Di Yi Cai Jing·2026-01-12 00:16Group 1 - The core viewpoint of the report indicates that the domestic economic investment and demand in China have shown positive signs since the beginning of the year, supported by early issuance of construction project lists and budget plans totaling approximately 295 billion yuan, which is an increase of 95 billion yuan compared to the same period last year [1] - The report highlights that the issuance of special bonds and government bonds has accelerated, with concentrated project commencement and policy support providing strong backing for investment [1] - On the demand side, the price level has rebounded unexpectedly, with the Producer Price Index (PPI) increasing by 0.2% month-on-month and the year-on-year decline narrowing to 1.9% [1] Group 2 - The report mentions that the recent State Council meeting has further deployed a package of fiscal and financial policies to promote domestic demand, focusing on boosting consumption and private investment [1] - It is suggested that investment growth will significantly rebound in the second half of 2025 due to the impact of a series of policy tools, leading to a notable recovery in social demand [1] - The report recommends paying attention to undervalued cyclical sectors such as steel structures and infrastructure, as well as industries with recent positive developments like space photovoltaics, nuclear energy, and storage [1]