The CITIC Securities Research Report pointed out that the recovery in the manufacturing industry in December, on the one hand, benefited from more working days; on the other hand, it was also related to the effects of policy financial instruments, which led to an improvement in demand in infrastructure and manufacturing investment chains. From a structural point of view, the main indicators related to production and demand have improved across the board, and ex-factory price indicators have rebounded, as reflected in differences in working days and strong policies, the boom in all sectors of the manufacturing industry has recovered. From an industry perspective, the booming industry is on the one hand the infrastructure chain industry, which is benefiting from policy financial instruments, and on the other hand, the automobile, textile and garment industry, which is benefiting from improved export growth. The non-manufacturing PMI boom improved in December, mainly driven by a recovery in the construction industry. The service sector is still relatively weak, and the scope of influence of incremental tools needs to be further spread. Overall, the economy improved in December, driven by more working days and policy financial instruments. It is expected that the effects of the policy will be further evident in the future, driving the economy to continue to improve marginally.

The CITIC Securities Research Report pointed out that the recovery in the manufacturing industry in December, on the one hand, benefited from more working days; on the other hand, it was also related to the effects of policy financial instruments, which led to an improvement in demand in infrastructure and manufacturing investment chains. From a structural point of view, the main indicators related to production and demand have improved across the board, and ex-factory price indicators have rebounded, as reflected in differences in working days and strong policies, the boom in all sectors of the manufacturing industry has recovered. From an industry perspective, the booming industry is on the one hand the infrastructure chain industry, which is benefiting from policy financial instruments, and on the other hand, the automobile, textile and garment industry, which is benefiting from improved export growth. The non-manufacturing PMI boom improved in December, mainly driven by a recovery in the construction industry. The service sector is still relatively weak, and the scope of influence of incremental tools needs to be further spread. Overall, the economy improved in December, driven by more working days and policy financial instruments. It is expected that the effects of the policy will be further evident in the future, driving the economy to continue to improve marginally.