张瑜:从物价到投资,从供给到需求——供给侧改革全复盘及对当下映射

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Sep 05, 2025

文:华创证券研究所副所长 、首席宏观分析师 张瑜(执业证号:S0360518090001)联系人:付春生(18482259975)报告摘要本篇报告结合对2015-2018年供给侧改革时期的相关资产和PPI复盘,以及反内卷与供给侧改革的不同,提出对未来PPI与反内卷相关资产表现的启示,供投资者参考。供给侧改革时期的资产复盘经验1、2015年11月供给侧改革政策的出台,基本上对应着煤炭、钢铁价格和对应...

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