Group 1 - Economic growth has shown improvement in 2025, with a "strong supply and weak demand" situation still prevailing, but price indicators are moving in a positive direction [1][3] - Production data for December 2025 shows improvement compared to November and October, as well as a quarter-on-quarter improvement from Q4 compared to Q2 and Q3 [1][3] - The narrowing decline in PPI and the expansion in CPI, along with a significant reduction in the year-on-year decline of the GDP deflator index in Q4, indicate positive trends [1][3] Group 2 - Demand-side indicators remain relatively weak, with December's retail sales and fixed asset investment showing slight negative growth on a month-on-month basis [1][3] - Capacity utilization rates in manufacturing and mining sectors are still experiencing a year-on-year decline [1][3]
20260119 关于2025年经济数据的解读