产业经济周观点：经济复苏，资产升值

Group 1 - The report highlights that domestic demand is being stimulated by government leverage, which is expected to lead to a decrease in real interest rates, positively impacting economic growth [3][4][13] - Social financing data indicates a strengthening economic recovery, with significant improvements in service sector investment and positive expectations in upstream manufacturing [3][4][13] - The report suggests that the U.S. economic structure may benefit global manufacturing, with non-U.S. economies likely to gain from U.S. demand spillover [4][14] Group 2 - The report notes that China's export characteristics show a significant increase, particularly to ASEAN and the U.S., indicating a "grab export" trend that may continue in the short term [9][10] - Social financing in December showed a year-on-year increase of 918.1 billion yuan, reflecting a positive shift in financing structure and government and household leverage [13][15] - The U.S. inflation data for December met expectations, with a year-on-year CPI of 2.9%, indicating a structural change where goods inflation is strong while service inflation is weak [14][16] Group 3 - The report indicates a broad market rebound, with small-cap stocks leading the gains, particularly in the technology and advanced manufacturing sectors [18][28] - The report identifies that the internet e-commerce and advertising sectors have outperformed, while traditional sectors like white goods and large state-owned banks have lagged [29][30] - Foreign capital index positions showed a divergence, with improvements in IM and IH positions, while IC and IF net short positions widened [37][39]