11月经济数据：供需分化再现，仍待政策接力

Economic Overview - November GDP growth rate estimated at 5.6%, aligning with the annual target of 5%[3] - Industrial value added increased by 6.0% in November, driven by "two new" policies and strong manufacturing performance[9] Consumption Trends - Retail sales in November grew by 3% year-on-year, down from 4.8% in October, influenced by the pre-Double Eleven shopping festival[19] - Major consumer goods like home appliances and furniture saw significant growth, with retail sales increasing by 22.2% and 10.5% respectively[19] Infrastructure Investment - Infrastructure investment growth remains stable at 4.2% year-to-date, with water conservancy investment reaching a record high of 40.9%[36] - Special bonds and long-term treasury bonds have been largely issued, with a focus on the timing and amount of upcoming special bond allocations[36] Real Estate Market - Real estate investment declined by 10.4% year-to-date, with November showing a marginal improvement in sales area growth, marking the first positive year-on-year growth in 17 months[19] - The land transaction area increased by 20.2% month-on-month, indicating a potential recovery in the real estate sector[19] Manufacturing Sector - Manufacturing investment growth remained steady at 9.3%, with high-tech industries showing a slight decline in growth rates[33] - Equipment manufacturing value added increased by 7.6%, with rail and aerospace sectors leading growth despite a slight decrease in overall growth rates[33]