China’s industrial production rose +0.49% MoM and +5.2% YoY (vs +5.0% YoY expected) in December 2025, showing steady late-year output growth with strength concentrated in manufacturing and high-tech sectors.

• Full-year (Jan–Dec 2025) industrial value added increased +5.9% YoY, indicating a slightly firmer pace than the single-month December reading.

• December output by major sector was mixed, with mining up +5.4% YoY and manufacturing up +5.7% YoY, while electricity/heat/gas/water supply rose just +0.8% YoY, lagging the other categories.

• Ownership-level performance showed joint-stock enterprises rising +5.8% YoY and private enterprises +4.2%, compared with state-owned holding enterprises at +3.9% and foreign-invested enterprises (incl. HK/Macau/Taiwan) at +2.7%, indicating faster growth among domestic corporate groups.

• Growth was broad across industries, with 33 of 41 major industries posting YoY gains in December; computer/communication/electronic equipment rose +11.8%, transport equipment (railway/ship/aerospace) +9.2%, auto manufacturing +8.3%, and special equipment +8.2%, while wine/beverage/refined tea fell -0.5%.

• High-tech manufacturing continued to outperform, rising +11.0% YoY in December and +9.4% YoY in 2025, maintaining a clear growth premium versus overall industrial production.

• Product-level data showed ongoing weakness in some heavy-industry materials, with steel at 115.31m tons (-3.8% YoY) and cement at 144.16m tons (-6.6%), while ten non-ferrous metals rose +4.9% YoY and crude oil processing volume increased +5.0% YoY (62.46m tons).

• Vehicle output was soft overall at -2.8% YoY (3.412m units), but new energy vehicles increased +8.7% YoY (1.791m units), highlighting stronger growth in EV production versus total autos.

• Sales realization softened slightly even as export delivery rose, with the product sales rate at 98.2% (-0.7 ppts YoY) and export delivery value up +3.2% YoY to CNY 1,493.2bn (nominal).

China’s industrial production rose +0.44% MoM and +4.8% YoY (vs +5.0% YoY expected) in November 2025, the lowest annual growth since August 2024.

• From January to November, industrial value added increased +6.0% YoY, indicating a firmer cumulative pace than the single-month reading.

• By sector, mining output grew +6.3% YoY, manufacturing rose +4.6% YoY, and electricity, heat, gas, and water supply increased +4.3% YoY, with mining outperforming other industrial categories.

• By ownership, joint-stock enterprises posted +5.2% YoY growth, state-controlled firms +4.2%, foreign-invested enterprises +3.4%, and private enterprises +3.2%, highlighting relatively stronger gains among larger corporate groups.

• High-tech manufacturing increased +8.4% YoY in November and +9.2% YoY over Jan–Nov, continuing to outpace overall industrial growth.

• Auto manufacturing rose +11.9% YoY, while railway, shipbuilding, aerospace, and other transport equipment also grew +11.9% YoY, supporting output growth in equipment-intensive industries.

• Product-level data showed vehicles up +2.4% YoY and new energy vehicles up +17.0% YoY, while steel (-2.6% YoY) and cement (-8.2% YoY) remained weak.

• Power generation increased +2.7% YoY, led by strong gains in hydropower (+17.1%), wind (+22.0%), and solar (+23.4%), while thermal power fell -4.2% YoY.

• The product sales rate declined to 96.5% (-0.8 ppts YoY) and export delivery value edged down -0.1% YoY, pointing to softer sales realization and external demand relative to production.

China’s industrial value added increased +0.17% MoM and +4.9% YoY in October 2025, reflecting steady but uneven momentum across major sectors and product categories.

• Mining output rose +4.5% YoY, manufacturing increased +4.9% YoY, and electricity-heat-gas-water supply grew +5.4% YoY, showing broad contributions across all three industrial categories.

• By ownership, state-controlled enterprises posted +6.7% YoY growth, joint-stock enterprises +5.2%, foreign-invested firms +4.0%, and private enterprises +2.1%, indicating stronger gains among state-linked and larger corporate groups.

• Major industries showed wide variation: chemical materials rose +7.1% YoY, general equipment +6.9%, autos +16.8%, transport equipment +15.2%, and electronics +8.9%, while wine-beverage-tea (-1.9%), non-metallic minerals (-3.2%), and pharmaceuticals (-1.6%) contracted.

• Auto production reached 3.279M units (+11.2% YoY), including 1.710M NEVs (+19.3%), highlighting continued strength in vehicle demand.

• Steel output slipped -0.9% YoY, cement fell -15.8% YoY, and crude steel was down -12.1% YoY, pointing to persistent weakness in construction-related materials.

• High-tech and advanced equipment categories performed strongly: integrated circuits output rose +17.7% YoY, industrial robots +17.9%, and generator sets +16.9%, underscoring ongoing expansion in technology-intensive manufacturing.

• Power generation increased +7.9% YoY, with hydropower surging +28.2% and solar up +5.9%, while thermal generation rose +7.3% despite YoY declines earlier in the year.

• The product sales rate fell to 96.4% (-1.0 ppts YoY), and export delivery value declined -2.1% YoY, indicating softer external demand relative to domestic production trends.

China’s industrial production rose +0.64% MoM and +6.5% YoY in September 2025, up from +6.2% YTD, reflecting solid momentum in manufacturing and energy-related output.

• Manufacturing output expanded +7.3% YoY, supported by gains in autos (+16.0%), electronic equipment (+11.3%), and general machinery (+9.3%), while utilities output edged up just +0.6% YoY.

• Mining rose +6.4% YoY, driven by oil and gas extraction (+8.9%) and coal mining (+6.4%), while electricity and heat production grew marginally (+0.5%).

• By ownership, joint-stock enterprises grew +6.8% YoY, state-owned firms +6.5%, and private firms +4.6%, showing broad but uneven growth across categories.

• High-tech manufacturing increased +10.3% YoY, led by computer and communication equipment (+11.3%), electrical machinery (+7.9%), and transportation equipment (+10.3%).

• Industrial robot output surged +28.3% YoY, while service robots rose +4.7%; new energy vehicle output climbed +20.3% YoY to 1.58M units.

• Steel production rose +5.1% YoY, while cement (-8.6%) and flat glass (-9.7%) both declined, suggesting weaker demand in construction materials.

• Power generation increased +1.5% YoY, as solar (+21.1%) and hydropower (+31.9%) gains offset declines in thermal (-5.4%) and wind (-7.6%) generation.

• The industrial sales rate improved to 96.7% (+0.6 ppts YoY), and export delivery value rose +3.8% YoY, indicating modest improvement in external demand.

China’s industrial production rose +0.37% MoM and +5.2% YoY in August 2025, with YTD growth at +6.2% YoY, reflecting broad-based gains in manufacturing and equipment-related industries.

• Mining output rose +5.1% YoY, manufacturing +5.7%, and utilities (electricity, heat, gas, water) +2.4%, showing strength across major sectors.

• By ownership, joint-stock enterprises grew +6.0% YoY and private firms +4.6%, while foreign-invested enterprises lagged at +2.3%.

• High-tech manufacturing expanded +9.3% YoY, with electronic equipment (+9.9%), electrical machinery (+9.8%), and transport equipment (+12.0%) among the strongest performers.

• Autos rose +10.5% YoY, including +22.7% YoY growth in new energy vehicles, while crude oil processing was up +7.6% YoY.

• Steel output increased +9.7% YoY and ethylene +10.4%, though cement declined -6.2% YoY, signaling uneven materials demand.

• Industrial robot production jumped +14.4% YoY, but service robots fell -6.5% YoY, pointing to mixed dynamics in automation.

• Power generation rose +1.6% YoY, with strong gains in solar (+15.9%) and wind (+20.2%) offset by a -10.1% YoY decline in hydropower.

• The industrial sales rate slipped -0.1 ppts YoY to 96.6%, and export delivery value declined -0.4% YoY, suggesting external headwinds despite solid domestic production.

• Export delivery value was down -0.4% YoY but still up +3.0% YoY on a YTD basis.

China’s industrial production rose +0.38% MoM, the weakest since April and the 2nd weakest of 2025, and +5.7% YoY (vs +5.9% YoY) in July 2025, with YTD growth at +6.3% YoY.

• Manufacturing output rose +6.2% YoY, mining +5.0%, and utilities +3.3%.
• By ownership, joint-stock enterprises grew +6.5% YoY, state-controlled +5.4%, private +5.0%, and foreign/HK/Macau/Taiwan-invested +2.8%.
• Key industry gains: transport equipment manufacturing (+13.7%), electrical machinery (+10.2%), autos (+8.5%, NEVs +17.1%), and ferrous metal smelting (+8.6%); non-metallic minerals fell -0.6%.
• Product highlights: crude oil processing (+8.9% YoY), steel (+6.4%), cement (-5.6%), ethylene (+9.1%), and power generation (+3.1%).
• Export delivery value was up +0.8% YoY in July, down from 4.0% YoY in June, while the product sales rate eased -0.2 ppts YoY to 97.1%.

China’s industrial production rose 0.50% MoM and 6.8% YoY (vs 5.6% YoY expected) in June 2025, with YTD growth at 6.4% YoY, supported by strength in manufacturing and high-tech sectors.

• Manufacturing output rose 7.4% YoY; high-tech manufacturing increased 9.7% YoY, led by autos (+11.4%), electrical machinery (+11.4%), and electronic equipment (+11.0%).
• New energy vehicle production rose 18.8% YoY; industrial robots surged 37.9% YoY; solar cells output increased 24.1% YoY.
• Cement (-5.3% YoY), flat glass (-4.5% YoY), and crude steel (-9.2% YoY) were weak, reflecting soft demand in construction-related industries.
• Export delivery value rose 4.0% YoY, while the product sales rate fell -0.3 pp YoY to 94.3%.
• Power generation rose 1.7% YoY, with solar (+18.3%) and nuclear (+10.3%) offsetting declines in hydropower (-4.0%).

China’s industrial production rose 0.61% MoM and 5.8% YoY (vs 5.9% YoY expected) in May, supported by strength in manufacturing, especially high-tech and transport equipment.

• Manufacturing output grew 6.2% YoY, led by auto production (+11.6% YoY), electrical machinery (+11.0% YoY), and electronic equipment (+10.2% YoY).
• High-tech manufacturing rose 8.6% YoY; production of industrial robots surged 35.5% YoY, while solar cells rose 27.8% YoY.
• Mobile handset production dropped -7.2% YoY with smartphone production down -1.7% YoY.
• Construction material production categories were notably weak in May: cement (-8.1% YoY), flat glass (-5.7% YoY), pig iron (-3.3% YoY), and crude steel (-6.9% YoY).
• New energy vehicle production jumped 31.7% YoY to 1.25 million units.
• Export delivery value rose just 0.6% YoY while the product sales rate fell -0.8 pp YoY to 95.9%.

Chinese industrial production increased 0.22% MoM and 6.1% YoY in March, beating expectations of a sharper slowdown to 5.5% YoY. However, the monthly increase was the weakest in over a year.

• Both state-owned and private industrial firms saw production growth slow, to 2.9% YoY and 6.7% YoY respectively.
• Manufacturing production was up 6.6% YoY, slowing from 7.9% YoY in March.
• Export delivery value fell -7.6% MoM and was only up 0.9% YoY in April.
• Industrial production of mobile phones and microcomputer equipment both turned negative, down -11.9% YoY and 2.2% YoY respectively.
• Integrated circuit production growth slowed from 9.2% YoY to 4.0% YoY.
• Cement production was the weakest segment among commodities and building materials, down -5.3% YoY and down -2.8% YTD.