macroscopic
In October, corporate profits continued to maintain a high growth rate, and the structural differentiation was still severe. The three factors of price, volume and profit margin have improved compared with last month, and the high price operation is still the core support. Looking ahead, the proportion of upstream profits may usher in an inflection point, and the growth rate of enterprise profits has entered a downward channel. Rui Dong Gao
strategy
In October, the scissors difference between PPI and CPI hit another record high, and it is expected that the inflation scissors difference will gradually narrow in the future. Historically, since 2010, there have been three periods in which the inflation scissors have narrowed significantly. In the process, the consumer sector has performed well, and the leader has performed better. At the same time, the rotation effect among consumer industries is very obvious. Except for food and beverage, it is difficult for the stock price performance of other industries to keep leading for a long time. With the narrowing of the scissors gap and the restlessness in spring, the performance of the consumer sector this year is worth looking forward to.
