国家统计局：1—11月份全国固定资产投资（不含农户）444035亿元

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 - 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, experiencing a decline of 6.3% [3] - Within the secondary industry, industrial investment grew by 4.0%, with mining investment up by 4.0%, manufacturing investment rising by 1.9%, and investment in electricity, heat, gas, and water production and supply increasing by 10.7% [3] - In the tertiary industry, infrastructure investment (excluding electricity, heat, gas, and water production and supply) decreased by 1.1% [3] - Pipeline transportation investment grew by 16.8%, water transportation investment increased by 8.9%, and railway transportation investment rose by 2.7% [3] Investment by Region - Eastern region investment declined by 6.6% year-on-year [3] - Central region investment fell by 1.7% [3] - Western region investment decreased by 0.2% [3] - Northeastern region investment saw a significant decline of 14.0% [3] Investment by Registration Type - Domestic enterprise fixed asset investment decreased by 2.6% year-on-year [3] - Investment from Hong Kong, Macau, and Taiwan enterprises fell by 2.2% [3] - Foreign enterprise fixed asset investment experienced a substantial decline of 14.1% [3]