Core Insights - In December 2025, China's rebar production reached 13.559 million tons, marking a year-on-year decline of 15.6% [1] - The cumulative production for the entire year of 2025 was 186.308 million tons, reflecting a year-on-year decrease of 4.3% [1] Group 1: Steel Production - In December, the production of medium and heavy wide steel strips was 17.076 million tons, down 4.8% year-on-year [1] - The total production for the year 2025 was 222.680 million tons, which represents a year-on-year increase of 4.2% [1] - Wire rod production in December was 9.632 million tons, showing a year-on-year decline of 14.1% [1] - The cumulative production for wire rod for the year was 132.826 million tons, down 1.6% year-on-year [1] Group 2: Iron Ore Production - In December, the production of iron ore concentrate was 79.345 million tons, reflecting a year-on-year decrease of 4.4% [1] - The total production for the year 2025 was 983.715 million tons, which indicates a year-on-year decline of 2.8% [1]

Core Insights - The National Bureau of Statistics reported that China's flat glass production in December reached 88.293 million weight cases, representing a year-on-year increase of 3.4% [1] - The cumulative production for the entire year (January to December) was 975.91 million weight cases, showing a year-on-year decline of 3% [1] Production Data - December production: 88.293 million weight cases, up 3.4% year-on-year [1] - Total production for 2022: 975.91 million weight cases, down 3% year-on-year [1]

国家统计局1月22日公布的数据显示，中国12月纯碱（碳酸钠）产量为334.7万吨，同比减少0.1%。1-12 月累计产量为3957.2万吨，同比增长4.3%。 （文章来源：国家统计局） ...

Group 1 - The core viewpoint of the article highlights the production growth of lead and zinc in China for the year 2025, with lead production reaching 71.9 thousand tons, an increase of 5.3% year-on-year, and zinc production at 67.5 thousand tons, up by 11% [1] - For the entire year of 2022, China's lead production totaled 774.2 thousand tons, reflecting a year-on-year growth of 2.8%, while zinc production reached 752.8 thousand tons, marking a 9.3% increase [2]

（文章来源：国家统计局） 国家统计局数据显示，2025年12月中国氧化铝产量801.1万吨，同比增长6.7%；1-12月累计产量9244.6万 吨，同比增长8.0%。12月电解铝产量387.4万吨，同比增长3.0%；1-12月累计产量4501.6万吨，同比增长 2.4%。12月铝合金产量182.5万吨，同比增长13.7%；1-12月累计产量1929.7万吨，同比增长15.8%。12 月铝材产量613.6万吨，同比持平；1-12月累计产量6750.4万吨，同比下降0.2%。 ...

Production Data Summary - In December 2025, China's alumina production reached 8.011 million tons, marking a year-on-year increase of 6.7% [1] - The cumulative alumina production from January to December was 92.446 million tons, reflecting a year-on-year growth of 8.0% [1] - The electrolytic aluminum production in December was 3.874 million tons, which is a 3.0% increase compared to the previous year [1] - The total electrolytic aluminum production for the year was 45.016 million tons, showing a year-on-year increase of 2.4% [1] - In December, aluminum alloy production reached 1.825 million tons, representing a significant year-on-year increase of 13.7% [1] - The cumulative production of aluminum alloys for the year was 19.297 million tons, with a year-on-year growth of 15.8% [1] - December aluminum product production was 6.136 million tons, remaining flat compared to the previous year [1] - The total aluminum product production for the year was 67.504 million tons, indicating a slight year-on-year decline of 0.2% [1]

Group 1 - The overall price level in China is relatively low, with the Consumer Price Index (CPI) expected to remain stable in 2025, showing minor monthly fluctuations [1] - CPI has structural characteristics, with significant impacts from declining food and energy prices; food prices decreased by 1.5% in the previous year, affecting CPI by approximately 0.27 percentage points, while energy prices fell by 3.3%, contributing another 0.25 percentage points to the decline [1] - The current low CPI is influenced by complex domestic and international macroeconomic conditions, as well as the country's development stage, with traditional growth drivers slowing down [1] Group 2 - Policies aimed at expanding domestic demand are showing results, with core CPI experiencing a mild recovery; in 2025, the core CPI excluding food and energy is projected to rise by 0.7%, an increase of 0.2 percentage points from the previous year [2] - In December, the core CPI rose by 1.2%, maintaining above 1% for four consecutive months, with industrial consumer goods prices excluding energy increasing by 1.1% [2] - Specific price increases include home appliances and communication tools, which rose by 1.8% and 0.6% respectively, while the decline in fuel and new energy vehicles has narrowed significantly [2] Group 3 - Favorable factors for a moderate CPI recovery are accumulating, with effective implementation of consumption-boosting initiatives and coordinated fiscal and financial policies expected to gradually expand consumer demand [3] - In December, CPI increased by 0.8%, the highest since March 2023, driven by increased food consumption during the New Year holiday and active service consumption [3] - Continued industry self-regulation and capacity management are anticipated to support price recovery, with a focus on enhancing product standards and quality [3]

一、房地产开发投资完成情况 2025年，全国房地产开发投资82788亿元，比上年下降17.2%（按可比口径计算，详见附注6）；其中，住宅投资63514亿元，下降16.3%。 2025年，房地产开发企业房屋施工面积659890万平方米，比上年下降10.0%。其中，住宅施工面积460123万平方米，下降10.3%。房屋新开工面积58770万平方米，下降20.4%。其 中，住宅新开工面积42984万平方米，下降19.8%。房屋竣工面积60348万平方米，下降18.1%。其中，住宅竣工面积42830万平方米，下降20.2%。 二、新建商品房销售和待售情况 2025年，新建商品房销售面积88101万平方米，比上年下降8.7%；其中住宅销售面积下降9.2%。新建商品房销售额83937亿元，下降12.6%；其中住宅销售额下降13.0%。 2025年全国房地产市场基本情况 2025年末，商品房待售面积76632万平方米，比上年末增长1.6%，比11月末回落1.0个百分点。其中，住宅待售面积增长2.8%。 三、房地产开发企业到位资金情况 2025年，房地产开发企业到位资金93117亿元，比上年下降13.4%。其中，国内贷款14 ...

2025年12月份社会消费品零售总额增长0.9% 按消费类型分，12月份，商品零售额39398亿元，同比增长0.7%；餐饮收入5738亿元，增长2.2%。2025年，商品零售额443220亿元，比上年增长3.8%；餐饮收入57982亿元，增长 3.2%。 按零售业态分，2025年，限额以上零售业单位中便利店、超市、百货店、专业店零售额比上年分别增长5.5%、4.3%、0.1%、2.6%；品牌专卖店零售额下降0.6%。 2025年，全国网上零售额159722亿元，比上年增长8.6%。其中，实物商品网上零售额130923亿元，增长5.2%，占社会消费品零售总额的比重为26.1%；在实物商品网上零售额 中，吃类、穿类、用类商品分别增长14.5%、1.9%、4.1%。 按经营单位所在地分，12月份，城镇消费品零售额38429亿元，同比增长0.7%；乡村消费品零售额6707亿元，增长1.7%。2025年，城镇消费品零售额432972亿元，比上年增长 3.6%；乡村消费品零售额68230亿元，增长4.1%。 12月份，社会消费品零售总额45136亿元，同比增长0.9%。其中，除汽车以外的消费品零售额39654亿元，增长1 ...

Group 1: Resident Income Situation - In 2025, the national per capita disposable income reached 43,377 yuan, representing a nominal growth of 5.0%, with a real growth of 5.0% after adjusting for price factors [1] - 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% [1] - The per capita wage income was 24,555 yuan, increasing by 5.3%, accounting for 56.6% of the per capita disposable income; the per capita operating net income was 7,252 yuan, growing by 5.0%, making up 16.7% of the total [1] - The median per capita disposable income was 36,231 yuan, with a growth of 4.4%, and the median is 83.5% of the average; urban median was 51,115 yuan (3.7% growth), while rural median was 20,711 yuan (5.6% growth) [1] Group 2: Resident Consumption Expenditure Situation - 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% after price adjustments [2] - 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% [2] - Per capita expenditure on food, tobacco, and alcohol was 8,631 yuan, growing by 2.6%, accounting for 29.3% of total consumption expenditure; education, culture, and entertainment saw the highest growth at 9.4%, with a per capita expenditure of 3,489 yuan [2]