国家统计局：1-11月电力、热力、燃气及水生产和供应业投资增长10.7%

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]