据对全国流通领域9大类50种重要生产资料市场价格的监测显示，2025年12月下旬与12月中旬相比，18 种产品价格上涨，28种下降，4种持平，其中棉花（皮棉，白棉三级）本期价格为14918.1元/吨，比上 期上涨190.6元/吨，涨幅为1.3%。 ...

Core Viewpoint - The national coal prices in China have predominantly decreased in late December, with the decline in prices continuing to expand across various coal types [1] Price Changes Summary - Anthracite coal (washed middle block, volatile matter ≤ 8%) is priced at 887.7 CNY/ton, down 42.8 CNY/ton, a decrease of 4.6% [1] - Ordinary mixed coal (Shanxi mixed coal with a calorific value of 4500 kcal) is priced at 495.0 CNY/ton, down 51.3 CNY/ton, a decrease of 9.4% [1] - Shanxi big mixed coal (higher quality mixed coal with a calorific value of 5000 kcal) is priced at 594.3 CNY/ton, down 52.0 CNY/ton, a decrease of 8.0% [1] - Shanxi premium mixed coal (high-quality mixed coal with a calorific value of 5500 kcal) is priced at 697.7 CNY/ton, down 51.5 CNY/ton, a decrease of 6.9% [1] - Datong mixed coal (Datong produced mixed coal with a calorific value of 5800 kcal) is priced at 735.7 CNY/ton, down 54.5 CNY/ton, a decrease of 6.9% [1] - Coking coal (main coking coal, sulfur content < 1%) is priced at 1509.4 CNY/ton, unchanged from the previous period [1] - In late December, both anthracite and thermal coal prices showed a downward trend with expanding declines, while coking coal prices began to stabilize [1] - Additionally, the price of coke (quasi-first-grade metallurgical coke, ash content between 12.01% and 13.50%) is 1396.4 CNY/ton, down 58.3 CNY/ton, a decrease of 4.0% [1]

Core Viewpoint - The national statistics indicate mixed trends in steel prices in the circulating market from mid-December to late December 2025, with some prices increasing while others decreased [1] Price Summary - Rebar (Φ20mm, HRB400E) price is 3184.6 CNY/ton, up by 14.8 CNY/ton, an increase of 0.5% compared to the previous period [1] - Wire rod (Φ8-10mm, HPB300) price is 3379.1 CNY/ton, up by 24.6 CNY/ton, an increase of 0.7% compared to the previous period [1] - Ordinary medium plate (20mm, Q235) price is 3352.3 CNY/ton, down by 8.8 CNY/ton, a decrease of 0.3% compared to the previous period [1] - Hot-rolled ordinary coil (4.75-11.5mm, Q235) price is 3273.1 CNY/ton, up by 6.0 CNY/ton, an increase of 0.2% compared to the previous period [1] - Seamless steel pipe (219*6, 20) price is 4065.0 CNY/ton, down by 1.7 CNY/ton compared to the previous period [1] - Angle steel (5) price is 3420.8 CNY/ton, down by 4.3 CNY/ton, a decrease of 0.1% compared to the previous period [1]

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories indicates a mixed trend, with 18 products experiencing price increases, 28 seeing declines, and 4 remaining stable in late December 2025 compared to mid-December 2025 [2]. Group 1: Price Changes in Black Metals - Rebar (Φ20mm, HRB400E) price is 3184.6 CNY per ton, up by 14.8 CNY, a 0.5% increase [5] - Wire rod (Φ8-10mm, HPB300) price is 3379.1 CNY per ton, up by 24.6 CNY, a 0.7% increase [5] - Ordinary medium plate (20mm, Q235) price is 3352.3 CNY per ton, down by 8.8 CNY, a 0.3% decrease [5] - Hot-rolled ordinary plate (4.75-11.5mm, Q235) price is 3273.1 CNY per ton, up by 6.0 CNY, a 0.2% increase [5] - Seamless steel pipe (219*6, 20) price is 4065.0 CNY per ton, down by 1.7 CNY, a 0.04% decrease [5] Group 2: Price Changes in Non-Ferrous Metals - Electrolytic copper (1) price is 95990.8 CNY per ton, up by 3470.0 CNY, a 3.8% increase [6] - Aluminum ingot (A00) price is 22046.7 CNY per ton, up by 250.0 CNY, a 1.1% increase [6] - Lead ingot (1) price is 17054.2 CNY per ton, up by 150.0 CNY, a 0.9% increase [6] - Zinc ingot (0) price is 23193.3 CNY per ton, down by 68.4 CNY, a 0.3% decrease [6] Group 3: Price Changes in Chemical Products - Sulfuric acid (98%) price is 1056.0 CNY per ton, down by 1.9 CNY, a 0.2% decrease [6] - Caustic soda (liquid, 32%) price is 753.8 CNY per ton, down by 8.8 CNY, a 1.2% decrease [6] - Methanol price is 2101.1 CNY per ton, down by 6.6 CNY, a 0.3% decrease [6] - Styrene price is 6616.7 CNY per ton, up by 13.1 CNY, a 0.2% increase [6] Group 4: Price Changes in Energy Products - Liquefied natural gas (LNG) price is 3614.8 CNY per ton, down by 304.7 CNY [7] - Liquefied petroleum gas (LPG) price is 4358.0 CNY per ton, down by 47.4 CNY [7] - Gasoline (95 National VI) price is 8026.2 CNY per ton, down by 27.5 CNY [7] - Diesel (0 National VI) price is 6667.8 CNY per ton, down by 88.1 CNY, a 1.3% decrease [7] Group 5: Price Changes in Agricultural Products - Rice (Japonica) price is 3951.0 CNY per ton, up by 7.8 CNY, a 0.2% increase [8] - Wheat (National Standard Grade 3) price is 2491.4 CNY per ton, down by 5.8 CNY, a 0.2% decrease [8] - Corn (Yellow Corn Grade 2) price is 2228.4 CNY per ton, down by 2.8 CNY, a 0.1% decrease [8] - Cotton (White Cotton Grade 3) price is 14918.1 CNY per ton, up by 190.6 CNY, a 1.3% increase [8] Group 6: Monitoring Methodology - The monitoring covers over 2000 wholesalers, agents, and distributors across more than 300 trading markets in 31 provinces [12] - Price monitoring methods include on-site price collection, phone inquiries, and electronic communications [13] - The price changes are categorized based on the percentage increase or decrease [14]

Group 1 - The National Bureau of Statistics of China will conduct a 1% national population sampling survey in 2025, targeting approximately 5 million households and 14 million individuals [1] - The survey will collect basic information about the population and households, including name, ID number, gender, age, ethnicity, education level, industry, occupation, migration, marriage, birth, death, and housing conditions [1] - The survey will take place from November 1 to November 30, 2025, with the standard reference time set at midnight on November 1, 2025 [1] Group 2 - The survey will be conducted by government statistical agencies using electronic data collection devices, and respondents may also fill out the survey online [1] - All statistical survey subjects are required to provide accurate and complete information as per the Statistical Law of the People's Republic of China [2] - Any illegal actions by statistical agencies or personnel during the survey will be subject to legal accountability, and obstructing the survey may lead to penalties from public security authorities [2]

Core Insights - The added value of patent-intensive industries in China for 2024 is projected to be 180,381 billion yuan, accounting for 13.38% of the GDP, an increase of 0.34 percentage points from the previous year [2][4]. Industry Breakdown - The largest sector within patent-intensive industries is new equipment manufacturing, with an added value of 51,377 billion yuan, representing 28.5% of the total [2][4]. - The information and communication technology service industry follows, with an added value of 43,709 billion yuan, making up 24.2% [2][4]. - The information and communication technology manufacturing sector has an added value of 35,885 billion yuan, accounting for 19.9% [2][4]. - Other notable sectors include new materials manufacturing (16,476 billion yuan, 9.1%), pharmaceutical and medical industries (14,068 billion yuan, 7.8%), environmental protection industry (3,995 billion yuan, 2.2%), and research, design, and technical services (14,872 billion yuan, 8.2%) [4]. Definitions and Methodology - Patent-intensive industries are defined as those that rely on intellectual property for market competition and meet specific standards of patent density and scale [4]. - The added value of patent-intensive industries is calculated based on the production activities of all resident units within a specified period [4][5]. - The classification of patent-intensive industries is based on the "Statistical Classification of Patent-Intensive Industries (2019)" and includes seven major categories [7][8].

Core Insights - The total scale of China's sports industry in 2024 is estimated at 38,421 billion yuan, with a value-added of 16,033 billion yuan, accounting for 1.19% of the GDP, an increase of 0.04 percentage points from the previous year [2][3] Industry Composition - The value-added of the sports service industry is 11,548 billion yuan, representing 72.0% of the total value-added in the sports industry, a decrease of 0.7 percentage points from the previous year [2][4] - The value-added from the manufacturing of sports goods and related products is 4,245 billion yuan, accounting for 26.5% of the total value-added, an increase of 0.8 percentage points from the previous year [2][4] - The value-added from the construction of sports venues and facilities is 240 billion yuan, making up 1.5% of the total value-added, a decrease of 0.1 percentage points from the previous year [2][4] Detailed Breakdown - The sports service industry includes various activities such as sports management, competitions, fitness and leisure activities, and education and training, with specific contributions detailed as follows: - Sports management activities: 1,458 million yuan (3.8%) - Sports competition and performance activities: 786 million yuan (2.0%) - Sports fitness and leisure activities: 2,941 million yuan (7.7%) - Management of sports venues and facilities: 1,401 million yuan (9.5%) - Sports brokerage and agency, advertising, and exhibition services: 698 million yuan (1.8%) - Sports education and training: 2,998 million yuan (7.8%) [4][5] Additional Notes - The total output of the sports industry refers to the value of all sports goods and services produced by resident units in a given period [6] - The value-added of the sports industry indicates the value created by production activities within the sports sector [7] - The classification of sports industry statistics is based on the "Statistical Classification of Sports Industry (2019)" [10]

Group 1: Manufacturing PMI Overview - In December, the Manufacturing Purchasing Managers' Index (PMI) was 50.1%, an increase of 0.9 percentage points from the previous month, indicating expansion [1] - Large enterprises had a PMI of 50.8%, up 1.5 percentage points, while medium-sized enterprises had a PMI of 49.8%, up 0.9 percentage points, and small enterprises had a PMI of 48.6%, down 0.5 percentage points [1] - The production index was 51.7%, an increase of 1.7 percentage points, indicating accelerated production activities in the manufacturing sector [2] - The new orders index was 50.8%, up 1.6 percentage points, suggesting improved market demand in manufacturing [3] - The raw materials inventory index was 47.8%, up 0.5 percentage points, indicating a narrowing decline in major raw material inventories [4] - The employment index was 48.2%, down 0.2 percentage points, reflecting a slight decrease in employment conditions in manufacturing [5] - The supplier delivery time index was 50.2%, up 0.1 percentage points, indicating that supplier delivery times for raw materials continued to accelerate [5] Group 2: Non-Manufacturing PMI Overview - In December, the Non-Manufacturing Business Activity Index was 50.2%, an increase of 0.7 percentage points, returning to the expansion zone [6] - The construction industry business activity index was 52.8%, up 3.2 percentage points, while the service industry business activity index was 49.7%, up 0.2 percentage points [6] - The new orders index was 47.3%, up 1.6 percentage points, indicating a recovery in market demand for non-manufacturing [6] - The input prices index was 50.2%, down 0.2 percentage points, indicating a general increase in input prices for non-manufacturing activities [6] - The sales prices index was 48.0%, down 1.1 percentage points, indicating a decline in overall sales prices in non-manufacturing [7] - The employment index was 46.1%, up 0.8 percentage points, indicating a slight recovery in employment conditions in non-manufacturing [7] - The business activity expectation index was 56.5%, up 0.3 percentage points, reflecting increased confidence in market development among non-manufacturing enterprises [7] Group 3: Composite PMI Overview - In December, the Composite PMI Output Index was 50.7%, an increase of 1.0 percentage points, indicating overall expansion in production and business activities compared to the previous month [9]

Group 1: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) rose to 50.1% in December, marking the first time it has entered the expansion zone since April [2] - Production index and new orders index increased to 51.7% and 50.8% respectively, indicating significant recovery in both production and demand [2] - Large enterprises' PMI returned to the expansion zone at 50.8%, while medium-sized enterprises' PMI was at 49.8%, and small enterprises' PMI decreased to 48.6% [2] Group 2: Key Industries - High-tech manufacturing PMI reached 52.5%, showing positive growth trends, while equipment manufacturing and consumer goods industries both recorded PMIs of 50.4% [3] - The agricultural and food processing sectors showed strong performance with production and new orders indices above 53.0%, while non-metallic mineral products and black metal industries remained under pressure [2][3] Group 3: Non-Manufacturing Sector - The non-manufacturing business activity index increased to 50.2%, indicating an improvement in the non-manufacturing sector's economic climate [4] - The construction industry saw a significant rise in its business activity index to 52.8%, driven by favorable weather conditions and pre-holiday construction activities [4] Group 4: Overall Economic Outlook - The comprehensive PMI output index rose to 50.7%, reflecting overall expansion in production and business activities across sectors [5] - The production and business activity expectation index for manufacturing reached 55.5%, indicating increased confidence among manufacturers regarding market development [3]

Group 1: Manufacturing PMI Overview - The manufacturing Purchasing Managers' Index (PMI) for December is 50.1%, an increase of 0.9 percentage points from the previous month, indicating a return to the expansion zone [1][21] - The new orders index stands at 50.8%, up 1.6 percentage points, reflecting improved market demand [1][22] - The production index is at 51.7%, an increase of 1.7 percentage points, suggesting accelerated production activities in the manufacturing sector [1][22] Group 2: Sector Performance - High-tech manufacturing PMI is 52.5%, up 2.4 percentage points, showing a significant acceleration in growth [1][23] - The consumer goods manufacturing PMI is at 50.4%, an increase of 1 percentage point, indicating stable expansion [1][23] - Large enterprises have a PMI of 50.8%, up 1.5 percentage points, while medium and small enterprises have PMIs of 49.8% and 48.6%, respectively, indicating varied performance across company sizes [3][22] Group 3: Non-Manufacturing Sector - The non-manufacturing business activity index is 50.2%, an increase of 0.7 percentage points, indicating a return to expansion [6][24] - The construction sector's business activity index is 52.8%, up 3.2 percentage points, reflecting significant improvement in the construction industry [9][24] - The service sector's business activity index is 49.7%, a slight increase of 0.2 percentage points, with some industries like telecommunications showing strong performance [9][24] Group 4: Future Expectations - The production and business activity expectations index for manufacturing is 55.5%, up 2.4 percentage points, indicating increased confidence among manufacturers [1][23] - The business activity expectations index for the non-manufacturing sector is 56.4%, reflecting growing optimism about future market developments [15][24] - Overall, the composite PMI output index is 50.7%, an increase of 1.0 percentage point, indicating overall expansion in business activities [18][25]