12月经济数据点评：稳中提质在路上

Economic Growth - The actual GDP growth in Q4 was 4.5%, achieving an annual growth rate of 5.0%, meeting the annual target[3] - Nominal GDP grew by 3.8% year-on-year, with an annual cumulative growth of 4.0%[3] - The GDP deflator index was -1.0%, slightly narrowing compared to previous figures[3] Investment Trends - Fixed asset investment saw a significant decline, with a cumulative year-on-year decrease of 3.8% for 2025, a drop of 7.0 percentage points from the previous year[4] - Infrastructure investment (narrow and broad) fell by -2.2% and -1.5% respectively, marking a notable slowdown compared to 2024[4] - Manufacturing investment increased by only 0.6% in December, down 1.3 percentage points from the previous month and down 8.6% from 2024[4] Consumer Behavior - Retail sales of consumer goods grew by 3.7% year-on-year for 2025, a slight increase of 0.2 percentage points from 2024[5] - December retail sales showed a year-on-year growth of 0.9%, down 0.5 percentage points from the previous month, indicating a slow recovery[5] - Subsidized consumption remained a key support, with household appliances and furniture seeing annual growth rates of 11.0% and 14.6% respectively[6] Real Estate Market - Real estate development investment decreased by 17.2% year-on-year, with December's decline expanding to 35.8%[4] - New construction area in December fell by 19.4%, but the decline was less severe than the previous month, indicating potential stabilization[4] - The sales area and sales revenue of commercial housing showed a narrowing decline of -15.6% and -23.6% respectively in December, suggesting marginal improvement[4]