宏观策略周报：12月CPI同比小幅上涨，25年以旧换新政策扩围加码

Group 1 - The report highlights the implementation of a large-scale equipment update and consumer goods replacement policy for 2025, which includes 27 measures aimed at boosting consumption and supporting various industries [2][18][19] - The Consumer Price Index (CPI) showed a slight year-on-year increase of 0.1% in December, with the core CPI rising by 0.4%, indicating a stable consumption market [3][12][13] - The Producer Price Index (PPI) decreased by 2.3% year-on-year in December, but the decline was less severe than in the previous month, suggesting some stabilization in production prices [3][14][16] Group 2 - Investment opportunities are suggested in sectors driven by policy and industrial trends, particularly in artificial intelligence and low-altitude economy [5][34] - The report recommends focusing on industries that will benefit from increased domestic demand, such as food and beverage, home appliances, and automobiles [5][34] - Companies involved in government-related business and the infrastructure supply chain are expected to benefit from large-scale debt initiatives [5][34] Group 3 - The report indicates that state-owned enterprises may see improved profitability due to ongoing reforms, presenting potential investment opportunities in undervalued state-owned companies [5][34] - The long-term demand for gold as a safe-haven asset is expected to grow amid geopolitical tensions and global economic uncertainties, making it a recommended investment [5][34]