Economic Overview - In 2025, China's GDP reached 1401879 billion yuan, growing by 5.0% year-on-year, with quarterly growth rates of 5.4%, 5.2%, 4.8%, and 4.5% respectively [1][8] - The contribution rates to economic growth from final consumption expenditure, gross capital formation, and net exports of goods and services were 52%, 15.3%, and 32.7% respectively for the year [7][8] Consumer Spending - The total retail sales of consumer goods for 2025 amounted to 501202 billion yuan, reflecting a year-on-year increase of 3.7%, slightly up from 3.5% in the previous year [3][10] - In December, retail sales showed a year-on-year growth of 0.9%, with a month-on-month decline of 0.12% [3][10] Fixed Asset Investment - Total fixed asset investment (excluding rural households) for 2025 was 485186 billion yuan, down 3.8% from the previous year, with a notable decline in real estate investment by 17.2% [5][12] - Infrastructure investment decreased by 2.2%, while manufacturing investment saw a slight increase of 0.6% [12] Economic Trends - The economic performance in 2025 exhibited a pattern of high growth in the first half followed by a slowdown in the second half, attributed to reduced fiscal support and a weakening real estate market [9] - The decline in investment growth since the second quarter has been a significant drag on economic performance, prompting a focus on stabilizing investment in 2026 [12][15] Future Outlook - For 2026, there are expectations for a stabilization in investment, particularly in infrastructure, with a potential recovery in consumer spending driven by increased fiscal support [15][16] - Manufacturing investment is anticipated to continue evolving, focusing on high-tech industries and technological upgrades, despite short-term fluctuations [17]

齐鲁晚报·齐鲁壹点 夏侯凤超 李梦瑶 杜春娜 于泊升 1月19日，济南市人大代表，济南市住房和城乡建设局党组书记、局长亓伟在接受齐鲁晚报·齐鲁壹点专 访时表示，2026年，济南支持商品房"以旧换新"，鼓励房企促销，支持高品质住宅项目开发，充分释放 刚性和改善性住房需求潜力。 2025年实施城市更新项目92个 亓伟介绍，在城市更新方面，2025年济南出台省内首部城市更新领域地方性法规《济南市城市更新条 例》，全年实施城市更新项目92个，成功入选2025年度中央财政支持实施城市更新行动城市；舜泰广场 智慧停车项目、"一城山色"生态修复项目入选全国城市更新典型案例。 基础设施建设方面，济南新增供热面积1700万平方米，全市集中供热面积达4亿平方米，覆盖居民约290 万户；完成87.4公里供热管网改造、99.7公里老化燃气管道更新改造、75栋既有住宅楼供热改造；海绵 城市面积达到382.38平方公里。 群众安居方面，济南积极探索构建房地产发展新模式，打造智想城高品质居住示范区；20个项目入选市 级高品质住宅试点，24个项目入选省级试点，省级试点数量居全省首位；住房保障体系实现租购并举， 累计筹集配租型保障性住房18. ...

北京商报讯（记者 程靓）1月19日，国家统计局发布数据显示，2025年全年全国固定资产投资（不含农 户）485186亿元，同比下降3.8%；扣除房地产开发投资，全国固定资产投资下降0.5%。分领域看，基 础设施投资下降2.2%，制造业投资增长0.6%，房地产开发投资下降17.2%。全国新建商品房销售面积 88101万平方米，下降8.7%；新建商品房销售额83937亿元，下降12.6%。分产业看，第一产业投资增长 2.3%，第二产业投资增长2.5%，第三产业投资下降7.4%。民间投资下降6.4%；扣除房地产开发投资， 民间投资下降1.9%。高技术产业中，信息服务业，航空、航天器及设备制造业投资分别增长28.4%、 16.9%。12月，固定资产投资（不含农户）环比下降1.13%。 ...

Core Viewpoint - The city plans to commence 160 major investment projects in the first quarter, with a total investment of approximately 518.8 billion yuan, which is expected to positively influence economic recovery and market confidence [1] Group 1: Investment Projects Overview - A total of 160 key projects will be initiated, focusing on significant investment and demonstration effects, as well as strong regional driving forces [1] - The total investment for these projects is around 518.8 billion yuan [1] Group 2: Focus Areas of the Projects - The projects are concentrated in four main areas: - Modern industrial system construction, including 36 projects such as the Haibo Sichuang energy storage system super factory and AI innovation district [1] - Modern infrastructure system construction, with 55 projects like the Fengtai 500 kV transformer substation and the overall enhancement of the road network in Zhongguancun Science City [1] - Livelihood improvement initiatives, featuring 45 projects such as Beijing Sixth Experimental School and Xuanwu Hospital Fangshan District [1] - Urban renewal actions, including 24 projects like the protective renovation of Yinzha Hutong in Dongcheng District and the shantytown renovation in Yuegezhuang Village, Fengtai District [1] Group 3: Future Investment Plans - By 2026, the city will continue to implement the "3 100" key engineering projects, with a total investment exceeding 1.4 trillion yuan for 300 key projects [1] - An investment of approximately 312.8 billion yuan is planned for completion in 2026, which will support over 30% of the city's total investment [1]

Group 1: Economic Stimulus Plan Overview - Japan's cabinet approved a fiscal stimulus plan worth 28.1 trillion yen (approximately 273 billion USD) aimed at infrastructure investment and public service improvement[2] - The plan includes 13.5 trillion yen in fiscal stimulus, 7.5 trillion yen in new national and local budget expenditures, and 6 trillion yen in low-interest fiscal investments and loans[2] - The government expects the stimulus measures to boost economic growth by 1.3%[2] Group 2: Challenges and Limitations - The actual impact of the stimulus plan is limited, with only 6.2 trillion yen directly stimulating the economy, and only 4.6 trillion yen allocated for the current fiscal year, equivalent to 0.9% of Japan's GDP[3] - The plan lacks accompanying structural reforms and monetary policy support, which are crucial for long-term economic growth potential[3] - The Bank of Japan's decision to maintain a -0.1% interest rate without further easing measures limits the effectiveness of the stimulus[3] Group 3: Financial Implications - The stimulus plan may exacerbate Japan's fiscal pressure, potentially leading to increased issuance of construction bonds and worsening the fiscal situation and debt burden[3] - The stimulus's lower-than-expected impact led to a rise in the yen against the dollar and a sell-off in the Japanese bond market, pushing the benchmark 10-year government bond yield to -0.009%[3] - The long-term effects of the stimulus on Japan's sovereign credit level remain to be observed, with a focus on future structural reforms, monetary policy changes, and the medium- to long-term effects of fiscal stimulus[4]

Group 1 - The A-share market shows mixed performance with the Shanghai Composite Index down by 0.11%, while the Shenzhen Component Index and the ChiNext Index are up by 0.10% and 0.13% respectively [1] - The Infrastructure ETF, Huaxia, increased by 2.79%, reaching a new high of 1.177 yuan, with a turnover rate of 4.77% during the session [1] - Among constituent stocks, China Electric Power Construction rose by 10.07%, China Energy Construction by 7.56%, and China Communications Construction by 4.68% [1] Group 2 - On January 13 and 14, China Electric Power Construction announced the signing of significant contracts, including a seawater desalination project in Iraq, a multifunctional rehabilitation center in Kazakhstan, and a hydropower station project in Laos, with a total contract value of approximately 32.8 billion yuan [1] - The latest price-to-earnings ratio (PE-TTM) for the China Securities Infrastructure Index is 9.98, indicating that valuations are relatively low and suitable for bargain hunting [1]

从岁末到年初，位于北京市通州文化旅游区的顶点公园的工程建设从未停步，这座将成为亚洲最大室内 儿童主题乐园的公园是北京市在2026年打造的北京市重点工程之一。 所谓"3个100"市重点工程包括100个重大科技创新及现代化产业项目，100个重大基础设施项目和100个 重大民生改善项目。同时，将预计于后续年度实施的200个重大项目列入前期推进项目，力争推动一批 项目提前至2026年开工。 一季度计划开工160项市区重大项目，总投资约5188亿元 "今年北京市'3个100'市重点工程项目总投资超1.4万亿元，全年计划完成投资约3128亿元，支撑北京市 全市投资的三成以上。"1月15日，北京市发展改革委（简称"市发改委"）投资处相关负责人告诉新京报 贝壳财经记者。 该负责人表示，今年北京市将紧密衔接"十五五"时期重大工程项目，突出目标导向、问题导向、前瞻引 领和引导带动，持续发挥"3个100"市重点工程品牌效应和示范引领作用。300个项目中安排180个续建项 目、120个新建项目，社会投资项目投资额占比不低于70%。 在强化各类要素保障方面，1月底前发布全年供地计划，力争一季度集中供应一批优质地块，春节前下 达40%的 ...

格隆汇1月15日丨浦东建设(600284.SH)公布，公司和下属全资子公司上海浦兴投资发展有限公司(以下 简称浦兴投资)、上海浦东路桥(集团)有限公司(以下简称浦东路桥)拟将所持有的上海浦兴创智企业管理 有限公司(以下简称浦兴创智或项目公司)100%股权及债权(以下简称标的资产)通过公开挂牌转让方式进 行出售，并开展资产证券化事项(类REITs)。浦东建设作为发起机构通过适格的信托公司(以下简称受托 机构或受托人)设立资产支持票据信托(以下简称信托，信托的名称以最终发行时确定的名称为准)，受托 人将代表信托参与标的资产的摘牌。若最终确定为摘牌方，受托人将以信托募集资金支付标的资产对 价，并代表信托持有标的资产。标的资产挂牌价格将按照不低于审计、评估结果的原则确定，最终出售 价格以实际成交价格为准。 ...

智通财经APP讯，中国交通建设(01800)发布公告，于2026年1月15日该公司斥资人民币985.25万元回购 117.82万股A股，回购价格为每股人民币8.33-8.40元。 ...

Core Insights - The report by the Economist Intelligence Unit (EIU) highlights that 13 African countries are expected to achieve economic growth rates exceeding 6% by the end of December 2026, supported by a backdrop of declining inflation and a relatively positive growth outlook for the continent [1] Group 1: Economic Growth Drivers - Key drivers of economic growth in Africa include ongoing infrastructure development, accelerated digital transformation, rapid inflow of foreign direct investment, expanding regional markets, and deeper integration into global value chains [1] - The report emphasizes that these interrelated structural factors will continue to provide growth support for multiple African countries in the coming years [1] Group 2: Regional Growth Distribution - The countries achieving high growth rates are primarily concentrated in West and East Africa, with notable mentions including Senegal, Guinea, Liberia, Côte d'Ivoire, Ghana, Togo, Niger, Ethiopia, Uganda, Tanzania, and Rwanda [2] - Additionally, Libya and Mozambique are the only countries outside these regions expected to experience significant growth [2] - West and East Africa are projected to remain the fastest-growing sub-regions in Africa, with West Africa benefiting from oil and gas development, renewable energy projects, and mineral resource investments [2] Group 3: South Africa's Economic Outlook - South Africa's economic performance is expected to be relatively moderate, with growth rates projected between 1.5% and 3% due to high-interest rates and significant import tariffs imposed by the U.S. on 30% of its exports [2] - However, a slight recovery in South Africa's economic growth is anticipated in the second half of 2026 as the impact of tariffs begins to ease [2] Group 4: Debt Concerns - The report warns that debt issues will remain a major risk for African economies, with many countries experiencing public debt levels at critical thresholds over the past decade [3] - These economies are highly sensitive to changes in the global financing environment, commodity price fluctuations, and exchange rate movements [3] - The EIU indicates that the risk of escalating debt pressure across multiple countries in Africa is rising, necessitating new rounds of fiscal and structural reforms [3]