Group 1 - The core viewpoint of the articles highlights the increase in the Consumer Price Index (CPI) due to rising consumer demand and effective consumption promotion policies, with a month-on-month increase of 0.2% and a year-on-year increase of 0.8% in December 2025 [1][2] - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, indicating underlying inflationary pressures in the economy [1] - The month-on-month CPI increase was primarily driven by a 0.6% rise in industrial consumer goods prices, excluding energy, which contributed approximately 0.16 percentage points to the CPI increase [1] Group 2 - Year-on-year, the CPI's increase of 0.8% represents a 0.1 percentage point rise from the previous month, marking the highest level since March 2023, largely driven by an increase in food prices [2] - Food prices rose by 1.1% year-on-year, with significant increases in fresh vegetables and fruits, which saw price hikes of 18.2% and 4.4% respectively, contributing an additional 0.16 percentage points to the CPI [2] - Prices for beef, lamb, and aquatic products increased by 6.9%, 4.4%, and 1.6% respectively, while pork prices decreased by 14.6%, although the rate of decline has slightly narrowed [2]

Government Policies - The State Council's executive meeting on January 9 announced a package of policies to promote domestic demand through financial and fiscal collaboration, including optimizing service industry loans and personal consumption loan interest subsidies [1] - The meeting also discussed the establishment of a special guarantee plan for private investment and a risk-sharing mechanism for bonds issued by private enterprises [1] Macroeconomic Indicators - The National Bureau of Statistics reported that in December 2025, the CPI increased by 0.8% year-on-year and 0.2% month-on-month, with food prices rising by 0.3% [2] - The PPI decreased by 1.9% year-on-year but increased by 0.2% month-on-month [2] - The Ministry of Finance and the State Taxation Administration announced adjustments to export tax rebate policies for photovoltaic products, effective from April 1, 2025 [2] Investment News - The China Securities Regulatory Commission and the Ministry of Finance introduced a reward system for whistleblowers reporting serious violations in the securities and futures markets, with rewards up to 1 million yuan [3] - A-shares saw significant gains, with the Shanghai Composite Index surpassing 4100 points, marking a new high in over 10 years, and a trading volume exceeding 3.1 trillion yuan [3] - The Hang Seng Index rose by 0.32%, with notable gains in sectors such as media and non-ferrous metals [3] Company Developments - Tianpu Co. experienced unusual stock price fluctuations, leading to an investigation by the CSRC for potential omissions in disclosures, with the stock set to resume trading on January 12 [4] - Luzhou Laojiao announced a mid-year profit distribution plan, proposing a dividend of 13.58 yuan per 10 shares, totaling approximately 2 billion yuan [5] - Jiangyun Co. plans to restructure its assets related to passenger car sales and after-sales services, which is expected to constitute a major asset reorganization [6] - Tongfu Microelectronics intends to raise no more than 4.4 billion yuan through a private placement to enhance storage chip testing capacity [6] - Ju Shi Chemical received a notice of administrative penalty for inflating revenue and profits through false trading, with total fines expected to reach 6.7 million yuan [6]

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].

中新社北京1月9日电联合国粮农组织9日发布的报告显示，2025年全年，粮农组织食品价格指数均值为 127.2点，较2024年平均水平上升4.3%，其中植物油和乳制品价格的涨幅抵消了谷物和食糖价格的跌 幅。 2025年，在出口供应充足的背景下，食糖价格指数均值较上一年下降17.0%，创2020年以来最低水平。 （文章来源：中国新闻网） 从分项指标看，2025年，植物油价格指数均值较2024年上涨17.1%，在全球供应紧张的背景下创下三年 来新高；乳制品价格指数均值较2024年高出13.2%，主力支撑因素包括全球进口需求强劲以及年初出口 供应有限；肉类价格指数均值较2024年高出5.1%，主要得益于全球进口需求强劲，以及动物疫病暴发 和地缘政治紧张局势引发市场不确定性加剧。 2025年，谷物价格指数均值较2024年水平低4.9%，连续第三年下降，创2020年以来最低年均值。其 中，大米价格指数均值较2024年低35.2%，反映出出口供应充足，出口竞争激烈，以及部分亚洲进口国 采购量减少。 ...

这是新消费智库第 2 7 4 1 期文章 新消费导读 健 康 食 品 难 吃 ， 似 乎 是 一 条 铁 律 。 但 当 一 家 公 司 的 产 品 ， 先 是 救 活 了 ICU 里的重症患者，又帮数万"糖妈妈"平稳度过孕期，最后竟然还能成 为 年 轻 人 抢 购 的 零 食 —— 这 件 事 就 开 始 变 得 有 意 思 了 。 玛 士 撒 拉 创 始 人 唐黎明 向我们揭示了一条反常规的路径：用做药的严肃，来解决吃零食 的 快 乐 问 题 。 这 背 后 不 是 励 志 故 事 ， 而 是 一 场 关 于 如 何 " 欺 骗 " 人 体 本 能、同时说服供应链的谈判。 本文为 新消费智库专访玛士撒拉创始人 唐 黎 明第一人称口述，深度揭 示如何将 "好吃"从一个奢望，变为一款低 GI 食品必须攻克的技术与哲 学高地。 作者 ：龙猫君 来源：新消费智库 这些准妈妈们面对的，是长达数月的、味同嚼蜡的饮食控制，这本身就会带来巨大的心理压力。我们意识到，对于她们而言，一款能 稳定血 糖、营养均衡 的产品只是及格线；在此之上，能否提供 进食的愉悦感和满足感 ，决定了她们能否长期坚持，从而真正保障母婴安全。在这 ...

拆分来看，第一，核心 CPI 维持韧性，工业消费品是主要支撑。核心 CPI 连续四个月维持 1.2%。据统计 局，扣除能源的工业消费品价格上涨 0.6%，带动 CPI 环比上涨约 0.16 个百分点（占比约 40%）。其中家用器 具、其他用品和服务、通信工具三个细分项表现亮眼：一是家用器具重拾涨势，在经历 10-11 月的休整后，12 月环比大幅上涨 1.4%，按 1.8%权重测算，拉动 CPI 约 0.03 个百分点，反映"国补"政策对耐用品消费价格仍 具支撑；二是贵金属效应延续，受金银珠宝价格上涨带动，其他用品和服务分项环比上涨 2.8%，按 3.1%权重 测算，拉动 CPI约 0.09pct，继续形成重要贡献；三是通信工具回升，12 月环比上涨 3.0 个百分点，扭转了 1-11 月的下跌趋势，符合近三年 12 月因新品发布平均涨价 3.0%左右的季节性规律。 证券研究报告|宏观点评报告 [Table_Date] 2026 年 1 月 9 日 [Table_Title] 年末通胀加速回升，什么信号？ 2025 年 12 月 CPI 同比 0.8%，与预期持平，前月 0.7%。CPI 环比 0.2%，前月 ...

Core Viewpoint - The Shanghai Municipal Government has issued a three-year action plan (2026-2028) to support the transformation and upgrading of advanced manufacturing, aiming to enhance the modern industrial system and promote collaborative development among enterprises of various sizes [1]. Group 1: Main Goals - By 2028, the plan aims to add 100 manufacturing enterprises with an annual output value exceeding 1 billion yuan, totaling over 600 such enterprises, and to drive the addition of 500 industrial enterprises above designated size in the supply chain [2]. Group 2: Implementation Actions - **Optimizing Traditional Advantage Industries**: The plan encourages traditional industries like petrochemicals and steel to innovate and expand into new materials, with financial support for qualifying projects [3]. - **Accelerating Leading Industry Strategies**: Support for integrated circuit companies to achieve breakthroughs across the entire industry chain, fostering internationally competitive leading enterprises [3]. - **Promoting Key and Emerging Industries**: Focus on developing new electronic information, smart connected vehicles, and advanced materials, while encouraging investment in emerging fields like low-altitude economy and commercial aerospace [3]. Group 3: Innovation and Technology - **Releasing Innovation Vitality**: Financial incentives for companies increasing basic research investments, with varying levels of support based on annual research expenditure [4]. - **Accelerating Core Technology Research**: Support for enterprises focusing on cutting-edge technologies such as laser manufacturing and quantum technology [4]. Group 4: Quality and Efficiency Enhancement - **Promoting Technological Transformation**: Financial support for projects aimed at upgrading production and R&D processes, with a cap on total support [4]. - **Deepening Digital Transformation**: Initiatives to enhance AI applications in manufacturing, aiming for full coverage of smart factory applications by 2028 [4]. Group 5: Resource and Support Actions - **Strengthening Talent Development**: Support for attracting high-level talent in key sectors, with financial incentives for successful candidates [5]. - **Enhancing Financial Support**: Encouragement for financial institutions to offer favorable loan products for manufacturing, with interest subsidies for key components and materials [5]. - **Expanding Logistics Support**: Development of industrial logistics facilities to integrate with manufacturing needs, enhancing transportation infrastructure [5]. Group 6: Market Development and Services - **Expanding Domestic and International Markets**: Establishing platforms for supply chain connections and promoting internet marketing for industrial enterprises [5]. - **Optimizing Enterprise Services**: Coordinating to address enterprise needs and ensuring that policies are effectively communicated and implemented [5].

2026年1月9日，"宁心聚力·优品推享"——"宁工品推"消费品企业·高校供需对接会暨南京都市食品产业 园推介会在南京高淳成功举办。此次活动由南京市工业和信息化局（以下简称"南京市工信局"）、南京 市高淳区人民政府联合主办，南京市工信局副局长娄伟、南京市高淳区政府副区长孔和云等领导，与来 自高校、食品企业及工会、社区的200余位代表齐聚一堂。活动以供需对接为核心，以园区建设为载 体，深化校企协同与属地合作，围绕南京都市食品产业园的建设规划与投资机遇进行了重点推介。 强化品牌支撑 激活产业发展潜能 "宁工品推"作为南京市工信局重点打造的产业服务品牌，始终聚焦"拓市场、找订单"核心目标，通过政 企联动、精准对接构建本地生产与消费的良性循环，成效持续凸显。 该平台线上深度融合大数据、人工智能、数字孪生、区块链等前沿技术，构建起集产业洞察、政策匹 配、供需对接、金融服务、人才支撑于一体的数字化中枢，精准破解行业信息不对称、资源分散等痛 点。 线下层面，平台依托南京都市食品产业园等优质载体，整合标准化加工车间、智能冷链仓储、专业检测 认证、文旅体验配套等多元化资源，为企业提供从生产到销售、从研发到推广的一站式综合服务。 ...

但 2025 年全年谷物价格指数年均值较 2024 年下降 4.9%，连续第三年走低，同时创下 2020 年以来的最 低年度均值。 联合国粮食及农业组织（粮农组织）于 1 月 9 日表示，受乳制品、肉类及植物油价格走低影响，2025 年 12 月全球食品价格连续第四个月下降，该月均价跌至 2025 年 1 月以来的最低水平。 粮农组织食品价格指数是衡量全球贸易食品商品价格变化的标杆指标。该指数 2025 年 12 月均值为 124.3 点，较 11 月的 125.1 点有所回落，同比降幅达 2.3%。 从全年数据来看，2025 年该指数年均值为127.2 点，较 2024 年上涨 4.3%。这一涨幅主要源于植物油和 乳制品价格的走高，抵消了谷物与食糖价格下跌带来的影响。 乳制品价格指数 12 月下跌 4.4%，主要受欧洲地区稀奶油供应增加引发黄油价格大幅走低的驱动。但 2025 年全年乳制品均价仍较 2024 年高出 13.2%，这与年初以来强劲的进口需求以及出口供应受限的市 场格局密切相关。 粮农组织指出，肉类价格指数 12 月下降 1.3%，其中牛肉与禽肉价格领跌。不过在旺盛的全球需求，以 及动物疫病、地 ...

粮农组织谷物价格指数12月上涨1.7%，一方面是黑海地区粮食出口流通的担忧情绪再起，提振了小麦 价格；另一方面巴西与美国两国乙醇产量强劲，拉动玉米价格走高。 联合国粮食及农业组织周五表示，受乳制品、肉类及植物油价格走低的影响，12月全球食品价格连续第 四个月下降，创下2025年1月以来的最低平均水平。 追踪全球交易食品大宗商品价格的粮农组织食品价格指数12月均值为124.3点，较11月的125.1点有所下 降，同比降幅达2.3%。 2025年全年，该指数均值为127.2点，较2024年上涨4.3%，原因是全球植物油和乳制品价格的上涨幅 度，抵消了谷物与食糖价格的下跌幅度。 乳制品价格指数12月下降4.4%，主因是欧洲地区奶油供应增加，带动黄油价格大幅走低。但2025年全 年乳制品均价仍较2024年高出13.2%，这反映出今年年初市场进口需求旺盛，同时出口供应相对有限。 粮农组织指出，肉类价格指数12月小幅下降1.3%，其中牛肉和禽肉价格领跌；但受全球需求强劲、动 物疫病相关不确定性以及地缘政治紧张局势的支撑，该指数全年均值仍较上年高出5.1%。 植物油价格指数12月下降0.2%，跌至六个月以来的低点，大豆油、 ...