Economic Overview - Sichuan's GDP for 2025 is projected to be 67,665.34 billion yuan, with a year-on-year growth of 5.5% at constant prices [1] - The primary industry added value is 5,751.35 billion yuan, growing by 3.7%; the secondary industry added value is 23,260.22 billion yuan, growing by 4.9%; and the tertiary industry added value is 38,653.77 billion yuan, growing by 6.1% [1] Industrial Growth - Sichuan's industrial economy maintained a rapid growth rate, with a year-on-year increase of 6.5% in the added value of industrial enterprises above designated size, surpassing the national average by 0.6 percentage points [1] - The product sales rate for industrial enterprises above designated size was 96.1% [1] Sector Performance - Among 41 major industries, 33 experienced growth in added value [1] - The automotive manufacturing sector saw a significant increase of 16.7%, while electrical machinery and equipment manufacturing grew by 13.2%, and computer, communication, and other electronic equipment manufacturing increased by 12.9% [1] Key Product Output - Natural gas production increased by 10.9%, electricity generation grew by 0.4%, industrial robots surged by 45.9%, lithium-ion batteries rose by 45.1%, automotive production grew by 29.6%, LCD screens increased by 21.6%, integrated circuits rose by 15.4%, and smartwatches grew by 9.2% [2] Automotive Industry Recovery - The automotive industry in Sichuan has shown remarkable performance, recovering from a decline after reaching a peak production of 1.5 million vehicles in 2017 [3] - The production figures from 2019 to 2024 were 1.117 million, 713,000, 727,000, 725,000, 975,000, and 889,600 vehicles respectively [3] - In 2024, Sichuan introduced 13 supportive policies to boost the high-quality development of the new energy and intelligent connected vehicle industry [3] - Monthly automotive production in Sichuan has stabilized around 100,000 units, with a total production of over 1 million vehicles in the first 11 months of the previous year [3] - New energy vehicle production reached 262,000 units, a year-on-year increase of 142.6%, with expectations to exceed 280,000 units for the entire year, marking a 10 percentage point increase compared to 2024 [3]

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]

Core Insights - In December 2025, the industrial added value of large-scale industries in China experienced a year-on-year real growth of 5.2% and a month-on-month growth of 0.49% [1] Group 1: Industrial Performance - The mining industry saw a year-on-year growth of 5.4%, while the manufacturing sector grew by 5.7%, and the production and supply of electricity, heat, gas, and water increased by 0.8% in December [3] - Among different economic types, state-controlled enterprises had a year-on-year growth of 3.9%, joint-stock enterprises grew by 5.8%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises increased by 2.7%, and private enterprises saw a growth of 4.2% [3] - Out of 41 major industries, 33 reported year-on-year growth in added value, with notable increases in coal mining and washing (6.4%), oil and gas extraction (3.7%), and food processing (3.2%) [3] Group 2: Product Output - In December, among 623 industrial products, 325 reported a year-on-year increase in output, including a 4.9% increase in ten non-ferrous metals and a 3.0% increase in ethylene [4] - The production of automobiles reached 3.412 million units, a decrease of 2.8%, while new energy vehicles grew by 8.7% to 1.791 million units [4] - The sales rate of products from large-scale industrial enterprises was 98.2%, reflecting a year-on-year decline of 0.7 percentage points, and the export delivery value reached 1.4932 trillion yuan, showing a nominal year-on-year growth of 3.2% [4]

Core Insights - The industrial added value for large-scale industries in December increased by 5.2% year-on-year and 0.49% month-on-month [1] By Industry Category - Mining industry increased by 5.4% [1] - Manufacturing industry increased by 5.7% [1] - Electricity, heat, gas, and water production and supply industry increased by 0.8% [1] By Economic Type - Shareholding enterprises increased by 5.8% [2] - State-controlled enterprises increased by 3.9% [2] - Foreign and Hong Kong, Macao, and Taiwan enterprises increased by 2.7% [2] - Private enterprises increased by 4.2% [2] By Specific Industries - Out of 41 major industries, 33 maintained year-on-year growth [3] - Coal mining and washing industry increased by 6.4% [3] - Oil and gas extraction industry increased by 3.7% [3] - Food processing industry increased by 3.2% [3] - Beverage and refined tea manufacturing decreased by 0.5% [3] - Textile industry increased by 3.7% [3] - Chemical raw materials and products manufacturing increased by 8.0% [3] - Non-metallic mineral products industry increased by 0.2% [3] - Black metal smelting and rolling industry increased by 0.7% [3] - Non-ferrous metal smelting and rolling industry increased by 4.8% [3] - General equipment manufacturing increased by 7.5% [3] - Specialized equipment manufacturing increased by 8.2% [3] - Automobile manufacturing increased by 8.3% [3] - Railway, ship, aerospace, and other transportation equipment manufacturing increased by 9.2% [3] - Electrical machinery and equipment manufacturing increased by 4.3% [3] By Product - Out of 623 products in large-scale industries, 325 saw year-on-year production growth [4] - Steel production was 115.31 million tons [4] - Cement production was 144.16 million tons, a decrease of 6.6% [4] - Production of ten non-ferrous metals was 7.21 million tons, an increase of 4.9% [4] - Ethylene production was 3.56 million tons, an increase of 3.0% [4] Automotive Sector - Total automobile production was 3.412 million units, a decrease of 2.8% [5] - New energy vehicles production was 1.791 million units, an increase of 8.7% [5] Power Generation - Power generation reached 858.6 billion kWh, an increase of 0.1% [5] - Crude oil processing volume was 62.46 million tons [5]

Economic Growth Overview - In December, the industrial added value increased by 5.2% year-on-year, with mining growing by 5.4%, manufacturing by 5.7%, and electricity, heat, gas, and water production and supply by 0.8% [2][5]. Industry Performance - Among 41 major industries, 33 reported year-on-year growth in added value in December. Notable growth sectors included coal mining and washing (6.4%), oil and gas extraction (3.7%), and food processing (3.2%). However, the beverage and refined tea manufacturing sector saw a decline of 0.5% [3][5]. - High-tech manufacturing experienced significant growth at 11.0% year-on-year [5]. Economic Type Analysis - State-owned enterprises saw a 3.9% increase in added value, while joint-stock enterprises grew by 5.8%. Foreign and Hong Kong, Macau, and Taiwan-invested enterprises increased by 2.7%, and private enterprises grew by 4.2% [3][5]. Product Output - In December, out of 623 industrial products, 325 saw year-on-year output growth. Key products included ten types of non-ferrous metals (721 million tons, up 4.9%), ethylene (356 million tons, up 3.0%), and automotive production (341.2 million units, down 2.8%). Notably, new energy vehicles increased by 8.7% to 179.1 million units [4][6]. Sales and Export Performance - The sales rate for industrial enterprises was 98.2%, a decrease of 0.7 percentage points year-on-year. The export delivery value reached 1,493.2 billion yuan, reflecting a nominal growth of 3.2% year-on-year [4][6].

Core Insights - In November, the industrial added value of large-scale enterprises increased by 4.8% year-on-year, with a month-on-month growth of 0.44% [1] - From January to November, the industrial added value grew by 6.0% year-on-year [1] Group 1: By Industry - In November, the mining industry saw a year-on-year increase of 6.3%, manufacturing grew by 4.6%, and the production and supply of electricity, heat, gas, and water increased by 4.3% [3] - Among 41 major industries, 30 reported year-on-year growth in added value, with coal mining and washing growing by 7.5%, oil and gas extraction by 5.1%, and food processing by 1.7% [3] - The automotive manufacturing sector experienced significant growth of 11.9%, while the production of new energy vehicles surged by 17.0% [4][11] Group 2: By Economic Type - In November, state-controlled enterprises' added value increased by 4.2%, while joint-stock enterprises grew by 5.2%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 3.4%, and private enterprises by 3.2% [3] Group 3: Product Output - Out of 623 industrial products, 310 saw year-on-year output growth in November, including ethylene at 309,000 tons (up 7.3%) and automotive production at 3.519 million units (up 2.4%) [4][14] - The sales rate of products from large-scale industrial enterprises was 96.5%, a decrease of 0.8 percentage points year-on-year [4][16] - The export delivery value of large-scale industrial enterprises was 1.361 trillion yuan, a nominal decrease of 0.1% year-on-year [4][16]

Core Insights - In November, the industrial added value of large-scale enterprises increased by 4.8% year-on-year, with significant growth in the petroleum and natural gas extraction industry at 5.1% and the chemical raw materials and chemical products manufacturing industry at 6.7% [1][2] - From January to November, the industrial added value grew by 6.0% year-on-year, with the petroleum and natural gas extraction industry increasing by 4.2% and the chemical raw materials and chemical products manufacturing industry by 7.8% [1] - The mining industry saw a year-on-year increase of 6.3% in November, while manufacturing and electricity, heat, gas, and water production and supply industries grew by 4.6% and 4.3%, respectively [1] Industry Performance - In November, out of 41 major industry categories, 30 experienced year-on-year growth in added value, with notable increases in coal mining and washing at 7.5%, petroleum and natural gas extraction at 5.1%, and food processing at 1.7% [2] - The automotive manufacturing industry showed a strong performance with an 11.9% increase, alongside transportation equipment manufacturing, which also grew by 11.9% [2] - The production of 310 out of 623 industrial products increased year-on-year in November, with significant growth in ethylene at 7.3% and ten non-ferrous metals at 4.7% [2] Sales and Exports - The product sales rate for large-scale industrial enterprises was 96.5%, reflecting a year-on-year decline of 0.8 percentage points [3] - The export delivery value for large-scale industrial enterprises reached 1.361 trillion yuan, showing a nominal year-on-year decrease of 0.1% [3]

Group 1: Industrial Growth - The industrial added value in Sichuan Province increased by 6.8% year-on-year from January to November [1] - Among 41 major industries, 33 reported year-on-year growth in added value, with notable increases in automotive manufacturing (18.2%), electrical machinery and equipment manufacturing (13.7%), and computer, communication, and other electronic equipment manufacturing (12.7%) [1] - The natural gas production in Sichuan rose by 11.5%, while the output of lithium-ion batteries surged by 45.9% and industrial robots increased by 42.1% [1] Group 2: Fixed Asset Investment - Fixed asset investment in the primary industry grew by 10.8%, while the secondary industry saw a 7.7% increase, with industrial investment specifically rising by 8.0% [1] Group 3: Consumer Market - The total retail sales of consumer goods in Sichuan reached 26,395.7 billion yuan, marking a year-on-year growth of 5.5% [2] - Retail sales in urban areas amounted to 21,378.2 billion yuan, growing by 5.4%, while rural retail sales increased by 6.0% to 5,017.5 billion yuan [1][2] - The catering revenue was 3,614.0 billion yuan, reflecting a year-on-year increase of 3.7%, and retail sales through the internet by large enterprises grew by 21.2% [2]

Consumer Price Index (CPI) Overview - In November 2025, the national consumer price index (CPI) increased by 0.7% year-on-year, with urban areas rising by 0.7% and rural areas by 0.4% [3] - Food prices rose by 0.2%, while non-food prices increased by 0.8% [3] - The average CPI from January to November remained flat compared to the previous year [3] Price Changes in November - Year-on-year, food, tobacco, and alcohol prices increased by 0.3%, contributing approximately 0.09 percentage points to the CPI [4] - Fresh vegetable prices surged by 14.5%, impacting the CPI by about 0.31 percentage points [4] - Pork prices fell by 15.0%, leading to a decrease in CPI by approximately 0.21 percentage points [4] Month-on-Month Price Changes - In November, the CPI decreased by 0.1% month-on-month, with urban areas also declining by 0.1% [3] - Food prices increased by 0.5% month-on-month, while non-food prices decreased by 0.2% [3] - Among various categories, other goods and services prices rose by 14.2%, while transportation and communication prices fell by 2.3% [4][5] Industrial Production - In November 2025, the industrial added value for large-scale enterprises grew by 4.8% year-on-year, with a month-on-month increase of 0.44% [7] - The mining sector saw a 6.3% increase, while manufacturing and electricity, heat, gas, and water production and supply grew by 4.6% and 4.3%, respectively [7] - Among 41 major industries, 30 reported year-on-year growth in added value [7] Retail Sales Performance - The total retail sales of consumer goods reached 43,898 billion yuan in November, marking a 1.3% year-on-year increase [10] - Retail sales excluding automobiles grew by 2.5% [10] - Online retail sales from January to November amounted to 144,582 billion yuan, reflecting a 9.1% year-on-year increase [12] Fixed Asset Investment Trends - From January to November 2025, fixed asset investment (excluding rural households) totaled 444,035 billion yuan, a decrease of 2.6% year-on-year [15] - The investment in the primary industry rose by 2.7%, while the secondary industry saw a 3.9% increase [15] - Infrastructure investment in the tertiary sector declined by 1.1% [15]

Core Insights - In November, the industrial added value of enterprises above designated size increased by 4.8% year-on-year, with a month-on-month growth of 0.44% [1][3]. - From January to November, the industrial added value grew by 6.0% year-on-year [3]. Group 1: Industrial Growth by Sector - In November, the mining industry saw a year-on-year increase of 6.3%, manufacturing grew by 4.6%, and the production and supply of electricity, heat, gas, and water increased by 4.3% [5][6]. - The high-tech manufacturing sector experienced a growth rate of 8.4% in November [7]. Group 2: Economic Type Performance - State-owned enterprises reported a year-on-year growth of 4.2%, while joint-stock enterprises grew by 5.2%. Foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a growth of 3.4%, and private enterprises grew by 3.2% [5][7]. Group 3: Industry-Specific Performance - Among 41 major industries, 30 reported year-on-year growth in added value in November. Notable growth was seen in coal mining and washing (7.5%), oil and gas extraction (5.1%), and general equipment manufacturing (7.5%) [5][6]. - The automotive manufacturing sector grew by 11.9%, with new energy vehicles increasing by 17.0% [6][7]. Group 4: Product Output and Sales - In November, out of 623 industrial products, 310 saw a year-on-year increase in output. For instance, the production of ethylene rose by 7.3%, while cement production fell by 8.2% [6][8]. - The sales rate of products from industrial enterprises above designated size was 96.5%, a decrease of 0.8 percentage points year-on-year [6][8].