Comments: The Shanghai Index closed down 1.33%, led by the adverse trend of PEEK material concept

Topic summary

According to the research report released by CSC, a typical round of "inflation trading" cannot be ushered in in the capital market in the near future, and stocks, bonds and bulk commodities are still playing games around marginal pricing. In terms of stock market, long-term growth uncertainty still exists. We can focus on the extension of domestic low inflation and the direction of overseas supply constraints to find pricing opportunities. In the bond market, the underlying logic of low inflation in China has not been destroyed. The performance of bond assets is still relatively dominant during the year. In terms of rhythm, we still need to pay attention to the disturbance of bond supply to the inter-bank liquidity environment. In terms of commodities, a new round of global credit expansion cycle has not yet begun, and the performance of subsequent commodities will continue to differentiate. In terms of exchange rate, the trend of RMB exchange rate during the year may be weak first and then strong.