Guangfa Securities: Under neutral conditions, the inflation center in 2026 is expected to rise slightly compared to 2025.

Guangfa Securities research report states that, under neutral conditions, the inflation center in 2026 will rise slightly compared to 2025. Firstly, there is a higher probability of the pig cycle starting to rise in 2026. Secondly, the phase with the greatest capacity pressure in key industries has passed, and current prices are showing some lagged reflection. Thirdly, the effects of the "anti-internal implosion" policies are gradually accumulating. The main constraint is that real estate sales prices have not yet stabilized. Only when this clue is confirmed, will the market be more resolute in pricing for re-inflation.