2月28日，国家统计局发布《中华人民共和国2025年国民经济和社会发展统计公报》，初步核算，全年 国内生产总值比上年增长5.0%，国民总收入比上年增长5.1%。国家统计局副局长盛来运对公报进行了 评读。 盛来运指出，2025年是"十四五"规划收官之年，是中国式现代化进程中具有重要意义的一年。最新发布 的《2025年国民经济和社会发展统计公报》以权威翔实的数据全景展现中国经济"稳"的格局、"进"的势 头、"韧"的特性。 值得注意的是，盛来运在对公报进行评读时强调了三个"首次"：经济总量首次突破140万亿元大关、研 发经费投入首次超过OECD国家平均水平、货物进出口总额首次突破45万亿元。 经济总量首次突破140万亿元大关 对于2025年的中国经济整体运行，盛来运认为，中国经济"攻坚克难促发展，综合国力再上新台阶"，" 过去一年，是多重压力交织叠加的一年，也是收获满满、成色十足的一年"，主要体现在三个方面： 经济总量实现新跨越。2025年，我国国内生产总值（GDP）比上年增长5.0%，经济总量首次突破140万 亿元大关，圆满完成预期目标任务，"十四五"时期连续跨越110万亿元、120万亿元、130万亿元、140万 ...

攻坚应变顶压前行 稳中有进向新向优 ——《2025年国民经济和社会发展统计公报》评读 国家统计局副局长 盛来运 经济总量实现新跨越。2025年，我国国内生产总值（GDP）比上年增长5.0%，经济总量首次突破140万 亿元大关，圆满完成预期目标任务，"十四五"时期连续跨越110万亿元、120万亿元、130万亿元、140万 亿元四个大台阶。随着我国经济规模持续扩大，5%的经济增长对应的经济增量超过5万亿元。中国经济 总量实现新突破，反映的是一个百万亿级经济体工农业生产能力的再提升、服务业发展活力的再释放， 是亿万家庭安居乐业的重要保障，是中国经济基础稳、优势多、韧性强、潜能大的集中体现。 人均发展水平取得新进步。2025年，我国人均GDP达到99665元，比上年增长5.1%，按年平均汇率折算 达13953美元，连续3年超过1.3万美元。人均GDP稳步提高，得益于科技创新的引领，现代化产业体系 加快构建，以及新质生产力蓬勃发展。与此同时，反映生产效率、国民素质的人均指标也在不断进步， 全员劳动生产率比上年提高6.1%，快于经济增速1.1个百分点；16—59岁人口平均受教育年限提高0.1 年。 国际影响力实现新提升。 ...

智通财经APP获悉，2月28日，国家统计局副局长盛来运针对《2025 年国民经济和社会发展统计公报》 发布的评读文章。文章指出，2025 年作为 "十四五" 规划收官之年，面对国内外深刻复杂的形势变化， 我国在党中央的领导下坚持稳中求进工作总基调，推动经济顶压前行、向新向优发展，圆满完成 "十四 五" 规划目标，为第二个百年奋斗目标新征程实现良好开局，同时以权威翔实的数据全景展现了中国经 济 "稳" 的格局、"进" 的势头、"韧" 的特性。 文章从五大维度对 2025 年国民经济和社会发展成果进行了全面解读，全文如下： 攻坚应变顶压前行 稳中有进向新向优——《2025年国民经济和社会发展统计公报》评读 2025年是"十四五"规划收官之年，是中国式现代化进程中具有重要意义的一年。面对国内外形势深刻复 杂变化，以习近平同志为核心的党中央领航掌舵、统揽全局，统筹国内国际两个大局，统筹发展和安 全，坚持稳中求进工作总基调，实施更加积极有为的宏观政策，纵深推进全国统一大市场建设，推动我 国经济顶压前行、向新向优发展，"十四五"圆满收官，第二个百年奋斗目标新征程实现良好开局。最新 发布的《2025年国民经济和社会发展统计 ...

攻坚应变顶压前行 稳中有进向新向优 ——《2025年国民经济和社会发展统计公报》评读 人均发展水平取得新进步。2025年，我国人均GDP达到99665元，比上年增长5.1%，按年平均汇率折算 达13953美元，连续3年超过1.3万美元。人均GDP稳步提高，得益于科技创新的引领，现代化产业体系 加快构建，以及新质生产力蓬勃发展。与此同时，反映生产效率、国民素质的人均指标也在不断进步， 全员劳动生产率比上年提高6.1%，快于经济增速1.1个百分点；16—59岁人口平均受教育年限提高0.1 年。 国际影响力实现新提升。放眼全球，我国5%的经济增速在主要经济体中位居前列，对世界经济增长贡 献率预计保持在30%左右，持续成为世界经济增长的最大贡献者和最强稳定锚。我国稳居世界第二大经 济体，经济总量占全球的六分之一左右。面对单边主义抬头、保护主义兴起的复杂外部环境，我国坚持 高水平对外开放不动摇，积极参与全球经济治理，为全球供应体系注入稳定性和确定性，与世界各国共 享中国发展红利、共担全球发展责任，充分体现了负责任大国的国际担当。2025年，我国货物进口额达 18.5万亿元，连续17年成为全球第二大进口市场；服务贸易总额 ...

攻坚应变顶压前行 稳中有进向新向优 ——《2025年国民经济和社会发展统计公报》评读 国家统计局副局长 盛来运 2025年是"十四五"规划收官之年，是中国式现代化进程中具有重要意义的一年。面对国内外形势深 刻复杂变化，以习近平同志为核心的党中央领航掌舵、统揽全局，统筹国内国际两个大局，统筹发展和 安全，坚持稳中求进工作总基调，实施更加积极有为的宏观政策，纵深推进全国统一大市场建设，推动 我国经济顶压前行、向新向优发展，"十四五"圆满收官，第二个百年奋斗目标新征程实现良好开局。最 新发布的《2025年国民经济和社会发展统计公报》是一年来非凡发展历程的缩影，镌刻着党中央团结带 领全党全国各族人民迎难而上、砥砺奋进的坚实足迹，反映了中国经济聚力迎变局、斩棘破风浪的宝贵 成果，以权威翔实的数据全景展现中国经济"稳"的格局、"进"的势头、"韧"的特性。 一、攻坚克难促发展，综合国力再上新台阶 事非经过不知难。过去一年，是多重压力交织叠加的一年，也是收获满满、成色十足的一年。从国 际看，外部环境变乱交织，国际经贸格局深度调整，世界经济复苏步履维艰；从国内看，转型调整阵痛 释放，结构性矛盾凸显，保持经济平稳运行难度加大。面 ...

Core Insights - The aerospace and semiconductor supply chain is facing a critical shortage of rare earth elements, particularly yttrium and scandium, which are essential for advanced manufacturing and defense technologies [1][4] Group 1: Yttrium - Yttrium is crucial for special coatings that prevent jet engines and industrial turbines from melting at extreme temperatures [3] - The price of yttrium has surged approximately 60% since the reported shortage began last year, now being nearly 70 times higher than a year ago [3] - Due to supply constraints, two North American companies producing high-temperature coatings have temporarily halted production, prioritizing large clients like engine manufacturers over smaller and overseas customers [3] Group 2: Scandium - The shortage of scandium raises concerns about potential disruptions in the production of next-generation 5G chips, as it is used in fuel cells, specialized aluminum alloys, and advanced chip manufacturing processes [4] - Major U.S. chip manufacturers rely on scandium for components in nearly every 5G smartphone and base station [4] - The U.S. currently lacks domestic scandium production and has no fully alternative supply sources, with estimates suggesting that existing inventories may last only a few months [4] Group 3: Broader Implications - The current supply squeeze highlights how limited export controls on niche minerals can impact high-value industries, with yttrium and scandium's absence potentially leading to billions of dollars in production line shutdowns [5] - Delays and uncertainties in export licensing can trigger price surges, supply rationing, and strategic anxiety among U.S. manufacturers [5] - The situation emphasizes that reliance on critical minerals is not just a trade issue but also a national security concern [5]

Group 1: Industrial Growth and Performance - In 2025, the industrial added value of large-scale industries increased by 5.9% compared to the previous year, showing a faster growth rate, up by 0.1 percentage points [2] - The mining, manufacturing, and electricity, heat, gas, and water production and supply industries saw added value growth of 5.6%, 6.4%, and 2.3% respectively [2] - Among 41 major industrial categories, 36 experienced growth, resulting in a growth coverage of 87.8% [2] Group 2: Export Performance - Large-scale industrial enterprises achieved an export delivery value of 15.8 trillion yuan, a 2.2% increase from the previous year, demonstrating strong resilience [2] - The equipment manufacturing sector showed significant export performance, with railway, shipbuilding, aerospace, and specialized equipment exports increasing by 24.2%, 10.2%, and 7.5% respectively [2] Group 3: Profit Structure Improvement - From January to November 2025, profits of large-scale industrial enterprises continued to grow, with the equipment manufacturing sector's profits increasing by 7.7%, contributing 2.8 percentage points to the overall profit growth of large-scale industrial enterprises [2] Group 4: High-tech Manufacturing Growth - In 2025, the added value of high-tech manufacturing increased by 9.4%, the highest growth rate since 2022, contributing 26.1% to the overall industrial growth [5] - Specific industries such as integrated circuit manufacturing, aircraft manufacturing, and biopharmaceuticals saw added value growth rates of 26.7%, 24.8%, and 12.1% respectively [5] Group 5: Digital Product Manufacturing - The added value of the digital product manufacturing industry grew by 9.3% in 2025, contributing 20.3% to the overall industrial growth [7] - Production of communication products like mobile communication base station equipment and 5G smartphones increased by 13.5% and 12.5% respectively [7] Group 6: Technological Innovation and Product Development - Companies are focusing on technological and industrial innovation, with examples like the AI-powered unmanned bulldozer deployed in complex mining environments [4] - New technologies such as perovskite materials and quantum computing are advancing rapidly, with successful prototypes being developed [4] Group 7: Consumer Supply and Market Trends - The industrial sector is adapting to new consumption trends, with a focus on optimizing product supply and enhancing brand development [8] - The integration of 5G, industrial internet, and other technologies into various sectors is expected to support the digital transformation of the economy [8]

Group 1 - The Ministry of Industry and Information Technology announced the 2025 National Key R&D Program for the industrialization of high-tech achievements, highlighting advancements in ultra-high energy density dielectric materials, large-tonnage carbon fiber composite materials, and high-performance sealing components for aerospace hydraulic systems [1] - In 2025, the industrial added value of large-scale industries increased by 5.9% compared to the previous year, with mining, manufacturing, and electricity, heat, gas, and water production and supply sectors growing by 5.6%, 6.4%, and 2.3% respectively [2] - The export delivery value of large-scale industrial enterprises reached 15.8 trillion yuan, a 2.2% increase from the previous year, showcasing resilience, particularly in the equipment manufacturing sector, which saw significant export growth in railways, ships, and aerospace [2] Group 2 - The high-tech manufacturing sector's added value grew by 9.4% in 2025, contributing 26.1% to the overall industrial growth, with notable increases in integrated circuit manufacturing, aircraft manufacturing, and biopharmaceuticals [5] - The digital product manufacturing sector's added value increased by 9.3%, contributing 20.3% to the overall industrial growth, with significant production increases in mobile communication base station equipment and 5G smartphones [6][7] - The Ministry of Industry and Information Technology emphasized the importance of optimizing product supply to support consumption upgrades and enhance consumer vitality, focusing on smart, green, and integrated development in the consumer goods industry [7]

Core Insights - The Ministry of Industry and Information Technology announced the 2025 National Key R&D Program for the industrialization of high-tech achievements, highlighting advancements in ultra-high energy density dielectric materials, large-tonnage carbon fiber composite materials, and high-performance sealing components for aerospace hydraulic systems [2] - In 2025, China's industrial production is expected to remain stable and improve, with significant growth in equipment manufacturing and high-tech manufacturing sectors, reflecting a shift towards high-quality industrial development [3][4] Industrial Growth - In 2025, the industrial added value of large-scale industries is projected to grow by 5.9% year-on-year, with mining, manufacturing, and electricity, heat, gas, and water production and supply sectors increasing by 5.6%, 6.4%, and 2.3% respectively [3] - Among 41 major industrial categories, 36 are expected to see growth, resulting in a growth coverage of 87.8% [3] - The export delivery value of large-scale industrial enterprises is anticipated to reach 15.8 trillion yuan, a 2.2% increase from the previous year, showcasing resilience in the face of external uncertainties [3] Profit Structure Improvement - From January to November 2025, profits of large-scale industrial enterprises are expected to grow, with the equipment manufacturing sector's profits increasing by 7.7%, contributing 2.8 percentage points to the overall profit growth of large-scale industries [3] Technological Innovation - The high-tech manufacturing sector's added value is projected to increase by 9.4% year-on-year, contributing 26.1% to the overall industrial growth, with significant growth in integrated circuit manufacturing (26.7%), aircraft manufacturing (24.8%), and electronic materials (23.9%) [6] - Innovations in AI and autonomous machinery, such as the deployment of the AI electric unmanned bulldozer in complex mining environments, demonstrate the industry's shift towards automation and efficiency [5] Digital Product Manufacturing - The added value of the digital product manufacturing sector is expected to grow by 9.3%, contributing 20.3% to the overall industrial growth, with notable increases in the production of mobile communication base station equipment (13.5%) and 5G smartphones (12.5%) [7] - The integration of new technologies like 5G, industrial internet, and robotics is expected to create vast market opportunities for rapid industrialization of new products [7][8]

Group 1 - In 2025, China's industrial economy demonstrates strong resilience, with a year-on-year growth of 5.9% in industrial added value for large-scale enterprises, an acceleration of 0.1 percentage points compared to the previous year [1] - In December, the industrial added value grew by 5.2% year-on-year, showing a positive momentum in industrial production recovery at the end of the year [1] - The manufacturing sector continues to play a key supporting role, with a year-on-year growth of 6.4% in added value, and 36 out of 41 major industrial categories achieved growth, resulting in a growth coverage of 87.8% [1] Group 2 - The equipment manufacturing industry shows significant growth, with a year-on-year increase of 9.2% in added value, accounting for 36.8% of the total industrial output, an increase of 2.2 percentage points from the previous year [2] - The automotive industry grew by 11.5%, and the electronics industry by 10.6%, contributing 12.4% and 18.1% respectively to the overall industrial growth [2] - Traditional industries are advancing green transformation, with the petroleum processing industry growing by 6.7%, and the biomass fuel processing sector growing by 16.8% [2] Group 3 - High-tech manufacturing continues to lead industrial high-quality development, with a year-on-year growth of 9.4% in added value, contributing 26.1% to the overall industrial growth [3] - Key sectors such as integrated circuit manufacturing and aircraft manufacturing saw growth rates of 26.7% and 24.8% respectively [3] - The digital product manufacturing sector also shows strong growth, with a year-on-year increase of 9.3% in added value, contributing 20.3% to overall industrial growth [3] Group 4 - From January to November 2025, profits of large-scale industrial enterprises continued to grow, with equipment manufacturing profits increasing by 7.7%, driving an overall profit growth of 2.8 percentage points for all large-scale industrial enterprises [4] - The industrial economy in China is achieving structural optimization and quality improvement under pressure, with new growth drivers accelerating formation [4] - The need for continued adherence to new development concepts and the strengthening of the real economy is emphasized for high-quality industrial development [4]