Group 1: Consumer Price Index (CPI) Trends - The overall consumer market in 2025 is stable and gradually improving, with CPI showing monthly fluctuations and a year-on-year increase of 0.8% in December, the highest since March 2023 [2] - Food prices decreased by 1.5% for the year, impacting CPI by approximately 0.27 percentage points, with significant declines in pork and egg prices [3] - Core CPI has been rising since March 2025, maintaining a year-on-year increase of over 1% for four consecutive months, reaching 1.2% in December [4] Group 2: Producer Price Index (PPI) Trends - The PPI for 2025 decreased by 2.6%, but the decline narrowed in the second half of the year, with a year-on-year decrease of only 1.9% in December [5] - The optimization of market competition and capacity management in key industries has led to a recovery in prices, particularly in coal and new energy sectors [6] - External factors, such as rising international metal prices, have contributed to price increases in related domestic industries, with non-ferrous metal mining prices up by 17.2% [7]

Group 1 - The service industry in 2025 showed a significant growth, with a value added of 808,879 billion yuan, representing a 5.4% increase from the previous year. The contribution rate of the service industry to national economic growth was 61.4%, up by 3.7 percentage points from the previous year [2] - In the fourth quarter of 2025, the service industry added value reached 215,948 billion yuan, with a year-on-year growth of 5.2%, contributing 63.2% to economic growth [2] - The revenue of large-scale service enterprises increased by 7.8% year-on-year from January to November 2025, with notable growth in cultural arts, research and development, and business services [2] Group 2 - Service consumption expanded steadily, with service retail sales growing by 5.5% year-on-year in 2025, outpacing the growth of goods retail sales by 1.7 percentage points. Per capita service consumption expenditure increased by 4.5% [3] - The modern service industry, including information technology and business services, continued to thrive, with value added in information transmission and software services growing by 11.1% and 10.3%, respectively [4] - Emerging service industries showed enhanced leadership, with strategic emerging services and high-tech services seeing revenue growth of 9.9% and 8.6%, respectively, from January to November 2025 [5] Group 3 - The service industry maintained a high level of openness, with service trade imports and exports totaling 72,023.7 billion yuan from January to November 2025, a year-on-year increase of 7.1%. Travel service exports surged by 51.3% [6] - The business activity index for the service industry averaged 50.1 in 2025, indicating continued expansion. The index for postal, telecommunications, and financial services remained above 55.0, reflecting robust growth [7] - Market expectations improved, with the business activity expectation index for December rising to 56.4, indicating increased confidence among service enterprises [7]

Group 1 - The overall urban survey unemployment rate in 2025 averaged 5.2%, which is below the expected target of around 5.5% [2] - The unemployment rate fluctuated throughout the year, peaking at 5.4% in February and stabilizing at 5.1% in the last quarter [2] - The average unemployment rate in 31 major cities was 5.1%, remaining stable compared to the previous year and lower than the national urban average by 0.1 percentage points [2] Group 2 - The unemployment rate for urban workers aged 30-59 averaged 4.0%, which is 1.2 percentage points lower than the national urban average [3] - The unemployment rate for migrant workers remained stable, averaging 4.7% for the year, with a decrease to 4.4% in November and December [3] - Efforts to support migrant workers through labor matching and the development of rural industries contributed to overall employment stability [3] Group 3 - Employment in the transportation, accommodation, and catering sectors continued to increase in 2025, reflecting the implementation of employment-first strategies [4] - The manufacturing sector maintained a stable share of national employment, while service industries showed significant growth in employment numbers [4] - Economic stability, industrial transformation, and supportive employment policies provided a solid foundation for maintaining employment levels [4]

2025年，我国经济延续稳中有进发展态势，能源供给稳定增长，有力支撑经济社会平稳健康运行。能源 供应保障能力持续增强，煤油气电产量均创历史新高，电力供应安全稳定，能源自给率稳步提升；绿色 低碳转型步伐不断加快，可再生能源跃升发展，非化石能源消费比重持续提高，为推进能源强国建设奠 定坚实基础。 一、能源生产稳步增长，保供基础不断夯实 原煤产量再创新高。2025年，煤炭先进产能有序释放，稳产稳供稳价措施深入实施，煤炭供应保持稳定 充裕。规模以上工业原煤产量48.3亿吨，创历史新高，比上年增长1.2%。 三、绿色转型步伐加快，能效水平不断提升 "双碳"目标下，我国积极推进能源绿色低碳转型，煤炭消费比重持续下降，清洁能源消费占比稳步攀 升，消费结构进一步优化。2025年，非化石能源占能源消费总量比重比上年提高约2个百分点，超过石 油成为第二大能源类型，成为能源增量主体。 油气增储上产持续推进。近年来，我国油气生产企业持续加强勘探开发和增储上产力度，增储上 产"七年计划"胜利收官，油气稳产增产势头良好，油气供应保障能力持续提升。2025年，规模以上工业 原油产量2.16亿吨，创历史新高，比上年增长1.5%，连续四年稳产 ...

2025年，各地区各部门认真贯彻落实党中央、国务院决策部署，经济运行总体平稳，就业形势总体稳 定，民生保障扎实有力，居民收入实现与经济增长同步。 一、居民收入稳定增长，城乡居民收入相对差距缩小 2025年，全国居民人均可支配收入43377元，比上年名义增长5.0%；扣除价格因素，实际增长5.0%。分 城乡看，城镇居民人均可支配收入56502元，比上年名义增长4.3%，扣除价格因素，实际增长4.2%；农 村居民人均可支配收入24456元，比上年名义增长5.8%，扣除价格因素，实际增长6.0%。农村居民收入 名义和实际增速比城镇居民分别快1.5个和1.8个百分点，2025年城乡居民收入比由上年的2.34降至2.31， 城乡居民收入相对差距缩小。 二、工资性收入、经营净收入和转移净收入稳定增长，是居民收入增长的主要支撑因素 2025年，稳就业政策持续发力，全国就业形势总体稳定，居民人均工资性收入24555元，比上年增长 （以下如无特别说明，均为名义增长）5.3%，快于全国居民收入增速0.3个百分点。分城乡看，城镇居 民和农村居民人均工资性收入分别增长4.5%和6.1%。 受服务业生产经营形势良好带动，全国居民人均经 ...

2025年，面对国内外形势复杂变化，各地区各部门深入贯彻落实党中央、国务院决策部署，实施更加积 极有为的宏观政策，全国工业生产平稳向好，工业企业出口韧性彰显，企业利润结构改善，装备制造 业、高技术制造业较快增长，传统制造业优化升级，新质生产力加快形成，工业经济持续向优向新发 展。 一、工业生产稳中有进，出口、利润结构改善 工业品出口韧性彰显，企业利润结构改善。2025年，在外部环境不稳定不确定性明显上升的背景下，规 模以上工业企业实现出口交货值15.8万亿元，比上年增长2.2%，展现出较强韧性和活力。其中，装备制 造行业出口表现亮眼，铁路船舶航空航天、专用设备、汽车行业出口交货值分别增长24.2%、10.2%、 7.5%。企业利润结构不断优化，2025年1—11月份，规模以上工业企业利润保持增长，其中装备制造业 利润同比增长7.7%，拉动全部规模以上工业企业利润增长2.8个百分点，是对规模以上工业企业利润增 长拉动作用最强的板块。 二、转型升级扎实推进，夯实工业向优基本盘 装备制造业占比持续提升，"压舱石"作用进一步凸显。2025年，规模以上装备制造业增加值比上年增长 9.2%，增速较上年加快1.5个百分点； ...

Core Viewpoint - In 2025, various regions and sectors will implement policies to boost consumption, leading to enhanced market vitality and the continuous expansion and upgrading of the consumption market [1] Group 1: Consumption Scale and Market Dynamics - The total retail sales of consumer goods will exceed 50 trillion, reaching 50,120.2 billion, with a year-on-year growth of 3.7%, accelerating by 0.2 percentage points compared to the previous year [2] - Rural market sales will outpace urban sales, with rural retail sales growing by 4.1%, 0.5 percentage points higher than urban sales growth of 3.6% [2] - The county and township market will account for 38.7% of the total retail sales of consumer goods [2] Group 2: Service Retail Growth - Service retail will grow by 5.5%, with an acceleration of 0.3 percentage points compared to the previous year, outpacing goods retail growth by 1.7 percentage points [3] - The film industry will see significant growth, with box office revenue reaching 51.83 billion, a 21.7% increase from the previous year [3] - Information consumption will continue to grow rapidly, with telecommunications and information services maintaining double-digit growth [3] Group 3: Upgrading and Replacement Sales - The "trade-in" policy will positively impact sales, with retail sales of limited enterprises growing by 3.4%, an increase of 0.7 percentage points from the previous year [4] - Retail sales of communication equipment and cultural office supplies will grow by 20.9% and 17.3%, respectively, with furniture sales increasing by 14.6% [4] - The retail volume of new energy passenger vehicles will reach 12.809 million, a 17.6% increase, with a penetration rate of 53.9%, up by 6.3 percentage points [4] Group 4: New Consumption Models - Online retail will grow by 8.6%, with physical goods online retail increasing by 5.2%, contributing 1.3 percentage points to the total retail sales [5] - The live commerce sector will see an 11.3% growth in transaction volume, while instant delivery services will also expand rapidly [5] - Physical retail stores will see a 1.7% increase in sales, with new retail formats like warehouse membership stores and unmanned stores experiencing double-digit growth [5] Group 5: Future Outlook - The consumption market will continue to grow steadily, supported by various policies, with an increasingly optimized supply system and upgraded consumption structure [6] - The trend of diversified consumption scenarios will further solidify the expansion and quality improvement of the consumption market in 2026 [6]

Group 1: Coal, Oil, and Natural Gas Production - In December, the production of raw coal in large-scale industries was 440 million tons, a year-on-year decrease of 1.0%, with an average daily output of 14.1 million tons [1] - For the entire year, the raw coal production reached 4.83 billion tons, an increase of 1.2% year-on-year [1] - The production of crude oil in December was 17.8 million tons, a year-on-year decrease of 0.6%, with an average daily output of 570,000 tons [3] - The total crude oil production for the year was 216.05 million tons, reflecting a year-on-year increase of 1.5% [3] - Natural gas production in December was 23 billion cubic meters, a year-on-year increase of 5.1%, with an average daily output of 740 million cubic meters [5] - The total natural gas production for the year was 261.9 billion cubic meters, marking a year-on-year increase of 6.2% [5] Group 2: Electricity Production - In December, the electricity generation in large-scale industries was 858.6 billion kilowatt-hours, a year-on-year increase of 0.1%, with an average daily generation of 27.7 billion kilowatt-hours [7] - For the entire year, the total electricity generation reached 9,715.9 billion kilowatt-hours, representing a year-on-year increase of 2.2% [7] - The production of thermal power in December decreased by 3.2%, although the decline was narrower compared to November [7] - Hydropower generation increased by 4.1%, but the growth rate slowed by 13.0 percentage points compared to November [7] - Nuclear power generation grew by 3.1%, with a slowdown of 1.6 percentage points from November [7] - Wind power generation increased by 8.9%, with a deceleration of 13.1 percentage points compared to November [7] - Solar power generation saw an increase of 18.2%, but the growth rate slowed by 5.2 percentage points from November [7]

Energy Production - In December 2025, the industrial natural gas output reached 23 billion cubic meters, marking a year-on-year increase of 5.1%, with an average daily output of 740 million cubic meters. For the entire year, the output totaled 261.9 billion cubic meters, up 6.2% year-on-year [1] - The industrial raw coal output in December was 44 million tons, showing a slight year-on-year decline of 1.0%, with a daily average of 14.1 million tons. The total output for the year was 483 million tons, reflecting a year-on-year increase of 1.2% [1] - The industrial crude oil production in December was 17.8 million tons, down 0.6% year-on-year, with a daily average of 574,000 tons. The total production for the year was 216.05 million tons, which is a 1.5% increase year-on-year [1] - The industrial crude oil processing volume in December was 62.46 million tons, representing a year-on-year growth of 5.0%, with a daily average of 2.015 million tons. For the year, the processing volume reached 737.59 million tons, up 4.1% year-on-year [1] Electricity Production - In December, the industrial electricity generation was 858.6 billion kilowatt-hours, showing a slight year-on-year increase of 0.1%, with a daily average of 27.7 billion kilowatt-hours. The total generation for the year was 9,715.9 billion kilowatt-hours, reflecting a year-on-year increase of 2.2% [2] - The industrial thermal power generation in December decreased by 3.2% year-on-year, although the decline was narrower compared to November. Hydropower, nuclear power, wind power, and solar power generation all experienced a slowdown in growth [2] - Specifically, hydropower grew by 4.1% year-on-year, nuclear power by 3.1%, wind power by 8.9%, and solar power by 18.2%, with respective growth rate slowdowns of 13.0%, 1.6%, 13.1%, and 5.2% compared to November [2]

Core Viewpoint - The textile industry and chemical fiber manufacturing sector in China are experiencing a decline in capacity utilization rates in the fourth quarter of 2025, indicating potential challenges in production efficiency and market demand [1] Group 1: Textile Industry - In the fourth quarter of 2025, the capacity utilization rate for the textile industry was 77.1%, a year-on-year decrease of 1.7% [1] - The overall capacity utilization rate for the textile industry in 2025 was 77.5%, reflecting a year-on-year decline of 1.0% [1] Group 2: Chemical Fiber Manufacturing - The capacity utilization rate for the chemical fiber manufacturing industry in the fourth quarter of 2025 was 85.5%, showing a slight year-on-year decrease of 0.1% [1] - For the entire year of 2025, the capacity utilization rate for the chemical fiber manufacturing sector was 85.8%, which represents a year-on-year increase of 0.4% [1]