【宏观经济】一周要闻回顾(2026年1月14日-1月20日)

Core Insights - In 2025, China's total import and export value reached 45.47 trillion yuan, marking a year-on-year growth of 3.8% [5] - The industrial capacity utilization rate for large-scale industries in Q4 2025 was 74.9%, showing a 0.3 percentage point increase from Q3 but a 1.3 percentage point decrease from the same period last year [9] - The added value of large-scale industries in December 2025 grew by 5.2% year-on-year, with a monthly increase of 0.49% [11] - Retail sales of consumer goods in December 2025 increased by 0.9% year-on-year, with total retail sales for the year reaching 5.012 trillion yuan, a 3.7% increase from the previous year [16][18] Trade and Export - In December 2025, the import and export value reached 4.26 trillion yuan, a record high with a year-on-year growth of 4.9% [5] - High-tech product exports grew by 13.2%, while the "new three samples" products saw a 27.1% increase in exports [5] - Exports of self-owned brand products increased by 12.9%, accounting for a 1.4 percentage point rise in the total export value [5] - Trade with countries involved in the Belt and Road Initiative reached 23.6 trillion yuan, a 6.3% increase, making up 51.9% of total trade [5] Industrial Performance - The overall industrial capacity utilization rate for 2025 was 74.4% [9] - By industry, the mining sector had a capacity utilization rate of 71.7%, manufacturing at 75.2%, and utilities at 74.0% in Q4 2025 [9] - In December 2025, 33 out of 41 major industries reported year-on-year growth in added value, with notable increases in sectors like coal mining (6.4%) and automotive manufacturing (8.3%) [14] Consumer Market - In December 2025, the retail sales of consumer goods totaled 45.136 billion yuan, with non-automotive retail sales growing by 1.7% [18] - Online retail sales for the year reached 15.972 trillion yuan, an 8.6% increase, with physical goods online sales accounting for 26.1% of total retail sales [19] - The growth in retail sales was driven by urban areas, which saw a 0.7% increase, while rural areas experienced a 1.7% growth [18]