11月经济数据点评：结构延续分化，内需有待加力

Production - In November 2025, the industrial added value of large-scale industries grew by 4.8% year-on-year, a slight decrease of 0.1 percentage points from the previous month[1] - The mining industry recorded a growth of 6.3%, outperforming manufacturing at 4.6% and water, electricity, and gas at 4.3%, indicating ongoing reliance on traditional resource sectors[12] - The sales rate of industrial products fell to 96.5%, reflecting a misalignment between production expansion and end demand[13] Consumption - The total retail sales of consumer goods in November 2025 increased by 1.3% year-on-year, marking a decline of 1.6 percentage points from October, the lowest monthly growth since December 2022[2] - Service retail sales grew by 5.4% year-on-year from January to November, indicating a shift towards service-oriented consumption[16] - Online retail sales of physical goods increased by 5.7%, accounting for 25.9% of total retail sales, highlighting the impact of digital consumption trends[17] Investment - From January to November 2025, national fixed asset investment (excluding rural households) decreased by 2.6%, with a widening decline of 0.9 percentage points compared to the previous period[5] - Real estate investment saw a cumulative decline of 15.9%, with housing sales area and sales amount both decreasing by 7.8% and 11.1% respectively, continuing a negative growth trend for 43 months[25] - Manufacturing investment fell by 0.8 percentage points to 1.9%, with a monthly decline of 4.5%, reflecting ongoing challenges in the sector[24] Economic Outlook - The economic data for November indicates that insufficient effective demand remains the primary contradiction in the economy, opening up further space for policy support[27] - Future policies to boost domestic demand are expected to focus on enhancing employment, increasing residents' income, and improving social security[28]