Income Situation - In 2025, the national per capita disposable income reached 43,377 yuan, representing a nominal growth of 5.0% compared to the previous year, with an actual growth of 5.0% after adjusting for price factors [2][9] - Urban residents had a per capita disposable income of 56,502 yuan, growing by 4.3% nominally and 4.2% in real terms; rural residents saw a per capita disposable income of 24,456 yuan, with a nominal growth of 5.8% and a real growth of 6.0% [2][9] - The per capita wage income was 24,555 yuan, increasing by 5.3%, accounting for 56.6% of the per capita disposable income; net operating income was 7,252 yuan, up by 5.0%, making up 16.7%; net property income was 3,490 yuan, growing by 1.6%, contributing 8.0%; and net transfer income was 8,080 yuan, increasing by 5.7%, representing 18.6% [2][9] Median Income - The median per capita disposable income for the national population was 36,231 yuan, reflecting a growth of 4.4%, with the median being 83.5% of the average [2][9] - Urban residents had a median per capita disposable income of 51,115 yuan, growing by 3.7%, which is 90.5% of the average; rural residents had a median of 20,711 yuan, increasing by 5.6%, accounting for 84.7% of the average [2][9] Consumption Expenditure - In 2025, the national per capita consumption expenditure was 29,476 yuan, with a nominal growth of 4.4% and a real growth of 4.4% [4][9] - Urban residents had a per capita consumption expenditure of 35,869 yuan, growing by 3.8% nominally and 3.7% in real terms; rural residents had a per capita consumption expenditure of 20,259 yuan, with a nominal growth of 5.1% and a real growth of 5.3% [4][9] - Per capita expenditure on food, tobacco, and alcohol was 8,631 yuan, increasing by 2.6%, accounting for 29.3% of total consumption expenditure; clothing expenditure was 1,554 yuan, up by 2.2%, making up 5.3%; housing expenditure was 6,397 yuan, growing by 2.1%, representing 21.7%; and transportation and communication expenditure was 4,306 yuan, increasing by 8.3%, accounting for 14.6% [4][5][9]

Core Viewpoint - In 2025, China's fixed asset investment (excluding rural households) reached 48,518.6 billion yuan, representing a decline of 3.8% compared to the previous year, with private investment decreasing by 6.4% [1][4]. Investment by Industry - Investment in the primary industry was 957 billion yuan, an increase of 2.3% year-on-year [3]. - Investment in the secondary industry totaled 177,368 billion yuan, growing by 2.5% [3]. - Investment in the tertiary industry was 298,248 billion yuan, showing a decline of 7.4% [3]. - Within the secondary industry, industrial investment increased by 2.6%, with mining investment up by 2.5%, manufacturing investment up by 0.6%, and investment in electricity, heat, gas, and water production and supply rising by 9.1% [3]. Infrastructure and Regional Investment - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) in the tertiary industry decreased by 2.2% [3]. - Investment in pipeline transportation grew by 36.0%, while multimodal transport and transportation agency investment rose by 22.9%, and water transportation investment increased by 7.7% [3]. - Investment in the eastern region fell by 8.4%, the central region by 2.7%, the western region by 1.3%, and the northeastern region by 15.5% [3]. Investment by Registration Type - Domestic enterprises' fixed asset investment decreased by 3.8%, while investment from Hong Kong, Macau, and Taiwan enterprises fell by 2.2%, and foreign enterprises' investment dropped by 13.8% [3][5].

国家统计局消息，12月份，规模以上工业（以下简称规上工业）原煤、原油生产保持稳定，天然气生产平 稳增长，电力生产保持增长。 一、原煤、原油和天然气生产及相关情况 原煤产量稳中略降。12月份，规上工业原煤产量4.4亿吨，同比下降1.0%；日均产量1410万吨。 1—12月份，规上工业原煤产量48.3亿吨，同比增长1.2%。 原油生产保持稳定。12月份，规上工业原油产量1780万吨，同比下降0.6%；日均产量57.4万吨。 1—12月份，规上工业原油产量21605万吨，同比增长1.5%。 天然气生产平稳增长。12月份，规上工业天然气产量230亿立方米，同比增长5.1%；日均产量7.4亿立方 米。 1—12月份，规上工业天然气产量2619亿立方米，同比增长6.2%。 二、电力生产情况 规上工业电力生产保持增长。12月份，规上工业发电量8586亿千瓦时，同比增长0.1%；日均发电量277.0亿 千瓦时。1—12月份，规上工业发电量97159亿千瓦时，同比增长2.2%。 原油加工增速加快。12月份，规上工业原油加工量6246万吨，同比增长5.0%，增速比11月份加快1.1个百分 点；日均加工量201.5万吨。 1—12 ...

Group 1 - In December, the retail sales of clothing, footwear, and textile products in China reached 166.1 billion yuan, showing a year-on-year growth of 0.6% [1] - For the entire year of 2025, the retail sales of clothing, footwear, and textile products in China totaled 1,521.5 billion yuan, reflecting a year-on-year increase of 3.2% [1]

国家统计局：12月份，规模以上工业（以下简称规上工业）原煤、原油生产保持稳定，天然气生产平稳 增长，电力生产保持增长。 二、电力生产情况 1—12月份，规上工业原油产量21605万吨，同比增长1.5%。 原油加工增速加快。12月份，规上工业原油加工量6246万吨，同比增长5.0%，增速比11月份加快1.1个 百分点；日均加工量201.5万吨。 1—12月份，规上工业原油加工量73759万吨，同比增长4.1%。 天然气生产平稳增长。12月份，规上工业天然气产量230亿立方米，同比增长5.1%；日均产量7.4亿立方 米。 1—12月份，规上工业天然气产量2619亿立方米，同比增长6.2%。 一、原煤、原油和天然气生产及相关情况 原煤产量稳中略降。12月份，规上工业原煤产量4.4亿吨，同比下降1.0%；日均产量1410万吨。 1—12月份，规上工业原煤产量48.3亿吨，同比增长1.2%。 原油生产保持稳定。12月份，规上工业原油产量1780万吨，同比下降0.6%；日均产量57.4万吨。 规上工业电力生产保持增长。12月份，规上工业发电量8586亿千瓦时，同比增长0.1%；日均发电量 277.0亿千瓦时。1—12月份 ...

Economic Growth Overview - In December, the industrial added value increased by 5.2% year-on-year, with mining growing by 5.4%, manufacturing by 5.7%, and electricity, heat, gas, and water production and supply by 0.8% [2][5]. Industry Performance - Among 41 major industries, 33 reported year-on-year growth in added value in December. Notable growth sectors included coal mining and washing (6.4%), oil and gas extraction (3.7%), and food processing (3.2%). However, the beverage and refined tea manufacturing sector saw a decline of 0.5% [3][5]. - High-tech manufacturing experienced significant growth at 11.0% year-on-year [5]. Economic Type Analysis - State-owned enterprises saw a 3.9% increase in added value, while joint-stock enterprises grew by 5.8%. Foreign and Hong Kong, Macau, and Taiwan-invested enterprises increased by 2.7%, and private enterprises grew by 4.2% [3][5]. Product Output - In December, out of 623 industrial products, 325 saw year-on-year output growth. Key products included ten types of non-ferrous metals (721 million tons, up 4.9%), ethylene (356 million tons, up 3.0%), and automotive production (341.2 million units, down 2.8%). Notably, new energy vehicles increased by 8.7% to 179.1 million units [4][6]. Sales and Export Performance - The sales rate for industrial enterprises was 98.2%, a decrease of 0.7 percentage points year-on-year. The export delivery value reached 1,493.2 billion yuan, reflecting a nominal growth of 3.2% year-on-year [4][6].

Core Insights - In December, the total retail sales of consumer goods reached 45,136 billion yuan, showing a year-on-year growth of 0.9% [1] - By 2025, the total retail sales of consumer goods are projected to reach 501,202 billion yuan, an increase of 3.7% compared to the previous year [1] Group 1: Retail Sales Overview - The retail sales of consumer goods excluding automobiles in December amounted to 39,654 billion yuan, with a growth of 1.7% year-on-year [1] - For 2025, the retail sales of consumer goods excluding automobiles are expected to be 451,413 billion yuan, reflecting a growth of 4.4% [1] Group 2: Urban vs Rural Consumption - In December, urban retail sales were 38,429 billion yuan, marking a year-on-year increase of 0.7%, while rural retail sales reached 6,707 billion yuan, growing by 1.7% [2] - By 2025, urban retail sales are projected to be 432,972 billion yuan, a growth of 3.6%, and rural retail sales are expected to reach 68,230 billion yuan, increasing by 4.1% [2] Group 3: Consumption Types - In December, the retail sales of goods were 39,398 billion yuan, with a year-on-year growth of 0.7%, while catering revenue was 5,738 billion yuan, growing by 2.2% [2] - For 2025, the retail sales of goods are anticipated to be 443,220 billion yuan, reflecting a growth of 3.8%, and catering revenue is expected to reach 57,982 billion yuan, increasing by 3.2% [2] Group 4: Retail Formats - In 2025, retail sales from convenience stores, supermarkets, department stores, and specialty stores are projected to grow by 5.5%, 4.3%, 0.1%, and 2.6% respectively, while brand specialty stores are expected to decline by 0.6% [5] - The national online retail sales are projected to reach 159,722 billion yuan in 2025, with a growth of 8.6%, and physical goods online retail sales are expected to be 130,923 billion yuan, growing by 5.2% [5] Group 5: Detailed Retail Data - In December, the retail sales of consumer goods included various categories, with notable growth in categories such as cosmetics (8.8%), sports and entertainment products (9.0%), and communication equipment (20.9%) [7] - Conversely, categories like home appliances (-18.7%), petroleum and products (-11.0%), and automobiles (-5.0%) experienced declines [7]

（2026年1月19日） 国家统计局 2025年，面对国内外经济环境的复杂变化，在以习近平同志为核心的党中央坚强领导下，各地区各部门深入贯彻落实党中央、国务院决策部署，坚定不移 贯彻新发展理念、推动高质量发展，统筹国内国际两个大局，统筹发展和安全，实施更加积极有为的宏观政策，纵深推进全国统一大市场建设，国民经济运 行顶压前行、向新向优，高质量发展取得新成效，经济社会发展主要目标任务圆满实现，"十四五"胜利收官。 初步核算，全年国内生产总值1401879亿元，按不变价格计算，比上年增长5.0%。分产业看，第一产业增加值93347亿元，比上年增长3.9%；第二产业增加 值499653亿元，增长4.5%；第三产业增加值808879亿元，增长5.4%。分季度看，一季度国内生产总值同比增长5.4%，二季度增长5.2%，三季度增长4.8%， 四季度增长4.5%。从环比看，四季度国内生产总值增长1.2%。 一、粮食增产丰收，畜牧业稳定增长 全年全国粮食总产量71488万吨，比上年增加838万吨，增长1.2%。其中，夏粮产量14975万吨，下降0.1%；早稻产量2851万吨，增长1.2%；秋粮产量53662 万吨，增长1.5 ...

Core Viewpoint - In December 2025, the sales prices of commercial residential properties in 70 major cities in China experienced a general decline both month-on-month and year-on-year, with the rate of decline increasing compared to previous months [1]. Group 1: Month-on-Month Price Changes - In December, the sales prices of new commercial residential properties in first-tier cities decreased by 0.3%, a reduction in the decline rate by 0.1 percentage points from the previous month. Shanghai saw a price increase of 0.2%, while Beijing, Guangzhou, and Shenzhen experienced declines of 0.4%, 0.6%, and 0.5% respectively [2]. - Second-tier cities saw a month-on-month decline of 0.4%, with the decline rate widening by 0.1 percentage points. Third-tier cities also recorded a 0.4% decrease, maintaining the same decline rate as the previous month [2]. - The month-on-month prices of second-hand residential properties in first-tier cities fell by 0.9%, with a reduction in the decline rate by 0.2 percentage points. Beijing, Shanghai, Guangzhou, and Shenzhen saw declines of 1.3%, 0.6%, 1.0%, and 0.6% respectively. Second and third-tier cities both recorded a 0.7% decline, with the decline rate increasing by 0.1 percentage points [2]. Group 2: Year-on-Year Price Changes - Year-on-year, the sales prices of new commercial residential properties in first-tier cities decreased by 1.7%, with the decline rate expanding by 0.5 percentage points compared to the previous month. Shanghai experienced a price increase of 4.8%, while Beijing, Guangzhou, and Shenzhen saw declines of 2.4%, 4.8%, and 4.4% respectively [3]. - Second-tier cities recorded a year-on-year decline of 2.5%, while third-tier cities saw a 3.7% decrease, with the decline rates widening by 0.3 and 0.2 percentage points respectively [3]. - The year-on-year prices of second-hand residential properties in first-tier cities fell by 7.0%, with the decline rate increasing by 1.2 percentage points. Beijing, Shanghai, Guangzhou, and Shenzhen experienced declines of 8.5%, 6.1%, 7.8%, and 5.4% respectively. Both second and third-tier cities recorded a 6.0% decline, with the decline rates expanding by 0.4 and 0.2 percentage points respectively [3]. Group 3: Price Index Data - The price index for new commercial residential properties in December 2025 indicated a general decline across various city tiers, with specific data reflecting the month-on-month and year-on-year changes [5][6]. - The classification index for new commercial residential properties showed varying trends based on property size, with properties under 90m² experiencing different price movements compared to those between 90-144m² and above 144m² [7][8]. - The price index for second-hand residential properties also reflected a similar trend, with significant variations based on property size categories [9].

原油生产保持稳定。12月份，规上工业原油产量1780万吨，同比下降0.6%；日均产量57.4万吨。 12月份，规模以上工业（以下简称规上工业）原煤、原油生产保持稳定，天然气生产平稳增长，电力生产保持增长。 一、原煤、原油和天然气生产及相关情况 原煤产量稳中略降。12月份，规上工业原煤产量4.4亿吨，同比下降1.0%；日均产量1410万吨。 1—12月份，规上工业原煤产量48.3亿吨，同比增长1.2%。 1—12月份，规上工业原油产量21605万吨，同比增长1.5%。 原油加工增速加快。12月份，规上工业原油加工量6246万吨，同比增长5.0%，增速比11月份加快1.1个百分点；日均加工量201.5万吨。 1—12月份，规上工业原油加工量73759万吨，同比增长4.1%。 天然气生产平稳增长。12月份，规上工业天然气产量230亿立方米，同比增长5.1%；日均产量7.4亿立方米。 1—12月份，规上工业天然气产量2619亿立方米，同比增长6.2%。 二、电力生产情况 规上工业电力生产保持增长。12月份，规上工业发电量8586亿千瓦时，同比增长0.1%；日均发电量277.0亿千瓦时。1—12月份，规上工业发电量97 ...