EBSCN·2025-12-15 14:50Consumption - In November 2025, the year-on-year growth rate of social retail sales was 1.3%, below the expected 2.9%, marking the lowest point since February 2023[3] - The decline in consumption is attributed to last year's "trade-in" policy raising the base, and a decrease in service consumption after the long holiday[2] - The retail sales of five categories involved in the "trade-in" policy saw a decline, with home appliances and furniture experiencing negative year-on-year growth[4] Investment - From January to November 2025, fixed asset investment showed a cumulative year-on-year decrease of 2.6%, worse than the expected decrease of 2.2%[5] - In November, the year-on-year decline in fixed asset investment was -11.1%, with manufacturing investment improving slightly to -4.4%[13] - Infrastructure investment continued to decline, with narrow and broad infrastructure showing year-on-year decreases of -9.7% and -12.0%, respectively[19] Real Estate - In November 2025, the year-on-year growth rate of national commodity housing sales fell to -26.1%, down from -25.1% in October[23] - Real estate development investment saw a significant decline, with a year-on-year decrease of -31.4% in November, reaching a low level[23] - The two-year compound growth rate for commodity housing sales area improved slightly, from -11.1% in October to -7.9% in November[23]