Economic Indicators - As of January 25, 2026, the ECI supply index is at 50.06%, up 0.10 percentage points from the previous week, while the demand index remains stable at 49.84%[8] - The ECI investment index is at 49.83%, unchanged from last week, and the consumption index is at 49.65%, down 0.01 percentage points[8] - The ECI export index has increased to 50.22%, up 0.02 percentage points from last week[8] Industrial Production - The operating rate for automotive full steel tires has improved by 20.6 percentage points year-on-year, while the cement shipment rate has increased by 13.4 percentage points compared to the same period last year[2] - The overall industrial production shows significant improvement due to the timing of the Spring Festival, with various industries experiencing better operating rates compared to last year[17] Real Estate Market - The sales growth of second-hand homes continues to recover, with a year-on-year increase of approximately 10.9% for the week of January 17-23, 2026, marking the first positive year-on-year change since October 2025[2] Consumer Market - The retail sales of passenger cars are expected to rebound from a year-on-year decline of -14.0% in December 2025 to a growth of 0.3% in January 2026[2] - The "trade-in" policy has shown positive effects, with significant improvements in appliance sales during the week of January 12-18, 2026[2] Export Performance - The cumulative cargo throughput at monitored ports in January 2026 is recorded at an average of 25,967.4 million tons, reflecting a year-on-year growth of approximately 3.5%[2] - January exports are expected to maintain strong resilience, supported by a higher number of working days compared to the previous year[2] Inflation Trends - The average wholesale price of pork has increased to 18.48 yuan/kg, showing a marginal recovery, while the average price of 28 key monitored vegetables is at 5.65 yuan/kg, also reflecting a slight increase[44] - The CPI is expected to continue rising due to the seasonal demand for food products and the increase in international oil prices[2] Monetary Policy - The MLF (Medium-term Lending Facility) has been preemptively rolled over with an excess of 9,000 billion yuan, indicating a total liquidity injection of 1 trillion yuan in January 2026[16] - The ELI index stands at -0.71%, having increased by 0.07 percentage points from the previous week, indicating a slight improvement in liquidity conditions[13] Risk Factors - Uncertainties remain regarding U.S. tariff policies and the potential for policy measures to fall short of market expectations[59] - The sustainability of improvements in the real estate market is still under observation[59]

Economic Indicators - The weekly ECI supply index is at 50.07%, down 0.03 percentage points from last week, while the demand index is at 49.92%, down 0.01 percentage points[6] - The monthly ECI supply index for July is at 50.11%, down 0.05 percentage points from June, and the demand index is at 49.92%, down 0.01 percentage points[7] - In July, the sales area of commercial housing in 30 major cities recorded 6.49 million square meters, a year-on-year decline of 18.6%, widening from June's 8.4%[6] Bond Market and Tax Adjustments - The ELI index as of August 3, 2025, is -0.72%, up 0.09 percentage points from last week, indicating a slight recovery in liquidity for the real economy[10] - The adjustment of the bond value-added tax may lead to increased allocation of funds to non-financial corporate bonds and other real economy assets[12] - The People's Bank of China plans to expand the issuance of technology innovation bonds, which may compress the yield spread of direct financing tools for the real economy[12] Industrial Production and Consumption - The operating rate for full steel tires is 61.08%, down 3.94 percentage points from the previous week, while the operating rate for semi-steel tires is 74.45%, down 1.42 percentage points[15] - The average daily sales of passenger cars for the week ending July 27 is 66,611 units, a year-on-year increase of 1,244 units, with total retail sales for July at 1.445 million units, up 9.0% year-on-year[20] Export and Inflation Trends - The export container freight index for Shanghai is at 1,550.74 points, down 41.85 points from the previous week, indicating a decline in export shipping costs[31] - The average wholesale price of pork is 20.55 yuan/kg, down 0.17 yuan/kg from the previous week, while the price of 28 monitored vegetables is 4.42 yuan/kg, up 0.03 yuan/kg[36]