春节假期要闻与投资参考

Economic Indicators - In January 2024, the manufacturing PMI was 49.1, down 1.0 percentage points from the previous month, indicating a contraction in manufacturing activity[10] - The non-manufacturing business activity index was 50.2, down 2.0 percentage points, but still above the critical point, suggesting continued expansion in the services sector[10] - In January 2025, the average price of second-hand residential properties in 100 cities was 14,130 CNY/sqm, down 0.51% month-on-month and down 7.22% year-on-year[19] Industrial Performance - In 2024, the revenue of large-scale industrial enterprises increased by 2.1% year-on-year, while total profits decreased by 3.3% to 74,310.5 billion CNY[7] - High-tech manufacturing profits grew by 4.5%, outperforming the average industrial profit growth by 7.8 percentage points[7] - The equipment manufacturing sector showed resilience, with five out of eight industries reporting profit growth in 2024[7] Financial Market Trends - The bond market issued 79.3 trillion CNY in various bonds in 2024, a year-on-year increase of 11.7%[12] - By the end of 2024, the bond market's custody balance reached 177.0 trillion CNY, up 12.1% year-on-year[12] - The stock market saw the Shanghai Composite Index rise by 12.7% to 3,351.8 points by the end of 2024[13] Innovation and R&D - In 2024, China's total R&D expenditure exceeded 3.6 trillion CNY, marking an 8.3% increase from the previous year[26] - The R&D intensity reached 2.68% of GDP, ranking 12th globally and surpassing the EU average of 2.11%[26] - High-tech manufacturing value added grew by 8.9%, significantly higher than the overall industrial growth rate of 5.8%[26] Trade and Tariffs - In 2024, China's service trade volume exceeded 1 trillion USD for the first time, with a total import and export value of 75,238 billion CNY, up 14.4% year-on-year[28] - The travel service sector experienced the fastest growth, with a total import and export value of 20,511.5 billion CNY, increasing by 38.1%[29] - In response to U.S. tariffs, China announced countermeasures, including additional tariffs on U.S. imports starting February 10, 2025[31][32]