2024年11月经济数据点评：地产销售同比转涨，消费增速边际回落

Economic Performance - Industrial production maintained stability with a year-on-year growth of 5.8% from January to November, consistent with the previous month[1] - In November, the industrial added value increased by 5.4% year-on-year, up 0.1 percentage points from October, marking three consecutive months of growth[1] - Manufacturing value added rose to 6.0%, an increase of 0.6 percentage points compared to October[1] Investment Trends - Fixed asset investment (excluding rural households) grew by 3.3% year-on-year from January to November, slightly below market expectations[1] - Narrowly defined infrastructure investment increased by 4.2%, while broadly defined infrastructure investment rose by 9.39%, accelerating by approximately 0.4 percentage points from the previous month[1] - Real estate development investment decreased by 10.4% year-on-year, with a narrowing decline of 0.1 percentage points compared to the previous month[3] Consumer Behavior - Social retail sales grew by 3.5% year-on-year from January to November, with November's growth at 3.0%, down 1.8 percentage points from October[5] - The retail sales of building and decoration materials turned positive for the first time in eight months, increasing by 2.9% year-on-year in November[5] - Service retail sales maintained a robust growth rate of 6.4% year-on-year, outpacing goods retail sales by 3.2 percentage points[5] Real Estate Market - The commodity housing sales area and sales amount turned from declines of 1.6% and 1% in October to increases of 3.2% and 1% in November[3] - The National Housing Prosperity Index rose to 92.62 in November, marking a continuous increase for seven months[3] - High-frequency data indicated that the cumulative transaction area of commodity housing in 30 major cities reached approximately 611.19 million square meters by mid-December, surpassing last year's 524.81 million square meters[3]