国家统计局：1-11月，全国固定资产投资（不含农户）同比下降2.6%，制造业投资增长1.9%

Economic Overview - In the first eleven months of 2025, national fixed asset investment (excluding rural households) reached 444,035 billion yuan, showing a year-on-year decline of 2.6% [3] - Excluding real estate development investment, national fixed asset investment grew by 0.8% [3] Sector Analysis - Infrastructure investment decreased by 1.1% year-on-year [3] - Manufacturing investment increased by 1.9% [3] - Real estate development investment saw a significant decline of 15.9% [3] Real Estate Market - The sales area of newly built commercial housing was 78,702 million square meters, down 7.8% year-on-year [3] - The sales amount of newly built commercial housing was 75,130 billion yuan, a decrease of 11.1% [3] Investment by Industry - Investment in the primary industry grew by 2.7% year-on-year [3] - Investment in the secondary industry increased by 3.9% [3] - Investment in the tertiary industry declined by 6.3% [3] - Private investment fell by 5.3% year-on-year; when excluding real estate development investment, private investment decreased by 0.7% [3] High-Tech Industry - In high-tech industries, investment in information services grew by 29.6% year-on-year, while investment in aerospace and equipment manufacturing increased by 19.7% [3] Monthly Trends - In November, fixed asset investment (excluding rural households) experienced a month-on-month decline of 1.03% [3]