On February 15, Guotai Junan Futures commented: The overall CPI in the United States in January recorded 6.4% year-on-year, expected 6.2%, and the previous value was 6.5%; the core CPI recorded 5.6% year-on-year, expected 5.5%, and the previous value was 5.7%. From a month-on-month perspective, both overall inflation and core inflation rebounded from the previous month, but the growth rate was in line with expectations.
Although the overall inflation data this time is relatively strong, it is difficult to give a trend and deterministic interpretation from a macro perspective. Under the impact of inflation-interest rate risk, there is often a structure in which commodities are better than equity, and value is better than growth. The risk of rising overseas interest rates is still not the main risk in the Chinese market. If it brings callback pressure, it will be regarded as an allocation opportunity.
