Chinese equity funds recorded inflows of $11.9 billion in the past week, the largest since July 2015. Meanwhile, oil prices are set to record their largest weekly increase since October last year due to geopolitical tensions and falling U.S. crude inventories.

On January 26, 2024, key macroeconomic news includes: China's gold consumption increased by 8.78% in 2023, reaching 1,089.69 tons. Additionally, new energy storage capacity in China surpassed 30 million kilowatts, with a cumulative installed capacity of 31.39 million kW by the end of 2023. The rapid development of new energy storage has driven significant economic investment and industrial growth.

Jiangsu Pacific Quartz expects slower growth in the photovoltaic industry in 2024 compared to 2023. Henan Province achieved 76% of its grain output from high-standard farmland, contributing to a stable annual grain output of 132.49 billion catties. The Ministry of Human Resources and Social Security is promoting national pension insurance planning, and the State-owned Assets Supervision and Administration Commission aims to improve the quality of listed companies.

Heilongjiang Province's import and export value increased by 12.3% year-on-year in 2023, reaching a record high of 297.83 billion yuan. China's grain output also hit a record high of 1,390.82 billion catties in 2023, up 17.76 billion catties from the previous year. SUNGROW reported strong financial performance, with net profit expected to rise by 159%-187% year-on-year. The pig market is expected to improve in the second quarter.

Shandong Province aims for over 5% GDP growth in 2024, while GCL Group secures a significant 1.56GW N-type module procurement project. Additionally, PetroChina establishes a digital intelligence research institute with a focus on AI and robotics, and the first ultra-deep shale gas well in southern Sichuan achieves high-yield industrial gas flow.

Xinjiang Khorgos Port recorded a record-high import and export freight volume of 41.784 million tons in 2023. Meanwhile, China's express delivery business volume reached 132 billion pieces, maintaining its global leadership for ten consecutive years. Other notable developments include Guangdong's support for Nansha's financial industry expansion and the gradual subsiding of tensions in the Red Sea region, impacting the Persian Gulf route's freight rates.

China remains optimistic about the consumption trend in 2024, despite global economic challenges. A significant lithium discovery in Yajiang, Sichuan, has the potential to boost the domestic lithium industry. Additionally, Anhui Province saw a substantial increase in RMB loans, and the National Development and Reform Commission is promoting the expansion of new energy vehicle consumption.

China remains optimistic about the 2024 consumption trend, supported by a large market, urban-rural integration, and continuous policy efforts. The government's low debt and inflation levels provide ample room for macroeconomic policy implementation. Trade remains stable with optimized structures, and automobile production, especially new energy vehicles, saw significant growth in December.

China's State Intellectual Property Office is improving patent examination standards for new technologies like AI and big data. Meanwhile, Guangxi's total import and export value reached 693.65 billion yuan in 2023, marking a 7.3% increase year-on-year. The ten thousand ton battery-grade lithium carbonate project in Zabuye Salt Lake has entered trial production, and China Coal Group plans to liquidate its 20% stake in Shanyin Rural Commercial Bank.

In January, the Medium-term Lending Facility (MLF) incremental parity continued at 995 billion yuan. Experts predict that Reserve Requirement Ratio (RRR) and interest rate cuts are likely to occur in March or April. Additionally, China Development Bank issued 7.6 billion yuan in loans to support high-standard farmland construction, and the cumulative volume of postal express delivery packages increased by 4.8% month-on-month.

On January 12th, the National Bureau of Statistics released data showing that China's CPI fell by 0.3% year-on-year in December 2023, while PPI fell by 2.7%. Experts predict stronger interest rate cuts in January and a possible RRR reduction after the Spring Festival to boost economic growth and market confidence.

China's automobile sales reached 30.094 million units in 2023, a 12% increase year-on-year, with exports up 58%. Public charging piles in December 2023 saw a 51.7% year-on-year increase, totaling 2.726 million.

The Chinese Ministry of Commerce is studying and reserving new policies to boost foreign trade, focusing on cross-border e-commerce and the 'Belt and Road' initiative. Meanwhile, 13 departments plan to extend 5G and gigabit optical networks to border areas by the end of 2025, aiming to enhance connectivity and infrastructure.

In the first 11 months of 2023, China saw over 15 million new tax-related business entities, a 25.4% increase year-on-year. Over 400 million tons of grain were purchased, with stable autumn grain procurement. Domestic oil and gas production exceeded 390 million tons, marking a seven-year high. The National Health Commission reported a 5.3% increase in medical consultations and treatments.

By the end of 2023, China Southern Power Grid Energy expects the cumulative installed capacity of distributed photovoltaic projects to reach about 1,910MW, a 40% increase year-on-year. On January 8, the '200 Index of Wholesale Prices of Agricultural Products' rose 0.1 points from last Friday.