【中银国际-2026研报】2025年四季度GDP点评：2025年四季度GDP增速放缓至4.5%，呼吁2026政策前置发力.pdfVIP

DailySpotlight20January2026

MichaelMENG

(852)39886433

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IndexPerformance

Lastclose%1D%YTDGDPgrowthmoderatesto4.5%in4Q25,callingforfront-loaded

HSI26,564(1.0)3.6

HSCEI9,134(0.9)2.5policyin2026

HSCCI4,1430.13.2

MSCIHK14,579(0.0)6.5ZhangWan/PennyPengMacroStrategy|ChinaEconomy

MSCICHINA86(1.0)3.6

FTSECHINAA5015,166(0.4)(0.9)(i)China’sGDPgrowthmoderatedfrom4.8%YoYin3Q25to4.5%YoYin4Q25,slightly

CSI3004,7340.12.3beatingourexpectation.Forthefullyear2025,GDPincreased5%,thesameasin2024,

TWSE31,6390.79.2achievingtheannualeconomicgrowthtarget.

SENSEX83,5700.2(1.9)

NIKKEI22553,584(0.7)6.4(ii)InDecember,resilientindustrialoutputgrowthandanexpandinginformation

KOSPI4,9051.316.4technologyindustryhelpedstabiliseeconomicgrowth,thoughdomesticdemand

ASX2008,813(0.4)1.6

remainedinsufficient.Deepeningpropertysectoradjustments,“anti-involution”policy

DJIA49,359(0.2)2.7guidance,andslowingtraditionalinfrastructureinvestmentfurthersoftenedoverall

SP5006,940(0.1)1.4

FTSE10010,195(0.4)2.7investmentgrowth.Retailsalesgrowthalso