CITIC Securities pointed out that looking backwards, both PPI and CPI are expected to fluctuate slightly around their respective November values at the end of the year, with little marginal change. However, it is important to be wary of the risk that the core CPI year-on-year readings will weaken marginally after the low base effect subsides, the use of national supplement funds is exhausted, and the increase in gold prices narrows.

CITIC Securities pointed out that looking backwards, both PPI and CPI are expected to fluctuate slightly around their respective November values at the end of the year, with little marginal change. However, it is important to be wary of the risk that the core CPI year-on-year readings will weaken marginally after the low base effect subsides, the use of national supplement funds is exhausted, and the increase in gold prices narrows.