宏观周报：稳汇率信号持续释放，美国核心通胀回落

Domestic Developments - The China Securities Regulatory Commission (CSRC) outlined five key priorities for 2025, aiming to enhance market confidence as policies are implemented[7] - The People's Bank of China (PBOC) raised the macro-prudential adjustment parameter for cross-border financing from 1.5 to 1.75, enhancing the stability of the RMB exchange rate[11] - The PBOC conducted a reverse repurchase operation of 959.5 billion yuan, indicating a commitment to maintaining liquidity in the market[9] Consumer and Market Stimulus - New subsidy policies for digital products and home appliances were announced, providing a 15% subsidy on eligible purchases, with a maximum of 500 yuan per item for digital products and 2000 yuan for home appliances[13] - The implementation of these subsidy policies is expected to stimulate consumption in relevant categories, further activating market potential[14] International Economic Indicators - The U.S. December CPI rose by 2.9% year-on-year, aligning with expectations, while core CPI showed a slight decline, indicating mixed inflation signals[15] - The New York Fed reported an increase in inflation expectations, with the three-year outlook rising from 2.6% to 3%[15] Commodity Price Trends - Brent crude oil prices increased by 5.57% week-on-week, while copper and iron ore prices rose by 1.29% and 3.32%, respectively[25] - Conversely, the price index for thermal coal decreased by 0.62%, and cement prices fell by 1.64% week-on-week[31]