每日市场观察-20260121

Market Performance - On January 20, the three major indices collectively closed lower, with the Shanghai Composite Index down 0.01%, the Shenzhen Component down 0.97%, and the ChiNext Index down 1.79%[3] - The total trading volume in the Shanghai and Shenzhen markets reached 28,044 billion, an increase of 720 billion compared to Monday, indicating strong market support[1] Policy and Economic Outlook - The National Development and Reform Commission (NDRC) plans to formulate a strategy for expanding domestic demand from 2026 to 2030, aiming to create new demand through new supply[1] - The NDRC announced a more proactive fiscal policy and moderately loose monetary policy to promote price recovery, with a focus on the interaction between economic growth and price increases[5] Industry Trends - The sectors with the highest inflow of main funds on January 20 were power, infrastructure, and chemical products, while the sectors with the highest outflow were communication equipment, batteries, and military electronics[4] - The NDRC is planning to promote significant projects in high-tech industries during the 14th Five-Year Plan period, with the digital economy expected to reach 49 trillion yuan by 2025, accounting for approximately 35% of GDP[7] Consumer Policies - The personal consumption loan interest subsidy policy has been extended until the end of 2026, allowing eligible residents to enjoy interest subsidies on qualifying consumption during this period[9] - A national unified subsidy standard for vehicle scrapping and replacement will be implemented, optimizing fund allocation based on consumption potential and policy execution[8] Investment Initiatives - A special guarantee plan for private investment has been announced, with a scale of 500 billion yuan, aimed at supporting loans for small and micro enterprises[12] - The NDRC is studying the establishment of a national-level merger fund to enhance government investment and fund layout planning[14]