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]

国家统计局12月15日发布最新数据显示，我国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，规上工业发电量88567亿千瓦 时，同比增长2.4%。 分品种看，11月份，规上工业火电由增转降，水电较快增长，核电、太阳能发电增速加快，风电由降转 增。其中，规上工业火电同比下降4.2%，10月份为增长7.3%；规上工业水电增长17.1%，增速比10月份 放缓11.1个百分点；规上工业核电增长4.7%，增速比10月份加快0.5个百分点；规上工业风电增长 22.0%，10月份为下降11.9%；规上工业太阳能发电增长23.4%，增速比10月份加快17.5个百分点。 具体来看，11月份，全国火力绝对发电量为4970亿千瓦时，同比降低4.2%；水电量967亿千瓦时，同比 增长17.1%；核电量398亿千瓦时，同比增长4.7%；风力发电量1046亿千瓦时，同比增长22.0%；太阳能 发电量412亿千瓦时，同比增长23.4%。 1-11月份，规上工业发电量88567亿千瓦时，同比增长2.4%。分品种看，1-11月份，火力绝对发电量为 57125亿 ...

Core Insights - The production of coke and steel in China continues to grow year-on-year for the first eleven months of 2025, while crude steel and pig iron production show a declining trend [1] Group 1: Coke Production - In the first eleven months, the national coke production reached 46,095 million tons, an increase of 3.2% year-on-year [1] - In November, the coke production was 4,170 million tons, reflecting a year-on-year increase of 2.3%, but a month-on-month decrease of 0.5%, marking the third consecutive month of decline [1] - The average daily coke production in November was 139 thousand tons, which is a month-on-month increase of 2.9% [1] Group 2: Steel Production - The national steel production for the first eleven months totaled 133,277 million tons, showing a year-on-year increase of 4.0% [1] - In November, steel production decreased by 2.6% year-on-year and 2.3% month-on-month, amounting to 11,591 million tons; however, the average daily steel production in November increased by 1.0% month-on-month to 386 thousand tons [1] Group 3: Pig Iron Production - The national pig iron production for the first eleven months was 77,405 million tons, a year-on-year decrease of 2.3% [1] - In November, pig iron production fell to 6,234 million tons, the lowest monthly level since March 2024, with year-on-year and month-on-month declines of 8.7% and 4.9% respectively, marking the sixth consecutive month of decline [1] - The average daily pig iron production in November was 208 thousand tons, reflecting a month-on-month decrease of 1.7% [1] Group 4: Crude Steel Production - The national crude steel production for the first eleven months was 89,167 million tons, a year-on-year decrease of 4.0% [1] - In November, crude steel production was 6,987 million tons, also the lowest monthly level since March 2024, with year-on-year and month-on-month declines of 10.9% and 3.0% respectively, continuing a six-month decline trend [1] - The average daily crude steel production in November was 233 thousand tons, with a month-on-month increase of 0.3% [1]

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 ...

分地区看，东部地区投资同比下降6.6%，中部地区投资下降1.7%，西部地区投资下降0.2%，东北地区投资下降14.0%。 分登记注册类型看，内资企业固定资产投资同比下降2.6%，港澳台企业固定资产投资下降2.2%，外商企业固定资产投资下降14.1%。 2025年1-11月份，全国固定资产投资（不含农户）444035亿元，同比下降2.6%（按可比口径计算）。其中，民间固定资产投资同比下降5.3%。从环比看，11 月份固定资产投资（不含农户）下降1.03%。 分产业看，第一产业投资8770亿元，同比增长2.7%；第二产业投资162243亿元，增长3.9%；第三产业投资273022亿元，下降6.3%。 第二产业中，工业投资同比增长4.0%。其中，采矿业投资增长4.0%，制造业投资增长1.9%，电力、热力、燃气及水生产和供应业投资增长10.7%。 第三产业中，基础设施投资（不含电力、热力、燃气及水生产和供应业）同比下降1.1%。其中，管道运输业投资增长16.8%，水上运输业投资增长8.9%，铁 路运输业投资增长2.7%。 责编：钟薇依淼、李雪钦 | 指 标 | 同比增长(%) | | --- | --- | | 固定 ...

（2025年12月15日） 总台央视记者： 我们想问一下发言人，请问您如何评价11月份经济运行表现？总体来看，11月份经济有哪些亮点和积极 变化？谢谢。 付凌晖： 谢谢您的提问。11月份，更加积极有为的宏观政策持续显效，全国统一大市场建设纵深推进，着力做强 国内大循环，生产供给持续增长，市场销售继续扩大，货物进出口增长加快，就业物价总体稳定，高质 量发展扎实推进，国民经济延续了稳中有进的发展态势。从主要特点和亮点来看，有以下几个方面： 一是生产增势平稳。工业生产稳定增长。11月份，规模以上工业增加值同比增长4.8%，增速和上月基 本持平。产业升级发展带动下，技术含量和附加值较高的装备制造业快速发展。11月份，装备制造业增 加值同比增长7.7%，继续快于全部规模以上工业增长，对规模以上工业增加值增长的贡献率达到 59.4%。服务业平稳增长。11月份，服务业生产指数同比增长4.2%。信息技术和商务服务等现代服务业 发展势头良好，11月份信息传输、软件和信息技术服务业，租赁和商务服务业生产指数同比分别增长 12.9%和8.4%，都保持了较快增长。 二是市场销售扩大。商品销售持续增长。11月份，社会消费品零售总额同比 ...

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%。 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，规上工业发电量88567亿千 瓦时，同比增长2.4%。 分品种看，11月份，规上工业火电由增转降，水电较快增长，核电、太阳能发电增速加快，风电由降转增。其中，规上工业火电同比下降4.2 ...