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]

国家统计局发布的数据显示，1—11月份，全国房地产开发投资78591亿元，同比下降15.9%；其中，住宅投资60432亿元，下降15.0%。 一、房地产开发投资完成情况 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，详见附注6）；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 20 10 -2.6 -2.1 -2.8 0 -2.9 I -3.0 -3.2 -3.8 -5.1 -12.9 -- 14.3 ...

国家统计局发布2025年1—11月份全国房地产市场基本情况。 1—11月份，全国房地产开发投资78591亿元，同比下降15.9%。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%。 一、房地产开发投资完成情况 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，详见附注6）；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%。 全国新建商品房销 20 10 -2.6 -2.1 -2.8 0 -2.9 I -3.0 -3.2 -3.8 -5.1 -12.9 -- 14.3 -10 -20 -17.1 -19.2 -30 -40 ...

Core Viewpoint - In November, the industrial added value of enterprises above designated size in China experienced a year-on-year growth of 4.8%, indicating a stable economic performance under the leadership of the central government [1][20]. Industrial Performance - The industrial added value for the first eleven months of the year increased by 6.0% year-on-year [2][22]. - The mining industry saw a year-on-year increase of 6.3%, manufacturing grew by 4.6%, and the electricity, heat, gas, and water production and supply industry rose by 4.3% in November [4][22]. - High-tech manufacturing increased by 8.4%, outpacing the overall industrial growth [6][22]. Economic Types - In November, state-controlled enterprises' added value grew by 4.2%, while joint-stock enterprises increased by 5.2%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 3.4%, and private enterprises by 3.2% [4][22]. Product Output - Among 623 industrial products, 310 saw a year-on-year increase in output in November [5][22]. - Notable growth was observed in the production of 3D printing equipment (100.5%), industrial robots (20.6%), and new energy vehicles (17.0%) [22]. Sales and Exports - The product sales rate for industrial enterprises above designated size was 96.5%, a decrease of 0.8 percentage points year-on-year [5][22]. - The export delivery value reached 1.361 trillion yuan, showing a nominal decline of 0.1% year-on-year [5][22]. Employment and Consumer Prices - The urban survey unemployment rate in November was 5.1%, remaining stable compared to the previous month [27]. - The Consumer Price Index (CPI) rose by 0.7% year-on-year in November, with food prices increasing by 0.3% [28].

Group 1 - The core viewpoint of the article highlights a significant decline in the funding for real estate development enterprises in China, with total funds amounting to 85,145 billion yuan, representing a year-on-year decrease of 11.9% [1] Group 2 - Domestic loans accounted for 13,149 billion yuan, showing a decrease of 2.5% [1] - Foreign investment utilization was reported at 2.3 billion yuan, down by 24.6% [1] - Self-raised funds reached 30,628 billion yuan, reflecting a decline of 11.9% [1] - Deposits and advance payments totaled 25,098 billion yuan, decreasing by 15.2% [1] - Personal mortgage loans amounted to 11,786 billion yuan, which is a decrease of 15.1% [1]

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% [1][4] - Private fixed asset investment decreased by 5.3% year-on-year [1][5] - In November, fixed asset investment (excluding rural households) fell by 1.03% month-on-month [1] Investment by Industry - Primary industry investment totaled 8,770 billion yuan, with a year-on-year growth of 2.7% [3] - Secondary industry investment was 162,243 billion yuan, increasing by 3.9% [3] - Tertiary industry investment reached 273,022 billion yuan, declining by 6.3% [3] - Within the secondary industry, industrial investment grew by 4.0%, with mining and manufacturing investments increasing by 4.0% and 1.9% respectively [3][5] - The electricity, heat, gas, and water production and supply industry saw a significant investment growth of 10.7% [5] Investment by Region - Eastern region investment decreased by 6.6% year-on-year [3] - Central region investment fell by 1.7% [3] - Western region investment declined by 0.2% [3] - Northeastern region investment experienced a sharp drop of 14.0% [3] Investment by Registration Type - Domestic enterprises' fixed asset investment decreased by 2.6% year-on-year [3][5] - Investment from Hong Kong, Macau, and Taiwan enterprises fell by 2.2% [5] - Foreign enterprises' fixed asset investment saw a significant decline of 14.1% [3][5]

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。 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 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%。 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%。 1—11月份，规上工业原油加工量67507万吨，同比增长4.0%。 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%。 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 ...

Core Insights - The value added of the non-ferrous metal smelting and rolling industry increased by 4.8% year-on-year in November 2025, with a cumulative increase of 7.1% from January to November [1][3] Production Data - The production of ten types of non-ferrous metals reached 6.99 million tons in November, reflecting a year-on-year growth of 4.7%, with a cumulative production of 74.47 million tons, up 3.8% year-on-year [1][4] - Electrolytic aluminum production in November was 3.79 million tons, showing a year-on-year increase of 2.5%, with a cumulative production of 41.17 million tons, also up 2.5% year-on-year [1][4] Industrial Value Added - The industrial value added for large-scale industries grew by 4.8% in November and 6.0% cumulatively from January to November [3] - The high-tech manufacturing sector saw an increase of 8.4% in November and 9.2% cumulatively [3] - The non-ferrous metal smelting and rolling industry specifically recorded a 4.8% increase in November and a 7.1% increase cumulatively [3]

分三大门类看，11月份，采矿业增加值同比增长6.3%，制造业增长4.6%，电力、热力、燃气及水生产和供应业增长4.3%。 11月份，规模以上工业增加值同比实际增长4.8%（增加值增速均为扣除价格因素的实际增长率）。从环比看，11月份，规模以上工业增加值比上月增长 0.44%。1—11月份，规模以上工业增加值同比增长6.0%。 分经济类型看，11月份，国有控股企业增加值同比增长4.2%；股份制企业增长5.2%，外商及港澳台投资企业增长3.4%；私营企业增长3.2%。 分行业看，11月份，41个大类行业中有30个行业增加值同比增长。其中，煤炭开采和洗选业增长7.5%，石油和天然气开采业增长5.1%，农副食品加工业增 长1.7%，酒、饮料和精制茶制造业下降0.6%，纺织业增长1.8%，化学原料和化学制品制造业增长6.7%，非金属矿物制品业下降1.8%，黑色金属冶炼和压延 加工业增长0.9%，有色金属冶炼和压延加工业增长4.8%，通用设备制造业增长7.5%，专用设备制造业增长4.8%，汽车制造业增长11.9%，铁路、船舶、航空 航天和其他运输设备制造业增长11.9%，电气机械和器材制造业增长4.4%，计算机、通信和其 ...

Group 1: Economic Growth - In November, the mining industry added value increased by 6.3% year-on-year, manufacturing grew by 4.6%, and the production and supply of electricity, heat, gas, and water increased by 4.3% [2] - State-owned enterprises' added value grew by 4.2%, joint-stock enterprises increased by 5.2%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises rose by 3.4%, while private enterprises saw a growth of 3.2% [2] - Out of 41 major industries, 30 experienced year-on-year growth in added value, with coal mining and washing growing by 7.5%, oil and gas extraction by 5.1%, and the food processing industry by 1.7% [2] Group 2: Industrial Production - In November, among 623 industrial products, 310 saw a year-on-year increase in output, including ten types of non-ferrous metals which grew by 4.7% and ethylene by 7.3% [3] - Automobile production reached 3.519 million units, marking a 2.4% increase, with new energy vehicles growing significantly by 17.0% to 1.841 million units [3] - The sales rate of products from large-scale industrial enterprises was 96.5%, a decrease of 0.8 percentage points year-on-year, while the export delivery value was 1.361 trillion yuan, showing a nominal decline of 0.1% [3]