国信证券今天发布12月份中国经济数据预测，并对中国经济形势做了前瞻点评和总结。

Held securities issued in December to China's economic data forecast today,And economic situation of China made - comments and summarized.

　　国信预测12月份CPI和PPI分别同比上涨2.54%和-1.97%，出口和进口增速分别为5.1%和7.6%，工业增加值增速为10.3%，社会销售总额增速为14.8%，12个月累计投资同比增20.7%。金融数据方面，M1和M2分别上涨5.9%和13.3%，新增信贷5500亿元。

Held prediction in December CPI and PPI rose by 2.54% and 1.97% respectively,Export and import growth rate were 5.1% and 7.6% respectively,The industrial added value growth rate of 10.3%,Social total sales growth of 14.8%,12 months accumulated investment increased 20.7% year-on-year.Financial data in,M1 and M2 rose 5.9% and 5.9%, respectively,New credit 550 billion yuan.

　　国信证券认为，目前的经济运行中，地产投资、基建投资等最重要的经济同步指标已处上升通道的初期，考虑其先行指标──地产持续销售强劲、基建密集开工等──因素，地产、基建投资有望继续保持良好态势，从而决定整体经济的方向向上。

Held securities believes that,In the current economic operation,Real estate investment/Infrastructure investment and the most important economic synchronous index has risen in the early stages of the channel,Consider its leading indicators ─ ─ real estate continued strong sales/Capital intensive construction such as ─ ─ factors,The real estate/Infrastructure investment is expected to continue to maintain good posture,To determine the direction of the economy as a whole.

　　国信证券预测，2013年全年实体盈利增速将达到约25%的水平，与2012年第四季度经济有延续性。

Held securities prediction,For the year 2013 solid earnings growth will reach about 25%,Continuity with economic basis in the fourth quarter of 2012.

　　国信指出，虽然25%增速较高，但该增速仅隐含一种正常偏弱的利润状态，是负增长、低基数后的有力恢复，并不需要特别强的假设去支持。 

Held that,Although 25% growth rate is higher,But the growth only implied a normal weak state of profits,Is negative/Low base after the strong recovery,Don't need special strong assumptions to support.