浙商证券浙商早知道-20251211

Market Overview - On Thursday, the Shanghai Composite Index fell by 0.7%, the CSI 300 decreased by 0.9%, the STAR 50 dropped by 1.6%, the CSI 1000 declined by 1.3%, and the ChiNext Index decreased by 1.4%. The Hang Seng Index closed nearly unchanged from the previous trading day [2][3] - The best-performing sectors on Thursday were banking (+0.2%), national defense and military industry (-0.2%), electrical equipment (-0.3%), food and beverage (-0.4%), and public utilities (-0.5%). The worst-performing sectors were comprehensive (-4.3%), telecommunications (-3.1%), real estate (-3.1%), textiles and apparel (-2.5%), and retail (-2.4%) [2][3] - The total trading volume of the Shanghai and Shenzhen markets on Thursday was 1,857.1 billion yuan, with a net inflow of southbound funds amounting to 0.791 billion Hong Kong dollars [2] Key Insights Inflation Analysis - In November, the Consumer Price Index (CPI) increased by 0.7% year-on-year (previous value: 0.2%), while the Producer Price Index (PPI) recorded a year-on-year decline of 2.2% (previous value: -2.1%). This was primarily influenced by short-term supply and demand rebalancing in industrial products, indicating that actual inventory digestion still requires observation [3] - Market expectations suggest a rapid rebound in prices [3] Monetary Policy Outlook - The monetary policy is expected to rely on quantitative measures for easing [5] - There is a possibility of interest rate cuts next year, with the Federal Open Market Committee (FOMC) being a driving factor [5]