11月经济数据与金融数据分析：经济仍处于局部修复阶段

Consumption - In November, the total retail sales of consumer goods increased by 3.0% year-on-year, down from 4.8% in the previous month[4] - The retail sales of catering services rose by 4.0% year-on-year, compared to 3.2% previously, while commodity retail sales increased by 2.8%, down from 5.0%[4] - Retail sales of limited enterprises showed a significant decline, with a year-on-year growth of only 1.2%, down from 6.8%[4] Fixed Asset Investment - From January to November, fixed asset investment accumulated a year-on-year growth of 3.3%, slightly down from 3.4% in the previous period[4] - Infrastructure investment maintained stability with a year-on-year growth of 9.39%, while real estate development investment saw a decline of 10.4%[4] - Private investment showed a year-on-year growth of only 0.4%, indicating a continued contraction in this sector[4] Real Estate Market - The year-on-year decline in the second-hand housing price index narrowed to -8.5% in November, compared to -8.9% previously[5] - The cumulative year-on-year decline in real estate development funding sources was -18.0%, improving from -19.2%[5] - New housing starts, construction area, and completed area all showed significant year-on-year declines of -23.0%, -12.7%, and -26.2% respectively[5] Industrial and Service Production - The industrial added value increased by 5.4% year-on-year in November, slightly up from 5.3% in the previous month[5] - The service production index showed a year-on-year increase of 6.1%, down from 6.3% previously, indicating a slowdown in service sector growth[5] Monetary and Financial Data - M1 decreased by 3.7% year-on-year, improving from a decline of 6.1% in the previous month, while M2 growth fell to 7.1% from 7.5%[5] - The year-on-year growth of the total social financing stock remained stable at 7.8%, with the RMB loan balance declining by 7.4%[5] - Local government bond growth remained steady at 15.2%, indicating stable financing conditions[5]