Guo Jin's strategy: If "anti-inner loop" continues to be implemented, driving up industrial raw material prices, CPI is expected to move out of the low area.

Guo Jin Securities released a strategy research report stating that recently, the "anti-inner circle" movement and demand-side policies have once again strengthened. The policy effects may be more quickly evident compared to the comprehensive policies of "9.24" in 2024: First, current enterprises have experienced a continuous self-cleaning since Q4 of 2024; second, manufacturing enterprises have achieved a bottoming out and rebound in profitability in Q1 of 2025, and inventory has also been cleared; finally, at the overall price level, price drag comes from production materials, while core CPI has bottomed out and rebounded in Q2 of 2025, If the "anti-inner circle" policy continues to be implemented, driving industrial raw material prices upward, CPI is expected to exit the low range.