According to the CITIC Securities Research Report, 2026 is the beginning of the “15th Five-Year Plan”. Despite changes in the external environment and internal structural adjustments, China's macroeconomy is expected to maintain a steady recovery trend with policy support. Based on the current economic situation, we give five major macroeconomic trend predictions for 2026. ① Trend 1: The recovery in domestic demand is expected to drive overall growth. ② Trend 2: Expected investment from total pressure to structural optimization. ③ Trend 3: Sino-US relations are expected to ease. We don't expect a new major friction escalation in 2026. With the marginal easing of Sino-US relations and diversified market deployment, it is expected that China's export growth rate will continue to show resilience next year, driving the overall moderate appreciation of the RMB. ④ Trend 4: The diversification of the market is expected to accelerate. We think the outlook for external demand in 2026 is generally better than 2025. ⑤ Trend 5: In the year of the beginning of the “15th Five-Year Plan”, countercyclical and cross-cycle adjustments are expected to increase.

According to the CITIC Securities Research Report, 2026 is the beginning of the “15th Five-Year Plan”. Despite changes in the external environment and internal structural adjustments, China's macroeconomy is expected to maintain a steady recovery trend with policy support. Based on the current economic situation, we give five major macroeconomic trend predictions for 2026. ① Trend 1: The recovery in domestic demand is expected to drive overall growth. ② Trend 2: Expected investment from total pressure to structural optimization. ③ Trend 3: Sino-US relations are expected to ease. We don't expect a new major friction escalation in 2026. With the marginal easing of Sino-US relations and diversified market deployment, it is expected that China's export growth rate will continue to show resilience next year, driving the overall moderate appreciation of the RMB. ④ Trend 4: The diversification of the market is expected to accelerate. We think the outlook for external demand in 2026 is generally better than 2025. ⑤ Trend 5: In the year of the beginning of the “15th Five-Year Plan”, countercyclical and cross-cycle adjustments are expected to increase.