Summary of Fixed Asset Investment in 2025 Core Viewpoint - In 2025, China's total 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 fixed asset investment decreasing by 6.4% [1][3]. Group 1: Investment by Industry - Investment in the primary industry amounted to 957 billion yuan, showing a growth of 2.3% year-on-year [3]. - The secondary industry saw an investment of 177,368 billion yuan, with a growth rate of 2.5%. Industrial investment within this sector increased by 2.6%, with mining investment growing by 2.5%, manufacturing investment rising by 0.6%, and investment in electricity, heat, gas, and water production and supply increasing by 9.1% [3]. - The tertiary industry experienced a decline in investment, totaling 298,248 billion yuan, which is a decrease of 7.4% year-on-year. Infrastructure investment (excluding electricity, heat, gas, and water production and supply) fell by 2.2%, while pipeline transportation investment surged by 36.0%, multimodal transport and transportation agency investment grew by 22.9%, and water transportation investment increased by 7.7% [3]. Group 2: Investment by Region - Investment in the eastern region decreased by 8.4% compared to the previous year, while the central region saw a decline of 2.7%, the western region a decrease of 1.3%, and the northeastern region experienced a significant drop of 15.5% [3]. Group 3: Investment by Registration Type - Domestic enterprises' fixed asset investment fell by 3.8% year-on-year, while investment from Hong Kong, Macau, and Taiwan enterprises decreased by 2.2%. Foreign enterprises saw a more substantial decline, with fixed asset investment dropping by 13.8% [4].

（2026年1月19日） 国家统计局 2025年经济发展向新向优 预期目标圆满实现 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%。 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 ...

Core Viewpoint - The National Bureau of Statistics of China projects that the value added of high-tech manufacturing industries above designated size will grow by 9.4% in 2025, marking the highest growth rate since 2022 and contributing 26.1% to the overall industrial growth rate, an increase of 1.7 percentage points from the previous year [1] Industry Summary - The value added in the integrated circuit manufacturing, aircraft manufacturing, electronic special materials manufacturing, and biopharmaceutical manufacturing sectors is expected to grow by 26.7%, 24.8%, 23.9%, and 12.1% respectively [1] - The rapid development of "Artificial Intelligence+" is driving production increases in storage chips and servers by 22.8% and 12.6% respectively [1] - New economic growth points such as embodied intelligence and human-machine collaboration are significantly boosting the robotics sector, with production of robot reducers, industrial robots, and service robots increasing by 63.9%, 28.0%, and 16.1% respectively [1]

Group 1: Energy Production and Supply - In 2025, energy production in China continues to grow steadily, with major energy products such as coal, oil, gas, and electricity reaching historical highs, enhancing energy supply security [2] - The industrial raw coal production reached 4.83 billion tons, an increase of 1.2% compared to the previous year [2] - The industrial crude oil production was 21.6 million tons, marking a 1.5% increase year-on-year, while natural gas production reached 261.9 billion cubic meters, up 6.2% [2] Group 2: Clean Energy Development - The construction of clean energy is accelerating, with installed capacity for wind and solar power surpassing that of coal-fired power for the first time in 2025 [4] - The total clean energy generation reached 34,213 billion kilowatt-hours, an increase of 8.8%, accounting for 35.2% of total industrial power generation, up 2.1 percentage points from the previous year [4] - New energy storage capacity exceeded 100 million kilowatts, representing over 40% of the global total, maintaining the world's leading position [4] Group 3: Green Transition and Energy Efficiency - Under the "dual carbon" goals, the proportion of coal consumption continues to decline, while the share of clean energy consumption steadily increases, with non-fossil energy surpassing oil to become the second-largest energy type [5] - The total energy consumption in 2025 grew by 3.5% year-on-year, with a reduction of over 5% in energy consumption per unit of GDP compared to the previous year [5] - The energy consumption per unit of industrial added value has decreased for two consecutive years, indicating significant progress in industrial energy conservation [5]

Core Insights - In December, the production of raw coal and crude oil in large-scale industries remained stable, while natural gas production showed steady growth and electricity production continued to increase [1] Group 1: Electricity Production - In December, the electricity generation of large-scale industries reached 858.6 billion kWh, representing a year-on-year growth of 0.1%, with an average daily generation of 27.7 billion kWh [1] - For the entire year of 2023, the total electricity generation was 9715.9 billion kWh, reflecting a year-on-year increase of 2.2% [1] Group 2: Breakdown by Energy Source - In December, the decline in thermal power generation narrowed, while the growth rates of hydropower, nuclear power, wind power, and solar power slowed down [1] - Specifically, thermal power generation decreased by 3.2% year-on-year, with the decline narrowing by 1.0 percentage point compared to November [1] - Hydropower generation increased by 4.1%, but the growth rate slowed by 13.0 percentage points from November [1] - Nuclear power generation grew by 3.1%, with a slowdown of 1.6 percentage points compared to November [1] - Wind power generation saw an increase of 8.9%, with a deceleration of 13.1 percentage points from November [1] - Solar power generation rose by 18.2%, but the growth rate decreased by 5.2 percentage points compared to November [1]

Core Viewpoint - The national industrial capacity utilization rate for large-scale enterprises in Q4 2025 is reported at 74.9%, showing a 0.3 percentage point increase from Q3 but a 1.3 percentage point decrease compared to the same period last year [1][4]. Group 1: Overall Industrial Capacity Utilization - The overall industrial capacity utilization rate for the entire year of 2025 is 74.4%, which is a decrease of 0.6 percentage points from the previous year [6]. - The Q4 capacity utilization rate for the mining industry is 71.7%, down 3.9 percentage points year-on-year [6]. - The manufacturing industry shows a Q4 capacity utilization rate of 75.2%, reflecting a decrease of 1.2 percentage points compared to the previous year [6]. - The electricity, heat, gas, and water production and supply industry has a Q4 capacity utilization rate of 74.0%, which is a decline of 0.8 percentage points year-on-year [6]. Group 2: Industry-Specific Capacity Utilization - In Q4 2025, the coal mining and washing industry has a capacity utilization rate of 69.1%, down 4.8 percentage points from the previous year [3][6]. - The food manufacturing industry reports a capacity utilization rate of 68.5%, a decrease of 2.2 percentage points year-on-year [6]. - The textile industry has a Q4 capacity utilization rate of 77.1%, down 1.7 percentage points compared to the previous year [6]. - The chemical raw materials and chemical products manufacturing industry shows a capacity utilization rate of 74.1%, down 2.3 percentage points year-on-year [6]. - The black metal smelting and rolling industry has a capacity utilization rate of 78.5%, which is an increase of 0.4 percentage points from the previous year [6]. - The automotive manufacturing industry reports a capacity utilization rate of 76.0%, down 1.2 percentage points year-on-year [6]. - The computer, communication, and other electronic equipment manufacturing industry has a capacity utilization rate of 79.7%, reflecting a slight increase of 0.3 percentage points compared to the previous year [6].

Core Viewpoint - The National Bureau of Statistics released preliminary GDP accounting results for the fourth quarter and the entire year of 2025, indicating a growth trend in various sectors of the economy [1]. Group 1: GDP Overview - The GDP for the fourth quarter of 2025 is reported at 38,791.1 billion yuan, with an annual total of 1,401,879 billion yuan, reflecting a year-on-year growth of 4.5% for the fourth quarter and 5.0% for the entire year [2]. - The primary industry contributed 35,160 billion yuan in the fourth quarter, growing by 4.2% year-on-year, while the secondary industry accounted for 136,803 billion yuan, with a growth rate of 3.4% [2]. - The tertiary industry showed a robust performance with a GDP of 215,948 billion yuan in the fourth quarter, marking a growth of 5.2% [2]. Group 2: Sector Performance - The construction industry experienced a decline, with a GDP of 26,475 billion yuan in the fourth quarter, down by 2.5% year-on-year [2]. - The wholesale and retail trade sector reported a GDP of 40,255 billion yuan, growing by 3.7% compared to the previous year [2]. - The information transmission, software, and IT services sector exhibited strong growth, with a GDP of 17,391 billion yuan, increasing by 10.7% year-on-year [2]. Group 3: Quarterly Growth Trends - The GDP growth rates for the past quarters show fluctuations, with 2025 projected to have quarterly growth rates of 1.2% in Q1, 1.0% in Q2, 1.1% in Q3, and 1.2% in Q4 [6]. - The growth trend indicates a gradual recovery and stabilization in the economy, with the fourth quarter of 2025 expected to maintain a steady growth rate [6].

Core Insights - The industrial electricity production in China showed growth in December 2025, with a total output of 858.6 billion kWh, reflecting a year-on-year increase of 0.1% [1] - For the entire year of 2025, the total industrial electricity production reached 9715.9 billion kWh, marking a year-on-year growth of 2.2% [2] Monthly Breakdown - In December 2025, the absolute output of thermal power was 581.2 billion kWh, down 3.2% year-on-year; hydropower output was 86.5 billion kWh, up 4.1%; nuclear power output was 44.6 billion kWh, up 3.1%; wind power output was 104.1 billion kWh, up 8.9%; and solar power output was 42.2 billion kWh, up 18.2% [1] - The decline in thermal power output in December was less severe than in November, with the decrease narrowing by 1.0 percentage point [1] Annual Breakdown - For the full year of 2025, thermal power output totaled 6294.5 billion kWh, a decrease of 1.0% year-on-year; hydropower output was 1314.4 billion kWh, up 2.8%; nuclear power output was 481.2 billion kWh, up 7.7%; wind power output was 1053.1 billion kWh, up 9.7%; and solar power output was 572.6 billion kWh, up 24.4% [2]

Core Insights - In 2025, national coke and steel production showed an increase year-on-year, while crude steel and pig iron production declined to multi-year lows [1] Group 1: Coke Production - In 2025, national coke production reached 50,412 million tons, a year-on-year increase of 2.9% [1] - December coke production was 4,274 million tons, with year-on-year and month-on-month growth of 1.9% and 2.5% respectively; however, the average daily production in December decreased by 0.8% to 1,380 thousand tons [1] Group 2: Steel Production - National steel production in 2025 was 144,612 million tons, reflecting a year-on-year growth of 3.1% [1] - In December, steel production was 11,531 million tons, showing a month-on-month decline of 3.8% and a year-on-year decline of 0.5%; the average daily production in December fell by 3.7% [1] Group 3: Pig Iron Production - National pig iron production in 2025 decreased by 3.0% to 83,604 million tons, marking the lowest level since 2020 [1] - December pig iron production was 6,072 million tons, with year-on-year and month-on-month declines of 9.9% and 2.6% respectively; this marked the seventh consecutive month of decline, with average daily production dropping by 5.7% [1] Group 4: Crude Steel Production - National crude steel production in 2025 fell by 4.4% to 96,081 million tons, reaching the lowest level since 2019 [1] - December crude steel production was 6,818 million tons, with year-on-year and month-on-month declines of 10.3% and 2.4% respectively; this also represented the seventh consecutive month of decline, with average daily production decreasing by 5.6% [1]

2025年，国家持续健全粮食生产支持政策体系，启动实施中央统筹下的粮食产销区省际横向利益补偿， 充分调动农民种粮和地方抓粮积极性。各地严格落实粮食安全党政同责，强化耕地保护和质量提升，多 措并举稳定粮食播种面积，进一步扩大粮食单产提升工程实施规模，全年粮食实现增产丰收。全国粮食 产量14297.5亿斤，比上年增加167.5亿斤，增长1.2%，连续两年稳定在1.4万亿斤以上。全国粮食播种面 积17.91亿亩，比上年增加134.8万亩，增长0.1%，连续六年保持增长。全国粮食单产399.1公斤/亩，比 上年增加4.4公斤/亩，增长1.1%。 分季节看，2025年，全国夏粮产量2994.9亿斤，比上年减少2.9亿斤，下降0.1%，总体保持稳定;早稻产 量570.3亿斤，增加6.8亿斤，增长1.2%;秋粮产量10732.3亿斤，增加163.6亿斤，增长1.5%。 分品种看，玉米、稻谷产量有所增加，小麦产量基本持平;豆类、薯类产量稳中有增。2025年，全国谷 物产量13204.1亿斤，比上年增加158.4亿斤，增长1.2%。其中，玉米产量6024.7亿斤，增加126.4亿斤， 增长2.1%，是粮食增产的主要因素;稻谷产 ...