12月CPI和PPI数据背后的重要信息：12月通胀：物价运行符合预期，预计政策仍有宽松空间

Inflation Data - December CPI year-on-year growth was 0.1%, slightly down from 0.2% in the previous month, aligning with market expectations[1] - December PPI year-on-year growth recorded at -2.3%, an improvement from -2.5% previously, also meeting market expectations[1] Price Trends - Core CPI, excluding food and energy, rose by 0.4% year-on-year, with a month-on-month increase of 0.2%[5] - Food prices decreased by 0.6% month-on-month, with fresh vegetables and fruits dropping by 2.4% and 1.0% respectively, impacting CPI by approximately 0.12 percentage points[4] Economic Outlook - The current inflation level is seen as in the early stages of bottoming out, with significant potential for demand recovery[1] - The central economic work conference indicates a policy direction favoring a reasonable rebound in overall price levels, suggesting continued monetary policy easing is likely[1] Asset Allocation Recommendations - A-shares are expected to benefit from increased risk appetite, particularly in small-cap growth and technology sectors, with a focus on high-elasticity segments like the ChiNext and STAR Market[2] - Fixed income investments should consider short-duration city investment bonds, as the risk-free interest rate approaches a new equilibrium level[2]