11月经济数据点评：化解供强需弱矛盾需进一步扩大内需

Economic Growth Trends - In November, industrial value added grew by 4.8% year-on-year, slightly down from 4.9% in October[1] - The service production index increased by 4.2% year-on-year in November, a decrease from 4.6% in October[1] - Overall economic growth momentum has weakened, with both industrial and service sectors falling below 5% growth since Q4[1] Consumer Spending and Retail Performance - Social retail sales grew by only 1.3% year-on-year in November, down from 2.9% in October[1] - Online retail sales increased by 1.5% year-on-year in November, significantly lower than the 4.9% growth in October[1] - The "Double Eleven" shopping festival saw reduced consumer engagement, impacting retail performance[1] Investment and Real Estate Market - Fixed asset investment fell by 2.6% cumulatively from January to November, with a 12% decline in November alone[2] - Real estate development investment dropped by 30.3% year-on-year in November, indicating a worsening trend[2] - The sales area of commercial housing decreased by 17.3% year-on-year in November, with sales revenue down by 25.1%[2] Policy Recommendations - The central economic work conference emphasized the need for stronger domestic demand to address the supply-demand imbalance[3] - Plans for 2026 include more proactive fiscal and monetary policies to stimulate consumption and stabilize investment[3] - Risks include potential trade frictions and continued declines in the real estate market, which may affect policy effectiveness[3]