（来源：邯郸日报） 转自：邯郸日报 全国重点零售和餐饮企业日均销售额较2025年春节假期增长5.7％、超28亿人次跨区域出行、国内出游 5.96亿人次、国内出游总花费8034.83亿元、北京轨道交通27个在建标段不停工……长达9天的"最长春节 假期"里，一幕幕火热的消费画面、不断刷新的项目建设"进度条"，折射出内需动力愈发强劲。 春节是消费旺季，长假制度优化释放的时间红利，进一步激发消费活力。 假期"加时"，点燃文旅市场。中国旅行社协会联合途牛发布报告称，途牛用户今年春节人均出游天数达 5.9天，较上年增加1.1天。马蜂窝大数据显示，5天以上的长线出游订单量占比达到59.6％。 当春节遇上冬奥，冰雪运动热持续升温。大年初二，在重庆丰都南天湖国际滑雪场，十几栋小木屋暖意 融融，蜿蜒雪道上人影攒动。 大年初三，在长沙悦方商场的"跟着电影逛市集"活动现场，市民李女士拿着电影票根，在市集上挨 个"打卡"。"我们一家三口看完《熊出没·年年有熊》，凭票根买了不少打折小吃、文创产品。"李女士 说。 作为首批"电影＋"消费综合试点城市之一，长沙创新推出"电影＋市集"消费新场景，用一张电影票串起 千店百业，丰富市民游客假日生活 ...

Economic growth in the Czech Republic accelerated last year, driven mainly by domestic demand as households increased spending fueled by rising incomes https://t.co/wq5bF9PK9h ...

Core Insights - China's consumer inflation showed a mild increase in December, indicating a slight uptick in consumer prices amid ongoing economic challenges [1] - Factory-gate prices, however, continued to experience contraction, reflecting persistent deflationary pressures within the manufacturing sector [1] - The overall economic environment remains characterized by weak domestic demand, which has been a significant factor contributing to deflationary trends throughout the year [1] Consumer Inflation - Consumer inflation in China picked up mildly in December, suggesting a potential shift in consumer spending patterns [1] - This increase in consumer prices may indicate a gradual recovery in consumer confidence, although it remains fragile [1] Factory-Gate Prices - Factory-gate prices remained in contraction, highlighting ongoing challenges faced by manufacturers in passing on costs to consumers [1] - The persistent contraction in factory-gate prices suggests that manufacturers are under pressure, which could impact profitability and investment in the sector [1] Domestic Demand - Weak domestic demand continues to be a significant issue for the Chinese economy, contributing to deflationary pressures [1] - The lack of robust consumer spending may hinder economic recovery and growth prospects in the near term [1]

Economic Indicators - Japan's economy contracted at a 2.3% annual pace in the July-September quarter, marking the first decline in six quarters [3] - The Bank of Japan's quarterly "tankan" survey showed a slight improvement in sentiment among big manufacturers, with optimism rising to 15 from 14, the highest level in four years [1][3] Investment Trends - Investment in fixed assets in China fell by 2.6% in November year-on-year, indicating a drop of 11.1% year-on-year in the first 11 months of the year [5] - Retail sales in China rose by 4% from January to November, while factory output increased by 4.8% [5] Market Reactions - Tokyo's Nikkei 225 index fell by 1.3% to 50,168.11, while the Hang Seng index in Hong Kong declined by 1.4% to 25,625.60 [1][7] - Bitcoin's price dropped below $88,000 early Monday from about $92,000, recovering to just over $90,000 later in the day, as higher interest rates are expected to draw investment back into Japan [4]

Core Viewpoint - Hong Kong's share-sale market has experienced a significant turnaround in 2023, becoming the leading fundraising hub in Asia, with share sales nearly quadrupling to over $73 billion, driven by strong demand from Chinese companies [1][2][3]. Group 1: Market Performance - Share sales in Hong Kong reached more than $73 billion through various methods, making it the top fundraising location in Asia for the first time since 2013, ranking just behind the US globally [2]. - The Hong Kong IPO pipeline is robust, with approximately 300 companies waiting to list, indicating a healthy market outlook [5]. - The Hang Seng Index has gained 29.5% this year, marking its best performance since 2017, although signs of weakness have emerged in the fourth quarter [11]. Group 2: Key Drivers - Chinese companies have been pivotal in driving the share-sale frenzy, with major listings such as Contemporary Amperex Technology Co. raising $5.3 billion, and both BYD Co. and Xiaomi Corp. raising over $5 billion each [3][8]. - The market has benefited from China's ambitions in artificial intelligence, biotechnology advancements, and efforts to boost domestic demand [8]. - Sectors aligned with China's strategic goals, such as technology and advanced manufacturing, are expected to remain active in pursuing IPOs [8]. Group 3: Future Outlook - Heavyweight candidates for future listings include companies like Syngenta Group and A.S. Watson Group, alongside potential listings from China's AI sector [9]. - The market's ability to absorb the upcoming supply of IPOs will depend on valuation and broader stock market performance [10]. - Despite the current optimism, there are concerns regarding the sustainability of high valuations, as many newly listed companies in India are trading below their debut prices [15].

Credit Growth and Economic Indicators - Financial institutions extended ¥392 billion ($55.6 billion) of new yuan loans in November, falling short of the median forecast of ¥450 billion, indicating weak credit growth [1][6] - Household loans contracted for the second consecutive month, marking the first such occurrence since 2005, reflecting a trend of net debt repayment by residents due to a bleak job market and deteriorating housing market [1][6] - New medium- and long-term corporate loans weakened compared to the previous year, suggesting a lack of demand for business expansion [2][6] - Bill financing, a tool used by banks to inflate lending, more than doubled, indicating dire business demand [2][6] Future Outlook - Credit growth is expected to remain weak in the coming months, with subdued loan demand anticipated due to elevated real lending rates amid deflation [3][6] - The growth rate of the credit stock accelerated earlier in the year but has slowed recently, attributed to government bond sales and weakening economic momentum [6] EU Import Duties - The European Union finance ministers agreed to impose a three-euro duty on all small parcels imported into the bloc starting July 1, 2026, to address the influx of cheap imports, primarily from China [7][10] - This decision follows the removal of a duty exemption for packages valued under €150 ($174), which was commonly used for direct consumer imports from Chinese platforms [8][10] - In the previous year, 4.6 billion small packages entered the EU, with 91% originating from China, and the EU expects this number to rise [10]

Key economic data for November are set to show China’s domestic demand remained subdued — or even weakened further — offsetting the country’s solid performance in exports https://t.co/GYQofOZNto ...

Economic Policy Meeting - Investors are anticipating a key economic policy meeting with President Xi Jinping and other leaders, seeking signals to sustain the stock rally that has occurred this year [1] - The annual Central Economic Work Conference is crucial as it sets the macroeconomic agenda for the following year, with the market looking for new catalysts to extend its solid performance [1] Fiscal and Monetary Policy Expectations - Investors expect Beijing to maintain a proactive fiscal stance and accommodative monetary policy in 2026, focusing on stronger domestic demand, technological innovation, and reducing excess capacity in the green economy [2] - Analysts highlight that fiscal policy will be a major focus, with potential front-loading of fiscal spending or deficits likely benefiting small-cap and high-beta consumer-discretionary companies, such as retailers [3] Market Performance and Economic Fundamentals - The CSI 300 Index has increased by 17% this year, outperforming the S&P 500's 16% gain, while the technology board of the Shanghai Stock Exchange has surged by 36% [4] - Recent data indicates a broadening economic slowdown and a continued decline in property prices, which has affected the market's ability to build on recent gains [4] Policy Priorities - An earlier Politburo meeting chaired by Xi Jinping has outlined priorities for the upcoming conference, emphasizing domestic consumption and technological self-reliance for 2026, along with continued fiscal expansion and monetary easing [5][6] - The meeting's readout did not specifically address the property sector or capital markets, indicating a potential shift in focus [6]

US-China Trade Dynamics - Chinese companies still rely on the American market, despite double-digit falls in exports to the US over the past eight months [2][3] - China's exports to the US are being rerouted through third countries like Vietnam, Thailand, Malaysia, Philippines, Indonesia, and Mexico [3] - If Chinese companies completely lost access to the American market, their profits would significantly decrease [4] China's Economic Strategy - China is diversifying its trade relationships, indicating that the US is not the only market for Chinese goods [4] - The primary focus is on the weakness of Chinese domestic demand and the country's increasing ability to meet its own needs domestically [5] - The Politburo has decided to prioritize boosting domestic demand in 2026 [6] Stimulus and Import Reliance - The expected stimulus is not very large, limiting its impact [8] - Chinese companies are increasingly capable of filling domestic demand gaps, reducing reliance on imports [8][9] - China is less reliant on imports than ever before, diminishing the flow-through effects of domestic rebalancing to foreign countries compared to the 2008 stimulus [9][10]

Myanmar’s economic growth remains constrained due to weak domestic demand, labor shortages and frequent power outages, with the nation only seeing moderate signs of recovery in the first half of the current fiscal year, the World Bank says https://t.co/DeqYxY9fOG ...