投资者-亚太地区：开门红能否延续？-Investor Presentation Asia Pacific-Can The Strong Opening Be Sustained

Jenny Zheng, CFA Economist Jenny.L.Zheng@morganstanley.com +852 3963-4015 Revising Up RMB, but Deflation Keeps Us Below Consensus (8 January 2026) Year Start: Public Capex Strong, Private Consumption Soft (7 January 2026) Morgan Stanley Asia Limited Robin Xing Chief China Economist Robin.Xing@morganstanley.com +852 2848-6511 January 11, 2026 08:29 PM GMT Investor Presentation | Asia Pacific M Foundation Can The Strong Opening Be Sustained? For important disclosures, refer to the Disclosure Section, located ...