经济数据点评：工业生产小幅加快、地产回稳势头增强

Economic Growth - In November, the industrial added value of large-scale industries increased by 5.4% year-on-year, a slight rise of 0.1 percentage points from the previous month[4] - The manufacturing sector's added value grew by 6.0% in November, up from 5.4% in October, while mining and electricity sectors saw a slowdown[18] - High-tech manufacturing maintained rapid growth with an added value increase of 7.8%, outperforming the overall industrial growth by 2.4 percentage points[21] Consumer Spending - The total retail sales of consumer goods reached 43,763 billion yuan in November, growing by 3.0% year-on-year, but the growth rate slowed by 1.8 percentage points compared to the previous month[23] - Restaurant revenue increased by 4.0% in November, up from 3.2% in October, indicating a slight acceleration in consumer spending in the food service sector[28] - The "old-for-new" consumption policy showed significant effects, with retail sales of home appliances and furniture growing by 22.2% and 10.5% respectively[29] Investment Trends - From January to November, fixed asset investment (excluding rural households) totaled 465,839 billion yuan, with a year-on-year growth of 3.3%, slightly down by 0.1 percentage points from the previous ten months[32] - Manufacturing investment grew by 9.3%, exceeding the overall investment growth by 6.0 percentage points, while infrastructure investment (excluding electricity and water) saw a cumulative growth of 4.2%[38] - Real estate development investment in November showed a year-on-year decline of 11.6%, but the rate of decline narrowed by 0.7 percentage points from October[42] Real Estate Market - The sales area of commercial housing in November increased by 3.2% year-on-year, marking the first positive growth since May 2023[46] - The average price of new residential properties in 70 large and medium-sized cities showed a reduced decline, with a year-on-year drop of 0.20%[47] - New construction and completion areas in the real estate sector saw a year-on-year decline of 23.0% and 26.2% respectively, indicating ongoing challenges in the market[42] Risk Factors - Potential risks include unexpected geopolitical tensions, macroeconomic performance falling short of expectations, and significant fluctuations in overseas markets[6]