Group 1 - In November 2025, China's rebar production was 13.751 million tons, a year-on-year decrease of 17.6% [1] - From January to November 2025, the cumulative rebar production was 172.953 million tons, a year-on-year decrease of 3.2% [1] - In November 2025, China's medium and heavy wide steel strip production was 17.817 million tons, a year-on-year increase of 1.4% [1] Group 2 - From January to November 2025, the cumulative production of medium and heavy wide steel strips was 205.313 million tons, a year-on-year increase of 5.0% [1] - In November 2025, China's wire rod production was 10.088 million tons, a year-on-year decrease of 10.2% [1] - From January to November 2025, the cumulative wire rod production was 123.021 million tons, a year-on-year decrease of 0.6% [1] Group 3 - In November 2025, China's iron ore raw ore production was 83.028 million tons, a year-on-year increase of 3.7% [1] - From January to November 2025, the cumulative iron ore raw ore production was 923.622 million tons, a year-on-year decrease of 2.8% [1]

资讯编辑：周小燕 021-26096760 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 12月18日，国家统计局公布，11月中国铅产量70.5万吨，同比增长7.8%；中国锌产量65.4万吨，同比增 长13.3%。 1-11月中国铅产量702.1万吨，同比增长2.4%；中国锌产量684.2万吨，同比增长9.5%。 ...

Core Insights - The real estate development investment in China for the first eleven months of 2025 shows significant activity, with 21 provinces and cities exceeding 100 billion yuan in investment [1][2]. Investment Overview - The top three provinces in real estate development investment are Guangdong (814.69 billion yuan), Zhejiang (800.72 billion yuan), and Jiangsu (782.47 billion yuan) [1][2]. - A total of 31 provinces and cities reported a combined real estate investment of over 6.56 trillion yuan [7]. Residential Investment - In residential investment, 17 provinces and cities surpassed 100 billion yuan, with Jiangsu (632.48 billion yuan), Guangdong (623.35 billion yuan), and Zhejiang (565.17 billion yuan) leading the rankings [3][4]. Construction Area - The total construction area for commercial housing across 31 provinces and cities reached 656.07 million square meters, with Guangdong, Shandong, and Henan having the largest areas [7][8]. - The new construction area for housing in the same period totaled 53.46 million square meters, with Shandong, Zhejiang, and Guangdong at the forefront [7][8]. - The completed housing area amounted to 39.45 million square meters, with Zhejiang, Guangdong, and Anhui leading in completions [7].

Production Data Summary - In November 2025, China's alumina production reached 8.138 million tons, marking a year-on-year increase of 7.6% [1] - From January to November 2025, the cumulative alumina production totaled 84.657 million tons, reflecting a year-on-year growth of 8.4% [1] - The electrolytic aluminum production in November was 3.792 million tons, which is a 2.5% increase compared to the same month last year [1] - The cumulative electrolytic aluminum production from January to November was 41.165 million tons, also showing a year-on-year increase of 2.5% [1] - In November, aluminum alloy production reached 1.739 million tons, representing a significant year-on-year increase of 17.0% [1] - The cumulative aluminum alloy production from January to November was 17.456 million tons, with a year-on-year growth of 15.8% [1] - November's aluminum product production was 5.931 million tons, which is a slight year-on-year decrease of 0.4% [1] - The cumulative aluminum product production from January to November was 61.511 million tons, showing a marginal year-on-year decline of 0.1% [1]

Core Insights - The National Bureau of Statistics reported stable energy production in November 2025, with coal production steady, oil production accelerating, natural gas production growing steadily, and electricity production maintaining an upward trend [1] Group 1: Coal, Oil, and Natural Gas Production - Coal production remained stable in November, with an output of 430 million tons, a year-on-year decrease of 0.5%, and an average daily output of 14.23 million tons. From January to November, coal production totaled 4.4 billion tons, reflecting a year-on-year increase of 1.4% [2] - Oil production accelerated in November, reaching 17.63 million tons, a year-on-year increase of 2.2%, with a daily average of 588,000 tons. For the first eleven months, oil production was 198.25 million tons, up 1.7% year-on-year [4] - Natural gas production showed steady growth in November, with an output of 21.9 billion cubic meters, a year-on-year increase of 5.7%, and a daily average of 730 million cubic meters. From January to November, natural gas production reached 238.9 billion cubic meters, up 6.3% year-on-year [8] Group 2: Electricity Production - Electricity production in the industrial sector maintained growth in November, with a total generation of 779.2 billion kilowatt-hours, a year-on-year increase of 2.7%, and a daily average of 25.97 billion kilowatt-hours. For the first eleven months, electricity generation was 8.8567 trillion kilowatt-hours, reflecting a year-on-year increase of 2.4% [10] - By type, coal-fired power generation saw a year-on-year decrease of 4.2%, while hydropower increased by 17.1%. Nuclear power grew by 4.7%, wind power increased by 22.0%, and solar power surged by 23.4% [10] Group 3: Industrial Value Added - The industrial value added in November grew by 4.8% year-on-year, with a month-on-month increase of 0.44%. From January to November, the industrial value added increased by 6.0% year-on-year [12] - By sector, mining value added rose by 6.3%, manufacturing by 4.6%, and electricity, heat, gas, and water production and supply by 4.3% [12] - In terms of economic types, state-controlled enterprises saw a 4.2% increase, joint-stock enterprises grew by 5.2%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises increased by 3.4%, and private enterprises grew by 3.2% [12] Group 4: Product Performance - In November, 30 out of 41 major industries reported year-on-year growth in value added. Notable growth was seen in coal mining (7.5%), oil and gas extraction (5.1%), and automotive manufacturing (11.9%) [13] - Among 623 industrial products, 310 reported year-on-year production growth. Steel production was 115.91 million tons (down 2.6%), cement at 154.34 million tons (down 8.2%), and automotive production at 3.519 million units (up 2.4%), with new energy vehicles at 1.841 million units (up 17.0%) [13] Group 5: Sales and Exports - The sales rate for industrial enterprises was 96.5%, a year-on-year decrease of 0.8 percentage points. The export delivery value reached 1.361 trillion yuan, reflecting a nominal year-on-year decrease of 0.1% [14]

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

Group 1: Energy Production Overview - In November, the production of raw coal remained stable, with an output of 430 million tons, a year-on-year decrease of 0.5% [2] - The average daily production of raw coal was 14.23 million tons [2] - From January to November, the total raw coal production reached 4.4 billion tons, showing a year-on-year increase of 1.4% [3] Group 2: Crude Oil Production - Crude oil production accelerated in November, with an output of 17.63 million tons, a year-on-year increase of 2.2%, which is 0.9 percentage points faster than October [5] - The average daily crude oil production was 588,000 tons [5] - From January to November, the total crude oil production was 198.25 million tons, reflecting a year-on-year growth of 1.7% [6] Group 3: Natural Gas Production - Natural gas production showed stable growth in November, with an output of 21.9 billion cubic meters, a year-on-year increase of 5.7% [9] - The average daily natural gas production was 730 million cubic meters [9] - From January to November, the total natural gas production reached 238.9 billion cubic meters, marking a year-on-year increase of 6.3% [10] Group 4: Electricity Production - Electricity production in November maintained growth, with a total generation of 779.2 billion kilowatt-hours, a year-on-year increase of 2.7% [12] - The average daily electricity generation was 25.97 billion kilowatt-hours [12] - From January to November, the total electricity generation was 8.8567 trillion kilowatt-hours, reflecting a year-on-year growth of 2.4% [12] - In November, thermal power generation decreased by 4.2%, while hydropower increased by 17.1% [12] - Nuclear power generation grew by 4.7%, and solar power generation increased by 23.4%, with wind power generation rising by 22.0% [12]

Core Insights - The national statistics indicate that in November 2025, the crude oil processing volume of large-scale industrial enterprises reached 60.83 million tons, reflecting a year-on-year increase of 3.9% [1] - For the period from January to November 2025, the total crude oil processing volume was 675.07 million tons, showing a year-on-year growth of 4.0% [1] Summary by Category - **Monthly Performance** - In November 2025, the daily average processing volume was 2.028 million tons [1] - **Year-to-Date Performance** - The cumulative processing volume from January to November 2025 was 675.07 million tons, with a growth rate of 4.0% compared to the previous year [1]

Price Trends in Steel Market - National Bureau of Statistics data indicates that steel prices in the national circulation market have increased across all categories from late November to early December 2025 [1] - Rebar (Φ20mm, HRB400E) price is 3191.8 CNY/ton, up 23.4 CNY/ton, a rise of 0.7%, with an increase of 0.2 percentage points compared to the previous period [1] - Wire rod (Φ8-10mm, HPB300) price is 3369.5 CNY/ton, up 47.3 CNY/ton, a rise of 1.4%, also an increase of 0.2 percentage points from the last period [1] - Ordinary medium plate (20mm, Q235) price is 3387.7 CNY/ton, up 0.3 CNY/ton, reversing a previous decline of 0.2% [1] - Hot-rolled ordinary coil (4.75-11.5mm, Q235) price is 3299.6 CNY/ton, up 4.7 CNY/ton, a rise of 0.1%, with a narrowing of 0.1 percentage points from the last period [1] Other Steel Products - Seamless steel pipe (219*6, 20) price remains stable at 4068.8 CNY/ton, unchanged from the previous period [2] - Angle steel (5) price is 3434.5 CNY/ton, up 3.1 CNY/ton, a rise of 0.1%, with a narrowing of 0.1 percentage points compared to the last period [3]

Core Insights - The latest data from the National Bureau of Statistics indicates that China's industrial electricity production continues to grow, with November's output reaching 779.2 billion kWh, a year-on-year increase of 2.7% [1] - For the period from January to November, the total industrial electricity production was 88,567 billion kWh, reflecting a year-on-year growth of 2.4% [2] Group 1: November Performance - In November, industrial thermal power generation shifted from growth to decline, while hydropower saw rapid growth, and both nuclear and solar power generation accelerated. Wind power experienced a recovery from a decline to growth [1] - Specifically, thermal power generation in November was 4,970 billion kWh, down 4.2% year-on-year; hydropower generation was 967 billion kWh, up 17.1%; nuclear power generation was 398 billion kWh, up 4.7%; wind power generation was 1,046 billion kWh, up 22.0%; and solar power generation was 412 billion kWh, up 23.4% [1] Group 2: Year-to-Date Performance - For the January to November period, thermal power generation totaled 57,125 billion kWh, a decrease of 0.7% year-on-year; hydropower generation was 12,285 billion kWh, up 2.7%; nuclear power generation reached 4,366 billion kWh, up 8.1%; wind power generation was 9,499 billion kWh, up 9.6%; and solar power generation was 5,291 billion kWh, showing a significant increase of 24.8% [2]