金吾财讯 | 华泰证券研报指，综合而言，3月CPI同比降幅季节性收窄、但持平于1-2月均值，食品价格仍对CPI形成约0.25个百分点的拖累，而与内需更为相关的核心CPI同比从1-2月均值0.3%回升至0.5%，或体现内需延续企稳态势。3月PPI同比降幅走阔至2.5%，环比降幅亦回落，主要受到原油、煤炭等能源价格走弱的拖累，而部分供需结构改善的中下游行业价格呈现积极信号，比如娱乐用品、制鞋业、制药行业价格同比回升，新能源汽车价格同比降幅收窄。该行指，往前看，4月3日特朗普发布“对等”关税，美国加权平均进口关税水平可能达到25-33%，而在4月9日特朗普再度宣布对不采取报复行动的国家或地区实施90天的关税暂缓，全球贸易壁垒上升的压力有望边际缓解。但在关税政策不确定性背景下，全球贸易后续仍面临萎缩的风险，亦可能对中国贸易及相关生产活动带来影响，关注后续贸易活动扰动对PPI及能源价格的影响。
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