国家统计局： 2025全年居民消费价格与上年持平。工业生产者出厂价格下降2.6%。工业生产者购进价 格下降3.0%。农产品生产者价格下降3.7%。12月份，70个大中城市中，新建商品住宅销售价格环比上 涨的城市个数为6个，持平的为6个，下降的为58个；二手住宅销售价格环比下降的城市个数为70个；新 建商品住宅销售价格同比上涨的城市个数为5个，下降的为65个；二手住宅销售价格同比下降的城市个 数为70个。年末国家外汇储备33579亿美元，比上年末增加1555亿美元。全年人民币平均汇率为1美元兑 7.1429元人民币，比上年贬值0.3%。 ...

行业 纸浆日报 日期 2026 年 2 月 26 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 每日报告 一、行情回顾与操作建议 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 ＃summary＃ 2 月 25 日消息，近日，国家统计局发布 2026 年 1 月份工业生产者出厂 价格数据情况。2026 年 1 月份，全国工业生产者出厂价格 ...

Core Insights - The consumer price index in Hangzhou showed a mild increase in January 2026, indicating a stable economic environment with a year-on-year rise of 0.4% in consumer prices and a month-on-month increase of 0.8% in industrial producer prices, despite a year-on-year decline of 0.9% [1][2] Consumer Price Trends - In January, the consumer prices in Hangzhou increased by 0.4% year-on-year, with a decrease in the growth rate by 0.7 percentage points compared to the previous month [1] - Food prices rose by 1.2%, while non-food prices increased by 0.3%. Consumer goods prices went up by 1.1%, while service prices decreased by 0.3% [1] - Seasonal factors led to significant price increases in fresh vegetables and fruits, which rose by 5.4% and 4.8% respectively. Conversely, prices for pork and eggs decreased by 11.6% and 3.6%, helping to stabilize overall food prices [1] Producer Price Trends - The industrial producer prices in Hangzhou saw a month-on-month increase of 0.8% in January, while year-on-year prices decreased by 0.9% [2] - Prices for extraction, processing, and raw materials fell by 10.9%, 1.1%, and 0.8% respectively, with living materials prices down by 0.6% [2] - Among nine categories of raw materials, three categories saw price increases, while six experienced declines, indicating a mixed trend in production costs [2] Overall Economic Outlook - The stable price movements in January reflect a vibrant consumer market and a gradual improvement in the production sector, aligning with the overall economic development trend in Hangzhou, which is expected to support high-quality economic growth throughout the year [2]

Group 1 - In January, Beijing's Consumer Price Index (CPI) increased by 0.3% month-on-month, while the year-on-year growth rate decreased [1] - Food prices saw a rise in fresh fruit by 2.6%, eggs by 2.4%, and seafood by 2.2%, while fresh vegetable prices shifted from a 4.7% increase to a 4.3% decrease, and pork prices fell by 0.3% [1] - Non-food industrial consumer goods prices rose by 0.6%, with gold jewelry prices increasing by 8.2% and gasoline prices decreasing by 1.3% [1] Group 2 - Year-on-year, Beijing's CPI rose by 0.1%, with a decrease in the growth rate by 0.9 percentage points [2] - In the food category, fresh vegetables and fruits increased by 10.4% and 1.2% respectively, while pork and eggs saw declines of 15.2% and 10.9% [2] - The industrial producer price index decreased by 1.9% year-on-year, while it increased by 0.1% month-on-month [2]

1月，在工业生产者出厂价格中，生产资料价格下降1.3%，影响工业生产者出厂价格总水平下降约1.06 个百分点。其中，采掘工业价格下降8.1%，原材料工业价格下降2%，加工工业价格下降0.4%。生活资 料价格下降1.7%，影响工业生产者出厂价格总水平下降约0.38个百分点。其中，食品价格下降1.9%，衣 着价格下降0.7%，一般日用品、耐用消费品价格均下降1.8%。 北京商报讯（记者 和岳）2月11日，国家统计局数据显示，今年1月，全国工业生产者出厂价格同比下 降1.4%，降幅比上月收窄0.5个百分点；环比上涨0.4%，涨幅比上月扩大0.2个百分点。工业生产者购进 价格同比下降1.4%，降幅比上月收窄0.7个百分点；环比上涨0.5%，涨幅比上月扩大0.1个百分点。 ...

2026年1月份，全国工业生产者出厂价格同比下降1.4%，降幅比上月收窄0.5个百分点；环比上涨0.4%， 涨幅比上月扩大0.2个百分点。工业生产者购进价格同比下降1.4%，降幅比上月收窄0.7个百分点；环比 上涨0.5%，涨幅比上月扩大0.1个百分点。 一、工业生产者价格同比变动情况 1月份，工业生产者出厂价格中，生产资料价格下降1.3%，影响工业生产者出厂价格总水平下降约1.06 个百分点。其中，采掘工业价格下降8.1%，原材料工业价格下降2.0%，加工工业价格下降0.4%。生活 资料价格下降1.7%，影响工业生产者出厂价格总水平下降约0.38个百分点。其中，食品价格下降1.9%， 衣着价格下降0.7%，一般日用品、耐用消费品价格均下降1.8%。 工业生产者购进价格中，燃料动力类价格下降7.1%，化工原料类价格下降5.8%，建筑材料及非金属类 价格下降4.7%，黑色金属材料类、农副产品类价格均下降2.9%，纺织原料类价格下降2.2%；有色金属 材料及电线类价格上涨16.1%。 二、工业生产者价格环比变动情况 1月份，工业生产者出厂价格中，生产资料价格上涨0.5%，影响工业生产者出厂价格总水平上涨约0.37 ...

Core Viewpoint - The consumer price index (CPI) in China is projected to remain flat in 2025 compared to the previous year, indicating a stable inflation outlook for consumers [1] Group 1: Consumer Price Index (CPI) Analysis - Food and tobacco prices are expected to decrease by 0.7%, while clothing prices will increase by 1.5% [1] - Housing prices are projected to rise by 0.1%, and prices for daily necessities and services are expected to increase by 0.9% [1] - Transportation and communication prices are forecasted to decline by 2.6%, while education, culture, and entertainment prices will rise by 0.8% [1] - Healthcare prices are anticipated to increase by 0.8%, and other goods and services are expected to rise significantly by 9.3% [1] - Within the food and tobacco category, pork prices are expected to decrease by 6.1%, fresh vegetable prices by 3.9%, and grain prices by 1.0%, while fresh fruit prices will increase by 1.2% [1] - The core CPI, excluding food and energy prices, is projected to rise by 0.7%, an increase of 0.2 percentage points compared to the previous year [1] - In December, the year-on-year CPI increased by 0.8%, a rise of 0.1 percentage points from the previous month, with a month-on-month increase of 0.2% [1] Group 2: Industrial Producer Price Index (PPI) Analysis - The industrial producer price index is expected to decline by 2.6% in 2025 compared to the previous year [1] - In December, the year-on-year PPI decreased by 1.9%, with a month-on-month increase of 0.2% [1] - The annual industrial producer purchase price is projected to decline by 3.0%, with a year-on-year decrease of 2.1% in December and a month-on-month increase of 0.4% [1]

Group 1 - The core viewpoint of the articles indicates that the annual Consumer Price Index (CPI) remained stable compared to the previous year, with various categories showing mixed price changes [1] - Food and tobacco prices decreased by 0.7%, while clothing prices increased by 1.5%, housing prices rose by 0.1%, and prices for daily necessities and services increased by 0.9% [1] - Transportation and communication prices fell by 2.6%, while education, culture, and entertainment prices rose by 0.8%, and healthcare prices also increased by 0.8% [1] - Other goods and services saw a significant price increase of 9.3% [1] - Within the food and tobacco category, pork prices dropped by 6.1%, fresh vegetable prices decreased by 3.9%, grain prices fell by 1.0%, and fresh fruit prices rose by 1.2% [1] - The core CPI, excluding food and energy prices, increased by 0.7%, which is an expansion of 0.2 percentage points compared to the previous year [1] Group 2 - In December, the year-on-year CPI rose by 0.8%, which is an increase of 0.1 percentage points compared to the previous month, with a month-on-month increase of 0.2% [1] - The annual Producer Price Index (PPI) for industrial producers decreased by 2.6% compared to the previous year, with a year-on-year decline of 1.9% in December and a month-on-month increase of 0.2% [1] - The annual purchase price index for industrial producers fell by 3.0% compared to the previous year, with a year-on-year decrease of 2.1% in December and a month-on-month increase of 0.4% [1]

Group 1 - The core viewpoint of the news is that the Consumer Price Index (CPI) for the year remained flat compared to the previous year, indicating stable consumer prices in 2025 [1] - By category, food and tobacco prices decreased by 0.7%, clothing prices increased by 1.5%, housing prices rose by 0.1%, and prices for daily necessities and services increased by 0.9% [3] - The core CPI, excluding food and energy prices, increased by 0.7%, with the growth rate expanding by 0.2 percentage points compared to the previous year [3] Group 2 - In December, the year-on-year CPI rose by 0.8%, with an increase of 0.1 percentage points compared to the previous month, and a month-on-month increase of 0.2% [3] - The Producer Price Index (PPI) for industrial producers decreased by 2.6% for the year, with a year-on-year decline of 1.9% in December and a month-on-month increase of 0.2% [3] - The purchase price index for industrial producers fell by 3.0% for the year, with a year-on-year decrease of 2.1% in December and a month-on-month increase of 0.4% [3]

Core Insights - The annual Consumer Price Index (CPI) remained unchanged compared to the previous year [1] - The core CPI, excluding food and energy prices, increased by 0.7%, a rise of 0.2 percentage points from the previous year [1] Price Changes by Category - Food, tobacco, and alcohol prices decreased by 0.7%, with pork prices down by 6.1% and fresh vegetable prices down by 3.9% [1] - Clothing prices increased by 1.5%, housing prices rose by 0.1%, and prices for daily necessities and services increased by 0.9% [1] - Transportation and communication prices fell by 2.6%, while education, culture, and entertainment prices rose by 0.8% [1] - Healthcare prices also increased by 0.8%, and other goods and services saw a significant rise of 9.3% [1] Industrial Producer Prices - The annual Industrial Producer Price Index (PPI) decreased by 2.6% compared to the previous year [1] - In December, the PPI fell by 1.9% year-on-year but increased by 0.2% month-on-month [1] - The annual Industrial Purchase Price Index also declined by 3.0%, with a year-on-year decrease of 2.1% in December and a month-on-month increase of 0.4% [1]