政治局会议布局2026年经济工作，更加积极有为的宏观政策还需提升效能

Index Performance - The Hang Seng Index (HSI) closed at 25,765, down 1.2% for the day but up 28.4% year-to-date (YTD) [2] - The Hang Seng China Enterprises Index (HSCEI) also fell 1.2% to 9,084, with a YTD increase of 24.6% [2] - The MSCI China index decreased by 0.7% to 85, with a YTD rise of 30.7% [2] Commodity Price Performance - Brent Crude oil prices dropped by 2.0% to US$62 per barrel, reflecting a YTD decline of 12.4% [3] - Gold prices increased slightly by 0.2% to US$4,191 per ounce, showing a significant YTD rise of 59.7% [3] - Copper prices rose by 1.5% to US$11,621 per ton, with a YTD increase of 32.5% [3] Key Macro and Earnings Releases - New Yuan Loans in China YTD reached CNY 15,393.8 billion, slightly below the consensus of CNY 15,393.8 billion [4] - Aggregate Financing in China YTD was CNY 33,098.0 billion, also below the consensus of CNY 33,098.0 billion [4] - The Consumer Price Index (CPI) in China showed a YoY increase of 0.2%, below the consensus of 0.7% [4] Economic Outlook - The December Politburo meeting emphasized proactive macroeconomic policies, focusing on expanding domestic demand as a top priority for 2026 [6][7] - The meeting highlighted the need for improving the quality and effectiveness of economic work, indicating a potential moderation in the easing momentum of policies [8]