国金宏观宋雪涛|今年PPI能否转正?

国金证券研究
Feb 12

作者:宋雪涛摘要■核心观点往后来看,今年在低基数、AI相关行业需求延续的情况下,PPI或在二季度实现正增长。在没有中下游配合的情况下,大宗商品价格或需要重演去年8月以来的表现,才能够带动PPI转正。如果地产开始出现见底迹象,下游行业价格走出了2023年以来的负增长,则在大宗商品价格表现偏弱的情况下,PPI也能够转正。风险提示本文部分数据如CPI权重基于此前估算,与实际数据或存在一定的偏差。大宗商品...

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