统计局：1—11月份全国固定资产投资（不含农户）444035亿，同比下降2.6%

Core Insights - National fixed asset investment (excluding rural households) for January to November 2025 reached 444,035 billion yuan, representing a year-on-year decline of 2.6% [1][15] - Private fixed asset investment saw a year-on-year decrease of 5.3% [1][15] - In November, fixed asset investment (excluding rural households) decreased by 1.03% month-on-month [1][15] Investment by Industry - Investment in the primary industry was 8,770 billion yuan, with a year-on-year growth of 2.7% [3][17] - Investment in the secondary industry totaled 162,243 billion yuan, growing by 3.9% [3][17] - Investment in the tertiary industry was 273,022 billion yuan, showing a decline of 6.3% [3][17] - Within the secondary industry, industrial investment grew by 4.0%, with mining investment also increasing 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][17] Infrastructure and Regional Investment - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) in the tertiary industry decreased by 1.1% [3][17] - Investment in pipeline transportation grew by 16.8%, water transportation by 8.9%, and railway transportation by 2.7% [3][17] - Investment in the eastern region declined by 6.6%, the central region by 1.7%, the western region by 0.2%, and the northeastern region by 14.0% [3][17] Investment by Registration Type - Domestic enterprise fixed asset investment fell by 2.6% [3][17] - Investment from Hong Kong, Macau, and Taiwan enterprises decreased by 2.2% [3][17] - Foreign enterprise fixed asset investment saw a significant decline of 14.1% [3][17]