Data from the National Bureau of Statistics (NBS) showed that in April 2026, the national consumer prices rose 1.2% YoY. Specifically, urban areas rose 1.2% and rural areas rose 1.0%; food prices fell 1.6%, while non-food prices rose 1.8%; consumer goods prices rose 1.4%, and service prices rose 0.9%. On average from January to April, national consumer prices rose 0.9% compared with the same period last year. In April, national consumer prices rose 0.3% MoM. Specifically, urban areas rose 0.3% and rural areas rose 0.1%; food prices fell 1.6%, while non-food prices rose 0.7%; consumer goods prices rose 0.1%, and service prices rose 0.5%. In April 2026, ex-factory prices of industrial producers rose 2.8% YoY and 1.7% MoM. Purchase prices of industrial producers rose 3.5% YoY and 2.1% MoM. On average from January to April, ex-factory prices of industrial producers rose 0.2% compared with the same period last year, and purchase prices of industrial producers rose 0.5%. Consumer Prices Rose 1.2% YoY in April 2026 In April 2026, national consumer prices rose 1.2% YoY. Specifically, urban areas rose 1.2% and rural areas rose 1.0%; food prices fell 1.6%, while non-food prices rose 1.8%; consumer goods prices rose 1.4%, and service prices rose 0.9%. On average from January to April, national consumer prices rose 0.9% compared with the same period last year. In April, national consumer prices rose 0.3% MoM. Specifically, urban areas rose 0.3% and rural areas rose 0.1%; food prices fell 1.6%, while non-food prices rose 0.7%; consumer goods prices rose 0.1%, and service prices rose 0.5%. I. YoY Changes in Prices of Various Categories of Goods and Services In April, prices of food, tobacco, alcohol, and dining out fell 0.8% YoY, dragging down the CPI by approximately 0.24 percentage points. Among food items, livestock meat prices fell 6.7%, dragging down the CPI by approximately 0.28 percentage points, of which pork prices fell 15.2%, dragging down the CPI by approximately 0.29 percentage points; fresh fruit prices fell 1.0%, dragging down the CPI by approximately 0.02 percentage points; fresh vegetable prices fell 0.5%, dragging down the CPI by approximately 0.01 percentage points; aquatic product prices rose 1.3%, pushing up the CPI by approximately 0.02 percentage points. Among the other seven major categories, six saw YoY increases and one saw a decline. Specifically, prices of other supplies and services, transportation and communication, and healthcare rose 11.0%, 4.6%, and 2.2%, respectively; prices of clothing, household goods and services, and education, culture, and entertainment rose 1.5%, 1.4%, and 1.3%, respectively; housing prices fell 0.2%. II. MoM Changes in Prices of Various Categories of Goods and Services In April, prices of food, tobacco, alcohol, and dining out fell 1.0% MoM, dragging down CPI by approximately 0.28 percentage points. Among food items, fresh vegetable prices fell 6.4%, dragging down CPI by approximately 0.11 percentage points; livestock meat prices fell 2.7%, dragging down CPI by approximately 0.11 percentage points, of which pork prices fell 5.7%, dragging down CPI by approximately 0.10 percentage points; fresh fruit prices fell 2.3%, dragging down CPI by approximately 0.05 percentage points; aquatic product prices fell 1.2%, dragging down CPI by approximately 0.02 percentage points; egg prices rose 2.7%, pushing up CPI by approximately 0.01 percentage points. Among the other seven major categories, prices rose in three, remained flat in one, and fell in three on a MoM basis. Specifically, prices of transportation and communication, education, culture and recreation, and healthcare rose 3.5%, 0.5%, and 0.3%, respectively; prices of household goods and services remained flat; prices of other goods and services, clothing, and housing fell 0.5%, 0.3%, and 0.1%, respectively. Industrial Producer Ex-factory Prices Up 2.8% YoY and Up 1.7% MoM in April 2026 In April 2026, national industrial producer ex-factory prices rose 2.8% YoY and 1.7% MoM. Industrial producer purchase prices rose 3.5% YoY and 2.1% MoM. For the January–April average, industrial producer ex-factory prices rose 0.2% compared with the same period last year, and industrial producer purchase prices rose 0.5%. I. YoY Changes in Industrial Producer Prices In April, among industrial producer ex-factory prices, prices of production materials rose 3.8%, pushing up the overall industrial producer ex-factory price level by approximately 2.98 percentage points. Specifically, prices of extractive industries rose 10.6%, raw material industries rose 7.1%, and processing industries rose 1.5%. Prices of consumer goods fell 1.0%, dragging down the overall industrial producer ex-factory price level by approximately 0.23 percentage points. Specifically, food prices fell 1.9%, clothing and general daily necessities prices both fell 1.1%, and durable consumer goods prices fell 0.3%. Among industrial producer purchase prices, prices of non-ferrous metal materials and wire rose 21.3%, chemical raw materials rose 5.9%, fuel and power rose 4.4%, and textile raw materials rose 1.0%; prices of building materials and non-metallic minerals fell 5.1%, agricultural by-products fell 2.1%, and ferrous metals materials fell 0.9%. II. MoM Changes in Industrial Producer Prices In April, among industrial producer ex-factory prices, prices of producer goods rose 2.1%, contributing approximately 1.68 percentage points to the overall increase in industrial producer ex-factory prices. Specifically, prices of extractive industries rose 5.7%, raw material industries rose 4.9%, and processing industries rose 0.4%. Prices of consumer goods fell 0.1%, dragging down the overall industrial producer ex-factory price level by approximately 0.02 percentage points. Specifically, food prices fell 0.4%, clothing prices fell 0.1%, and prices of both general daily necessities and durable consumer goods rose 0.1%. Among industrial producer purchase prices, prices of chemical raw materials rose 7.3%, fuel and power rose 6.3%, textile raw materials rose 1.3%, ferrous metals rose 0.6%, and agricultural by-products rose 0.3%; prices of building materials and non-metallic minerals fell 1.0%, and non-ferrous metals and wires fell 0.1%. April 2026: CPI Mildly Rebounded, PPI Growth Expanded — Interpretation of April 2026 CPI and PPI Data by Dong Lijuan, Chief Statistician of the Urban Division, National Bureau of Statistics (NBS) In April, influenced by changes in international crude oil prices and increased travel demand during holidays, the Consumer Price Index (CPI) rose 0.3% MoM and 1.2% YoY. Core CPI, excluding food and energy prices, rose 1.2% YoY, maintaining a mild rebound. Influenced by the rapid rise in international commodity prices, increased demand in some domestic industries, and continuous optimization of market competition order, the Producer Price Index (PPI) rose 1.7% MoM and 2.8% YoY, with growth rates expanding from the previous month. I. CPI Mildly Rebounded On a MoM basis, the national CPI shifted from a 0.7% decline in the previous month to a 0.3% increase, 0.4 percentage points above the seasonal level, mainly driven by rising energy and travel service prices. Affected by fluctuations in international crude oil prices, China's energy prices rose 5.7%, with the increase expanding 0.9 percentage points from the previous month, contributing approximately 0.39 percentage points to the MoM CPI increase. Among them, gasoline prices rose 12.6%. Service prices shifted from a 1.1% decline in the previous month to a 0.5% increase, 0.2 percentage points above the seasonal level, contributing approximately 0.22 percentage points to the MoM CPI increase. Specifically, driven by the Qingming Festival holiday, Labour Day holiday, and spring breaks in some regions, travel service demand increased significantly, with prices of airfares, vehicle rentals, travel agency fees, and hotel accommodation rising 29.2%, 8.6%, 4.5%, and 3.9% respectively, all exceeding seasonal levels. These four items combined contributed approximately 0.17 percentage points to the MoM CPI increase; medical service prices rose 0.6%, contributing approximately 0.04 percentage points to the MoM CPI increase. Food prices fell 1.6%, with the decline narrowing by 1.1 percentage points from the previous month, dragging CPI down by approximately 0.28 percentage points MoM. Within food, as the weather warmed up, large quantities of fresh vegetables and fresh fruits came to market, with prices falling 6.4% and 2.3% respectively; pork and aquatic products were in ample supply, with prices falling 5.7% and 1.2% respectively. These four items combined dragged CPI down by approximately 0.28 percentage points MoM. Egg prices rose 3.4%, contributing approximately 0.01 percentage points to MoM CPI growth. Excluding energy, industrial consumer goods prices fell 0.2%, remaining largely stable. On a YoY basis, the national CPI rose 1.2%, with the increase expanding by 0.2 percentage points from the previous month. Industrial consumer goods prices rose 3.5% this month, with the increase expanding by 1.3 percentage points from the previous month, contributing approximately 1.06 percentage points to YoY CPI growth. Within industrial consumer goods, affected by fluctuations in international commodity prices, China's gasoline and gold jewellery prices saw significant changes. Specifically, gasoline price growth expanded to 19.3%, contributing approximately 0.56 percentage points to YoY CPI growth; gold jewellery price growth pulled back to 46.9%, contributing approximately 0.2 percentage points to YoY CPI growth; household appliances and clothing prices rose 2.6% and 1.6% respectively, together contributing approximately 0.11 percentage points to YoY CPI growth. Services prices rose 0.9%, with the increase expanding by 0.1 percentage points from the previous month, contributing approximately 0.44 percentage points to YoY CPI growth. Within services, prices of basic public service items remained generally stable, with medical services and education services prices rising 3.4% and 0.5% respectively, together contributing approximately 0.25 percentage points to YoY CPI growth; travel services price growth expanded somewhat, rising 3.7% this month, contributing approximately 0.13 percentage points to YoY CPI growth; labour services prices edged up, with pet services, dining out, domestic services, and vehicle repair and maintenance prices rising between 1.1% and 1.4%, together contributing approximately 0.1 percentage points to YoY CPI growth. Food prices shifted from a 0.3% increase in the previous month to a 1.6% decline. Within food, pork prices fell 15.2%, with the decline expanding by 3.7 percentage points from the previous month, dragging YoY CPI down by approximately 0.29 percentage points; fresh vegetables and fresh fruits prices fell 0.5% and 1.0% respectively; beef, mutton, aquatic products, and egg prices all rose, with increases ranging between 1.0% and 6.2%. II. PPI Growth Expanded On a MoM basis, the national PPI rose 1.7%, with the increase expanding by 0.7 percentage points from the previous month. The main characteristics of PPI MoM movements this month were: first, international imported factors drove up prices in China's petroleum-related industries. Rising international crude oil prices drove up prices in China's petroleum-related industries. Specifically, prices in the petroleum and natural gas extraction industry rose 18.5% MoM, the petroleum, coal, and other fuel processing industry rose 16.4%, the chemical raw materials and chemical products manufacturing industry rose 8.3%, the chemical fiber manufacturing industry rose 5.6%, and the rubber and plastics products industry rose 1.7%. Second, increased demand in some domestic industries drove prices up. Rapid growth in computing power demand and accelerated electrification drove optical fiber manufacturing prices up 22.5% MoM, external storage devices and components prices up 3.2%, and non-ferrous metal smelting and rolling processing industry prices up 0.2%; thermal coal restocking demand was released, combined with increased non-power coal demand from chemical and metallurgical industries, driving coal mining and washing industry prices up 1.9%; continued advancement of manufacturing equipment upgrades drove increased steel demand, with ferrous metals smelting and rolling processing industry prices up 0.6%. Third, the competitive order in the Chinese market continued to improve, with related industry prices rising or declines narrowing. The in-depth rectification of involution-style competition continued to show results, with lithium-ion battery manufacturing prices up 1.6% MoM, new energy vehicle manufacturing prices down 0.1%, with the decline narrowing by 0.7 percentage points from the previous month. On a YoY basis, the national PPI rose 2.8%, with the increase expanding by 2.3 percentage points from the previous month. Among the major industries with price increases, non-ferrous metal ore mining and dressing rose 38.9%, non-ferrous metal smelting and rolling processing rose 22.5%, together contributing approximately 1.58 percentage points to the YoY PPI increase; petroleum and natural gas extraction rose 28.6%, petroleum, coal, and other fuel processing rose 14.2%, chemical raw materials and chemical products manufacturing rose 8.9%, together contributing approximately 1.5 percentage points to the YoY PPI increase; electrical machinery and equipment manufacturing rose 3.6%, computer, communication, and other electronic equipment manufacturing rose 1.5%, together contributing approximately 0.46 percentage points to the YoY PPI increase. Among the major industries with price declines, non-metallic mineral products fell 5.5%, electricity and heat production and supply fell 4.2%, automobile manufacturing fell 2.0%, and ferrous metals smelting and rolling processing fell 1.1%, together contributing approximately 0.75 percentage points to the YoY PPI decline.

Capacity side, according to incomplete statistics, China's alkaline electrolyzer market remained at 43.77 GW, and the PEM electrolyzer market remained at 2.7 GW. This week, no offline public delivery data was available. Project-related updates: Heilongjiang Jiayirongyuan Green Chemical Co., Ltd.: China Chemistry Tianchen Company signed an EPC general contracting contract with Heilongjiang Jiayirongyuan Green Chemical Co., Ltd., a subsidiary of Jiaze New Energy, for the 300,000 mt green hydrogen-methanol-aviation fuel chemical co-production project in Jidong County, Jixi City, Heilongjiang Province. The project has a total investment of approximately 3.557 billion yuan and is a key project under the national "dual carbon" strategy. Using agricultural and forestry waste as raw material and adopting biomass gasification and cellulose fermentation technologies, the project plans to produce 240,000 mt of green methanol and 80,000 mt of green ethanol annually, with flexible switching to 50,000 mt/year of sustainable aviation fuel (SAF). The project plans to commence production by the end of 2027, consuming over 1.5 million mt of agricultural and forestry waste annually. Shandong Expressway Service Development Group Co., Ltd.: The PEM electrolysis hydrogen production and energy storage section of the Phase II comprehensive utilization project at Gaomi Service Area Hydrogen Refueling Station released its bid-winning announcement, with Guofu Hydrogen Energy winning the bid at 21.2724 million yuan. The project is part of the Ministry of Science and Technology's "Hydrogen into Homes" demonstration program, undertaken by Shandong Expressway Service Development Group, and is located in the south area of Gaomi Service Area, aiming to build an integrated demonstration station for PV hydrogen production and hydrogen refueling. The project comprises three segments: alkaline hydrogen production, PEM hydrogen production and energy storage, and hydrogen refueling station. Currently, the alkaline hydrogen production section has been completed, and the hydrogen refueling station is under construction. The PEM hydrogen production capacity in this phase is 100 Nm³/h with a rated power of 200 kW, equipped with electrolysis skids, compressors, hydrogen storage cylinder groups, and control systems. The designed construction period is 120 days, and the project will improve the green electricity hydrogen production and energy storage facilities at the expressway service area, supporting the construction of zero-carbon hydrogen expressways. Mingtuo (Inner Mongolia) Comprehensive Resource Utilization Co., Ltd.: The e-SAF (electro-sustainable aviation fuel) project officially received filing approval. The project is located in Jiuyuan Industrial Park, Baotou City, on an industrial planning plot north of Mingtuo Chromium Industry's plant and west of Hengtai Road, with a total investment of 1.8 billion yuan. The plan is to build a 150,000 mt/year electro-sustainable aviation fuel production line, along with supporting facilities including gas pretreatment, synthesis, hydrorefining, fractionation, tank farms, pump stations, and related auxiliary facilities. The project plans to start construction in April 2027 and be completed and put into operation in April 2029. Xinjiang Shengxiong Energy Co., Ltd.: The EPC project for the 5,000 Nm³/h waste coal gas green hydrogen extraction and comprehensive utilization by Xinjiang Shengxiong Energy has fully completed construction tasks, with the full-process commissioning successfully completed in one run, and is now officially ready for production and operation. The project adopts advanced green hydrogen extraction technology, using industrial waste coal gas as raw material to achieve efficient resource conversion of tail gas and produce high-purity clean hydrogen energy. After commissioning, it can extend the coal chemical industry chain, improve the utilization rate of industrial by-product resources, reduce pollutant emissions, and provide a stable hydrogen source for the enterprise's methanol units, achieving synergistic improvement in economic, ecological, and social benefits. Wolong Innorde (Zhejiang) Hydrogen Energy Technology Co., Ltd.: The company successfully won the bid for the Binyang County, Guangxi green electricity hydrogen production pilot construction project (100 Nm³/h AEM hydrogen production equipment) and has officially signed the contract, marking an important breakthrough in the company's market expansion in the green electricity hydrogen production field and laying a solid foundation for further business development in the South China region. The project was initiated by Kunpeng Water, a Guangxi local state-owned enterprise, and is the first AEM technology green electricity hydrogen production project in Guangxi. It completed filing in March 2026 and aims to leverage green electricity resources to conduct hydrogen production pilot trials, supporting regional energy structure transformation and industrial decarbonization. Wuhan Institute of Rock and Soil Mechanics, Chinese Academy of Sciences: China's first million-cubic-meter-level salt cavern hydrogen storage demonstration project, led by the institute, was officially put into operation in Pingdingshan City, Henan Province. The project is China's first hydrogen storage facility built in bedded salt rock formations, which explored the multi-scale migration patterns of hydrogen in ultra-low permeability rock salt, overcame the core technology of precise site and layer selection for salt cavern hydrogen storage, and effectively verified the long-term sealing performance and engineering feasibility of hydrogen storage in bedded salt rock. Baimahu Laboratory Hydrogen Energy (Changxing) Co., Ltd.: The Baimahu Laboratory Changxing Hydrogen Energy Base liquid hydrogen test platform installation and commissioning project released a tender announcement. The project is located in Meishan Town, Changxing County, Huzhou City, with a total estimated investment of 310 million yuan and a land area of 68 mu. The project budget is 55.0906 million yuan, with construction and installation costs of approximately 51.1045 million yuan, and will build testing platforms for key equipment such as liquid hydrogen valves, storage tanks, and flow meters. The tender scope covers process, electrical, automation control, and equipment installation and commissioning. The planned construction period is 210 calendar days, and consortium bidding is allowed (no more than 2 members). Xindao Hydrogen Energy Technology (Baotou) Co., Ltd.: The Guyang County 200,000 mt/year hydrogen-based green fuel (green methanol) off-grid green electricity direct-connection project officially commenced construction. Located in Jinshan Economic Development Zone, Guyang County, Baotou City, the project is Xindao Energy's first demonstration project in the hydrogen-based green fuel field, with a total investment of 5.1 billion yuan, covering 600 mu. It will be built in three phases, with full completion and commissioning planned for 2028. The energy side is configured with 390 MW off-grid wind power and 100 MW off-grid PV, coupled with biomass waste heat power generation and flywheel energy storage, building an integrated "electricity-hydrogen-carbon-methanol" system to address the challenges of off-grid green electricity fluctuations and stable operation of chemical units, achieving efficient green methanol synthesis. Shenneng Northern (Etuoke Front Banner) Energy Development Co., Ltd.: The electrolysis hydrogen production station project for the Etuoke Front Banner wind and solar power hydrogen production integrated green ammonia synthesis project completed filing. The project is located in the Energy and Chemical Zone of Shanghaimiao Economic Development Zone, Etuoke Front Banner, Ordos City, with clearly defined boundaries and a total investment of 1.3265 billion yuan. The project plans to build a water electrolysis hydrogen production station with an annual output of approximately 20,000 mt of green hydrogen, using PEM proton exchange membrane electrolyzers as the primary equipment, supplemented by ALK alkaline electrolyzers and AEM anion exchange membrane electrolyzers. This approach integrates the advantages of multiple technology pathways to adapt to the fluctuation characteristics of new energy power. Supporting facilities including gas-liquid separation, hydrogen purification, hydrogen storage, water treatment, step-down substations, and fire safety and security systems will also be constructed. After completion, the station will operate in strict compliance with renewable energy hydrogen production industry safety standards. The project plans to commence construction in December 2026 and be completed in December 2028. Goldwind Green Energy Hydrogen Technology (Xing'an League) Co., Ltd.: The Xing'an League Goldwind Science&Technology Wind Power Hydrogen Production (Phase III) Project officially obtained filing approval. Located in the Xing'an League Economic Development Zone of Inner Mongolia, the project has a total investment of 2 billion yuan. The project mainly involves the construction of hydrogen production, compression, gas storage, air separation units, and related supporting facilities, with a hydrogen production capacity of 160,000 standard cubic meters per hour. Construction plans to commence in September 2026, with completion and commissioning in September 2028. Inner Mongolia Huadian Huayang Hydrogen Technology Co., Ltd. : The Inner Mongolia Huadian Damaoqi 1 million kW Wind and Solar Power Integrated Hydrogen Production Project released a tender announcement for technical services on a special study on short-circuit ratio improvement. Located in Damaoqi, Baotou City, Inner Mongolia, the first phase plans to build 1 million kW of new energy installed capacity, including 700 MW of wind power and 300 MW of PV, equipped with 70 units of 10 MW wind turbines and 710-740Wp half-cell double-glass N-type PV modules. The project will also construct a 100MW/200MWh LFP battery ESS power station, two 220 kV step-up substations, and collector lines. Multiple alkaline electrolyzer hydrogen production systems are planned, with an annual green hydrogen production capacity of 47,000 mt, supported by 25 units of 2,000 m³ hydrogen gas spherical tanks with a hydrogen storage capacity of 650,000 standard cubic meters, along with a new 220 kV hydrogen production main step-down substation. The tendered services are required to be completed within 45 days from the date of contract signing. Jiangsu Lanze Energy Technology Co., Ltd.: The Dafeng District Bureau of Natural Resources and Planning released a pre-approval public notice for the Lanze Dafeng Port 300,000 mt/year green methanol project. The project is located in the Petrochemical Industrial Park of Dafeng Port Economic Development Zone, Dafeng District, Yancheng City. This public notice mainly involves minor adjustments and optimizations to the dimensions, areas, names, and heights of certain buildings and structures. Beijing Hydrogenergy Technology Co., Ltd. : The company won the bid for the PEM pure water electrolysis hydrogen production equipment procurement project of the Electric Power Research Institute of State Grid Jiangxi Electric Power Co., Ltd., responsible for equipment production, supply, transportation, and subsequent supporting services. The PEM hydrogen production unit awarded in this bid will be used to verify the response characteristics of PEM hydrogen production systems under green electricity fluctuation conditions, accumulating measured operational data for flexible load regulation of the power grid. As one of the earliest PEM hydrogen production research-type units deployed in the Jiangxi power grid system, this project will also provide important technology selection references for the subsequent construction of regional hydrogen energy storage demonstration stations. Datang Jingtai Wind Power Co., Ltd.: Datang released a tender announcement for technical services on the preparation of a feasibility study report for a wind-solar coupled off-grid hydrogen production demonstration project, located in Baiyin District, Baiyin City, Gansu Province. The project plans to build a new 21 MW wind-solar coupled hydrogen production power station, including 14 MW of wind power and 7 MW of PV, with a supporting 5MW/5MWh grid-forming ESS, along with a 12 MW hydrogen production station. The station will selectively deploy ALK, AEM, PEM, and SOEC multi-type electrolyzer equipment, with green hydrogen output required to meet the national standard for ultra-pure hydrogen. The project will also include supporting construction of hydrogen buffer tanks, compression and filling systems, as well as auxiliary facilities such as desalinated water stations, air compressor stations, and control buildings. Longyuan Power Longyuan (Zhangye) New Energy Development Co., Ltd.: The company initiated open procurement for 500 standard cubic meter PEM electrolyzer hydrogen production equipment and ancillary equipment for the Zhangye Carbon Neutrality Industrial Base Wind-Solar-Hydrogen-Storage Integration Project. Located in the Circular Economy Demonstration Park of Zhangye Economic and Technological Development Zone, Gansu Province, this is also the first green electricity hydrogen production project deployed by China Energy Investment Corporation in Gansu Province. Policy Review 1. The General Office of the Ministry of Industry and Information Technology and other departments jointly issued the Guidelines for Green Design of Industrial Products (2026 Edition). The Guidelines mention: developing green design solutions. Focusing on industries including automobiles, construction machinery, machine tools, bearings, wind power equipment, hydrogen energy equipment, PV, lithium batteries, household appliances, packaging, cleaning products, textiles, biomanufacturing, methanol, and tires, and targeting key directions of green design, the aim is to develop green design solutions that are technologically advanced, economically feasible, and supply-demand compatible, forming a batch of replicable and scalable exemplary green design solutions. The initiative will cultivate green design solution providers with high professional standards and strong service capabilities, building a virtuous ecosystem of "demand-driven—solution development—industrial application." 2. The General Office of the CPC Central Committee and the General Office of the State Council issued the Opinions on Achieving Higher-Level and Higher-Quality Energy Conservation and Carbon Reduction. The document aims to use transportation energy conservation and carbon reduction and green energy transition as two key drivers, coordinating low-carbon development with energy security, and accelerating the construction of a clean, low-carbon, safe, and efficient modern energy and transportation system. Enterprise Updates Guohua Investment Mengxi Branch: China's first heavy-haul railway hydrogen refueling station, the Batuta Hydrogen Refueling Station, achieved a cumulative hydrogen refueling volume exceeding 10,000 kg, marking a milestone in the scaled application of hydrogen energy in China's heavy-haul railway sector. Located at the Hailesuhao South Station in Ejin Horo Banner, Ordos City, Inner Mongolia, the station is a key hydrogen energy industry demonstration project of Guohua Investment, with a daily hydrogen refueling capacity of 500 kg. It primarily provides hydrogen refueling services for large power hydrogen-powered shunting locomotives and hydrogen fuel cell plus lithium battery zero-emission catenary maintenance vehicles, accumulating valuable demonstration experience for the green and low-carbon transformation of heavy-haul railways. Tianjin Zhonghe Energy Management Co., Ltd.: The world's first 5 MW anion exchange membrane (AEM) water electrolysis hydrogen production system completed installation and commenced commissioning, marking the official entry of megawatt-scale AEM technology into the industrial application stage. Beijing Mingyang Hydrogen Technology Co., Ltd. : The company received written authorization from the American Society of Mechanical Engineers (ASME), successfully obtaining the manufacturing license and quality certification under the ASME Boiler and Pressure Vessel Code. Guangzhou Yunfu Hydrogen Technology Co., Ltd.: The company officially opened in Baiyun District, Guangzhou. Yang Qiang, Chairman of Yuntao Hydrogen, Ding Leizhe, Executive Vice President of Guofu Hydrogen, along with representatives from the government and partners attended the ceremony. Yunfu Hydrogen was jointly established by Guangdong Yuntao Hydrogen and Jiangsu Guofu Hydrogen, focusing on R&D, integrated manufacturing, and services for core hydrogen energy equipment, with the goal of building a leading hydrogen energy equipment industrialisation hub in South China. The project has a total investment of 500 million yuan, with a Phase I workshop of approximately 1,300 m², primarily engaged in vehicle-mounted high-pressure hydrogen supply systems and core equipment integration for hydrogen refueling stations. Shaanxi Hydrogen Energy Industry Development Co., Ltd.: The company held a discussion and exchange meeting with the Shenmu Municipal Government and officially signed an investment cooperation framework agreement. At the meeting, Liu Wei, Deputy Secretary of the Party Committee and General Manager of Shaanxi Hydrogen Energy, and Han Xiujin jointly signed the agreement. Both parties conducted in-depth exchanges on hydrogen energy industry development planning and key project cooperation, reaching a cooperation consensus. Heads of relevant departments of the Shenmu Municipal Government, as well as heads of relevant departments and subordinate units of Shaanxi Hydrogen Energy, attended the meeting. Tianjin Rongcheng Xinneng Technology Group Co., Ltd.: The company's 5 MW anion exchange membrane (AEM) water electrolysis hydrogen production system completed equipment installation and officially entered the commissioning stage. Zhejiang Sunshine Green Hydrogen Technology Co., Ltd.: The company's self-developed A11 and B11-series core electrolyzer equipment successfully completed long-cycle operation verification. The series uniformly adopted a current density of 1.5 A/cm², completing dual-line endurance tests under both atmospheric pressure and 1.6 MPa high-pressure conditions, with uninterrupted stable operation exceeding 8,000 hours in both cases. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) published patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory-tested lifespan of 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing an Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity approaching that of platinum-based materials. Technology Footprint/Technical Specifications 1. Two group standards on water electrolysis hydrogen production were officially released and implemented, namely the Safety Technical Specification for Water Electrolysis Hydrogen Production and the Calculation Method for Economic Operation Indicators of Water Electrolysis Hydrogen Production. 2. Petronor and H2SITE collaborated to advance membrane technology for hydrogen production, improving high-purity hydrogen and low-carbon efficiency in refining. 3. Dalian University of Technology designed an electron pump catalyst with an asymmetric photo-responsive structure, maintaining the asymmetry of electron distribution. 4. A research team from the School of Electrical Engineering and the State Key Laboratory of Electrical Insulation and Power Equipment at Xi'an Jiaotong University successfully developed a Ru/Ti₃C₂Oₓ@NF bifunctional electrocatalyst for seawater electrolysis. 5. The team led by Professor Yu Ying at Central China Normal University developed a three-dimensional hierarchical nanostructured catalytic electrode as a core component for seawater hydrogen production.

Capacity: according to incomplete statistics, China's alkaline electrolyzer market remained at 43.77 GW, the PEM electrolyzer market remained at 2.7 GW, with no new capacity additions for the time being. This week, CPU Hydrogen Power's independently developed 100 Nm³ containerized integrated hydrogen production system completed factory detection and was officially shipped to Sichuan; Trina Green Hydrogen completed the centralized delivery of a batch of 1,000 Nm³/h alkaline hydrogen production equipment, which had arrived at a large-scale green ammonia-methanol project site in China and was about to commence installation; Yigong completed the shipment and delivery of its independently developed and manufactured hydrogen compressor station units. Project-related updates: Jiamusi Hanya New Energy Co., Ltd. : officially signed a memorandum of cooperation in Hefei with Johnson Matthey, a global leader in sustainable technology, and East China Engineering Science and Technology Co., Ltd. The three parties will jointly advance the implementation of the 150,000 mt biomass green methanol demonstration project invested and constructed by Sunshine Green Energy in Tiandong County, Guangxi. Jiang Xi, Executive President of Sunshine Green Energy, Zhong Ling, General Manager of Johnson Matthey China, and Meng Chenzhou, General Manager of East China Engineering Science and Technology, signed the agreement on behalf of their respective parties. Zhongneng Kehang (Baotou) New Energy Technology Co., Ltd.: The annual 300 million m³ green electricity-to-hydrogen project received filing approval. The project is located in Jinshan Economic Development Zone, Guyang County, Baotou City, Inner Mongolia Autonomous Region, with a total investment of 500 million yuan. Construction scale and content: 18 new hydrogen production lines, office buildings, workshops, shift dormitories, etc. Planned construction period: 2026/08–2028/07. Huawang (Qingdao) Hydrogen Energy Technology Group Co., Ltd.: plans to build a 5,000 Nm³/h PSA purification hydrogen production unit in Dongjiakou Chemical Industrial Park, Huangdao District, Qingdao City, Shandong Province. The project will utilize industrial by-product hydrogen resources within the park, and the purified hydrogen will be transported via pipeline to downstream hydrogen refueling stations. The company is now publicly soliciting interested partner manufacturers nationwide, collecting relevant equipment technical proposals and organizing evaluations. Suppliers with appropriate qualifications and project experience are welcome to participate. The project is located in Dongjiakou Chemical Industrial Park, Boli Town, Huangdao District, Qingdao City, with the liaison location at the Hydrogen Energy Building, Boli Town, West Coast New Area, Qingdao City. The available construction area for the unit is approximately 720 m² (30 m × 24 m). Bidding entities are required to complete the layout of process equipment, pipe racks, and maintenance access within the premises of meeting fire protection and safety clearance requirements. Utilities including electricity, circulating water, instrument air, nitrogen, and fire water can be connected to Jinneng Chemical's existing systems. Tieling Carbon Cycle Biotechnology Co., Ltd.: China Energy Engineering Group's CEEC Heilongjiang Institute won the EPC general contracting project for Tieling Carbon Cycle's biomass-to-green-methanol green electricity direct connection project. The project is located in the Chemical Industrial Park of Diaobingshan City, Tieling, Liaoning Province. In this phase, three 220 mt/h high-temperature and high-pressure circulating fluidized bed biomass boilers will be constructed, along with one 50 MW high-temperature and high-pressure extraction-condensing turbo-generator set. Supporting facilities including a desalinated water station, fuel storage yard, and main step-down substation will be built simultaneously. The project primarily provides green electricity and green steam for the overall green ethanol production project, serving as a supporting power plant project. Gansu Runlong Hongneng Energy Management Co., Ltd.: The Guazhou County wind and solar power hydrogen production coupled with biomass-based 250,000 mt/year green methanol integration project, with a total investment of 5.5 billion yuan, officially commenced construction at the Liugou Coal Chemical Industrial Park. The project is invested and constructed by Gansu Runlong Hongneng Energy Management Co., Ltd. It is a major construction reserve project listed by Gansu Province for 2026 and a key benchmark industrial project for Jiuquan City and Guazhou County. The project plans to build 390 MW wind power, 150 MW PV, with supporting 160 MW/320 MWh grid-forming ESS, 48,000 Nm³/h water electrolysis hydrogen production facilities, and a 250,000 mt/year green methanol synthesis unit, while simultaneously achieving biomass gasification synthesis coupled production. Adopting the "green electricity to green hydrogen + biomass gas synthesis" technology route, the project can achieve over 5% self-generated and self-consumed clean electricity, produce over 20,000 mt of green hydrogen annually, consume over 200,000 mt of agricultural and forestry waste annually, and build a zero-carbon energy and resource recycling system. China Energy Engineering Bochuang Green Fuel (Shenyang) Co., Ltd.: The Phase I 100,000 mt green methanol project of the Shenyang wind and solar power hydrogen production integrated with biomass green alcohol and oil demonstration project released an EPC general contracting tender announcement. Phase I construction includes 100 MW centralised wind power, 50 MW/100 MWh electrochemical energy storage, a 100,000 mt/year green methanol unit, and supporting facilities such as 360,000 mt/year biomass pretreatment. The biomass pretreatment plant produces 360,000 mt of biomass white pellets annually. The green methanol system is equipped with 3×1,000 Nm³/h electrolyser hydrogen production equipment, 60,000 Nm³ hydrogen storage tanks, two 600 mt/day pressurised fluidised bed gasification units, and a 100,000 mt/year methanol synthesis unit. The wind farm installs ten 10 MW wind turbines with a rotor diameter of 230 m and a wheel hub height of 160 m, connected to the project's supporting 66 kV step-down substation via two 66 kV overhead lines, with corresponding public auxiliary works constructed simultaneously. Zhongke Yitan Energy Technology (Chifeng) Co., Ltd.: The Hexigten Banner wind and solar power hydrogen-to-methanol and SAF integration project received filing approval. The project is located in Bayanduhumu Gacha, Darihanwula Sumu, Hexigten Banner, Chifeng City, Inner Mongolia Autonomous Region. The project entity is Zhongke Yitan Energy Technology (Chifeng) Co., Ltd., with a total investment of 7.5 billion yuan. Construction scale and content: 1. Construction of one water electrolysis hydrogen production line, including water electrolysis hydrogen production equipment, gas-liquid separation equipment, purification equipment, etc., with an annual green hydrogen output of 62,500 mt; 2. Construction of one green methanol synthesis production line, including biomass gasification equipment, combined purification equipment, methanol synthesis equipment, etc., with an annual green methanol production of 500,000 mt; 3. Construction of one SAF synthesis production line, with an annual SAF production of 100,000 mt. Planned construction period: 2026/05–2028/12. Jiamusi Hanya New Energy Co., Ltd. : China Energy Engineering CEPDI North China Institute signed a contract for the feasibility study and survey design of the Heilongjiang Huanan County 1.2 GW off-grid wind power hydrogen production and 500 MW grid-connected wind power project. In the off-grid wind power hydrogen-to-methanol project, the total installed wind power capacity is 1.2 GW, using 48 units with a single-unit capacity of 6.25 MW and 90 units with a single-unit capacity of 10 MW. The annual power generation of the wind farm is approximately 3.7 billion kWh, with approximately 3,081 annual equivalent full-load hours. Supporting construction includes four 220 kV step-up substations and ESS. After wind power hydrogen production, the hydrogen reacts with captured biomass carbon sources to produce methanol, with an annual methanol output of approximately 300,000 mt. Policy Review 1. The General Office of the Ministry of Industry and Information Technology and other departments jointly issued the Guidelines for Green Design of Industrial Products (2026 Edition). The Guidelines mention: Developing green design solutions. Focusing on industries such as automobiles, construction machinery, machine tools, bearings, wind power equipment, hydrogen energy equipment, PV, lithium batteries, household appliances, packaging, detergents, textiles, biomanufacturing, methanol, and tyres, and targeting key directions of green design, the aim is to develop green design solutions that are technologically advanced, economically feasible, and supply-demand compatible, forming a batch of replicable and scalable exemplary green design solutions. The goal is to cultivate green design solution providers with high professional standards and strong service capabilities, and to build a virtuous ecosystem of "demand-driven — solution development — industrial application". 2. Opinions of the General Office of the CPC Central Committee and the General Office of the State Council on Achieving Higher-Level and Higher-Quality Energy Conservation and Carbon Reduction. The opinions aim to use transport energy conservation and carbon reduction and green energy transition as two key drivers, coordinate low-carbon development with energy security, and accelerate the construction of a clean, low-carbon, safe, and efficient modern energy and transport system. Enterprise Updates Shanghai Yigong Hydrogen Energy Technology Co., Ltd.: The independently developed hydrogen compressor station unit completed delivery and shipment. The equipment will serve as the core power equipment for a hydrogen refueling station, applied in the Sinopec Shanghai Pudong Airport hydrogen refueling station project, providing high-pressure hydrogen refueling services for fuel cell logistics vehicles and tow tractors at the airport, and supporting the construction of a green, low-carbon, and smart integrated energy system at Pudong Airport. Lineng New Energy Technology (Beijing) Co., Ltd.: Hanshan County signed a contract with Lineng New Energy Technology (Beijing) Co., Ltd. for a carbon paper diffusion layer substrate material R&D and manufacturing project. This project is a localisation project for key materials of hydrogen fuel cells and will be established in Hanshan, Anhui Province. Jiangsu Trina Green Hydrogen Technology Co., Ltd.: A batch of 1,000 Nm³/h alkaline hydrogen production equipment was delivered in a centralised shipment. The equipment has arrived at a large-scale domestic green ammonia-methanol project site and is about to commence installation. All electrolysers delivered in this batch were shipped after passing detection at the hydrogen production testing platform at the Yangzhou base. The platform covers approximately 2,000 m², is compatible with full-range hydrogen production system testing from 500 to 2,000 Nm³/h, has cumulatively completed testing of equipment exceeding 50 MW in scale, and possesses full-process performance verification and three-tier safety management capabilities. Suzhou CPU Hydrogen Power Technology Co., Ltd. : The independently developed 100 Nm³ containerised integrated hydrogen production system completed factory detection and was officially shipped to Sichuan, where it will support a local central state-owned enterprise hydrogen production project. The equipment adopts a modular integrated design, integrating electrolysis hydrogen production, purification, and intelligent management processes into a standard container, offering the advantages of convenient transport and rapid installation, enabling "installation upon arrival, commissioning upon installation." The equipment is customised to operate 8,000 hours annually, producing 72 mt of high-purity hydrogen per year. All performance parameters meet the stringent requirements of central state-owned enterprises, ensuring stable and continuous industrial hydrogen supply. Huadian (Ningxia) Energy Co., Ltd.: The tender for the preparation of the planning report for the Ningdong and surrounding areas green hydrogen coupled coal chemical integration project was officially released. The project covers the Ningxia Ningdong Energy and Chemical Industry Base and surrounding areas of Lingwu and Wuzhong, as well as the Ordos region of Inner Mongolia, planning to build a 10kt-level green hydrogen coupled coal chemical and cross-regional pipeline hydrogen transport system. The core project scale includes approximately 1.5 GW of new energy installed capacity, with supporting annual green hydrogen production of approximately 40,000 mt, for deep coupling with traditional coal chemical industries. According to the announcement, the winning bidder is required to complete the full set of planning reports within 180 days after the contract takes effect. The tender scope covers entire industry chain research, including regional industrial foundations, green hydrogen supply-demand and economic analysis, hydrogen storage and transport systems, key project planning, feasibility of green electricity-to-hydrogen layout, and energy and electricity policy consultation for both Ningxia and Inner Mongolia. China Marine Bunker (PetroChina) Co., Ltd.: Windey Energy Technology Group and China Marine Bunker officially signed a strategic cooperation agreement. Qin Ling, General Manager of China Marine Bunker, and Cheng Chenguang, General Manager of Windey Energy Technology Group, attended the ceremony and witnessed the signing. Under the agreement, both parties will focus on the core business of green fuel consumption and sales, deepening collaboration and synergising efforts in key areas such as specification and standard formulation, pricing mechanism development, and logistics and transport systems. By integrating resources and leveraging complementary strengths, they aim to jointly enhance the core competitiveness of the green shipping industry chain and inject new momentum into promoting high-quality transformation and green, low-carbon development of the shipping industry. Beijing Mingyang Hydrogen Energy Technology Co., Ltd.: Officially signed a series of hydrogen production equipment sales contracts with Spanish company KT. Under the agreement, Mingyang Hydrogen Energy will serve as the core hydrogen energy equipment and solution provider, supplying Spanish company KT with 1 MW AEM and 25 MW ALK complete hydrogen production systems and related supporting services, jointly opening a new chapter in in-depth Sino-Spanish green hydrogen industry cooperation. Hangyang Group Co., Ltd.: The company recently announced plans to invest in establishing Ordos Hangyang Gas Co., Ltd. (tentative name), constructing a new 70,000 Nm³/h air separation unit at the Dalu Industrial Park in Jungar Banner, Ordos City, Inner Mongolia, to provide critical gas supply for the Phase II expansion project of Inner Mongolia Tianrun Green Energy Chemical's 300,000 mt synthetic ammonia and 520,000 mt urea project. The park is a national-level modern coal chemical industry base in Inner Mongolia. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) published patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory-tested lifespan of 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing a Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity approaching that of platinum-based materials. Technology Footprint / Technical Specifications 1. Petronor and H2SITE collaborated to advance membrane technology for hydrogen production, enhancing high-purity hydrogen and low-carbon efficiency in refining. 2. Dalian University of Technology designed an electron pump catalyst with an asymmetric photo-responsive structure, maintaining asymmetry in electron distribution. 3. The research team from the School of Electrical Engineering and the State Key Laboratory of Electrical Insulation and Power Equipment at Xi'an Jiaotong University successfully developed the Ru/Ti₃C₂Oₓ@NF bifunctional electrocatalyst for seawater electrolysis. 4. The team led by Professor Yu Ying at Central China Normal University developed a three-dimensional hierarchical nanostructured catalytic electrode as a core component for seawater hydrogen production. 5. Johnson Matthey and Syensqo achieved efficient recovery and recycling of platinum group metals and ionomers from PEM fuel cells and electrolysers, significantly reducing the carbon footprint.

According to reports, on the 26th, the Executive Management Committee of Brazil’s Foreign Trade Chamber (Gecex) decided to implement a four-month zero-tariff policy on 191 electronic and information technology products for which import duties had previously been increased, in order to reduce industrial costs and ensure supply in China. According to Brazil’s Ministry of Development, Industry, Trade and Services, the tariff reduction covered products including smartphones, computer equipment, and electronic components. In early February this year, the Brazilian government raised import tariffs on more than 1,200 electronic products, significantly affecting the mobile phone industry, household appliances, and medical equipment; in late February, it adjusted its tariff policy and applied zero tariffs to 105 of those items.

According to the China National Light Industry Council, in 2025, the retail sales of 11 categories of light industrial goods totaled 8,671.9 billion yuan, up 7.8% YoY. Among them, the retail sales of household appliances and audio-video equipment were up 11% YoY.

According to preliminary calculations by the National Bureau of Statistics (NBS), the annual gross domestic product (GDP) for 2025 reached 140,187.9 billion yuan, representing a 5.0% increase over the previous year calculated at constant prices. By industry, the value added of the primary industry was 9,334.7 billion yuan, up 3.9% YoY; the secondary industry reached 49,965.3 billion yuan, up 4.5%; and the tertiary industry amounted to 80,887.9 billion yuan, up 5.4%. By quarter, GDP grew 5.4% YoY in Q1, 5.2% in Q2, 4.8% in Q3, and 4.5% in Q4. On a QoQ basis, GDP increased 1.2% in Q4. Economic Development in 2025 Advanced Toward New and Higher Quality, Meeting Expectations and Targets In 2025, amid complex changes in the domestic and overseas economic environment, under the strong leadership of the CPC Central Committee with Xi Jinping at its core, all regions and departments thoroughly implemented the decisions and deployments of the CPC Central Committee and the State Council, unwaveringly implemented the new development philosophy, promoted high-quality development, balanced domestic and international situations, coordinated development and security, implemented more proactive and effective macro policies, and advanced the construction of a unified national market. The national economy operated under pressure, advancing toward new and higher quality, achieving new results in high-quality development, successfully fulfilling the main targets and tasks for economic and social development, and concluding the 14th Five-Year Plan victoriously. Preliminary calculations show that the annual GDP was 140,187.9 billion yuan, up 5.0% over the previous year at constant prices. By industry, the value added of the primary industry was 9,334.7 billion yuan, up 3.9% YoY; the secondary industry was 49,965.3 billion yuan, up 4.5%; and the tertiary industry was 80,887.9 billion yuan, up 5.4%. By quarter, GDP increased 5.4% YoY in Q1, 5.2% in Q2, 4.8% in Q3, and 4.5% in Q4. On a QoQ basis, GDP grew 1.2% in Q4. I. Grain Output Increased and Harvest Was Bountiful, Livestock Production Grew Steadily The total national grain output for the year was 714.88 million mt, an increase of 8.38 million mt, or up 1.2% YoY. This included summer grain output of 149.75 million mt, down 0.1%; early rice output of 28.51 million mt, up 1.2%; and autumn grain output of 536.62 million mt, up 1.5%. By variety, wheat output was 140.07 million mt, basically flat; corn output was 301.24 million mt, up 2.1%; rice output was 209.04 million mt, up 0.7%; and soybean output was 20.91 million mt, up 1.3%. The annual output of pork, beef, mutton, and poultry meat was 100.72 million mt, up 4.2% YoY, exceeding 100 million mt for the first time. This included pork output of 59.38 million mt, up 4.1%; beef output of 8.01 million mt, up 2.8%; mutton output of 4.96 million mt, down 4.2%; and poultry meat output of 28.37 million mt, up 6.7%. Milk production reached 40.91 million mt, up 0.3% YoY; poultry egg production was 34.98 million mt, down 2.5% YoY. For the full year, 719.73 million hogs were slaughtered, up 2.4% YoY; the number of hogs on hand at year-end was 429.67 million, up 0.5% YoY. II. Industrial Production Grew Relatively Fast, with Equipment Manufacturing and High-Tech Manufacturing Showing Better Growth Momentum The value added of industrial enterprises above the designated size nationwide increased by 5.9% compared with the previous year. By three sectors, the value added of the mining industry grew by 5.6%, manufacturing grew by 6.4%, and the production and supply of electricity, heat, gas, and water grew by 2.3%. The value added of equipment manufacturing grew by 9.2%, and that of high-tech manufacturing grew by 9.4%, with growth rates 3.3 and 3.5 percentage points higher than that of industrial enterprises above the designated size, respectively. By ownership, the value added of state-holding enterprises grew by 4.6%; that of joint-stock enterprises grew by 6.3%; that of enterprises with investment from foreign, Hong Kong, Macao, and Taiwan investors grew by 3.9%; and that of private enterprises grew by 5.3%. In terms of products, the production of 3D printing equipment, industrial robots, and NEVs grew by 52.5%, 28.0%, and 25.1%, respectively. In December, the value added of industrial enterprises above the designated size increased by 5.2% YoY and 0.49% MoM. In December, the manufacturing PMI stood at 50.1%, up 0.9 percentage points from the previous month; the sub-index for production and business activity expectations was 55.5%, up 2.4 percentage points. From January to November, the total profits of industrial enterprises above the designated size nationwide reached 6,626.9 billion yuan, up 0.1% YoY. III. The Service Sector Grew Steadily, with Modern Services Developing Well The value added of the service sector increased by 5.4% compared with the previous year. Specifically, the value added of information transmission, software, and information technology services; leasing and business services; transport, storage, and post; wholesale and retail trade; and accommodation and catering grew by 11.1%, 10.3%, 5.2%, 5.0%, and 4.9%, respectively. In December, the service sector production index increased by 5.0% YoY. Specifically, the production indices for information transmission, software, and information technology services; leasing and business services; and financial services grew by 14.8%, 11.3%, and 6.5%, respectively. From January to November, the operating revenue of service enterprises above the designated size increased by 7.8% YoY. In December, the service sector business activity index stood at 49.7%, up 0.2 percentage points from the previous month; the business activity expectation index for the service sector was 56.4%, up 0.5 percentage points. Among these, the business activity indices for industries such as telecommunication, radio and television, and satellite transmission services; monetary financial services; and capital market services were all in the high expansion zone above 60.0%. IV. Market Sales Scale Expanded, and Service Retail Sales Grew Rapidly Annual total retail sales of consumer goods reached 50,120.2 billion yuan, up 3.7% YoY. By location of business units, urban retail sales reached 43,297.2 billion yuan, up 3.6% YoY; rural retail sales reached 6,823 billion yuan, up 4.1% YoY. By consumption type, retail sales of goods reached 44,322 billion yuan, up 3.8% YoY; catering revenue reached 5,798.2 billion yuan, up 3.2% YoY. Sales of basic living necessities and some upgraded goods showed good growth momentum. For the full year, retail sales of communication equipment, cultural and office supplies, sports and entertainment goods, household appliances and audio-video equipment, and grain, oil, and food products by units above the designated size increased by 20.9%, 17.3%, 15.7%, 11.0%, and 9.3%, respectively. National online retail sales reached 15,972.2 billion yuan, up 8.6% YoY. Among them, online retail sales of physical goods reached 13,092.3 billion yuan, up 5.2% YoY, accounting for 26.1% of total retail sales of consumer goods. In December, total retail sales of consumer goods increased by 0.9% YoY but decreased by 0.12% MoM. Annual service retail sales increased by 5.5% YoY. Among them, retail sales of cultural, sports, and leisure services; communication and information services; tourism consulting and rental services; and transportation services grew rapidly. V. Fixed-Asset Investment Decreased YoY, While Manufacturing Investment Maintained Growth Annual national fixed-asset investment (excluding rural households) reached 48,518.6 billion yuan, down 3.8% YoY; excluding real estate development investment, national fixed-asset investment decreased by 0.5% YoY. By sector, infrastructure investment decreased by 2.2% YoY, manufacturing investment increased by 0.6% YoY, and real estate development investment decreased by 17.2% YoY. The floor space of newly built commercial buildings sold nationwide was 881.01 million m², down 8.7% YoY; the sales value of newly built commercial buildings was 8,393.7 billion yuan, down 12.6% YoY. By industry, investment in the primary industry increased by 2.3% YoY, investment in the secondary industry increased by 2.5% YoY, and investment in the tertiary industry decreased by 7.4% YoY. Private investment decreased by 6.4% YoY; excluding real estate development investment, private investment decreased by 1.9% YoY. In high-tech industries, investment in information services and in the manufacturing of aircraft, spacecraft, and related equipment increased by 28.4% and 16.9% YoY, respectively. In December, fixed-asset investment (excluding rural households) decreased by 1.13% MoM. VI. Stable Growth in Goods Imports and Exports, with Continuous Optimization of Trade Structure The total value of goods imports and exports for the year was 45,468.7 billion yuan, up 3.8% YoY. Among them, exports were 26,989.2 billion yuan, up 6.1% YoY; imports were 18,479.5 billion yuan, up 0.5% YoY. Imports and exports by private enterprises increased by 7.1%, accounting for 57.3% of the total import and export value, up 1.8 percentage points from the previous year. Imports and exports with countries co-building the Belt and Road increased by 6.3%, accounting for 51.9% of the total import and export value. Exports of high-tech products increased by 13.2%. In December, the total value of goods imports and exports reached 4,263 billion yuan, up 4.9% YoY. Exports amounted to 2,535.9 billion yuan, up 5.2%, while imports were 1,727.1 billion yuan, up 4.4%. VII. Generally Stable Consumer Prices and Mild Rebound in Core CPI For the full year, the consumer price index (CPI) remained flat compared with the previous year. By category, prices for food, tobacco, and alcohol decreased by 0.7%; clothing prices increased by 1.5%; housing prices rose by 0.1%; prices for household goods and services increased by 0.9%; prices for transportation and communication decreased by 2.6%; prices for education, culture, and entertainment increased by 0.8%; healthcare prices rose by 0.8%; and prices for other goods and services increased by 9.3%. Within food, tobacco, and alcohol, pork prices decreased by 6.1%, fresh vegetable prices fell by 3.9%, grain prices dropped by 1.0%, and fresh fruit prices increased by 1.2%. Core CPI, which excludes food and energy prices, increased by 0.7%, with the growth rate widening by 0.2 percentage points from the previous year. In December, consumer prices rose by 0.8% YoY, with the growth rate expanding by 0.1 percentage points from the previous month; they increased by 0.2% MoM. For the full year, the ex-factory prices of industrial producers decreased by 2.6% compared with the previous year; in December, they fell by 1.9% YoY and rose by 0.2% MoM. For the full year, the purchase prices of industrial producers decreased by 3.0% compared with the previous year; in December, they declined by 2.1% YoY and increased by 0.4% MoM. VIII. Generally Stable Employment Situation and Steady Surveyed Urban Unemployment Rate The average surveyed urban unemployment rate nationwide for the full year was 5.2%. In December, the surveyed urban unemployment rate nationwide was 5.1%. The surveyed unemployment rate for the local registered labor force was 5.3%; that for the migrant registered labor force was 4.7%, of which the surveyed unemployment rate for the migrant agricultural registered labor force was 4.4%. The surveyed urban unemployment rate in 31 major cities was 5.1%. The average weekly working hours for employed persons in enterprises nationwide were 48.6 hours. The total number of migrant workers for the full year was 301.15 million, an increase of 1.42 million, or up 0.5%, from the previous year. Among them, local migrant workers numbered 121.09 million, up 0.1%, while migrant workers working outside their hometowns totaled 180.06 million, up 0.8%. IX. Continued Growth in Residents’ Income, with Rural Residents’ Income Growing Faster Than Urban Residents’ The national per capita disposable income for the full year was 43,377 yuan, a nominal increase of 5.0% from the previous year, and a real increase of 5.0% after deducting price factors. By place of residence, the per capita disposable income of urban households was 56,502 yuan, a nominal increase of 4.3% and a real increase of 4.2% over the previous year; the per capita disposable income of rural households was 24,456 yuan, a nominal increase of 5.8% and a real increase of 6.0%. The median per capita disposable income of the national population was 36,231 yuan, a nominal increase of 4.4%. Grouped by income quintiles, the per capita disposable income of the low-income group was 10,150 yuan, the lower-middle-income group 22,702 yuan, the middle-income group 35,536 yuan, the upper-middle-income group 55,586 yuan, and the high-income group 103,778 yuan. The per capita consumption expenditure of the national population was 29,476 yuan for the whole year, a nominal increase of 4.4%, or a real increase of 4.4% after deducting price factors. The proportion of per capita spending on food, tobacco, and liquor in per capita consumption expenditure (Engel’s coefficient) was 29.3%, down 0.5 percentage points from the previous year; per capita spending on services increased by 4.5%, accounting for 46.1% of per capita consumption expenditure, the same as the previous year. X. The Total Population Decreased Slightly, and the Urbanization Rate Continued to Increase The national population at year-end (including the population of 31 provinces, autonomous regions, and municipalities directly under the central government and military personnel, excluding residents of Hong Kong, Macao, and Taiwan and foreigners living in the 31 provinces, autonomous regions, and municipalities directly under the central government) was 1.4049 billion, a decrease of 3.39 million from the end of the previous year. The number of births was 7.92 million, with a crude birth rate of 5.63‰; the number of deaths was 11.31 million, with a crude death rate of 8.04‰; the natural growth rate was -2.41‰. By gender, the male population was 716.85 million, and the female population was 688.04 million, with a sex ratio of 104.19 (females = 100). By age composition, the population aged 16–59 was 851.36 million, accounting for 60.6% of the national population; the population aged 60 and above was 323.38 million, accounting for 23.0%, of which the population aged 65 and above was 223.65 million, accounting for 15.9%. By urban-rural composition, the permanent urban population was 953.8 million, an increase of 10.3 million from the end of the previous year; the permanent rural population was 451.09 million, a decrease of 13.69 million; the share of urban population in the national population (urbanization rate) was 67.89%, up 0.89 percentage points from the end of the previous year. By education level, the average years of schooling for the population aged 16–59 reached 11.3 years, an increase of 0.1 year from the previous year. Overall, in 2025, the national economy withstood multiple pressures and maintained a stable and progressive development trend, achieving new results in high-quality development. However, it should also be noted that the impact of changes in the external environment has deepened, domestic supply-demand imbalances remain prominent, and there are still many old problems and new challenges in economic development. In the next stage, we must adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the 20th National Congress of the Communist Party of China and its plenary sessions, as well as the deployment requirements of the Central Economic Work Conference. We will uphold the principle of seeking progress while maintaining stability, improving quality, and enhancing efficiency, implement more proactive and effective macro policies, continuously expand domestic demand and optimize supply, improve incremental growth and revitalize existing resources, develop new quality productive forces according to local conditions, advance the construction of a unified national market in greater depth, promote effective qualitative improvement and reasonable quantitative growth in the economy, and ensure a good start and a solid step for the 15th Five-Year Plan.