博时市场点评1月22日：三大指数翻红，创业板涨超1%

Market Overview - The three major indices in the A-share market showed slight gains after narrow consolidation, with total trading volume increasing to 2.7 trillion yuan compared to the previous day [1][7] - The Shanghai Composite Index closed at 4122.58 points, up 0.14%, while the Shenzhen Component Index rose by 0.50% to 14327.05 points, and the ChiNext Index increased by 1.01% to 3328.65 points [10][11] Economic Insights - China's economy successfully achieved a 5% growth target for 2025, with notable recovery in prices during the fourth quarter, although still weak overall [1][7] - Key characteristics include stronger supply than demand and better external demand compared to internal demand, with investment and consumption remaining weak [1][7] - The core issue identified is insufficient domestic demand, which is expected to be a focus for improvement in supply optimization, price recovery, and profit enhancement in the coming year [1][7] International Developments - U.S. President Trump announced a framework for future agreements regarding Greenland and the Arctic region, leading to the cancellation of a planned 10% tariff on goods from Denmark, Norway, and six other European countries [2][8] - This tariff cancellation is seen as a positive signal for global trade, reducing immediate uncertainties and improving market risk appetite [2][8] - However, geopolitical uncertainties related to NATO defense responsibilities and Arctic resource control remain complex and require ongoing attention [2][8] Financial Policy Updates - The People's Bank of China emphasized the acceleration of building a cross-border payment system for the renminbi, aiming for greater connectivity and diversification in cross-border payments [3][9] - This initiative is part of a broader strategy to enhance the internationalization of the renminbi and reduce reliance on traditional international payment systems, potentially benefiting international trade and capital flows [3][9] Consumer Market Initiatives - A new policy was introduced to establish duty-free shops at 41 ports, including Wuhan Tianhe International Airport, allowing travelers from Macau to purchase duty-free goods up to 15,000 yuan [3][9] - This measure aims to stimulate inbound consumption and domestic high-end consumer demand, contributing to the strategy of expanding domestic demand and enhancing the role of consumption in economic growth [3][9]