中国1—11月份固定资产投资同比下降2.6%，制造业投资增长1.9%

Core Insights - National fixed asset investment (excluding rural households) decreased by 2.6% year-on-year from January to November 2025, amounting to 444,035 billion yuan [1][3] - Private fixed asset investment saw a more significant decline of 5.3% year-on-year [1][4] Investment by Sector - First industry investment reached 8,770 billion yuan, growing by 2.7% year-on-year [3][4] - Second industry investment totaled 162,243 billion yuan, with a growth of 3.9% year-on-year [3][4] - Third industry investment was 273,022 billion yuan, declining by 6.3% year-on-year [3][4] Industrial Investment Breakdown - Industrial investment within the second industry grew by 4.0% year-on-year [1][3] - Mining investment increased by 4.0%, while manufacturing investment rose by 1.9% [1][3] - Investment in electricity, heat, gas, and water production and supply surged by 10.7% [1][3] Infrastructure and Regional Investment - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) in the third industry decreased by 1.1% year-on-year [3] - Investment in pipeline transportation grew by 16.8%, while water transportation and railway transportation investments increased by 8.9% and 2.7%, respectively [3] - Eastern region investment fell by 6.6%, central region by 1.7%, western region by 0.2%, and northeastern region by 14.0% [3] Investment by Registration Type - Domestic enterprise fixed asset investment decreased by 2.6% year-on-year [3][4] - Investment from Hong Kong, Macau, and Taiwan enterprises declined by 2.2% [3][4] - Foreign enterprise fixed asset investment saw a significant drop of 14.1% [3][4]