Core Conclusion - The recent high-frequency changes indicate three main trends: improvement in second-hand housing sales, continued weakness in new housing sales, and rising prices of major commodities [1][2]. Group 1: Supply - Upstream operating rates show divergence, with a slight recovery in coking and asphalt, while high furnace and cement dispatch rates have declined. The average operating rate of high furnaces decreased by 0.4 percentage points to 78.7% [3][18]. - In the downstream sector, the operating rate of automotive semi-steel tires increased by 6.9 percentage points to 74.0%, while the operating rate of polyester filament saw a seasonal decline [21]. Group 2: Demand - Second-hand housing sales continued to improve, while new housing sales remained weak. From January 1 to 23, the average transaction area of new homes in 30 major cities decreased by 55.1% month-on-month, with a year-on-year decline of 38.6% [5][34]. - In contrast, second-hand housing sales in 18 key cities remained stable, with a month-on-month increase of 22.5%, indicating a potential recovery [34]. Group 3: Prices - Most upstream commodity prices have risen, with Brent crude oil prices increasing by 5.4% month-on-month, while LME copper prices rose by 2.1% [7][38]. - The average price of rebar increased by 0.2% month-on-month, while cement prices fell by 1.7% [8][46]. Group 4: Inventory - Industrial metal inventories have increased, with steel and electrolytic aluminum inventories rising by 0.3% and 5.8%, respectively [10][54]. - The average coal inventory in coastal power plants decreased by 3.7% month-on-month, while U.S. crude oil and petroleum product inventories increased by 14.76 million barrels [10][52]. Group 5: Transportation and Logistics - Chinese export freight rates have rebounded, with the CCFI index rising by 1.2% month-on-month [13][61]. - The number of commercial flights increased by 2.6% month-on-month, while subway ridership in 10 key cities saw a slight decline [58]. Group 6: Liquidity - The central bank implemented a net liquidity injection of 10,423 billion yuan through OMO, with a focus on easing monetary conditions [15][65]. - The yield on 10-year government bonds decreased by 2.1 basis points, reflecting a broader trend of declining interest rates [67].

1月25日上午，北京市十六届人大四次会议隆重开幕。市长殷勇作市人民政府工作报告。报告字里行间 凝聚着首都新时代的奋进力量，既蕴含发展动能，也饱含民生温度。识政君（ID：PoliticalInside）从中 提炼出12个创意字来解读报告，邀你一起回望北京奋进过往，共赴"十五五"开局新征程。 ↓↓↓ "十四五"时期，北京地区生产总值年均增长5.2%，经济总量连续迈上4万亿、5万亿两个台阶，蹚出一条 减量背景下超大城市转型发展的新路子，实现"十四五"圆满收官。 2026年是"十五五"开局之年，做好各项工作意义重大。新的一年要怎么干？一起来看看北京重点工作 ↓↓↓ 我在现场，为你识政 911篇原创内容 公众号 文字统筹 | 杨旗策划 | 李俊瑶 杨旗美编 | 赵凯峰 温辉 关印 吴薇摄影 | 邓伟 武亦彬 程功 潘之望监制 | 刘 菲菲 刘昊 付堃 预览时标签不可点 来源：识政 —— 识政 ...

Group 1 - The meeting emphasized the importance of focusing on key tasks, such as project initiation and investment promotion, to ensure a strong start in the first quarter [2] - The agenda includes enhancing agricultural production management, industrial capacity release, and promoting consumption through effective policies and activities [2] - The meeting highlighted the need for collaboration and accountability among various local leaders to achieve effective outcomes and maintain risk management [3] Group 2 - The city aims to strengthen industrial clusters, upgrade technology, and foster new growth drivers to promote industrial advancement [2] - Initiatives like "Binhai Enterprises Create the World" will be implemented to support businesses in expanding their international markets [2] - The focus on public welfare includes ensuring supply stability, price control, and community support to enhance the quality of life for residents [2]

央视网消息（新闻联播）：本台播发央视快评《扎实做好各项工作，努力实现"十五五"良好开局》。 ...

Group 1 - The core viewpoint emphasizes that in 2025, China's economy will continue to progress under pressure, showcasing characteristics of "stability, progress, innovation, and resilience" [1] - The year 2025 marks the beginning of the "14th Five-Year Plan," indicating a critical phase for China's economic development [1] - Experts are called upon to provide insights on how China can elevate its economic performance in the upcoming stages [1] Group 2 - The phrase "stability, progress, innovation, and initial" is used to depict a new vision for development towards higher quality growth [2]

Group 1 - The core viewpoint emphasizes that optimizing the business environment is crucial for Liao Yang's development and will serve as a breakthrough point for economic growth [1] - Liao Yang aims to address various challenges through six key initiatives, including resolving historical issues, clearing enterprise debts, and implementing measures that benefit businesses and the public [1] - The city plans to enhance domestic demand by expanding investment, promoting consumption, and boosting cultural tourism through over 300 unique events [1] Group 2 - Liao Yang is focused on industrial transformation and upgrading, with an emphasis on digital empowerment and technological innovation to address financing challenges for tech companies [2] - The city aims to elevate five key industrial clusters, including fine chemicals and intelligent equipment, while also developing a low-altitude economy and advanced energy storage [2] - Liao Yang is committed to improving the quality of life for its residents by investing in housing, community development, and public safety initiatives [2] Group 3 - The leadership in Liao Yang emphasizes the importance of comprehensive party leadership and the role of officials in achieving effective governance and results [3]

1月20日，全市街道（乡镇）党（工）委书记工作交流会召开。省委常委、市委书记盛 阅春出席会议并强调，要深入学习贯彻党的二十届四中全会精神和习近平总书记考察湖北重 要讲话精神，认真落实省委、省政府部署要求，锚定全力打造"五个中心"、全面建设现代化 大武汉的奋斗目标，以"起步即冲刺、开局即决战"的奋进姿态，拼抢一季度、夺取"开门 红"，确保"十五五"开好局、起好步。 会上，江岸区一元街道、硚口区汉水桥街道、江汉区唐家墩街道、汉阳区江堤街道、东 西湖区径河街道、洪山区洪山街道、武汉经开区（汉南区）纱帽街道、黄陂区王家河街道等 8个街道和江夏区江夏经济开发区的党工委书记，东湖高新区武汉光谷智能制造产业园建设 服务中心负责同志作交流发言。 市委常委，市人大常委会、市政府、市政协领导班子成员，市中级人民法院院长、市人 民检察院检察长，其他副市级、正厅级领导同志等参加会议。会议以视频形式召开，各区 （开发区、功能区）设分会场。 编辑：胡之澜 盛阅春强调，今年是"十五五"开局之年。街道（乡镇）是实现目标、落实工作的前沿阵 地，要坚决扛牢责任、实干担当，强化政治意识、责任意识、高地意识、竞进意识、协调意 识、党建意识，择高而立 ...

Group 1 - The core viewpoint emphasizes the importance of the recent provincial meeting in guiding the development direction of Boli County, focusing on the "eight key efforts" and the development paths of "agriculture-led, industry-strong, green-promoting, and characteristic-rich" [1] Group 2 - Boli County plans to showcase new initiatives and inject new momentum into the revitalization of Heilongjiang by constructing a modern industrial system, with a focus on major projects like the 8.045 billion yuan Jiulong pumped storage power station [2] - The county aims to stabilize grain production at over 1 billion jin while promoting the development of specialty products such as the Boli blue indigo fruit and black sweet grapes, enhancing the local agricultural economy [2] - Key reforms will be implemented to enhance county development vitality, including deepening state-owned enterprise reforms and completing the "management committee + company" reform [2] Group 3 - Environmental improvements will be prioritized, including the upgrade of sewage treatment plants and the restoration of historical mining sites, to ensure compliance with environmental standards [3] - The county will focus on enhancing urban functionality and quality of life through initiatives like the renovation of old neighborhoods and the establishment of community service centers [3] - Efforts will be made to improve public services and social governance, aiming to increase the sense of gain, happiness, and security among residents [3]

Group 1 - The core policy direction of the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission remains stable, focusing on steady growth, promoting high-quality development, and risk prevention [1][2][3] - In monetary policy, the central bank emphasizes the importance of promoting high-quality economic development and reasonable price recovery as key considerations, while flexibly using various monetary policy tools [2][9] - The financial "five major articles" policy framework will be further improved in 2026, aiming to optimize the financial supply structure and inject lasting internal momentum into economic development [2][10] Group 2 - The emphasis on risk prevention remains clear, with the central bank proposing to improve macro-prudential and financial stability management tools, while the regulatory bodies focus on addressing existing risks and preventing new ones [3][10] - There is an increased focus on collaborative efforts among the three departments, recognizing that single-department actions have limited marginal effects in the current economic environment [4][11] - The 2026 work priorities show a shift towards more forward-looking and institutionalized arrangements, with a clear focus on the "15th Five-Year Plan" and the establishment of mechanisms to support capital markets [5][13]

Core Viewpoint - The State Council Information Office will hold two press conferences on January 20 to discuss economic-related topics, focusing on the implementation of the Central Economic Work Conference and the role of proactive fiscal policy in promoting high-quality economic and social development [1]. Group 1: Economic Policy Implementation - The morning press conference at 10 AM will feature Wang Changlin, Deputy Director of the National Development and Reform Commission, who will discuss the implementation of the Central Economic Work Conference's spirit and the efforts to ensure a good start for the 14th Five-Year Plan [1]. - The press conference will also include a Q&A session for journalists to inquire about specific measures and strategies related to economic policy [1]. Group 2: Fiscal Policy Role - The afternoon press conference at 3 PM will have Liao Min, Deputy Minister of Finance, presenting on the role of proactive fiscal policy in driving high-quality economic and social development [1]. - Similar to the morning session, this conference will also provide an opportunity for journalists to ask questions regarding fiscal measures and their expected impact on the economy [1].