宏观：2025资本支出之年-市场关注今年的资本支出激增能否在 2026 年转化为增长-2025_ The year of capex_ Markets watch to see if this year‘s capex surge will amount to growth in 2026.

FICC Research Macro PMG 22 December 2025 The Macro Wrap 2025: The year of capex Markets watch to see if this year's capex surge will amount to growth in 2026. The Macro Wrap is your weekly, need-to-know guide to our key macro views, implications for markets and trending research. Note: This will be our last Macro Wrap for the year. If you have some reading time over the holiday period, explore our Macro, Equity and Credit 2026 outlook pages to read about what might lie ahead. And check out the latest Barcla ...