Macro dynamic comments
China: steady growth vs structural policy. 1) Monetary policy: with the MLF interest rate unchanged in December, The asymmetric interest rate cut of 5bp in the one-year LPR interest rate (unchanged in the five-year period) released the "no speculation in housing" At the same time, the policy signal of wide credit. 2) Industrial policy: the national standing committee will strengthen policy support for import and export, speed up the progress of export tax rebate and bank innovative policy financing. 3) Agricultural policy: the Ministry of agriculture and rural areas has organized the pilot industrialization of genetically modified soybeans and corn. 4) Statistical inspector: the State Office of the central office issued a document to "look back" on the rectification of inspectors.
Overseas: anti epidemic vs anti inflation. 1) Monetary policy: the RBA released the expectation of reducing the scale of bond purchase on February 1 and ending in May. 2) Fiscal policy: Italian Prime Minister Draghi and French President macron jointly wrote an article calling for "fiscal budget rules should favor the debt raised for priority investment". 3) Inflation: Christie's turnover this year is the highest level in the past five years; The PCE price index of the United States in November rose by 5.7% year-on-year, the highest since 1982; Germany's import prices rose 24.7% year-on-year in November, the fastest growth rate since 1974; In order to ease people's concerns about rising inflation, India decided to ban Shenzhen Agricultural Products Group Co.Ltd(000061) futures contract trading. 4) Epidemic situation: London, UK entered the state of "major event" but lacked control measures. The United States announced a protest policy but did not mention any blockade measures. It paid attention to the evolution of the epidemic situation after Christmas.
