12月和四季度经济数据点评：积极面对2026年全球形势的风高浪急

Economic Growth - In 2025, the actual GDP grew by 5.0% year-on-year, achieving the annual growth target[3] - The GDP growth rate for Q4 2025 was 4.5%, a decrease of 0.3 percentage points from Q3 2025[4] - The nominal GDP growth rate for Q4 2025 was 3.8%, an increase of 0.1 percentage points from Q3 2025[4] Industrial Performance - In December 2025, industrial added value increased by 5.2% year-on-year, surpassing market expectations[13] - The cumulative year-on-year growth of industrial added value for 2025 was 5.9%[3] - The manufacturing sector showed a cumulative year-on-year growth of 6.4% in 2025, while the mining sector grew by 5.6%[19] Consumer Spending - In December 2025, retail sales of consumer goods grew by 0.9% year-on-year, marking the seventh consecutive month of decline[28] - The cumulative year-on-year growth of retail sales for 2025 was 3.7%, with service consumption growing by 5.5%[28] - The average disposable income per capita in 2025 was 43,377 yuan, with a year-on-year growth of 5.0%[52] Investment Trends - Fixed asset investment decreased by 3.8% year-on-year in 2025, with private investment down by 6.4%[39] - Real estate investment saw a cumulative year-on-year decline of 17.2% in 2025, with residential investment down by 16.3%[48] - The cumulative year-on-year growth of fixed asset investment in the manufacturing sector was 0.6%[43]