产品消化跟不上生产扩张

Group 1: Economic Performance Insights - The overall economic performance in November shows a focus on production, with industrial value added increasing due to manufacturing efforts[7] - The manufacturing PMI recorded 52.4% in November, indicating continued recovery in industrial value added for the third consecutive month[8] - However, product digestion has not kept pace with production expansion, as evidenced by a decline in corporate sales rates compared to previous values and last year[10] Group 2: Retail and Consumption Trends - November retail sales showed a decline, attributed to the pre-positioning of promotions, with a year-on-year growth of 4.6% falling short of market expectations[14] - The logistics data also indicated a shift, with postal express collection volume growing by 24.9% year-on-year, down from 33.9% in October[14] - Despite the apparent weakness in retail sales, the overall performance aligns with seasonal changes, supported by policies encouraging upgrades[15] Group 3: Investment Dynamics - Investment growth has not followed production recovery, with fixed asset investment growth falling to 3.3% in November, indicating a mismatch between production and demand[19] - Real estate investment continues to decline, reflecting weak sales volumes that have not yet translated into construction activity[19] - There is cautious optimism for infrastructure investment in the coming year, supported by government initiatives aimed at boosting investment[24]