经观月度观察|经济修复平稳 政策加力支持中小企业发展

Core Insights - The macroeconomic data for December 2025 indicates a stable recovery, with rising prices in non-ferrous metals, a manufacturing PMI returning to expansion, and growth in medium to long-term corporate loans [1] Economic Indicators - CPI: The Consumer Price Index (CPI) increased from 0.7% to 0.8% year-on-year, with food prices showing a 0.3% month-on-month increase and a 1.1% year-on-year increase [3] - PPI: The Producer Price Index (PPI) improved from -2.2% to -1.9% year-on-year, driven by rising prices in non-ferrous metals, which saw a 24.0% increase in mining and a 10.8% increase in smelting and processing [4] - PMI: The Manufacturing Purchasing Managers' Index (PMI) rose from 49.2% to 50.1%, indicating a return to expansion for large enterprises, while small enterprises remain in contraction [5] - Fixed Investment: Total fixed asset investment decreased by 3.8%, with real estate investment down by 17.2%, while equipment renewal investment grew by 11.8% [6] - Credit Growth: New RMB loans totaled 910 billion yuan, with medium to long-term corporate loans increasing significantly [7][8] - M2 Growth: The M2 money supply growth rate increased to 8.5%, up from 8.0%, indicating a rebound in liquidity [8]