11月经济数据点评：经济平稳复苏 政策持续加码

Economic Growth Indicators - In November, industrial added value increased by 5.4% year-on-year, slightly above the expected 5.2% and the previous month's 5.3%[5] - Social retail sales in November grew by 3.0%, below the expected 5.3% and the previous month's 4.8%[5] - From January to November, fixed asset investment accumulated a year-on-year growth of 3.3%, slightly below the expected 3.4%[5] Production Sector Performance - The manufacturing sector saw a 5.4% year-on-year increase in industrial added value, with a two-year average growth rate of 6.0%, the highest in seven months[6] - Equipment manufacturing grew by 7.6%, contributing nearly 50% to the industrial added value growth[6] - In November, automobile production increased by 15.2%, with new energy vehicle production rising by 51.1%[6] Consumption Trends - The average two-year growth rate for social retail sales was 6.5%, the highest in six months, despite a year-on-year growth of only 3.0% in November[8] - Service retail sales grew faster than goods retail sales, with service retail up 6.4% year-on-year from January to November, outpacing goods retail by 3.2 percentage points[9] Investment Insights - Fixed asset investment saw a slight decline, with a year-on-year decrease of 0.1 percentage points from January to October, primarily due to real estate investment pressures[10] - Infrastructure investment remained stable, with broad and narrow infrastructure investments growing by 9.4% and 4.2% respectively from January to October[11] Real Estate Market Dynamics - Real estate development investment fell by 10.4% year-on-year from January to November, marking a new low for the year[12] - However, commodity housing sales showed signs of improvement, with November sales area and sales amount achieving positive growth[12] Risks and Challenges - Potential risks include unexpected central bank adjustments, inflation, trade tensions, and geopolitical uncertainties, which could impact economic recovery[3][14]