China International Capital Corporation (CICC): U.S. inflation may have entered a new phase, and the duration of inflation may correspondingly extend.

According to a research report by CICC, the U.S. July CPI rose 0.1% month-on-month and 3.4% year-on-year after adjustment, while core inflation increased 0.2% month-on-month and 2.5% year-on-year, all in line with market expectations. Energy prices continued to decline, but since August, international oil prices have rebounded, adding uncertainty to future energy prices. In terms of core inflation, goods are relatively strong while services are weak, especially in the case of prices for information technology products like computers and software, which have continued to rise, reflecting the supply-demand mismatch brought about by the expansion of AI capital expenditures gradually passing through to the consumer end.