Group 1 - The core viewpoint of the report indicates that China's economy continues to develop steadily, characterized by "demand decline and stable production" as of November [2] - Retail sales growth has shown a declining trend, with a year-on-year growth rate of 1.3% in November, down 1.6 percentage points from the previous value, marking six consecutive months of marginal slowdown [8] - Service consumption remains robust, while smart economy consumption, such as smart wearables and digital consumption, exhibits high growth potential [2][8] Group 2 - Fixed asset investment has seen a cumulative year-on-year decline of 2.6% from January to November, with the real estate market undergoing deep adjustments and construction investment growth in negative territory [15] - The average price of commercial housing in November was 9096.64 yuan per square meter, a year-on-year decrease of 9.94%, indicating a bottoming process in housing prices [16] - Industrial value-added growth remained relatively stable at 4.8% year-on-year in November, with mining and high-tech industries showing significant growth [28]
服务消费稳固，智能经济消费展现高成长性
China Post Securities·2025-12-16 08:54