Group 1: CPI Analysis - In December 2025, the Consumer Price Index (CPI) increased by 0.2% month-on-month and 0.8% year-on-year, with the core CPI (excluding food and energy) rising by 1.2% year-on-year, marking a stable recovery in demand [1][2] - The year 2025 saw the CPI remain flat compared to the previous year, while the PPI decreased by 2.6% year-on-year, indicating a low and moderate recovery in price levels [1][4] - The increase in CPI was primarily driven by rising prices of industrial consumer goods, with a notable increase in prices for communication tools, baby products, and entertainment durable goods, which rose between 1.4% and 3.0% [1][2] Group 2: PPI Analysis - The Producer Price Index (PPI) rose by 0.2% month-on-month in December 2025, marking three consecutive months of increase, influenced by improved supply-demand dynamics and ongoing capacity governance in key industries [2][3] - Year-on-year, the PPI decreased by 1.9%, but the decline was less severe than in previous months, reflecting positive changes in certain industries due to macroeconomic policies [3][5] - The PPI's year-on-year decline was initially exacerbated by insufficient external demand and structural adjustments, but improved market competition and policy effects led to a narrowing of the decline in the latter half of the year [5] Group 3: Economic Outlook - The changes in CPI and PPI in December 2025 indicate a stable and improving economic environment, with demand gradually recovering and supply-side structural optimization continuing [3][5] - The implementation of consumption-boosting policies and the deepening of the unified national market are expected to support a moderate and stable price environment moving forward [3][5] - Looking ahead to 2026, a more proactive macroeconomic policy is anticipated to foster economic growth and reasonable price recovery, with the potential for PPI to enter a recovery phase, although it may take time to turn positive [5]

Group 1: CPI Analysis - In December 2025, the Consumer Price Index (CPI) increased by 0.2% month-on-month and 0.8% year-on-year, with the core CPI (excluding food and energy) rising by 1.2% year-on-year [1][2] - The year 2025 saw the CPI remain flat compared to the previous year, while the PPI decreased by 2.6% year-on-year, indicating a generally low and mild recovery in price levels [1][4] - The increase in CPI is attributed to rising prices of industrial consumer goods, with a notable increase in prices for communication tools, baby products, and entertainment durable goods, which rose between 1.4% and 3.0% [1][2] Group 2: PPI Analysis - The Producer Price Index (PPI) rose by 0.2% month-on-month in December 2025, marking three consecutive months of increase, despite a year-on-year decline of 1.9% [2][3] - The PPI's year-on-year decline narrowed by 0.3 percentage points compared to the previous month, reflecting improvements in supply-demand structures and effective policies in key industries [3][5] - Prices in the coal mining and processing sectors, as well as lithium-ion battery manufacturing and cement production, have shown consistent increases, indicating a positive trend in certain industries [2][3] Group 3: Economic Outlook - Analysts suggest that the changes in CPI and PPI reflect a stable and improving economic environment in China, with demand gradually recovering and supply-side structural optimization continuing [3][5] - The implementation of consumption-boosting policies and the deepening of the national unified market construction are expected to support a stable and mild recovery in prices moving forward [3][5] - Looking ahead to 2026, a more proactive macroeconomic policy environment is anticipated to foster economic growth and reasonable price recovery, with CPI expected to rise steadily [5]

Core Viewpoint - The expansion of domestic demand and consumption policies is showing effectiveness, leading to a moderate recovery in prices and improved supply-demand relationships in key industries [2][6][7]. Group 1: CPI and PPI Trends - In December 2025, the Consumer Price Index (CPI) increased by 0.8% year-on-year, marking the highest level since March 2023, with food prices significantly contributing to this rise [2][3]. - The Producer Price Index (PPI) decreased by 1.9% year-on-year in December, but the decline was narrower than in November, indicating positive changes in certain industries due to improved market competition [4][6]. - The core CPI, excluding food and energy, rose by 1.2% year-on-year, maintaining a growth rate above 1% for four consecutive months, reflecting stable demand recovery [3][6]. Group 2: Industry-Specific Insights - Prices in the coal mining, lithium-ion battery manufacturing, and photovoltaic equipment sectors showed reduced declines, indicating a positive trend in market competition and production capacity management [4][5]. - The price of lithium-ion batteries and cement manufacturing increased by 1.0% and 0.5% month-on-month, respectively, demonstrating a recovery in these key industries [4][5]. - The prices of external storage devices and bio-liquid fuels rose by 15.3% and 9.0% year-on-year, respectively, driven by the growth of new productive forces [5]. Group 3: Future Outlook - Experts predict that with continued policy support for domestic demand and consumption, the CPI is expected to show a steady upward trend in 2026, with food prices returning to a reasonable fluctuation range [6][7]. - The overall economic operation is expected to improve, with demand gradually recovering and supply-side structural optimization continuing [7].

（来源：内蒙古日报） 转自：内蒙古日报 □新华社记者 王雨萧 国家统计局1月9日发布数据显示，2025年12月份，全国居民消费价格指数（CPI）环比上涨0.2%，同比 上涨0.8%；工业生产者出厂价格指数（PPI）环比上涨0.2%，同比下降1.9%。2025年全年，CPI与上年 持平；PPI下降2.6%。 受国际大宗商品价格传导拉动以及国内重点行业产能治理相关政策持续显效等因素影响，2025年12月 份，PPI环比上涨0.2%，连续3个月上涨，涨幅比上月扩大0.1个百分点。 董莉娟分析，重点行业产能治理与市场竞争秩序综合整治持续显效，煤炭开采和洗选业、煤炭加工价格 环比均连续5个月上涨；锂离子电池制造价格、水泥制造价格均连续3个月上涨；新能源车整车制造价格 由上月下降0.2%转为上涨0.1%。国际有色金属价格上行拉动国内有色金属矿采选业、有色金属冶炼和 压延加工业价格环比分别上涨3.7%和2.8%。 "2025年12月份，扩内需促消费政策措施继续显效，叠加元旦临近，居民消费需求增加，CPI环比和同比 均有上涨，扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续4个月保持在1%以上。"国家统计局 城市司首 ...

本报讯 （记者肖艳青）1月9日，中国证监会官网消息，证监会批复同意洛阳盛龙矿业集团股份有限公司（以下简称"盛龙 股份"）首次公开发行股票的注册申请。本批复自同意注册之日起12个月内有效。 证监会要求盛龙股份本次发行股票应严格按照报送深圳证券交易所的招股说明书和发行承销方案实施。 盛龙股份拟在深交所主板上市，此次IPO拟募集资金15.3亿元，募资用于河南省嵩县安沟钼多金属矿采选工程项目、矿业 技术研发中心项目，以及补充流动资金及偿还银行贷款项目。 其招股书显示，盛龙股份是国内领先的大型钼业公司，致力于有色金属矿产资源的综合开发利用，报告期内主要从事重要 战略资源钼相关产品的生产、加工、销售业务，具有钼矿采、选能力，主营业务位于整个钼产业链的前端。 盛龙股份表示，本次募集资金投资项目是公司战略规划实施的组成部分，项目实施后将加快实现公司战略目标，有效提升 公司综合竞争力，扩大公司整体规模，增强公司可持续发展和抗风险的能力，提升未来公司持续增储能力，拓展区域内矿权整 合空间，有利于公司经营战略的实现。 展望未来，盛龙股份将坚定不移地实施"资源优先、创新驱动、成本领先"发展战略，深入贯彻落实"创新、协调、绿色、 开放 ...

证券研究报告 | 宏观点评报告 2026 年 1 月 9 日 PPI 超预期回升 —2025 年 12 月通胀数据点评 频率：每月 点评报告 相关报告 1、《预计 2025 年 5%收官—— 宏观经济预测报告（2025 年 12 月）》2026-01-06 2、《从"安全资产"到"地缘 安全资产"———宏观与大类 资产周报》2026-01-05 3、《大幅高于季节性——— 2025 年 12 月 PMI 点评》2025- 12-31 宏观点评报告 图 1：CPI 同比和环比变化趋势（%） | 同比（%） | 较前值 | 2025-12 | 2025-11 | 2025-10 | 2025-09 | 2025-08 | 2025-07 | 2025-06 | 2025-05 | 2025-04 | 2025-03 | 2025-02 | 2025-01 | 2024-12 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CPI | 0.1 | 0.8 | 0.7 | 0 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 10 companies, including Shanjin International, which is preparing for an overseas listing on the Hong Kong Stock Exchange. The company is required to provide detailed information regarding its shareholders, project approvals, and safety production incidents [1][2]. Group 1: Company Information - Shanjin International (000975) is one of China's leading gold producers, engaged in the exploration, mining, and trading of gold, silver, lead, and zinc [2][3]. - The company ranks sixth among Chinese gold producers in terms of gold output and fourth in terms of gold reserves [3]. - As of June 30, 2025, Shanjin International's gold resources reached 284.6 tons, nearly doubling from 146.7 tons as of December 31, 2023 [3]. Group 2: Financial Performance - For the fiscal year ending December 31, 2024, Shanjin International's all-in sustaining cost for gold was $683.5 per ounce, placing it in the top 10% of the global gold mining cost curve, compared to the global average of $1,438.1 per ounce [3]. Group 3: Regulatory Requirements - The CSRC has requested Shanjin International to clarify the basic information of its shareholders and the relationships among them, as well as to confirm whether there will be any changes in control post-listing [1][2]. - The company must also provide updates on the approval status of its fundraising projects both domestically and internationally [2]. - Additionally, Shanjin International is required to assess whether it falls under "high energy consumption" or "high emission" industries and to provide relevant evidence for its existing and planned projects [2].

Price Data Overview - In December 2025, the CPI increased by 0.8% year-on-year, up from 0.7% in the previous month, aligning with market expectations[2] - The core CPI remained stable at 1.2% year-on-year for three consecutive months[4] - The PPI decreased by 1.9% year-on-year, an improvement from the previous month's decline of 2.2%, while it increased by 0.2% month-on-month[2] CPI Analysis - The rise in CPI is primarily driven by a low base effect and an increase in food prices at year-end, with food prices rising by 1.1% year-on-year in December[4] - Non-food prices remained stable at a year-on-year increase of 0.8%[4] - December food prices increased by 0.3% month-on-month, compared to a decrease of 0.6% in the same month last year[4] PPI Insights - The month-on-month PPI increase of 0.2% in December is attributed to rising international prices of non-ferrous metals and the ongoing effects of domestic "anti-involution" policies[6][7] - Prices in the non-ferrous metal mining and smelting sectors rose by 3.7% and 2.8% month-on-month, respectively[7] - The coal mining sector saw a month-on-month price increase of 1.3%, marking five consecutive months of growth[7] Future Outlook - For 2026, the domestic price environment is expected to continue improving, with the CPI likely to stabilize around 0.7%[9] - The ongoing price increases in upstream materials, such as non-ferrous metals and storage chips, may lead to downstream price adjustments in consumer goods[9] - The "anti-involution" policies are anticipated to further support price recovery in upstream and midstream sectors throughout the year[9]

每经AI快讯，有投资者在投资者互动平台提问：请问你们公司有几个铜矿？ 西藏天路（600326.SH）1月9日在投资者互动平台表示，目前公司持有西藏天联矿业开发有限公司80% 的股权，拥有工布江达县汤不拉铜钼矿及那曲县旁嘎弄巴铅矿的探矿权。 （记者 王晓波） ...

Group 1 - The core point of the news is that Zijin Mining conducted a block trade on January 9, with a total of 370,800 shares traded, amounting to 13.8027 million yuan, which represents 0.13% of the total trading volume for that day [1] - The transaction price was 37.22 yuan, which was consistent with the market closing price of 37.22 yuan [1]