NJBK(SH:601009) Nan Jing Yin Hang·2026-01-21 10:24Economic Overview - Domestic demand continues to weaken, with fixed asset investment declining by 3.8% year-on-year, a decrease of 1.2 percentage points from the previous value[7] - Real estate investment dropped by 17.2%, down 1.3 percentage points, indicating ongoing weakness in the sector[9] - Consumer spending growth fell to 0.9% in December, a decline of 0.4 percentage points from the previous month, with annual growth at 3.7%[12] - The unemployment rate remained stable at 5.1%, with a decrease in hiring demand across various sectors[15] Inflation and Production - CPI rose by 0.8% year-on-year in December, up 0.1 percentage points, indicating a mild inflationary trend[41] - PPI increased by 0.2% month-on-month, with a year-on-year decline of 1.9%, narrowing by 0.3 percentage points from the previous month[49] - Industrial production growth for the year was 5.9%, with high-tech industries showing a 9.4% increase, reflecting strong competitiveness[37] Monetary Policy and Liquidity - The central bank implemented an unexpected structural interest rate cut, maintaining a stable liquidity environment[56] - Short-term funding rates remained stable, with DR001 averaging 1.31% and DR007 at 1.48%[58] - Social financing growth slowed, with a notable decrease in government bond issuance impacting overall financing[74]