宏观经济周报：冬季不淡，经济迎暖冬-20260110

Economic Indicators - In December, China's manufacturing PMI returned above the growth line, indicating a positive economic recovery despite it being a traditional off-season[1] - The high-frequency macro diffusion index from Guosen also showed a significant seasonal rebound in December compared to November, confirming substantial improvement in domestic economic conditions[1] Policy Support - The recovery was primarily supported by the accelerated implementation of 500 billion yuan in policy financial tools and 500 billion yuan in local government bond limits, effectively boosting physical work output and manufacturing production[1] - Positive signals emerged in pricing, with the manufacturing output price index rising for two consecutive months, and both CPI and PPI turning positive in December, reflecting the effectiveness of policies aimed at improving supply-demand relationships[1] GDP Growth Forecast - Economic data for December is expected to show improvement compared to November, with Q4 GDP growth projected to reach around 4.5%, supporting the annual growth target of approximately 5%[2] - The delayed timing of the 2026 Spring Festival to February and the early allocation of 62.5 billion yuan in national subsidies are expected to sustain the current economic recovery momentum[2] Risks - There are risks associated with overseas market volatility, which may introduce uncertainties into the economic outlook[2]