宏观周报：民营经济发展新局面，AI领域风云再起

Domestic Developments - The confidence of private entrepreneurs is expected to improve following a meeting chaired by Xi Jinping on February 17, 2025, aimed at discussing challenges and opportunities for private enterprises[6] - The new energy storage manufacturing industry is entering a fast track, with a high-quality development action plan issued by eight government departments on February 17, 2025, to enhance industry concentration and support leading companies with technological and brand advantages[8] - In January 2024, private fixed asset investment was 25.7574 trillion yuan, a slight decline of 0.1%, but private project investment excluding real estate development grew by 6.0%[7] Real Estate Market - The sales prices of new residential properties in 70 large and medium-sized cities showed a positive trend in January 2025, with first-tier cities continuing to see price increases[11] - In January, new residential property prices in first-tier cities rose by 0.1% month-on-month, while second-tier cities saw a slight increase of 0.1% for the first time since June 2023[12] International Developments - Japan's economy grew by 2.8% year-on-year in Q4 2024, exceeding expectations, but the annual GDP growth was only 0.1%, the lowest since the pandemic[16] - The U.S. Federal Reserve members indicated that inflation is expected to gradually decrease, suggesting a cautious approach to monetary policy, with no immediate plans for rate cuts[18] - The European Central Bank is approaching a potential pause in interest rate cuts, with discussions expected in March regarding the current monetary policy stance[22] High-Frequency Data - Brent crude oil prices increased by 0.35% week-on-week, while copper and iron ore prices decreased by 0.22% and 0.76%, respectively[24] - Real estate sales in 30 major cities rose by 0.37% week-on-week, with first-tier cities seeing a significant increase of 15.02%[37]