研究院专题报告：11月生产同比小幅扩张、消费同比略有回落

Investment and Economic Growth - National fixed asset investment from January to November increased by 3.3%, slightly below the market expectation of 3.4%[1] - Real estate development investment decreased by 10.4% year-on-year in the same period, continuing a downward trend[1] - Broad infrastructure investment (including electricity) grew by 9.7% in November, while manufacturing investment rose by 9.3%[1] Real Estate Market - New commercial housing sales area fell by 14.3% year-on-year from January to November, but the decline narrowed from 15.8% in the previous period[4] - In November, 30 major cities saw a 20% increase in commercial housing sales area, marking the first month of positive year-on-year growth this year[4] - The national second-hand housing price index decreased by 1.13% from October to December, indicating ongoing price stabilization[7] Industrial and Consumer Performance - Industrial added value increased by 5.4% year-on-year in November, surpassing the market expectation of 5.2%[10] - Retail sales of consumer goods grew by 3.0% year-on-year in November, falling short of the expected 5.3%[10] - The service industry production index rose by 6.1% year-on-year in November, slightly down from 6.3% in the previous month[12] Employment and Economic Outlook - The urban unemployment rate remained stable at 5.0% in November, with a slight decrease in the unemployment rate for migrant agricultural workers[12] - Overall, China's economy showed signs of rebound in November, with expectations of achieving a 5% growth target for the year remaining feasible[12]