标准普尔/多伦多证交所综合指数周一小幅上涨，收于29770点以上，在连续第七周上涨后，保持在历史高点附近，因为市场欢迎加拿大银行为支持国内经济而降息25个基点。主要矿商支撑上涨，巴里克矿业领涨，随着金价上涨，涨幅超过4%。金融、科技和能源板块交易强劲，这限制了该交易所本周初的势头。在数据方面，加拿大统计局报告称，8月份工业产品价格指数同比上涨4.0%，而原材料价格指数同比增长3.2%，突显出生产商持续面临的投入成本压力。

The S&P/TSX Composite edged higher to trade above 29,770 on Monday, holding near its record high after a seventh straight weekly gain as markets welcomed the Bank of Canada’s 25bp cut aimed at supporting the domestic economy. Major miners underpinned the advance, with Barrick Mining leading the pack and adding more than 4% as bullion prices rose. Financial, tech and energy sectors traded firmly in the red, which limited the exchange’s momentum at the start of the week. On the data front Statistics Canada reported the Industrial Product Price Index rose 4.0% year on year in August while the raw materials price index increased 3.2% year on year, underscoring persistent input cost pressures for producers.

2025年8月，加拿大原材料价格指数（RMPI）环比下跌0.6%，扭转了7月份0.3%的涨幅，未达到1.2%的预期。原油能源产品领跌（-3.7%），常规原油下跌3.5%，合成原油下跌5.1%，受欧佩克+上调9月产量目标后供应过剩担忧的压力。由于关税导致中国需求疲软，油菜籽价格下跌6.4%，农作物产品价格下跌1.7%。相比之下，金属矿石、精矿和废料上涨2.0%，黄金和银矿石延续了长达一年的涨势。不包括原油能源，8月份RMPI上涨0.9%，同比上涨15.5%，而整体指数每年上涨3.2%。

Canada’s Raw Materials Price Index (RMPI) fell 0.6% month-over-month in August 2025, reversing a 0.3% rise in July and missing expectations of a 1.2% increase. Crude energy products led the decline (-3.7%), with conventional crude oil down 3.5% and synthetic crude oil 5.1%, pressured by oversupply fears after OPEC+ raised its September production target. Crop product prices dropped 1.7%, driven by a 6.4% fall in canola amid weaker demand from China due to tariffs. In contrast, metal ores, concentrates, and scrap rose 2.0%, with gold and silver ores extending a year-long rally. Excluding crude energy, the RMPI rose 0.9% in August and was up 15.5% year-on-year, while the overall index gained 3.2% annually.

加拿大8月份工业生产者价格指数环比上涨0.5%，此前7月份上涨0.7%，低于市场预期的0.9%。这一增长是由化学品、肉类、鱼类和乳制品、机动车辆和休闲车以及主要有色金属产品的价格上涨引起的，而能源和石油价格的下跌减缓了这一增长。不包括能源，IPPI上涨0.7%。肉类、鱼类和乳制品价格连续第九个月上涨1.9%，其中新鲜和冷冻牛肉和小牛肉（+5.2%）和鸡肉（+2.1%）领涨，季节性需求强劲，国内供应紧张。主要有色金属产品上涨1.0%，受黄金（+1.6%）和白银（+1.9%）上涨的支撑，而铂族金属在连续三个月上涨后下跌3.7%。能源和石油价格下跌1.3%，柴油价格下跌6.0%，但汽油价格在夏季驾驶季节上涨1.8%。

Canada’s industrial producer prices rose 0.5% month-over-month in August, following a 0.7% gain in July and below market expectations of 0.9%. The increase was led by higher prices for chemicals, meat, fish and dairy products, motorized and recreational vehicles, and primary non-ferrous metal products, while lower energy and petroleum prices moderated the increase. Excluding energy, the IPPI rose 0.7%. Meat, fish and dairy prices climbed for the ninth consecutive month, up 1.9%, led by fresh and frozen beef and veal (+5.2%) and chicken (+2.1%) amid strong seasonal demand and tight domestic supply. Primary non-ferrous metal products rose 1.0%, supported by gains in gold (+1.6%) and silver (+1.9%), while platinum group metals fell 3.7% after three consecutive months of gains. Energy and petroleum prices fell 1.3%, with diesel down 6.0% but gasoline up 1.8% during the summer driving season.

前瞻性指引：早期指标显示加拿大7月经济增长反弹。周四加拿大7月国内生产总值将成为焦点，因为早期数据显示，第二季度增长的收缩不太可能在第三季度重演。

Forward Guidance: Early Indicators Point to Canada's Growth Rebounding in July.Canada's gross domestic product for July on Thursday will take center stage as early readings suggest the contraction in Q2 growth was not likely repeated in Q3.