(1) Coal, nonferrous metals, oil and natural gas
Resource products are located in the middle and upper reaches of the industry, and the downstream industries have great demand for them. Relevant listed companies have strong monopoly power within a certain range, so their pricing power is relatively strong, so these companies will benefit from price increases in an inflationary environment.
From the perspective of external economy, the prices of international energy and non-ferrous metals are rising. This price increase will also be transmitted to China through imports to some extent. Besides, these resources are natural products. In the context of rising product prices, the unit production cost will not increase too much, which will inevitably expand the profit space of its unit products.
(2) Banking industry
The funds provided by the banking industry are the input elements of many industries and the upstream of other industries. In the context of increasing inflation, the central bank raised interest rates in order to curb inflation, which led to an increase in spreads, which naturally benefited banks. On the other hand, with the continuous expansion of deposit and loan spreads, banks also have the motivation to expand loans, and the expansion of loan scale is also beneficial to banks.
(3) Raw materials
In the context of cost-driven inflation, agricultural products and petrochemical products upstream of raw materials have risen sharply, which has also led to a sharp rise in raw material prices. The market concentration of API industry is obviously higher than that of upstream and downstream, so API manufacturers can pass on the pressure of upstream and downstream cost increase, thus benefiting from cost-driven inflation.
(4) Tobacco, high-grade liquor and wine
Food manufacturing and processing industry is the final consumer goods. Although they have the ability to pass on the cost to the final consumers, the price increase of most products is often not as high as the cost due to fierce market competition.
But the market competition structure of high-end liquor is oligopoly market. They have a strong monopoly on the market, and the market concentration of the wine industry is relatively high, so they also have the pricing power of products. Even if the prices of raw materials such as agricultural products rise sharply, they can still get excess returns.
(5) Hotel and tourism
The rising labor price in China will persist for a long time, which determines that the productivity difference and inflation will persist for a long time. The expansion of productivity differences will occur in departments that cannot improve labor productivity on a large scale, industries with limited resources, industries that cannot be traded or transferred, and service characteristics.
Based on this, hotels and tourism will benefit from productivity differential inflation. Once hotels and tourism are the final service consumption, the main cost is labor cost, which is less affected by the upstream price increase, but with the support of strong demand, its cost transfer ability is stronger.
(six) medical care, culture, entertainment and education.
As the final service consumption, medical care, culture, entertainment and education are less dependent on the upstream price, and the price increase is mainly caused by the acceleration of urbanization, demographic changes, labor shortage and the increase in demand caused by the improvement of residents' income level in the mature stage of industrialization.
Because there is a large demand, these industries can benefit from inflation by raising prices and passing on rising labor costs.
(7) Real estate
Although most people buy houses for residential consumption, they are generally regarded as investment products because of the long consumption cycle. In the context of inflation, a large number of asset prices are facing revaluation, and the value of real estate as an investment is more prominent.
The industrialization process of Japan and South Korea shows that inflation is accompanied by the rise of real estate prices. Real estate has a strong dependence on the price of upstream products. However, under the background of strong demand and limited supply in China, the price transmission ability of real estate is very strong, and the rising cost of raw materials can be completely transmitted to the downstream.
(8) luxury goods
Luxury goods are regarded as a kind of consumer goods with uniqueness, scarcity and rarity, which is beyond the scope of human survival and development. Luxury goods can exist in all kinds of high-end final consumer goods industries. Domestic luxury consumption is entering a stage of rapid growth, and people's demand for high-end artworks such as jewelry, gold and silver ornaments, watches, antique calligraphy and painting has greatly increased.