国家统计局：中国1-11月固定资产投资同比下降2.6%

Core Insights - In the first eleven months of 2025, China's fixed asset investment (excluding rural households) reached 444,035 billion yuan, showing a year-on-year decline of 2.6% [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, increasing by 3.9% [3] - Investment in the tertiary industry was 273,022 billion yuan, reflecting a decline of 6.3% [3] - Within the secondary industry, industrial investment grew by 4.0%, with mining and manufacturing both showing increases of 4.0% and 1.9% respectively [3] - The electricity, heat, gas, and water production and supply industry saw a significant investment growth of 10.7% [3] - In the tertiary industry, infrastructure investment (excluding electricity, heat, gas, and water production and supply) decreased by 1.1% [3] - Notable growth in specific sectors included pipeline transportation (16.8%), water transportation (8.9%), and railway transportation (2.7%) [3] Regional Investment Trends - Eastern region investment fell by 6.6% year-on-year [3] - Central region investment decreased by 1.7% [3] - Western region investment saw a minor decline of 0.2% [3] - Northeast region investment experienced a significant drop of 14.0% [3] Investment by Registration Type - Domestic enterprises' fixed asset investment declined by 2.6% year-on-year [3] - Investment from Hong Kong, Macau, and Taiwan enterprises decreased by 2.2% [3] - Foreign enterprises' fixed asset investment saw a substantial decline of 14.1% [3]