GF SECURITIES: Under neutral conditions, the inflation center in 2026 will be higher than in 2025

GF SECURITIES research report states that under neutral conditions, the inflation center in 2026 will be higher than in 2025. First, there is a high probability that the pig cycle will start to rebound in 2026. Second, the most significant phase of capacity pressure in key industries has passed, and prices currently reflect a certain lag. Third, the impact of "anti-involution" policies is gradually accumulating. The main constraint is that real estate sales prices have not yet stabilized. Only when this clue is confirmed will the market's pricing for re-inflation be more resolute