博时市场点评1月20日：两市继续震荡，市场风格切换

Economic Overview - The core economic data for 2025 indicates a year-on-year GDP growth of 5.0%, with Q4 GDP growth at 4.5%, aligning with market expectations [1][7] - In December, the industrial added value increased by 5.2% year-on-year, while fixed asset investment showed a cumulative decline of 3.8% [1][7] - Retail sales growth in December was only 0.9%, highlighting weak domestic demand [1][7] - The economic environment is characterized by stronger supply than demand, with external demand outperforming internal demand [1][7] Policy and Strategic Initiatives - The National Development and Reform Commission (NDRC) plans to implement a strategy to expand domestic demand from 2026 to 2030, aiming to create new demand through new supply [2][9] - A national-level merger fund is being considered to promote industrial integration and optimize the competitive landscape [9] - The establishment of a unified national market is a long-term goal, which will enhance resource allocation efficiency and improve the market environment [9] Market Performance - On January 20, the A-share market saw declines across major indices, with the Shanghai Composite Index at 4113.65 points, down 0.01%, and the Shenzhen Component Index at 14155.63 points, down 0.97% [10][11] - The market turnover reached 28,044.27 billion yuan, showing a slight increase from the previous trading day [12] - The two financing balances reported a decrease to 27,231.75 billion yuan [12]