华泰证券：核心通胀指标延续修复趋势

Group 1 - The core viewpoint of the report indicates that the Consumer Price Index (CPI) in December rose to 0.8% year-on-year from 0.7% in November, while the annual CPI slightly decreased to 0% compared to 0.2% in 2024 [1] - Food prices continued to improve in December, with the core CPI rising 0.2% month-on-month and remaining stable at 1.2% year-on-year compared to November, supported by industrial consumer goods including gold jewelry [1] - High-frequency indicators in January show an accelerated increase in industrial product prices, likely driven by supply-side constraints, credit issuance, and expectations of fiscal spending in the new year [1] Group 2 - The significant increase in travel during the New Year holiday, with a notable rise in the number of trips and expanded travel radius, is expected to boost service sector prices [1] - The sustainability of the overall price recovery will depend on the actual effects of fiscal expansion in the first quarter of this year [1] - The 2026 policy for replacing old products with new ones continues to provide subsidy support for consumer goods, with an optimized scope, potentially offering additional support for service consumption and bolstering demand [1]