浙商证券：物价运行符合预期 预计政策仍有宽松空间

Group 1 - The core viewpoint indicates that the CPI year-on-year growth rate for December 2024 is expected to be 0.1%, aligning with market expectations [1] - The core CPI, excluding food and energy prices, is projected to rise by 0.4% year-on-year, an increase of 0.1 percentage points from the previous month [1] - The PPI year-on-year growth rate for December is recorded at -2.3%, slightly improving from the previous value of -2.5%, consistent with market expectations [1] Group 2 - Current inflation levels are in the early stages of bottoming out and recovering, with significant potential for effective demand recovery [1] - The Central Economic Work Conference has indicated a reasonable rebound in overall price levels, emphasizing that policy direction may be more important than the slope [1] - It is anticipated that monetary policy will still have room for adjustments such as reserve requirement ratio cuts and interest rate reductions [1]