随着经济增速企稳及PPI通缩的缓解.2016年的经济运行的确好于市场预期。然而在不确定性上升的情况下,这种趋势能否在2017年延续?从通缩到温和通胀2016年经济活动的企稳程度超出很多人的预期。扩张性财政政策加上房地产市场的反弹带来建筑板块的升温,进而带动了对原材料和机械的需求。与此同时.重工业去产能超预期提速。工业部门的供需再平衡使原材料价格大幅提升。国内生产者价格从2015年末近6%的 With economic growth stabilizing and easing PPI deflation, the economic performance in 2016 was indeed better than market expectation. However, in the context of rising uncertainty, will this trend continue in 2017? From deflation to mild inflation The stabilization of economic activity in 2016 exceeded the expectations of many. Expansive fiscal policy coupled with the rebound in the real estate market led to the warming of the construction sector, which in turn led to the demand for raw materials and machinery. At the same time, heavy industry to capacity exceeding expectations accelerated. The rebalancing of supply and demand in the industrial sector led to a substantial increase in the prices of raw materials. Domestic producer prices have risen nearly 6% from the end of 2015