11月经济数据出炉，国家统计局权威解读

Economic Overview - In November, China's economy showed steady production growth, expanded market sales, resilient foreign trade, stable employment and prices, and strong social welfare, continuing a trend of stable progress [1] - The implementation of policies such as "two highs" and "two new" has effectively stimulated market demand and industrial production [1] Agricultural Production - The national grain output for 2025 is projected to be 14.298 trillion jin, an increase of 167.5 billion jin or 1.2% from the previous year, maintaining stability above 14 trillion jin [2] - The successful harvest of summer grain and increased autumn grain production have laid a solid foundation for social welfare and income growth [2] Investment Trends - From January to November, investment in the accommodation and catering industry, wholesale and retail, and electricity and heat production and supply increased by 7.1%, 7.1%, and 12.5% respectively [2] - Fixed asset investment (excluding rural households) decreased by 2.6%, but investment in key sectors remained strong, with manufacturing and traditional industries showing growth [7] - Investment in general equipment manufacturing rose by 8.9%, while automotive manufacturing and transportation equipment saw increases of 15.3% and 22.4% respectively [7] Consumer Market - In November, the total retail sales of consumer goods grew by 1.3% year-on-year, marking a slowdown for six consecutive months [4] - From January to November, retail sales increased by 4%, with service retail sales growing by 5.4% [4][5] - New consumption models such as instant retail and live e-commerce are rapidly developing, contributing to the expansion of online consumption [4] Employment and Unemployment - The urban surveyed unemployment rate in November remained stable at 5.1%, indicating a steady employment situation [6] Infrastructure Investment - Investment in electricity and heat production and supply increased by 12.5%, while water transportation investment rose by 8.9% from January to November [8] - Policies promoting large-scale equipment updates have led to a 12.2% increase in investment in equipment and tools, contributing to overall investment growth [8]