2025年12月CPI与PPI增速同步回升 | 高频看宏观

Group 1: Economic Activity Index - The China High-Frequency Economic Activity Index (YHEI) was 1.05 as of January 13, 2026, a decrease of 0.09 from January 6, 2026. The decline was primarily attributed to a drop in the coastal coal freight index by 0.09 [2][1] - The import dry bulk freight index remained stable compared to the previous week [2] Group 2: Monetary Policy - As of January 13, 2026, the central bank net withdrew 77.8 billion yuan through open market operations. The reverse repurchase amount for the week was 517.2 billion yuan, with 595 billion yuan maturing [4][5] Group 3: Interest Rates and Financing - The overnight interbank rate rose by 17 basis points to 1.5% over the past week, and the seven-day repurchase rate increased by 8 basis points to 1.57% [9][10] - The one-year swap rate increased by 1.43 basis points to 1.52%, while the five-year swap rate decreased by 0.42 basis points to 1.64% [12][9] - The yields on one-year, five-year, and ten-year government bonds fell by 10, 2.23, and 3.1 basis points to 1.26%, 1.64%, and 1.85%, respectively [15][9] Group 4: Industrial Sector - As of January 13, 2026, the price of steel billets increased by 1.37% week-on-week, while cement prices decreased by 1.12% [22][23] - The operating rate of short-process steel mills rose from 67.71% to 70.83% over the past month [22] - The operating rate for full steel tire production decreased to 58.02%, down from 58.15% the previous week [22] Group 5: Shipping and Real Estate - The coastal bulk freight index decreased by 5.98 points to 1012.77 points as of January 13, 2026 [30] - In first-tier cities, new and second-hand housing transaction areas increased by 0.05% and 32.04%, respectively [31][33] - The land transaction area in 100 cities was 12.64 million square meters, a week-on-week decrease of 63.63% [31] Group 6: Consumer Prices - In December 2025, the Consumer Price Index (CPI) rose by 0.8% year-on-year, with urban prices increasing by 0.9% and rural prices by 0.6% [39][41] - The Producer Price Index (PPI) fell by 1.9% year-on-year, with a month-on-month increase of 0.2% [39][41] Group 7: Global Perspective - The US dollar index rose by 0.58 points to 99.18, while the RMB/USD exchange rate decreased by 48 basis points to 6.9765 [42][44] - The VIX index increased by 1.23 points to 15.98 [49]