11月消费和投资增速放缓，经济复苏仍需政策支持

Economic Performance - In November, the year-on-year growth rate of retail sales of consumer goods dropped significantly from 4.8% in October to 3.0%, below the market expectation of 5.0%[1] - Fixed asset investment growth rate fell to 3.3% in November, down from 3.4% in October, also below the expected 3.5%[1] - The cumulative year-on-year decline in real estate investment expanded to -10.4% in November, while new construction area also saw a decline of -23.0%[1] Consumer Trends - Retail sales of automobiles increased by 2.9 percentage points to 6.6%, while home appliance sales dropped to 22.2% from 39.2% in October[1] - The retail sales growth of cosmetics saw a significant decline of 26.4%, while communication equipment retail sales fell by 22.1 percentage points to -7.7%[1] - Service retail maintained stability with a cumulative year-on-year growth rate of 6.4% in November, and restaurant retail sales increased by 0.8 percentage points to 4.0%[1] Policy Outlook - The central economic work conference emphasized the need for more proactive macro policies to stabilize the economy and promote inflation, with a focus on expanding domestic demand[6] - The expected economic growth target for 2025 is likely to be set around 5% to highlight the commitment to stable growth[6] - The government plans to increase the budget deficit ratio to 3.5%-4.0% and the issuance of special bonds to 4.2-4.5 trillion yuan in 2024[6]