Core Viewpoint - National Bureau of Statistics data indicates a continued decline in coal prices across various types in early December, with significant price drops observed in both thermal and coking coal [1] Price Changes Summary - Anthracite (washed middle block, volatile matter ≤8%) price is 923.0 CNY/ton, down 12.8 CNY/ton, a decrease of 1.4% [1] - Ordinary mixed coal (Shanxi mixed coal, calorific value 4500 kcal) price is 599.5 CNY/ton, down 36.3 CNY/ton, a decrease of 5.7% [1] - Shanxi big mixed coal (higher quality mixed coal, calorific value 5000 kcal) price is 699.5 CNY/ton, down 31.5 CNY/ton, a decrease of 4.3% [1] - Shanxi premium mixed coal (high-quality mixed coal, calorific value 5500 kcal) price is 800.5 CNY/ton, down 27.0 CNY/ton, a decrease of 3.3% [1] - Datong mixed coal (Datong produced mixed coal, calorific value 5800 kcal) price is 844.6 CNY/ton, down 28.4 CNY/ton, a decrease of 3.3% [1] - Coking coal (main coking coal, sulfur content <1%) price is 1509.4 CNY/ton, down 98.9 CNY/ton, a decrease of 6.1% [1] - The data shows that in early December, prices for anthracite, thermal coal, and coking coal are all on a downward trend, with the extent of the declines widening [1] - Additionally, the price of coke (quasi-first-grade metallurgical coke, 12.01% ≤ ash content ≤ 13.50%) is 1496.4 CNY/ton, down 50.0 CNY/ton, a decrease of 3.2% [1]

Economic Overview - The national economy in November continued to show a stable and progressive development trend, supported by strong leadership and proactive macro policies [6] - The overall grain production reached 14.298 trillion jin, an increase of 1.2% year-on-year, with autumn grain production contributing significantly [1] Industrial Production - The industrial added value for large-scale enterprises grew by 4.8% year-on-year in November, with significant growth in equipment manufacturing (7.7%) and high-tech manufacturing (8.4%) [1] - The manufacturing purchasing manager index was reported at 49.2%, indicating slight improvement in business conditions [1] Service Sector - The service sector production index increased by 4.2% year-on-year in November, with notable growth in information transmission (12.9%) and financial services (5.1%) [2] - The business activity index for the service sector was at 49.5%, while the business activity expectations index was at 55.9%, indicating positive sentiment [2] Retail and Consumption - The total retail sales of consumer goods reached 43.898 billion yuan in November, a year-on-year increase of 1.3% [2] - Online retail sales amounted to 144.582 billion yuan, growing by 9.1% year-on-year, with physical goods accounting for 25.9% of total retail sales [2] Investment Trends - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year, while manufacturing investment grew by 1.9% [3] - Infrastructure investment saw a decline of 1.1%, and real estate development investment dropped significantly by 15.9% [3] Trade Performance - The total value of goods imports and exports reached 38.987 billion yuan in November, with exports growing by 5.7% and imports by 1.7% [4] - The proportion of general trade in total trade was 63.2%, indicating a shift towards more balanced trade structures [4] Employment Situation - The urban survey unemployment rate remained stable at 5.1% in November, with slight variations among different demographics [4] - The average weekly working hours for employees were reported at 48.6 hours [4] Price Trends - The Consumer Price Index (CPI) rose by 0.7% year-on-year in November, with food prices showing mixed trends [5] - The Producer Price Index (PPI) for industrial producers decreased by 2.2% year-on-year, indicating deflationary pressures in the industrial sector [5]

Core Insights - In November 2025, China's industrial added value for large-scale enterprises grew by 4.8% year-on-year, with a month-on-month increase of 0.44% [3][5][8] - From January to November 2025, the industrial added value increased by 6.0% year-on-year [3][5][8] Industrial Production Data - In November 2025, China's crude steel production was 69.87 million tons, down 10.9% year-on-year; pig iron production was 62.34 million tons, down 8.7%; and steel production was 115.91 million tons, down 2.6% [3][6][9] - From January to November 2025, crude steel production totaled 891.67 million tons, down 4.0% year-on-year; pig iron production was 774.05 million tons, down 2.3%; and steel production was 1,332.77 million tons, up 4.0% [3][6][9] Sector Performance - In November 2025, the mining industry added value increased by 6.3%, manufacturing by 4.6%, and the production and supply of electricity, heat, gas, and water by 4.3% [3][5][8] - Among 41 major industries, 30 experienced year-on-year growth in added value [5] Economic Type Analysis - In November 2025, state-controlled enterprises saw a 4.2% increase in added value; 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% [5][8] Product Output - In November 2025, out of 623 industrial products, 310 saw year-on-year output growth [6] - Notable product outputs included: - Cement: 15.434 million tons, down 8.2% - Ethylene: 3.09 million tons, up 7.3% - Automobiles: 3.519 million units, up 2.4%, with new energy vehicles at 1.841 million units, up 17.0% [6][9] Sales and Export Data - The sales rate for large-scale industrial enterprises was 96.5%, a decrease of 0.8 percentage points year-on-year [6][9] - The export delivery value reached 1.361 trillion yuan, a nominal year-on-year decrease of 0.1% [6][9]

一、房地产开发投资完成情况 1—11月份，房地产开发企业到位资金85145亿元，同比下降11.9%。其中，国内贷款13149亿元，下降2.5%；利用外资23亿元，下降24.6%；自筹资金30628 亿元，下降11.9%；定金及预收款25098亿元，下降15.2%；个人按揭贷款11786亿元，下降15.1%。 1—11月份，全国房地产开发投资78591亿元，同比下降15.9%（按可比口径计算）；其中，住宅投资60432亿元，下降15.0%。 1—11月份，房地产开发企业房屋施工面积656066万平方米，同比下降9.6%。其中，住宅施工面积457551万平方米，下降10.0%。房屋新开工面积53457万平 方米，下降20.5%。其中，住宅新开工面积39189万平方米，下降19.9%。房屋竣工面积39454万平方米，下降18.0%。其中，住宅竣工面积28105万平方米， 下降20.1%。 二、新建商品房销售和待售情况 1—11月份，新建商品房销售面积78702万平方米，同比下降7.8%；其中住宅销售面积下降8.1%。新建商品房销售额75130亿元，下降11.1%；其中住宅销售 额下降11.2%。 全国新建商品房销 ...

Core Insights - National fixed asset investment (excluding rural households) reached 444,035 billion yuan from January to November 2025, showing a year-on-year decline of 2.6% (on a comparable basis) [1] - Private fixed asset investment decreased by 5.3% year-on-year [1] Investment by Industry - Investment in the primary industry was 8,770 billion yuan, with a year-on-year growth of 2.7% [3] - Investment in the secondary industry totaled 162,243 billion yuan, growing by 3.9% [3] - Investment in the tertiary industry was 273,022 billion yuan, reflecting a decline of 6.3% [3] Secondary Industry Breakdown - Industrial investment in the secondary industry grew by 4.0% year-on-year [4] - Mining investment increased by 4.0%, while manufacturing investment grew by 1.9% [4] - Investment in the electricity, heat, gas, and water production and supply industry surged by 10.7% [4] Tertiary Industry Insights - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) in the tertiary industry fell by 1.1% [4] - Notable growth in pipeline transportation investment at 16.8%, water transportation at 8.9%, and railway transportation at 2.7% [4] Regional Investment Trends - Eastern region investment declined by 6.6%, central region by 1.7%, western region by 0.2%, and northeastern region by 14.0% [4] Investment by Registration Type - Domestic enterprise fixed asset investment decreased by 2.6% [5] - Investment from Hong Kong, Macau, and Taiwan enterprises fell by 2.2% [5] - Foreign enterprise fixed asset investment saw a significant decline of 14.1% [5]

Economic Performance Overview - In November, China's economy showed a steady growth trend with industrial production increasing by 4.8% year-on-year, maintaining the same growth rate as the previous month [5][40] - The manufacturing sector, particularly the equipment manufacturing industry, experienced significant growth, with an increase of 7.7% in added value, contributing 59.4% to the overall industrial growth [5][41] - The service sector also demonstrated stability, with a production index growth of 4.2%, particularly in information technology and business services, which grew by 12.9% and 8.4% respectively [5][41] Market Sales and Consumption - Retail sales of consumer goods rose by 1.3% year-on-year in November, with notable growth in upgraded products such as cosmetics and jewelry, which increased by 6.1% and 8.5% respectively [6][21] - Service retail sales showed a robust growth of 5.4% from January to November, indicating a shift towards service consumption [6][20] - The overall consumption market remains stable, with a continuous expansion in service consumption and a trend towards quality upgrades in consumer goods [20][22] Foreign Trade - China's foreign trade maintained stability with a total import and export growth of 4.1% year-on-year in November, marking a 4 percentage point increase from the previous month [6][9] - Exports specifically grew by 5.7%, reversing the previous month's decline, supported by diversified trade partnerships, particularly with Belt and Road Initiative countries, which saw a 6% increase in trade volume [6][9] Employment and Prices - The urban unemployment rate remained stable at 5.1%, with specific demographics such as agricultural workers and those aged 30-59 showing lower unemployment rates [7][9] - Consumer prices rose by 0.7% year-on-year in November, with core CPI (excluding food and energy) remaining stable at 1.2%, indicating a gradual recovery in price levels [8][16] Investment Trends - Investment in fixed assets (excluding rural households) saw a decline of 2.6% year-on-year, but project investments excluding real estate increased by 0.8% [29][30] - Significant growth was observed in emerging sectors, with equipment manufacturing investment rising by 8.9% and renewable energy investments increasing by 7.4% [29][30] New Quality Productivity - The growth of new quality productivity is evident, with high-tech manufacturing value added increasing by 9.2% year-on-year, and significant growth in sectors like integrated circuits and electronic materials [24][25] - Traditional industries are undergoing transformation, with notable increases in investment and production in sectors such as biomass fuel processing and chemical fiber manufacturing [25][26] Future Outlook - The economic outlook remains positive, with expectations for continued growth driven by domestic demand expansion and policy support [35][38] - The focus on innovation and high-quality development is expected to bolster economic resilience and adaptability in the face of external challenges [35][38]

Group 1: 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%, and an average daily output of 14.23 million tons [1] - The cumulative production of raw coal from January to November reached 4.4 billion tons, representing a year-on-year increase of 1.4% [1] - Crude oil production accelerated in November, with an output of 17.63 million tons, a year-on-year increase of 2.2%, and an average daily output of 588,000 tons [3] - From January to November, the cumulative crude oil production was 198.25 million tons, up 1.7% year-on-year [3] - 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%, and an average daily output of 730 million cubic meters [7] - The cumulative natural gas production from January to November was 238.9 billion cubic meters, reflecting a year-on-year increase of 6.3% [7] Group 2: 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%, and an average daily generation of 25.97 billion kilowatt-hours [9] - From January to November, the cumulative electricity generation was 8,856.7 billion kilowatt-hours, representing a year-on-year increase of 2.4% [9] - In terms of electricity generation types, thermal power saw a year-on-year decrease of 4.2%, while hydropower grew by 17.1% [9] - Nuclear power generation increased by 4.7%, and solar power generation surged by 23.4%, with wind power recovering to a growth of 22.0% [9]

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%, and an average daily output of 14.23 million tons. From January to November, the total output reached 4.4 billion tons, reflecting a year-on-year increase of 1.4% [1] - Crude 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. The total crude oil output from January to November was 198.25 million tons, up 1.7% year-on-year [3] - Natural gas production showed steady growth, with November output at 21.9 billion cubic meters, a year-on-year increase of 5.7%, and a daily average of 730 million cubic meters. The total output from January to November was 238.9 billion cubic meters, reflecting a year-on-year increase of 6.3% [8] 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 an average daily generation of 25.97 billion kilowatt-hours. From January to November, the total electricity generation was 8,856.7 billion kilowatt-hours, up 2.4% year-on-year [10] - By type, coal-fired power generation turned from growth to decline, while hydropower saw rapid growth. Nuclear power and solar power generation accelerated, and wind power turned from decline to growth. Specifically, coal-fired power generation decreased by 4.2% year-on-year, while hydropower increased by 17.1%, nuclear power grew by 4.7%, wind power surged by 22.0%, and solar power rose by 23.4% [10]

原煤生产保持稳定。11月份，规上工业原煤产量4.3亿吨，同比下降0.5%；日均产量1423万吨。 1—11月份，规上工业原煤产量44.0亿吨，同比增长1.4%。 11月份，规模以上工业（以下简称规上工业）原煤生产保持稳定，原油生产增速加快，天然气生产平稳增 长，电力生产保持增长。 一、原煤、原油和天然气生产及相关情况 天然气生产稳定增长。11月份，规上工业天然气产量219亿立方米，同比增长5.7%；日均产量7.3亿立方米。 1—11月份，规上工业天然气产量2389亿立方米，同比增长6.3%。 原油生产增速加快。11月份，规上工业原油产量1763万吨，同比增长2.2%，增速比10月份加快0.9个百分点； 日均产量58.8万吨。 1—11月份，规上工业原油产量19825万吨，同比增长1.7%。 原油加工平稳增长。11月份，规上工业原油加工量6083万吨，同比增长3.9%；日均加工量202.8万吨。 1—11月份，规上工业原油加工量67507万吨，同比增长4.0%。 二、电力生产情况 规上工业电力生产保持增长。11月份，规上工业发电量7792亿千瓦时，同比增长2.7%；日均发电量259.7亿千 瓦时。1—11月份， ...

Economic Overview - In November, the industrial added value above designated size increased by 4.8% year-on-year, indicating stable economic performance [3] - The total retail sales of consumer goods reached 43,898 billion yuan, growing by 1.3% year-on-year, reflecting an expansion in market sales [5] - The fixed asset investment (excluding rural households) was 444,035 billion yuan, showing a year-on-year decline of 2.6%, with manufacturing investment maintaining growth at 1.9% [6][7] Agricultural Production - The total grain output for the year was 14,298 billion jin, an increase of 167.5 billion jin or 1.2% from the previous year, with autumn grain production at 10,732 billion jin, up by 1.5% [2] Industrial Production - The manufacturing sector's added value grew by 4.6%, while high-tech manufacturing saw an increase of 8.4%, outperforming the overall industrial growth [3] - The production index for the manufacturing sector was at 49.2%, indicating a slight improvement in business conditions [3] Service Sector - The service sector production index rose by 4.2% year-on-year, with significant growth in information transmission, software, and financial services [4] - The business activity index for the service sector was recorded at 49.5%, indicating stable performance [4] Trade and Employment - The total value of imports and exports reached 38,987 billion yuan, with exports growing by 5.7% and imports by 1.7% [8] - The urban unemployment rate remained stable at 5.1%, reflecting a steady employment situation [9] Consumer Prices - The Consumer Price Index (CPI) increased by 0.7% year-on-year, with food prices showing a mixed trend [10] - The Producer Price Index (PPI) for industrial producers decreased by 2.2% year-on-year, indicating deflationary pressures in the industrial sector [10]