Macroeconomics

1. [PPI] National Bureau of Statistics: In December 2025, the national producer price index (PPI) decreased by 1.9% year-on-year, a narrower decline of 0.3 percentage points compared to the previous month; it increased by 0.2% month-on-month, an increase of 0.1 percentage points compared to the previous month. The producer purchasing price index decreased by 2.1% year-on-year, a narrower decline of 0.4 percentage points compared to the previous month; it increased by 0.4% month-on-month, an increase of 0.3 percentage points compared to the previous month. For the whole year of 2025, the producer price index decreased by 2.6%, and the producer purchasing price index decreased by 3.0%.

2. [CPI] National Bureau of Statistics: In December 2025, the national consumer price index (CPI) increased by 0.8% year-on-year and by 0.2% month-on-month. For the whole year of 2025, the national consumer price index remained unchanged compared to the previous year.

3. [US Interest Rates] US Treasury Secretary Besant explicitly stated his desire to lower interest rates, calling them a key factor driving future economic growth. Federal Reserve Governor Milan said he expects interest rate cuts of approximately 150 basis points in 2026. This move is expected to create approximately one million jobs without triggering inflation.

4. [US Initial Jobless Claims] US initial jobless claims last week totaled 208,000, compared to an estimated 210,000 and a previous figure of 199,000.

Building Materials

1. [Wood Pulp] As of January 8, 2026, the sample inventory of wood pulp at major Chinese ports was 2.007 million tons, an increase of 10,000 tons compared to the previous period, a month-on-month increase of 0.5%. The inventory has shown a continuous upward trend. Qingdao Port's inventory continued to increase, with the average daily shipment speed remaining largely unchanged compared to the previous period; Changshu Port's inventory showed a slight decrease, with shipments exceeding 60,000 tons; the inventory at other ports remained within the normal range, all showing varying degrees of accumulation.

2. [Wastepaper] On January 8, Tianjin Nine Dragons Paper lowered its wastepaper purchase price by 20 RMB/ton, bringing the adjusted price to 1,510 RMB/ton.

Fujian Quanzhou Nine Dragons Paper also adjusted its price, lowering the waste paper purchase price by 50 RMB/ton, bringing the adjusted price to 1,580 RMB/ton.

Guangdong Dongguan Nine Dragons Paper lowered its waste paper purchase price by 50 RMB/ton, bringing the adjusted price to 1,630 RMB/ton.

Zhejiang Jiaxing Jingxing Paper lowered its waste paper purchase price by 30 RMB/ton, bringing the adjusted price (excluding VAT) to 1,600 RMB/ton.

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