CITIC Securities: Improving Supply and Demand Structure Accelerates Apart from Strong Economic Start

Guotai Junan Securities research report stated that in January and February 2026, various economic indicators showed a clear improvement compared to the previous values, and the overall performance was significantly better than market expectations. According to model calculations, thanks to strong external demand performance and strong internal demand recovery, the actual GDP growth rate in the first two months may reach around 5.5%. Considering the impact of the high base in the same period last year, the economic start of the "Fifteenth Five-Year Plan" shows strong momentum. Looking at the internal supply and demand environment, the comprehensive performance of the demand side at the beginning of the year is better than the production side, and combined with the sustained recovery trend in prices, the pattern of "strong supply and weak demand" is accelerating improvement.