11月财政收支增速有所放缓，2026年积极财政将主动靠前发力

Group 1 - The core viewpoint of the articles indicates a weakening trend in China's fiscal revenue and expenditure data for 2025, with a notable slowdown in revenue growth and a narrowing decline in expenditure [2][5][9] - From January to November 2025, the national general public budget revenue reached 200,516 billion yuan, showing a year-on-year growth of 0.8%, consistent with the growth rate from January to October [2][5] - Tax revenue for the same period totaled 164,814 billion yuan, with a year-on-year increase of 1.8%, while November's fiscal revenue was 1.4 trillion yuan, remaining flat compared to the same month in 2024 [2][5] Group 2 - On the expenditure side, from January to November, the national general public budget expenditure grew by 1.4%, a decrease of 0.6 percentage points compared to the previous ten months [2][8] - In November, the year-on-year expenditure growth rate was -3.7%, an improvement from October's -9.8%, but still at a low level due to last year's low base [2][8] - The structure of expenditure showed a decline in infrastructure spending, with a cumulative growth rate of -7.7%, while social welfare spending increased by 8.1% [8] Group 3 - The government fund revenue continued to be under pressure from the real estate sector, with a year-on-year decline of 4.9% from January to November 2025, and a significant drop of 15.8% in November alone [7] - The income from land use rights transfer saw a narrowing decline of 26.8%, indicating ongoing weakness in real estate demand [7] - Non-tax revenue has been in negative growth since May, with November's year-on-year decline narrowing to 10.8% from 32.8% in October, but still constraining overall revenue growth [6][7]