Positive signals have emerged in the news flow. In December, both the comprehensive CPI and core CPI data met expectations, with the core CPI performing even better than expected, showing declines both month-on-month and year-on-year. This is a clear positive signal.

Looking back over the past four months, the central bank has implemented three interest rate cuts. The market will also experience high consumption periods like Christmas, but the December CPI data still did not rebound, indicating that inflationary pressures are indeed easing. This provides support for continued policy adjustments and alleviates many market concerns about monetary policy.

However, caution is needed as the January CPI data still requires observation, which could be the next critical turning point.

Another variable worth paying attention to is the tariff issue. Policy-related verdicts may be announced tomorrow, potentially triggering a short-term market rebound. But it should be noted that the rebound space is limited, and it should not be interpreted as a signal of a return to a bull market.