According to the Zhongtai Securities Research Report, as the first year of the “15th Five-Year Plan”, the 2026 GDP growth target is expected to continue to be set at around 5%. Macroeconomic policy choices are being selected to promote consumption and investment expansion to ensure a good start to the “15th Five-Year Plan”. The real GDP for the whole year is expected to increase by about 5% year-on-year. Exports continued to be resilient. The game of great powers and technological leadership will provide support for investment in the manufacturing industry. Real estate's direct drag on the economy has abated. In terms of promoting consumption, considering that it will take time for residents' desire to spend to recover, and the consumption overdraft and high base due to “trade-in,” it is expected that the scale of ultra-long-term special treasury bond funds to support consumption in 2026 will remain at least the same as the 300 billion in 2025, and it is unlikely that subsidies will decline. In terms of investment expansion, we expect full-caliber infrastructure investment to rebound to 8% from around -1% in 2025. The inventory policy already introduced in the second half of 2025 will also support infrastructure investment in 2026.

According to the Zhongtai Securities Research Report, as the first year of the “15th Five-Year Plan”, the 2026 GDP growth target is expected to continue to be set at around 5%. Macroeconomic policy choices are being selected to promote consumption and investment expansion to ensure a good start to the “15th Five-Year Plan”. The real GDP for the whole year is expected to increase by about 5% year-on-year. Exports continued to be resilient. The game of great powers and technological leadership will provide support for investment in the manufacturing industry. Real estate's direct drag on the economy has abated. In terms of promoting consumption, considering that it will take time for residents' desire to spend to recover, and the consumption overdraft and high base due to “trade-in,” it is expected that the scale of ultra-long-term special treasury bond funds to support consumption in 2026 will remain at least the same as the 300 billion in 2025, and it is unlikely that subsidies will decline. In terms of investment expansion, we expect full-caliber infrastructure investment to rebound to 8% from around -1% in 2025. The inventory policy already introduced in the second half of 2025 will also support infrastructure investment in 2026.