11月经济新动能表现强劲 高技术制造业持续领跑

Core Insights - China's macroeconomic indicators continued to show a slowdown in November, but high-tech manufacturing production and investment growth remained strong, indicating a significant contribution of new momentum to the macro economy [1][2] Industrial Performance - In November, the industrial added value of large-scale enterprises increased by 4.8% year-on-year, slightly down by 0.1 percentage points from October, marking the lowest growth since September 2024 [1] - High-tech manufacturing added value grew by 8.4% year-on-year in November, outperforming the overall industrial growth by 3.6 percentage points, with a cumulative growth of 9.2% from January to November [2] - The production of new energy vehicles and lithium-ion batteries for vehicles saw significant increases of 26.5% and 42.2% respectively from January to November [2] Consumer Market - The total retail sales of consumer goods reached 43,898 billion yuan in November, growing by 1.3% year-on-year, but down 1.6 percentage points from October, marking six consecutive months of slowdown [4] - Service retail sales grew by 5.4% year-on-year from January to November, indicating a shift in consumer spending towards services [5] Investment Trends - Fixed asset investment (excluding rural households) totaled 444,035 billion yuan in the first eleven months, down 2.6% year-on-year, with a notable decline in real estate investment by 15.9% [7] - Manufacturing investment increased by 1.9% year-on-year, while infrastructure investment (excluding certain utilities) decreased by 1.1% [7][8] - Despite the overall decline in investment, certain sectors like general equipment manufacturing saw an 8.9% increase in investment [8] Policy and Future Outlook - The Chinese government is focusing on expanding domestic demand and promoting the transformation of traditional industries to support economic stability [3] - Recent policies aim to enhance consumer spending and investment, with a focus on improving investment efficiency and stimulating private investment [9] - The central economic work conference outlined key tasks for the upcoming year, emphasizing the importance of domestic demand and consumer spending [5][9]