轻工制造行业动态研究：2025年12月CPI同比提升，积极布局内需消费

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Insights - The report highlights that the Consumer Price Index (CPI) increased by 0.8% year-on-year in December 2025, indicating a positive impact from consumption-boosting policies. This marks the highest CPI level since March 2023, with core CPI (excluding food and energy) rising by 1.2% year-on-year [2][3] - The report emphasizes the ongoing effects of consumption policies, particularly the "old-for-new" subsidy program, which aims to stimulate demand in the consumer market. The first batch of 625 billion yuan in long-term special government bond funds was released on January 1, 2026, to support this initiative [2][3] - The report notes structural adjustments in subsidy policies, with a focus on energy-efficient appliances and smart products, which are expected to create opportunities for companies in the light industry sector [3] Summary by Sections Industry Performance - The light manufacturing industry outperformed the CSI 300 index with a 1-month performance of 4.7%, 3-month performance of 10.6%, and a 12-month performance of 28.3% compared to the CSI 300's 3.5%, 1.0%, and 25.9% respectively [1] Consumer Demand - The report indicates that consumer demand has increased due to policy incentives and seasonal factors, leading to a month-on-month CPI increase of 0.2% in December 2025, reversing the previous month's decline [2] Subsidy Program Details - The "old-for-new" subsidy program has been upgraded to provide more funding and clearer direction, focusing on green and smart large consumer goods. The subsidy covers six categories of household appliances and four categories of digital products, with a maximum subsidy of 1,500 yuan for appliances and 500 yuan for digital products [2][3] - The report highlights that the subsidy for energy-efficient appliances has been standardized at 15%, with a significant increase in the threshold for eligibility compared to previous years [3]