11月经济数据点评：回升态势延续，结构有所分化

Economic Performance - China's industrial added value in November increased by 5.4% year-on-year, slightly exceeding the market expectation of 5.2%[4] - The retail sales of consumer goods in November grew by 3.0% year-on-year, falling short of the expected 5.3% and down from 4.8% in October[4] - Fixed asset investment from January to November rose by 3.3% year-on-year, slightly below the expected 3.4%[4] Industrial Production - The mining industry saw a year-on-year increase of 4.2%, while manufacturing grew by 6.0%[9] - High-tech manufacturing increased by 7.8% year-on-year, continuing to outperform overall industrial growth[9] - Equipment manufacturing contributed nearly 50% to the growth of industrial added value, with a year-on-year increase of 7.6%[9] Consumer Spending - The decline in retail sales growth is attributed to the early promotion activities of "Double Eleven," which diverted consumer spending[11] - Restaurant income continued to recover, with a year-on-year increase of 4.0% in November, contrasting with a decline in goods retail[11] - Online retail sales of physical goods grew by 6.8% year-on-year from January to November, although this was a slowdown compared to previous months[11] Investment Trends - Manufacturing investment showed resilience, with a year-on-year growth of 9.3% from January to November, contributing 68.1% to total investment growth[24] - Infrastructure investment growth slowed, with a year-on-year increase of 3.4% in November, down from 5.8%[26] - Real estate development investment fell by 11.6% year-on-year in November, although sales showed signs of stabilization[31] Employment Situation - The urban survey unemployment rate remained stable at 5.0% in November, unchanged from the previous month[33] - The unemployment rate for migrant workers was 4.6%, showing a slight decrease from previous values[33] - Youth unemployment remains a concern, with pressures expected to increase due to a record number of college graduates next year[33]