[Citic Securities: a year-on-year bottom of PPI is expected to rebound this month or next month] the Citic Securities Research report pointed out that the future trend of PPI month-on-month readings is the focus of continuous attention this year, depending on the location of the inventory cycle and the boost effect of follow-up policies. We expect the bottom of this year's PPI to appear this month or next month. CPI in May (+ 0.2 per cent) recovered slightly from the previous month, but continued to hover at a low level, with the decline in the price of manufactured goods (household appliances, transport, communications, etc.) in the core CPI still a major drag. Service prices have also fallen somewhat this month, with core CPI fixes falling to 0.6 per cent due to lack of support. We still maintain our judgment that a "low inflation" environment will be maintained throughout the year.