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
Consumer inflation stood at 2.1% in October, easing to a seven-month low;
China’s passenger car sales rise slowed in October, yet export continued strong momentum.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
China's inflation fell to its slowest pace in seven months, in October, due to a high comparison base and softer consumer demand, the National Bureau of Statistics said on Wednesday.
The country's consumer price index, a main gauge of inflation, rose by 2.1 percent year-on-year in October, a seven-month low, down from 2.8 percent in September, the NBS data showed.
Compared with a year ago, food prices increased 7 percent, down from 8.8 percent in September, as the comparison base rose, and vegetables, fruits and aquatic products came into the market in large numbers while consumer demand fell after the National Day holiday, the bureau said.
On a month-on-month basis, the CPI growth also slowed to 0.1 percent, compared with 0.3 percent in September.
The growth in core CPI, which excludes volatile food and energy prices and is deemed as a better gauge of the supply-demand relationship in the economy, came in at 0.6 percent year-on-year, the same as a month earlier.
Meanwhile, China's producer price index, which gauges factory-gate prices, declined by 1.3 percent from a year ago in October, following a 0.9 percent rise in September, marking the first negative PPI growth in almost two years, according to the NBS.
The bureau mainly attributed the fall in producer prices to last year's high comparison base, adding that the PPI rose by 0.2 percent on a monthly basis in October as demand increased in some industries, following a 0.1 percent decline in September.
受节后消费需求回落、去年同期对比基数走高等因素影响，10月份CPI同比涨幅有所回落。同样受去年同期对比基数较高影响，PPI同比出现2021年1月以来首次下降。
国家统计局11月9日发布了10月份全国CPI（居民消费价格指数）和PPI（工业生产者出厂价格指数）数据。CPI同比上涨2.1%，环比上涨0.1%。PPI同比由上月上涨0.9%转为下降1.3%，环比由上月下降0.1%转为上涨0.2%。
10月CPI涨幅有所回落，其中食品价格在猪价带动下保持高增长，非食品价格则受服务业疲弱影响维持低位。其中，食品价格上涨7.0%，涨幅比上月回落1.8个百分点。而非食品价格上涨1.1%，涨幅比上月回落0.4个百分点，其中服务价格上涨0.4%，涨幅比上月回落0.1个百分点。
专家表示，扣除食品和能源价格的核心CPI在过去较长一段时间中持续低迷且不断拾阶而下。核心CPI持续趋软，说明社会有效需求仍在弱修复阶段，有效需求相较生产端而言仍偏弱，供需不平衡态势与内外部风险有可能带来通缩压力。
PPI方面，10月份部分行业需求有所增加，全国PPI环比小幅上涨，但受去年同期对比基数较高影响，同比由涨转降。环比结束连续三个月负增长，并创半年高点。其中，生产资料价格由上涨0.6%转为下降2.5%；生活资料价格上涨2.2%，涨幅扩大0.4个百分点。
有研报表示，10月国际油价、铜价均回落，旺季过后煤炭价格亦走弱，基建和保交楼政策发力拉动黑色金属价格有所回升，但2021年同期煤电短缺带来高基数，拖累PPI同比涨幅放缓。
Moving on to regional highlights
区域观察
Silkwings Jet, the first Sino-French business jet operator in China, was established recently in Hangzhou, eastern Zhejiang province, according to a press release on Tuesday. The company will operate planes from French giant Dassault Aviation and offer a jet-sharing program, which allows clients to purchase a certain portion of the right of use of the aircraft for several years and obtain a certain amount of flight hours.
杭州成立首家中法合资公务机运营公司：中法合资的“鸶鹭公务机”8日成立，这是国内第一家中法合资的公务机运营公司。鸶鹭公务机总部设在杭州，将运营达索猎鹰2000LXS到猎鹰6X和猎鹰10X系列机型。鸶鹭公务机提出“使用权共享”的模式，年度飞行小时数大于50小时的用户，可灵活购买飞机的部分使用权，约定持有使用权的年限，享有特定数量的飞行小时数，也可出售或变现相关权益。
Next on industry and company news
产业及公司新闻
China's passenger vehicle market growth contracted in October, a rare month-on-month decline during the September-to-October sales. Retail sales of passenger cars reached 1.84 million in October, up 7.3 percent year on year, but 4.3 percent lower than in September, according to the China Passenger Car Association (CPCA) on Tuesday. Last month, sales of new energy passenger cars surged 75.2 percent over last year to 556,000 units, 9 percent lower than the number sold in September, the data showed. Passenger car exports surged 42 percent to reach 270,000 units in October, with NEV exports hitting 103,000 units.
10月新车销量环比下降：1月8日，乘联会发布了10月新车销售数据。2022年10月乘用车市场零售达到184.0万辆，同比增长7.3%，环比下降4.3%，这也是自2013年以来首次出现“金九银十”的环比下降特征。新能源车方面，10月新能源乘用车零售销量达到55.6万辆，同比增长75.2%，环比降9.0%。出口继续保持强劲势头，10月乘联会统计口径下的乘用车出口（含整车与CKD）27万辆，同比增长42%，环比增长13%。
China's Ministry of Industry and Information Technology and other three top regulators on Tuesday issued a document outlining regulation for carbon emissions in the construction-material sector. The outline stated that during 2021 to 2025, the current structure of the construction-material industry should be adjusted to reduce the energy costs and carbon emission in producing major materials including cement, glass and ceramics. The comprehensive energy cost will be reduced by over 3 precent in cement clinker production units. During 2026 to 2030, key low carbon emissions technologies should be introduced to assist the industry, while the replacement rate for fossil fuels should be raised, in order to ensure peak emissions by 2030.
四部门发布建材行业碳达峰重磅文件：8日，工信部等四部门联合印发《建材行业碳达峰实施方案》，提出“十四五”期间，建材产业结构调整取得明显进展，行业节能低碳技术持续推广，水泥、玻璃、陶瓷等重点产品单位能耗、碳排放强度不断下降，水泥熟料单位产品综合能耗水平降低3%以上。“十五五”期间，建材行业绿色低碳关键技术产业化实现重大突破，原燃料替代水平大幅提高，基本建立绿色低碳循环发展的产业体系。确保2030年前建材行业实现碳达峰。实施方案还明确了强化总量控制、推动原料替代、转换用能结构、加快技术创新、推进绿色制造五方面重点任务。
China's three richest people remain unchanged in 2022, with Nongfu Spring CEO Zhong Shanshan topping the list for the second time with 455 billion yuan, followed by TikTok founder Zhang Yiming and CATL founder Zeng Yuqun, according to the China Rich List conducted by the Hurun Research Institute. Manufacturing sector led the wealth-creation, with 13 percent entrants on the list. Hurun Research identifies 1,305 individuals with a wealth of 5 billion yuan and above, down 11 percent from last year, and their total wealth slides 18 percent to $3.5 trillion.
胡润百富榜富豪总财富缩水18%：11月8日，胡润研究院发布《2022胡润百富榜》。今年，共有1305位个人财富50亿元人民币以上的企业家登榜，较去年减少11%，上榜企业家总财富比去年下降18%，至24.5万亿元。分行业看，工业产品行业的上榜人数居首位，占总人数12.9%，同比增长1.8%。农夫山泉创始人钟睒睒蝉联中国首富，其财富比去年增长650亿元，总财富达到4,550亿元，创造了二十多年来中国首富财富的最高纪录。第二位是字节跳动的张一鸣。由于公司估值下滑，张一鸣财富下降950亿元至2,450亿元。排在第三的是宁德时代的曾毓群，总财富为2300亿元，较去年下降900亿元。
Airbus’ first A321 passenger jets to be assembled in China will be delivered in the first quarter next year and they will be the first Airbus aircraft with a China-made wing, the Dutch aerospace firm said yesterday. Airbus also said it has signed agreements with three Chinese airlines to promote the use of sustainable aviation fuel (SAF) during commercial flights in China, which is produced locally from used cooking oil by SINOPEC Zhenhai Refining & Chemical.
中国总装空客A321明年一季度交付：11月8日，空中客车在第十四届中国国际航空航天博览会上表示，目前天津总装线正进行A321机型的产线改造，预测空客第一架A321的飞机将在明年一季度正式交付客户。该架飞机将不仅是第一架在中国总装的A321飞机，同时也是第一架拥有中国制造的机翼的A321飞机。同时，珠海航展期间，空客公司与多彩贵州航空、长龙航空等多家航空公司签署了关于推动使用可持续航空燃料（简称“SAF”）商业飞行的合作协议，使用的是由中国石化镇海炼化厂使用餐饮废弃油作为原材料炼制生产的SAF。
Baozun is paying $40 million in cash to acquire all the equity interests of US apparel giant Gap’s loss-making China operations, the Chinese e-commerce firm announced Tuesday. The deal is subject to adjustments up to a maximum of $50 million, it added. The acquisition is still pending regulatory approval and is expected to be effective from the first half next year.
宝尊电商近3亿元接手GAP中国：11月8日，电商服务商宝尊电商宣布，将以现金交易方式收购Gap的大中华区业务，对价为4000万美元（约合人民币2.9亿元）。目前双方已签署股份购买协议，视协议最终调整情况，总交易金额最高不超过5000万美元。预计收购将于2023年上半年完成，仍待满足习惯交割条件和监管部门批准。
Chinese new energy vehicle maker BYD has announced yesterday it will launch a new high-end car brand Yangwang. Sources said it will be released in the first quarter of next year, pricing between 800,000 and 1.5 million yuan.
比亚迪百万级品牌“仰望”亮相：11月8日，比亚迪官方微信公众号发布一则以“仰望”为标题的海报，正式官宣旗下高端汽车品牌定名。同时，仰望汽车官方微博也同步上线。此前，比亚迪方面曾透露，公司高端品牌定价为80万-150万元。
Chinese carmaker Geely Holding Group and French auto giant Renault Group announced Tuesday they had signed a non-binding framework agreement to set up a firm to develop, manufacture and supply both hybrid powertrains and internal combustion engines for cars. The project is expected to commence in 2023 and both parties will hold a 50 percent equity stake in the new company.
吉利、雷诺合资研制燃油动力总成：11月8日，吉利汽车公告，与母公司吉利控股集团、法国汽车制造商雷诺集团订立框架协议，决定成立一家新公司，在全球范围内研发、制造和供应先进的混合动力总成和高效的燃油动力总成。根据协议，吉利一方和雷诺集团将分别持有新公司50%的股权。
Switching gears to financial news
金融市场消息
China's central bank grants 250 billion yuan to support private enterprises’ bond financing, also known as "the second arrow,” the National Association of Financial Market Institutional Investors (NAFMII) announced on Tuesday. The PBOC-backed second arrow will be used to support private enterprises' issuance of bonds including property developers, and may be enlarged depending on the circumstance. Chinese developer stocks jumped the most in eight month on Wednesday, with CIFI Holdings Group up 28 percent.
2500亿元民企融资“第二支箭重启”：11月8日，交易商协会表示，将继续推进并扩大民营企业债券融资支持工具（“第二支箭”），支持包括房地产企业在内的民营企业发债融资。预计可支持约2500亿元民营企业债券融资，后续可视情况进一步扩容。
Billionaire Changpeng “CZ” Zhao became the undisputed king of the crypto world on Tuesday as he offered to acquire FTX.com, the troubled firm led by his chief rival Sam Bankman-Fried “SBF”. Zhao’s Binance Holdings said the agreement came after “a significant liquidity crunch” befell FTX and the firm asked for its help. FTX was hit with about $6 billion in withdrawals in the 72 hours before Tuesday morning.
币安宣布收购竞争对手FTX：美东时间周二，被誉为币圈“央妈”的FTX交易所，发行的代币FTT报价从周一的22美元跌至5美元以下，损失将近80%，并在24小时内蒸发了超过20亿美元的价值。其竞争对手币安的创始人赵长鹏周二在推特的发文称，币安正计划全面收购FTX交易所以缓解其压力。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks closed lower on Wednesday, as producer prices’ fell for the first time since December 2020 underscored weak domestic demand. The benchmark Shanghai Composite ended down 0.53 percent, while the Shenzhen Component slip 0.79 percent. Hong Kong’s Hang Seng Index dropped 1.2 percent and the Tech Index declined 1.9 percent.
A股走弱港股跌幅扩大：周三A股走弱，午后低位窄幅震荡，截止收盘，沪指跌0.53%，深成指跌0.79%，创业板指跌1.36%，沪深两市全天成交额7787亿元。供销社、新冠治疗、贵金属等板块涨幅居前，数字货币、煤炭等板块飘绿。港股方面，恒指收跌1.20%，恒生科技指数收跌1.89%，回港中概股、新能源汽车版块走低，内房股及物管股全天则领涨，旭辉控股集团涨近29%。
Biz Word of the Day
财经词汇划重点
Sustainable aviation fuels (SAF) is a sustainable aviation fuel made from feedstock ranging from used fat, oil and grease to municipal and forestry waste. Compared to fossil jet fuel, SAF has been demonstrated to result in an 80% reduction in CO2 emissions. Therefore, it is considered as a key enabler to contribute to the de-carbonization of aviation sector.
可持续航空燃料是一种可用于商业航空的液体燃料，以废弃的动植物油脂、油料、使用过的食用油、城市生活垃圾和农林废弃物为原料，以可持续方式生产的替代燃料。相较于传统的化石燃料，SAF从原材料收集到最终用户使用的整个过程中产生的碳排量，至少降低80%。应用可持续航空燃料将是未来实现航空业净零排放的关键。
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI
Sound Editor: Stephanie LI
Graphic Designer: ZHENG Wenjing, LIAO Yuanni
Produced by 21st Century Business Herald Dept. of Overseas News.
Presented by SFC
编委: 于晓娜
策划、编辑：李艳霞
播音：李莹亮
撰稿：李莹亮
音频制作：李莹亮
设计：郑文静、廖苑妮
21世纪经济报道海外部 制作
南方财经全媒体集团 出品
(作者：李莹亮 编辑：李艳霞）