Economic Overview - In November 2025, the national industrial added value increased by 4.8% year-on-year, showing a slight decline of 0.1 percentage points from the previous month[11] - The total retail sales of social consumer goods reached 43,898 billion yuan, with a year-on-year growth of 1.3%, a decrease of 1.6 percentage points from the previous month[15] - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year, with real estate development investment down by 15.9%[18] Henan Province Economic Performance - In November 2025, Henan's industrial added value grew by 8.0% year-on-year, outperforming the national average by 3.2 percentage points[25] - The total retail sales of social consumer goods in Henan reached 269.2 billion yuan, with a year-on-year growth of 4.4%, exceeding the national average by 3.1 percentage points[27] - Fixed asset investment in Henan increased by 4.3% year-on-year, significantly higher than the national average[29] Sector-Specific Insights - In November, the manufacturing sector in Henan saw significant growth, particularly in electronic equipment manufacturing, which grew by 24.9%[26] - The real estate sector in Henan continued to face challenges, with a decline in development investment by 8.5% year-on-year[29] - The retail sector showed strong performance in basic necessities, with food and beverage sales increasing by 19.0% and 13.8% respectively[27] Risks and Challenges - The central economic work conference highlighted the prominent contradiction of strong supply and weak demand, indicating potential risks in economic recovery[24] - Ongoing trade frictions and slower-than-expected policy implementation could further impact economic recovery[34]

近年来，世界经贸格局又在经历一场深刻的重塑。伴随贸易保护主义加剧、地缘政治的复杂性上升、担 忧供应链安全性的考量增加，全球经济步入一个与以往大张旗鼓宣扬开放与发展不太一样的新常态中。 叠加当前科技迭代日益加快的背景，对中国企业的全球化发展来说，这是一个与以往不同的发展环境。 我们在观察中发现，中国企业特别是那些在海外有着大量业务的全球化企业，它们的身上也拥有了不一 样的特征。 在2025年轰轰烈烈的全球关税之争中，中国企业展现出强大的韧性。对外贸易方面，2025年上半年，中 国货物出口总额同比增长7.2%至13万亿元。出口结构持续优化，以新能源、工业机器人为代表的新兴 行业正成为出口新引擎。越来越多中国企业致力于从"卖产品"向"建体系、树品牌"进阶；中国对外直接 投资高速增长，2024年度对外直接投资净额为1922亿美元，比上年增长8.4%。其中，我国企业投资规 模持续名列前茅，对外直接投资占全球份额的11.9%，呈现出更注重本地化、合规性与可持续性的特 征。2025年，第一财经研究院·中国企业全球化指数预计同比增长6.1%，为近三年最高增速。 又一年，第一财经研究院撰写的《跨越山海│2025中国企业全球化报 ...

金融，是实体经济的源头活水。如何让这活水，既能润泽阡陌纵横的产业良田，又能精准滴灌每一 株亟待成长的幼苗？解题之道，正是构建一张从打通发展"大动脉"、强壮产业"主骨架"到畅通链条"微循 环"的立体服务网络，让金融活水精准抵达、澎湃奔流。 疏脉：打通枢纽"梗阻"，让区域经济血脉畅通 在沂蒙老区，由临沂恒新能源集团有限公司规划建设的铁路支线与现代化储煤棚，曾是连接供暖民 生与物流降本的关键"最后一公里"，却因巨大的前期投入而陷入"等米下锅"的困境。资金，成了横亘在 理想蓝图与现实工地之间最深的沟壑。恒丰银行临沂分行在一次走访中敏锐捕捉到这一痛点，迅速启动 总分支三级联动响应机制。这不是一次普通的贷款审批，而是一场与民生保障和区域发展赛跑的"火线 支援"。从深入调研到方案定制，再到8.6亿元"公铁物流贷"的迅速批复，恒丰银行以高效率的"集团军作 战"，将金融"弹药"精准投送到项目前线。如今，铁路线蜿蜒伸展，储煤棚巍然矗立，它不仅温暖了9万 余户家庭的冬日，更将成为激活临沂南部物流经济的强大心脏。 壮骨：信用"点石成金"，为硬核产业注入强心剂 产业链的韧性，往往取决于最末梢小微细胞的活力。在潍坊，一家铝模板制造企业因 ...

印度方面强调，上述GDP数据为初步估计，最终官方核算结果需待2026年发布的年度国民经济统计确 认。国际货币基金组织（IMF）此前亦曾预测，印度GDP将于2026年达到4.51万亿美元，略高于同期日 本的4.46万亿美元，届时将正式完成对日本的超越。 尽管总量排名上升，结构性挑战仍不容忽视。根据世界银行数据，2024年印度人均GDP仅为2694美元， 约为日本（32487美元）的十二分之一、德国（56103美元）的二十分之一。此外，制造业占GDP比重约 17%，全球商品出口份额长期徘徊在1.8%左右，反映出其在全球价值链中的参与度和产业竞争力仍有待 提升。 新华财经北京12月31日电据央视新闻报道称，印度新闻信息局于12月29日发布《2025年，印度经济增长 的关键之年》年终经济评估报告，宣布印度国内生产总值（GDP）已达4.18万亿美元，超过日本，成为 全球第四大经济体。报告同时预测，若当前增长态势持续，印度有望在"今后两年半到三年内"超越德 国，跻身世界前三。 该报告称，印度是"全球增长最快的主要经济体之一"，并具备维持这一增长势头的良好条件。展望未 来，印度政府预计其GDP将在2030年达到7.3万亿美 ...

新华财经北京12月31日电美国供应管理协会（ISM）于12月30日公布的数据显示，12月芝加哥采购经理 人指数（Chicago PMI）升至43.5，较11月的36.3大幅回升，亦高于市场普遍预期的39.8。 作为全国制造业走势的重要区域性先行指标，芝加哥PMI的回升被部分市场人士视为前期深度下滑后的 技术性修复。数据显示，新订单与生产分项有所改善，但整体需求基础依然薄弱，企业对未来订单前景 保持谨慎态度。 （文章来源：新华财经） 当前反弹尚未构成趋势性反转。鉴于指数仍处于明显萎缩区间，制造业是否真正触底仍有待进一步数据 验证。历史上，芝加哥PMI的波动常领先于全国ISM制造业指数，因此其走势备受政策制定者与投资者 关注。 尽管反弹幅度显著，该指数仍远低于50的荣枯分界线，表明美国中西部制造业活动继续处于收缩状态。 若芝加哥PMI能在接下来数月持续回升并趋近50，或有助于缓解市场对美国制造业陷入深度放缓的忧 虑。然而，在高利率环境持续、企业资本支出意愿低迷的背景下，制造业全面复苏的节奏预计仍将缓慢 且充满不确定性。 ...

Core Insights - The "Silver Economy" is transitioning from a passive defense strategy against aging population issues to an active development strategy, indicating a significant market opportunity in a trillion-yuan sector [1] - By 2025, the scale of the Silver Economy in China is expected to exceed 9 trillion yuan, accounting for 6% of GDP, with a projected compound annual growth rate of 15.7% until 2035 [2] Industry Overview - As of 2025, 76 non-financial listed companies in the A-share market are deeply engaged in Silver Economy-related businesses, showcasing a diverse strategic approach [1] - The main participants in the Silver Economy can be categorized into three groups: pharmaceutical health leaders, technology enablers, and cross-industry entrants, all targeting the needs of the elderly population [1][6] Policy Support - The Chinese government has elevated the Silver Economy to a strategic position, with multiple policies aimed at promoting its development, including financial support for eligible elderly care projects and the establishment of a supportive policy network [3][4] - Local governments have also initiated specific policies to support the Silver Economy, with significant investments in areas such as community care and talent training [3] Market Dynamics - The number of enterprises related to the Silver Economy has reached approximately 531,300, with a notable increase in new registrations, indicating strong market vitality [5] - Emerging business models such as "Silver + Culture and Tourism" and "Silver + Education" are gaining traction, reflecting the rapid integration of digital technologies in the sector [5] Company Strategies - Pharmaceutical companies are leading the Silver Economy, expanding their focus from drug sales to comprehensive health service chains that include prevention, treatment, and rehabilitation [6][10] - Companies like China Resources Sanjiu are leveraging their strengths in the pharmaceutical sector to create a full-cycle health service ecosystem, while also exploring innovative products tailored for the elderly [11][12] Financial Performance - Companies that have strategically positioned themselves in the Silver Economy are experiencing significant revenue growth, with some firms reporting double-digit profit increases [10] - The focus on chronic disease management and rehabilitation services is becoming a key growth area for many pharmaceutical companies, with plans to enhance their market presence by 2028 [10] Challenges and Opportunities - Despite the promising outlook, the Silver Economy faces challenges such as supply shortages, talent gaps, and the need for innovative service models to meet the diverse needs of the elderly [11][12] - Leading companies are exploring integrated solutions that combine products, services, and care, aiming to create a more comprehensive approach to elderly care [12]

Economic Overview - In 2025, China's GDP reached 101,503.6 billion yuan, with a year-on-year growth of 5.2% in the first three quarters, and an expected annual growth of around 5% with a total economic volume of approximately 140 trillion yuan [1] - The retail sales of consumer goods increased by 4% year-on-year in the first 11 months, with an expectation to surpass 50 trillion yuan for the entire year [3] Consumption Dynamics - Consumption continues to be the main engine of economic growth, with the trade-in of old consumer goods driving sales exceeding 25,000 billion yuan, benefiting over 360 million people [6] - New consumption scenarios are emerging, driven by new technologies, ideas, and demands, leading to a cross-industry integration of consumption in areas such as travel, culture, and sports [8] Foreign Trade Resilience - Despite global economic challenges, China's foreign trade maintained resilience, with a total import and export value of 41.21 trillion yuan from January to November, reflecting a year-on-year growth of 3.6% [12] Innovation and New Productivity - The year 2025 saw the emergence of new productivity, focusing on innovation and quality, which became a significant force for stable economic growth [13] - New technologies and industries are being integrated into traditional sectors, with manufacturing companies increasingly transitioning towards a "manufacturing + service" model [16] Strategic Development - The development of new productivity is positioned as a strategic priority for the upcoming "15th Five-Year Plan," emphasizing the need for continued efforts and innovation to ensure stable economic progress [18]

权威 · 恒 50 186 12月份，制造业PMI为50.1%，4月份以来 首次升至扩张区间。在调查的21个行业中 有16个行业PMI较上月回升,相关企业生产 经营情况有所改善。 | 权威敦读 国家统计局服务业调查中心、中国物流与采购联合会31日发布12月份PMI指数。数据显示，12月 份，制造业采购经理指数、非制造业商务活动指数和综合PMI产出指数分别为50.1%、50.2%和50.7%， 比上月上升0.9个、0.7个和1.0个百分点，三大指数均升至扩张区间，我国经济景气水平总体回升。 权威 时间 策划：令伟家 统筹：曹建礼 制作：缪异星 【纠错】 【责任编辑:谷玥】 50.2% 12月份,非制造业商务活动指数为50.2%, 比上月上升0.7个百分点，非制造业景气水 平改善。 | 权威数读 ...

新华社北京12月31日电（记者王雨萧、魏玉坤）国家统计局服务业调查中心、中国物流与采购联合 会12月31日发布数据显示，12月份，制造业采购经理指数（PMI）为50.1%，4月份以来首次升至扩张区 间。在调查的21个行业中有16个行业PMI较上月回升，相关企业生产经营情况有所改善。 预期指数升至较高景气区间。12月份，生产经营活动预期指数为55.5%，比上月上升2.4个百分点， 制造业企业对市场发展信心继续增强。 【纠错】 【责任编辑:吴京泽】 数据显示，产需两端明显回升。12月份，生产指数和新订单指数分别为51.7%和50.8%，比上月上 升1.7个和1.6个百分点，特别是新订单指数下半年以来首次升至临界点以上，制造业产需两端均较上月 明显扩张。 大型企业PMI重返扩张区间。12月份，大型企业PMI为50.8%，比上月上升1.5个百分点，升至临界 点以上；中型企业PMI为49.8%，比上月上升0.9个百分点，景气水平回升；小型企业PMI为48.6%，比上 月下降0.5个百分点，景气水平有所回落。 ...

12月制造业生产经营活动预期指数为55.5%，较上月上升2.4个百分点，创2024年4月以来新高。2025 年，我国经济在宏观经济政策发力以及国内经济韧性显现等积极因素的支撑下，运行态势整体稳定，制 造业采购经理指数全年均值为49.6%，与2024年全年均值基本持平。预计2026年，在多个积极因素联动 推进下，制造业有望实现稳中有增。 12月份制造业新订单指数为50.8%，较上月上升1.6个百分点。需求端释放以及政策预期向好带动制造业 企业生产活动较好扩张，生产指数为51.7%，较上月上升1.7个百分点。制造业除了规模平稳扩张外，结 构方面也呈现积极变化。高技术制造业采购经理指数为52.5%，较上月上升2.4个百分点，扩张势头明显 加快。消费品制造业采购经理指数为50.4%，较上月上升1个百分点。 国家统计局、中国物流与采购联合会今天(31日)发布12月份中国制造业采购经理指数。12月份中国制造 业采购经理指数为50.1%，较上月上升0.9个百分点，指数升至扩张区间，显示制造业回升向好。 ...