中国股票策略：2025 年 4 月行情重演，还是步入滞胀新周期？-China Equity Strategy_ A replay of April 2025 or a new cycle into stagflation_

ab 24 March 2026 Global Research China Equity Strategy A replay of April 2025 or a new cycle into stagflation? How will near-term geopolitical risks impact the A-share market? From a macro perspective, China's reliance on oil and gas is low among major global economies (Figure 6, Figure 7). In terms of stock price performance, the correlation between the weekly sector returns and the weekly Brent oil returns has been low since 2010 (Figure 8). At the index level, the impact of short-term oil price spikes (a ...