收窄，在于去年同期基数走低，但是7月PPI环比仍为负，主要是高温多雨天气抑制下游施工需求。7月底，中央政治局会议明确要适时优化房地产政策，之后央行、住建部、部分城市释放积极信号，旨在促进房地产市场平稳健康发展，市场预期有所好转，有望提振下游需求。

Moving on to regional highlights

区域观察

After more than a week of events, the 31st Summer Universiade in Chengdu came to a close on Tuesday. As the first city in western China to host a world-class multi-sport event, Chengdu has used this opportunity to integrate sports with urban development, business growth, and public benefits. Over the past three years, Chengdu has signed contracts for over a hundred major sports industry projects, totaling more than 87 billion yuan. The city#39;s total sports consumption scale reached 57.86 billion yuan by 2022, with an average of 2,721 yuan per capita. The Jinniu District, responsible for preparing four venues for the Chengdu Universiade, has seen these venues host various music performances and sports events throughout the year. These events have generated over 140 million yuan in income.

成都体育产业释放“大运效应”:8月8日夜，第31届世界大学生夏季运动会闭幕式在成都露天音乐公园举行。作为第一个举办世界性综合运动会的中国西部城市，成都秉持“简约、安全、精彩”的办赛理念，将“办赛、营城、兴业、惠民”相统一，力求“办好一次会、搞活一座城”。近3年来，成都累计签约重大体育产业项目115个，签约金额超过870亿元。2022年成都体育消费总规模为578.6亿元，居民人均体育消费为2720.6元。金牛区承担此次大运会4个场馆及1个接待宾馆的筹备任务，已产生超过1.4亿元的收入。

Greater Bay Area, Greater future

新使命，大未来

The Guangzhou–Shenzhen–Hong Kong ExpressRail Link will launch a new scheme for cross-border travelers to reschedule their trips flexibly, China Railway Guangzhou Group said on Tuesday. Starting next Monday (Aug.14), passengers can still go through the “flexible travel” procedures for 3 times on the date of boarding on the ticket after changing the ticket once or after the time limit for ticket changing has expired, without having to pay any fee. The scheme only applies to tickets between Futian Station in Shenzhen and West Kowloon Station in Hong Kong.

，广深港高速铁路跨境运输新产品“灵活行”将于8月14日推出。旅客持票面发到站为福田站至香港西九龙站间的有效车票，在办理过一次改签或超过改签时效后，仍可于票面乘车日期当日办理3次“灵活行”变更车次手续，变更不收取手续费。
Guangdong received a total of 328 million tourists in the first half of the year, up 41 percent year on year, and raked in 379 billion yuan in revenue, almost doubling the figure of the same period last year, according to the province’s cultural and tourism department on Tuesday. The authorities also announced that the China International Tourism Industry Expo will be held from Sep.15 to 17 in Guangzhou, with its online version opening on Sep. 11 until the end of the month.

上半年广东旅游收入接近翻倍:8月8日，2023广东文旅推介大会系列活动新闻发布会在穗举办。2023年上半年，全省各市合计接待游客3.28亿人次，同比增长41.1%，实现旅游总收入3791.3亿元，同比增长95.5%。2023广东国际旅游产业博览会将继续沿用“线上+线下”融合办展模式，线下展会将于9月15日—17日在广州中国进出口商品交易会展馆A区举办，线上展会平台计划于9月11日—30日期间开放。

Next on industry and company news

产业及公司新闻

China toppled Japan to be the world’s biggest automobile exporter in the first half, the first time it has done so on a semi-annual basis, with over 2.3 million vehicles exported during the period, a leap of 76.9 percent from a year ago, according to the latest data from the General Administration of Customs of China. While Japan exported 2 million units, a gain of 17 percent, according to statistics from the Japan Automobile Manufacturers Association. In particular, first-half NEV exports in China surged 2.6 times compared to the same period in 2022, representing 25 percent of total car exports. In July alone, China exported 88,000 new-energy passenger vehicles, marking an 80 percent year-on-year increase and accounting for 27 percent of total passenger car exports, data from the China Passenger Car Association showed on Tuesday.

Retail sales of NEVs in the domestic market jumped 31.9 percent year-on-year in July. A total of 641,000 NEVs were sold in China last month, representing a month-on-month decline of 3.6 percent, according to the CPCA. However, China#39;s NEV market continued to see substantial expansion as the total retail sales of NEVs rose 36.3 percent year-on-year to 3.73 million units since the beginning of the year. In July, overall retail sales of passenger cars reached 1.78 million units, marking the second-highest level in history.

中国半年汽车出口量首超日本:近日，中汽协整理的海关总署数据显示，2023年上半年我国汽车整车出口量为234.1万辆，同比增长76.9%；而日本汽车工业协会发布的同一时期的日本汽车出口量为202万辆，同比增长17%。中国半年度汽车出口量首次超过日本，跃居世界首位。这是继1月至3月的第一季度之后再次超过日本。纯电动汽车等新能源汽车出口占整体的25%。单月来看，乘联会8日数据显示，7月份新能源乘用车出口8.8万辆，同比增长80%，环比增长26%，占乘用车出口27%。

零售成绩方面，乘联会数据显示，乘联会发布2023年7月份全国乘用车市场分析。7月新能源车市场零售64.1万辆，同比增长31.9%，环比下降3.6%。今年以来累计零售372.5万辆，同比增长36.3%。2023年7月乘用车市场零售达到177.5万辆，为历史次新高。
Xingji Meizu Group, the mobile phone firm acquired by an affiliate of Geely Holding Group a year ago, has become the second smart phone company after Vivo to terminate its self-developed chip business because of the global economic uncertainty less than six months after announcing its entry into the field. Xingji Meizu will instead focus more on product innovation and software user experience, the company confirmed yesterday, adding that the adjustment will lead to some personnel changes and downsizing.

星纪魅族决定终止芯片业务:8月8日下午，针对吉利旗下的星纪魅族芯片研究院裁员解散的传闻，星纪魅族集团回应称，面对全球经济市场的变化，为应对长期发展的挑战，星纪魅族集团决定终止芯片业务，未来会更加聚焦产品创新和软件体验。在人员优化方面，目前集团正在实施员工内部转岗分流方案，最大努力保证员工，尤其是应届生的权益，寻求内部转岗消化。这是今年第二家手机相关公司终止自研芯片业务，只不过星纪魅族集团在芯片研发团队成立的时间更短——仅不到半年。
Several individuals from Wanda Group, including Senior Vice President Liu Haibo, were reportedly taken into custody by public security authorities due to alleged corruption-related issues, media reported Tuesday. According to the report, Liu#39;s detention is linked to internal anti-corruption efforts within Wanda Group.

万达高管涉贪腐被带走:8月8日，市场消息称，万达集团高级副总裁刘海波已被公安机关带走调查。据内部知情人士透露，刘海波被警方带走调查主要原因是涉及企业内部贪腐，而且数额巨大。

Earnings reports express

财报速递

China#39;s NEV startup Li Auto swung to a net profit of 2.3 billion yuan for the first half of 2023, from a 618 billion yuan net loss in the same period last year. In the first six months, the carmaker#39;s deliveries surged by 130 percent year-on-year to 139,117 vehicles, propelling its total revenues to 47.44 billion yuan, marking a significant 159 percent increase. The company also noted that it has delivered a cumulative 396,451 vehicles as of June 30. Vehicle sales revenue rose by 160 percent to 46.3 billion yuan in the first half compared to last year, mainly due to higher vehicle deliveries. Revenue from other sales and services also rose by 127 percent to 1.14 billion yuan for the same period, driven by increased sales of accessories and services aligned with higher accumulated vehicle sales.

理想二季度营收增两倍超预期:8月8日，理想汽车公布了今年第二季度财报，其在营业收入、交付量方面均创下历史新高。今年上半年的交付量则为13.91万辆，同比增长130.3%，超过了2022年全年的交付量。值得一提的是，在2020年~2022年，理想汽车净亏损分别为1.51亿元、3.21亿元和20.32亿元，而今年上半年，理想汽车净利润为32.44亿元，填平了之前三年的累计亏损。截至今年6月底，理想汽车累计交付量为396451辆，上半年营收总额达到了463亿元，理想汽车方面表示，车辆销售收入的同比增长主要由于车辆交付量的增加。理想汽车2023年第二季度的其他销售和服务收入为6.81亿元，其他销售和服务收入较2022年第二季度及2023年第一季度增加主要由于车辆累计销量的增加使配件销售额及服务提供亦随之增加，以及因车辆交付量的增加使充电桩的销售额亦随之增加。
China Telecom saw its interim net profit rise by 10.2 percent to 20.2 billion yuan from a year ago and operating revenue grew 7.6 percent to 260.7 billion yuan. Of this, service revenue amounted to 236 billion yuan, an increase of 6.6 percent year-on-year, remaining above the industry#39;s growth rate, the company said. Specifically, mobile communications service revenue advanced 2.7 percent to 101.6 billion yuan during the period. The penetration rate of 5G package subscribers reached 73.4 percent during the period, while the average revenue per user among mobile subscribers inched up 0.4 percent to 46.2 yuan. Income from industrial digitalization services rose 16.7 percent to 68.8 billion yuan, while sales from its cloud unit surged 63.4 percent to 45.9 billion yuan in the first half from a year earlier.

中国电信上半年净利润202亿元:中国电信股份有限公司8月8日公布2023年中期业绩。期内，中国电信经营收入2587亿元，同比增长7.7%，实现归母净利润202亿元，同比增长10.2%。根据财报，在2023年上半年，中国电信移动通信服务收入达1016亿元，同比增长2.7%，5G套餐用户渗透率达到73.4%，移动用户月均收入达到人民币46.2元，同比增长0.4%；产业数字化业务收入为688亿元，同比增长16.7%；其中天翼云收入达到人民币459亿元，同比增长63.4%。
Sungrow Power Supply’s shares rose after the Chinese maker of photovoltaic inverters said first-half profit may have surpassed last year’s total due to a jump in sales of its main product. Net profit is expected to have soared by 344 percent to 400 percent from a year earlier to between 4 billion and 4.5 billion yuan in the six months, the company said late Monday. First-half revenue likely climbed 112 percent to 144 percent to between 26 billion and 30 billion yuan, it said.

阳光电源上半年业绩激增四倍:8月7日晚间，逆变器龙头阳光电源披露上半年业绩预告。受报告期内全球新能源市场保持快速增长，公司持续加大研发创新影响，这家市值超1600亿元巨头上半年实现归母净利润料达40-45亿元，同比增长344%-400%，这一数字已经远超去年全年。阳光电源披露的半年度业绩预告显示，今年上半年该公司预计实现营收260亿元至300亿元，同比增长112%至144%；实现归属于上市公司股东的净利润40亿元至45亿元，同比增长344%至400%。

Switching gears to financial news

金融市场消息

The Finance Ministry and Ministry of Agriculture and Rural Affairs on Tuesday allocated 732 million yuan to nine Chinese provincial-level regions for urgent agricultural flood control and disaster relief work, and to support post-disaster agricultural production. Beijing, Tianjin, Hebei, Shanxi, Inner Mongolia, Jilin, Heilongjiang in north China, the coastal provinces of Zhejiang and Fujian in the country#39;s east, as well as Beidahuang Group, one of China#39;s major agricultural and agribusiness groups, will receive the funding.

两部门下达农业生产防灾救灾资金:8月8日，财政部、农业农村部紧急下达农业生产防灾救灾资金7.32亿元，支持北京、天津、河北、山西、内蒙古、吉林、黑龙江、浙江、福建9省及北大荒农垦集团等，抓紧开展农业防汛救灾及灾后农业生产恢复等相关工作，对购买灾后农业生产恢复所需种子(苗)、化肥、农药等物资和作业服务，以及农业生产设施灾损修复等给予适当补助。

Wrapping up with a quick look at the stock market

股市收盘情况

Chinese stocks ended slightly lower on Wednesday with the benchmark Shanghai Composite and the Shenzhen Component each shed around 0.5 percent. Hong Kong’s Hang Seng index inched up 0.3 percent, while the TECH index closed flat.

A股缩量调整港股探底回升:周三A股大盘延续调整走势，产业板指表现稍强。截至收盘，沪指跌0.49%，深成指跌0.53%，创业板指跌0.01%。沪深两市全天成交额7366亿元，较上个交易日缩量532亿。北向资金全天净卖出13.32亿元。港股恒生指数探底回升收涨0.32%，恒生科技指数跌0.01%。

Biz Word of the Day

财经词汇划重点

A coupon payment is the periodic interest payment given to the bondholder by the bond issuer until the bond reaches maturity. The coupon rate is the fixed percentage rate the bond issuer guarantees to pay the bondholder. Payments are normally made every two or three months according to the coupon rate, which is calculated as a proportion of the bond’s face value. Investors receive income from coupon payments, an essential part of the return from owning bonds.

Executive Editor: Sonia YU

Editor: LI Yanxia, HE Jia

Host: Stephanie LI

Writer: Stephanie LI

Sound Editor: HUANG Qingyi

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Produced by 21st Century Business Herald Dept. of Overseas News.

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策划、编辑:李艳霞、和佳

播音:李莹亮

撰稿:李莹亮，实习生黄青衣