2025年全年全国固定资产投资（不含农户）485186亿元 同比下降3.8%

Core Insights - The National Bureau of Statistics reported a 3.8% year-on-year decline in national fixed asset investment (excluding rural households) for 2025, totaling 48,518.6 billion yuan [1] - Excluding real estate development investment, national fixed asset investment decreased by 0.5% [1] Investment Breakdown - Infrastructure investment fell by 2.2% [1] - Manufacturing investment saw a slight increase of 0.6% [1] - Real estate development investment experienced a significant decline of 17.2% [1] Real Estate Market - The sales area of newly built commercial housing reached 88,101 million square meters, down 8.7% [1] - The sales revenue from newly built commercial housing was 83,937 billion yuan, a decrease of 12.6% [1] Sector Performance - Investment in the primary industry grew by 2.3% [1] - Investment in the secondary industry increased by 2.5% [1] - Investment in the tertiary industry declined by 7.4% [1] Private Investment Trends - Private investment decreased by 6.4% [1] - Excluding real estate development investment, private investment fell by 1.9% [1] High-Tech Industry - In high-tech industries, investment in information services grew by 28.4% [1] - Investment in aerospace and equipment manufacturing increased by 16.9% [1] Monthly Trends - In December, fixed asset investment (excluding rural households) experienced a month-on-month decline of 1.13% [1]