浙商证券：春节错位难改物价趋势 政策宽松驱动股债双牛

Group 1 - The core viewpoint indicates that January's CPI year-on-year growth rate is 0.5%, aligning with market expectations, while the month-on-month growth rate has expanded to 0.7% [1] - The core CPI, excluding food and energy prices, has rebounded for the fourth consecutive month, primarily driven by increased travel and entertainment consumption during the Spring Festival [1] - January's PPI year-on-year growth rate recorded at -2.3%, matching the previous value and falling short of market expectations, influenced by the off-peak industrial production [1] Group 2 - Current inflation levels are in the early stages of bottoming out and recovering, with the impact of the Spring Festival on prices expected to be most evident in January and February [1] - There is significant potential for effective demand recovery, with the 2024 Central Economic Work Conference guiding a reasonable rebound in overall price levels [1] - The policy direction is deemed more important than the slope, with expectations for continued monetary policy easing, including potential reserve requirement ratio cuts and interest rate reductions [1]