宏观与大类资产周报：受春节因素影响，物价涨幅有所扩大

Market Performance - The A-share market showed strong performance with the Shanghai Composite Index, CSI 300, and ChiNext Index rising by 1.6%, 2.0%, and 5.4% respectively[10] - The average daily trading volume reached 1.60 trillion yuan, significantly higher than the previous week, indicating improved market sentiment[15] - Margin trading balance increased to 1.81 trillion yuan, reflecting a rise in risk appetite among investors[15] Economic Indicators - In January, the CPI year-on-year growth rate was 0.5%, up by 0.4 percentage points from the previous month, influenced by a 0.4% increase in food prices[3] - The core CPI rose from 0.4% to 0.6%, contributing approximately 0.45 percentage points to the overall CPI increase[3] - The PPI year-on-year growth rate remained at -2.3%, indicating persistent deflationary pressures in the industrial sector[3] Sector Trends - The technology sector, particularly AI and robotics, is expected to lead the market, with potential new highs in related stocks[2] - The automotive market saw retail sales of 1.853 million vehicles in January, a 9% year-on-year decline, and a 30% drop compared to the previous month[4] - The average wholesale price of pork fell to 23.02 yuan/kg, with a year-on-year growth rate of 1.39%[4] Policy and Market Outlook - Foreign investment sentiment towards domestic equity markets has turned optimistic, boosting market confidence[15] - The upcoming policy vacuum before the Two Sessions may introduce uncertainties in the market[6] - The focus on long-term value management strategies, such as share buybacks and mergers, is expected to gain traction in the market[2]