国内高频指标跟踪（2026年第3期）：集中开工热度高

Policy Initiatives - The Ministry of Commerce has outlined eight key priorities for 2026, focusing on boosting consumption through brand development and enhancing the market system[6] - The central bank is expanding support for service consumption and pension loans, indicating a coordinated effort to stimulate demand[6] Infrastructure and Real Estate - High-frequency data shows a concentrated release of construction demand in infrastructure and real estate, with significant year-on-year increases in steel and cement production[9] - New contracts for infrastructure projects in December showed a positive year-on-year growth, indicating accelerated project initiation in the "14th Five-Year Plan" period[9] Production and Trade - Most production indicators are rebounding, with strong performance in steel, PVC, and lithium battery production, while coal consumption is lower due to a mild winter[9] - External trade shows a divergence, with domestic ports performing strongly while South Korean exports weakened due to seasonal factors[9] Price Trends - Industrial product prices continue to rise, with the South China comprehensive index increasing by 2.2% month-on-month[11] - The iCPI index has shown a marginal increase to 5.9%, indicating a slight improvement in consumer prices excluding food and housing[11] Financial Conditions - The central bank's net fund injection was 812.8 billion yuan, maintaining reasonable liquidity in the market[11] - The 10-year bond yield decreased by 3.6 basis points to 1.84%, reflecting a favorable borrowing environment[11] Risks - There are uncertainties regarding trade dynamics and the potential for domestic demand recovery to fall short of expectations[9]