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] - Private fixed asset investment decreased by 5.3% year-on-year [1] - In November, fixed asset investment (excluding rural households) fell by 1.03% month-on-month [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, increasing by 3.9% [3] - Investment in the tertiary industry was 273,022 billion yuan, experiencing 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 rose 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 decreased by 1.1% year-on-year [4] - Pipeline transportation investment grew by 16.8%, water transportation investment increased by 8.9%, and railway transportation investment rose by 2.7% [4] Regional Investment Trends - Eastern region investment declined by 6.6% year-on-year [4] - Central region investment fell by 1.7% [4] - Western region investment decreased by 0.2% [4] - Northeastern region investment saw a significant decline of 14.0% [4] Investment by Registration Type - Domestic enterprise fixed asset investment decreased by 2.6% year-on-year [4] - Investment from Hong Kong, Macau, and Taiwan enterprises fell by 2.2% [4] - Foreign enterprise fixed asset investment experienced a substantial decline of 14.1% [4]

Core Viewpoint - The real estate development investment in China for the first eleven months of the year reached 78,591 billion yuan, representing a year-on-year decline of 15.9% [1]. Investment and Construction - Real estate development investment totaled 78,591 billion yuan, with residential investment at 60,432 billion yuan, both showing declines of 15.9% and 15.0% respectively [1][15]. - The total construction area for real estate development was 656,066 million square meters, down 9.6% year-on-year, with residential construction area decreasing by 10.0% to 457,551 million square meters [3][15]. - New construction area was 53,457 million square meters, a decline of 20.5%, with residential new construction area at 39,189 million square meters, down 19.9% [3][15]. - The completed construction area was 39,454 million square meters, down 18.0%, with residential completed area at 28,105 million square meters, a decrease of 20.1% [3][15]. Sales Performance - The sales area of new commercial housing was 78,702 million square meters, down 7.8% year-on-year, with residential sales area decreasing by 8.1% [4][17]. - The sales revenue from new commercial housing reached 75,130 billion yuan, reflecting an 11.1% decline, with residential sales revenue down 11.2% to 66,008 billion yuan [4][17]. Inventory and Funding - As of the end of November, the unsold commercial housing area was 75,306 million square meters, a decrease of 301 million square meters from October, with residential unsold area down by 284 million square meters [8]. - The total funds available for real estate development enterprises amounted to 85,145 billion yuan, a decline of 11.9% year-on-year, with domestic loans at 13,149 billion yuan, down 2.5% [8][15]. Market Sentiment - The real estate development prosperity index (National Housing Prosperity Index) stood at 91.90 in November, indicating a lower level of market sentiment [11][22].

Group 1 - In November, the industrial power generation reached 779.2 billion kilowatt-hours, representing a year-on-year increase of 2.7% [1] - The average daily power generation in November was 25.97 billion kilowatt-hours [1] - From January to November, the total industrial power generation was 8,856.7 billion kilowatt-hours, showing a year-on-year growth of 2.4% [1]

Core Viewpoint - In the first eleven months of the year, national infrastructure investment (excluding electricity, heating, gas, and water production and supply) in China decreased by 1.1% year-on-year, indicating a contraction in the sector's overall investment activity [1] Group 1: Infrastructure Investment Overview - National infrastructure investment (excluding electricity, heating, gas, and water production and supply) saw a year-on-year decline of 1.1% [1] - The pipeline transportation industry experienced a significant investment growth of 16.8% [1] - Investment in the water transportation industry increased by 8.9% [1] - The railway transportation sector recorded a growth of 2.7% in investment [1]

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% [2] - The average daily production of raw coal was 14.23 million tons, while the cumulative production from January to November reached 4.4 billion tons, reflecting a year-on-year increase of 1.4% [2][4] - 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 [2] - From January to November, the total crude oil production was 198.25 million tons, up by 1.7% year-on-year [3] Group 2: Oil Processing and Natural Gas - The processing of crude oil showed steady growth, with November processing volume at 60.83 million tons, a year-on-year increase of 3.9% [3] - The average daily processing volume was 2.028 million tons, and the cumulative processing from January to November was 675.07 million tons, reflecting a year-on-year increase of 4.0% [3] - Natural gas production also exhibited stable growth, with November output at 21.9 billion cubic meters, a year-on-year increase of 5.7% [3] - The cumulative natural gas production from January to November reached 238.9 billion cubic meters, marking a year-on-year increase of 6.3% [4] Group 3: Electricity Production - Electricity production in November was 779.2 billion kilowatt-hours, a year-on-year increase of 2.7%, with a daily average of 25.97 billion kilowatt-hours [5] - From January to November, the total electricity production was 8,856.7 billion kilowatt-hours, reflecting a year-on-year increase of 2.4% [5] - In terms of energy sources, thermal power saw a year-on-year decline of 4.2%, while hydropower increased by 17.1% [5] - Nuclear power grew by 4.7%, wind power increased by 22.0%, and solar power surged by 23.4% in November [5]

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%。 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%。 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，规上工 ...

Group 1 - The average urban survey unemployment rate in China from January to November is 5.2% [1] - In November, the urban survey unemployment rate remains at 5.1%, unchanged from the previous month [1] - The unemployment rate for local registered labor is 5.3%, while the rate for migrant labor is 4.7%, with agricultural migrant labor at 4.4% [1] Group 2 - The urban survey unemployment rate in 31 major cities is 5.1%, consistent with the previous month [1] - The average weekly working hours for employed persons in the country is 48.6 hours [1]

国家统计局数据显示，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%。 （文章来源：国家统计局） ...

Group 1 - In November, the industrial natural gas production reached 21.9 billion cubic meters, representing a year-on-year increase of 5.7% with an average daily production of 730 million cubic meters [1] - From January to November, the total industrial natural gas production amounted to 238.9 billion cubic meters, showing a year-on-year growth of 6.3% [1]

Core Insights - In November, the industrial crude oil processing volume reached 60.83 million tons, representing a year-on-year increase of 3.9% [1] - The average daily processing volume for November was 2.028 million tons [1] - From January to November, the total industrial crude oil processing volume amounted to 675.07 million tons, with a year-on-year growth of 4.0% [1] Summary by Category Industrial Performance - The industrial crude oil processing volume in November was 60.83 million tons, showing a 3.9% increase compared to the same month last year [1] - The daily average processing volume for November was recorded at 2.028 million tons [1] Year-to-Date Performance - For the period from January to November, the total crude oil processing volume was 675.07 million tons, which reflects a 4.0% year-on-year growth [1]