Core Insights - The total fixed asset investment in China for 2025 is projected to be 48,518.6 billion yuan, reflecting a decrease of 3.8% compared to the previous year [1] - Excluding real estate development investment, the overall fixed asset investment has decreased by 0.5% [1] Investment Breakdown - Infrastructure investment has declined by 2.2% [1] - Manufacturing investment has seen a slight increase of 0.6% [1] - Real estate development investment has significantly decreased by 17.2% [1] Real Estate Market - The sales area of newly built commercial housing reached 88,101 million square meters, down by 8.7% [1] - The sales revenue from newly built commercial housing amounted to 83,937 billion yuan, a decline of 12.6% [1] Sector Performance - Investment in the primary industry has increased by 2.3% [1] - Investment in the secondary industry has grown by 2.5% [1] - Investment in the tertiary industry has decreased by 7.4% [1] Private Investment Trends - Private investment has decreased by 6.4% [1] - Excluding real estate development investment, private investment has declined by 1.9% [1] High-Tech Industry - In high-tech industries, investment in information services has surged by 28.4% [1] - Investment in aerospace and aircraft manufacturing has increased by 16.9% [1] Monthly Trends - In December, fixed asset investment (excluding rural households) experienced a month-on-month decline of 1.13% [1]

Core Viewpoint - In 2025, national infrastructure investment (excluding electricity, heat, gas, and water production and supply) is projected to decline by 2.2% compared to the previous year [1] Group 1: Infrastructure Investment Overview - The investment in pipeline transportation is expected to grow by 36.0% [1] - Investment in multimodal transport and freight forwarding is anticipated to increase by 22.9% [1] - Investment in water transportation is projected to rise by 7.7% [1]

Group 1: Core Insights - The value added in the non-ferrous metal smelting and rolling industry increased by 4.8% year-on-year in December 2025, with a cumulative increase of 6.8% for the entire year [1] - The production of ten types of non-ferrous metals reached 7.21 million tons in December, reflecting a year-on-year growth of 4.9%, while the cumulative production for the year was 81.75 million tons, up 3.9% [1] - Electrolytic aluminum production in December was 3.87 million tons, marking a 3.0% year-on-year increase, with a total production of 45.02 million tons for the year, which is a 2.4% increase [1] Group 2: Industrial Performance - The industrial added value for large-scale industries grew by 5.2% in December and 5.9% for the year [2] - The mining industry saw a year-on-year increase of 5.4% in December and 5.6% for the entire year [2] - Manufacturing industry growth was recorded at 5.7% in December and 6.4% for the year, with high-tech manufacturing growing by 11.0% in December and 9.4% for the year [2] Group 3: Key Industry Metrics - The coal mining and washing industry increased by 6.4% in December and 6.2% for the year [2] - The chemical raw materials and chemical products manufacturing industry reported an 8.0% increase in December and 7.8% for the year [2] - The automotive manufacturing industry experienced an 8.3% growth in December and 11.5% for the year [2]

Core Insights - The industrial value-added growth for the year 2023 shows a year-on-year increase of 5.9%, with December alone recording a growth of 5.2% [2] - High-tech manufacturing has outperformed other sectors, achieving a year-on-year growth of 9.4% for the entire year and 11.0% in December [2] - The manufacturing sector overall has seen a growth of 6.4% for the year, with specific industries like automotive and electrical machinery showing significant increases [2] Industrial Performance - The mining industry recorded a year-on-year growth of 6.6% in December and 5.4% for the year [2] - The manufacturing sector's growth was driven by high-tech manufacturing, which grew by 11.0% in December and 9.4% for the year [2] - The electricity, heat, gas, and water production and supply sector saw a modest growth of 2.3% for the year, with December growth at 0.8% [2] Economic Types - State-owned enterprises reported a year-on-year growth of 4.6% for the year, while joint-stock enterprises grew by 6.3% [2] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises experienced a growth of 3.9% for the year, while private enterprises grew by 5.3% [2] Key Industries - Coal mining and washing industry grew by 6.2% for the year, while oil and gas extraction saw a growth of 4.2% [2] - The food manufacturing industry recorded a growth of 5.3% for the year, while the beverage and refined tea manufacturing industry faced a decline of 0.5% in December [2] - The automotive manufacturing sector grew by 8.3% for the year, with significant contributions from new energy vehicles, which grew by 25.1% [3] Production Output - The production of cement decreased by 6.9% for the year, while the output of crude steel fell by 4.4% [2] - The output of ten non-ferrous metals increased by 3.9% for the year, with electrolytic aluminum growing by 2.4% [2] - The output of industrial robots increased by 28.0% for the year, indicating a strong demand in automation [3] Energy Production - The total industrial electricity generation increased by 2.2% for the year, with hydropower generation growing by 2.8% [3] - Solar power generation saw a significant increase of 24.4% for the year, reflecting a growing trend towards renewable energy sources [3] - The coal production for the year showed a slight increase of 1.2%, while natural gas production grew by 6.2% [3]

2025年，全国居民人均可支配收入中位数36231元，增长4.4%，中位数是平均数的83.5%。其中，城镇居民人均可支配收入中位数51115元，增长3.7%，中位 数是平均数的90.5%；农村居民人均可支配收入中位数20711元，增长5.6%，中位数是平均数的84.7%。 图1 2025年全国及分城乡居民人均可支配收入 一、居民收入情况 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，增长 （以下如无特别说明，均为同比名义增长）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，增长5.8%，扣除价格因素，实际增长 6.0%。 按收入来源分，2025年，全国居民人均工资性收入24555元，增长5.3%，占人均可支配收入的比重为56.6%；人均经营净收入7252元，增长5.0%，占人均可 支配收入的比重为16.7%；人均财产净收入3490元，增长1.6%，占人均可支配收入的比重为8.0%；人均转移净收入8080元，增长5.7%，占人均可支配收入的 比重为18.6%。 二、居民消费支出情 ...

Group 1: Production of Coal, Oil, and Natural Gas - The production of raw coal in December was 440 million tons, a year-on-year decrease of 1.0%, with an average daily output of 14.1 million tons [2] - The total raw coal production for the year was 4.83 billion tons, reflecting a year-on-year increase of 1.2% [2] - 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 [2] - The total crude oil production for the year was 216.05 million tons, showing a year-on-year increase of 1.5% [2] - The processing of crude oil in December reached 62.46 million tons, a year-on-year increase of 5.0%, with a daily processing average of 2.015 million tons [2] - The total crude oil processing for the year was 737.59 million tons, reflecting a year-on-year increase of 4.1% [2] - Natural gas production in December was 23 billion cubic meters, a year-on-year increase of 5.1%, with a daily output of 740 million cubic meters [2] - The total natural gas production for the year was 261.9 billion cubic meters, showing a year-on-year increase of 6.2% [3] Group 2: Electricity Production - The electricity generation in December 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 [4] - The total electricity generation for the year was 9,715.9 billion kilowatt-hours, reflecting a year-on-year increase of 2.2% [4] - In December, the decline in thermal power generation narrowed to 3.2%, while hydro, nuclear, wind, and solar power generation experienced a slowdown in growth [4] - The growth rates for different types of electricity generation in December were: hydro power at 4.1% (down 13.0 percentage points from November), nuclear power at 3.1% (down 1.6 percentage points), wind power at 8.9% (down 13.1 percentage points), and solar power at 18.2% (down 5.2 percentage points) [4]

Core Insights - The average urban survey unemployment rate for the entire year of 2025 is projected to be 5.2% [1] - In December, the national urban survey unemployment rate stands at 5.1% [1] Employment Data - The local registered labor force unemployment rate is 5.3%, while the unemployment rate for migrant workers is 4.7%, with agricultural migrant workers at 4.4% [1] - The unemployment rate in 31 major cities is recorded at 5.1% [1] - The average weekly working hours for employed individuals in enterprises is 48.6 hours [1] Migrant Worker Statistics - The total number of migrant workers is 30.115 million, an increase of 1.42 million or 0.5% from the previous year [1] - Among them, local migrant workers number 12.109 million, growing by 0.1%, while outbound migrant workers total 18.006 million, increasing by 0.8% [1]

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%。分品种看，小麦产量14007万吨， ...

Group 1: Real Estate Development Investment - In 2025, national real estate development investment reached 82,788 billion yuan, a decrease of 17.2% compared to the previous year [1][11] - Residential investment accounted for 63,514 billion yuan, down 16.3% [1][11] - Investment in office buildings and commercial properties saw declines of 22.8% and 14.0%, respectively [11] Group 2: Construction and New Projects - The total construction area for real estate development was 659,890 million square meters, a decline of 10.0% year-on-year [3][11] - New construction area was 58,770 million square meters, down 20.4%, with residential new construction area decreasing by 19.8% [3][11] - The completion area was 60,348 million square meters, a decrease of 18.1%, with residential completions down 20.2% [3][11] Group 3: Sales and Inventory of New Properties - New residential property sales area was 88,101 million square meters, down 8.7%, with residential sales area decreasing by 9.2% [4][11] - The sales revenue from new properties was 83,937 billion yuan, a decline of 12.6%, with residential sales revenue down 13.0% [4][11] - The inventory of unsold properties reached 76,632 million square meters, an increase of 1.6% [11] Group 4: Funding Situation for Real Estate Developers - The total funds available to real estate developers amounted to 93,117 billion yuan, a decrease of 13.4% [7][11] - Domestic loans were 14,094 billion yuan, down 7.3%, while foreign investment fell by 20.8% to 25 billion yuan [7][11] - Personal mortgage loans decreased by 17.8% to 12,852 billion yuan [7][11] Group 5: Real Estate Development Prosperity Index - The real estate development prosperity index (National Housing Prosperity Index) stood at 91.45 in December 2025 [9]

Core Insights - The National Bureau of Statistics projects that by 2025, the per capita disposable income for residents nationwide will reach 43,377 yuan, reflecting a nominal growth of 5.0% compared to the previous year, with an actual growth of 5.0% after adjusting for price factors [1] Urban and Rural Income Analysis - Urban residents are expected to have a per capita disposable income of 56,502 yuan, showing a nominal growth of 4.3% year-on-year, and an actual growth of 4.2% after accounting for price factors [1] - Rural residents are projected to achieve a per capita disposable income of 24,456 yuan, with a nominal growth of 5.8% year-on-year, and an actual growth of 6.0% after adjusting for price factors [1]