固定收益点评报告：中长期关注内需改善

Report Overview - The report focuses on the economic data of November 2025 and provides asset allocation views, suggesting long - term attention to the improvement of domestic demand [1][4] Key Economic Data in November 2025 Production - The value - added of industrial enterprises above the designated size increased by 4.8% in November 2025, with the previous value being 4.9%. High - tech manufacturing was the main driving force. The growth rate of export delivery value was - 0.1%, significantly improved from the previous value of - 2.1%. The national service production index increased by 4.2% year - on - year, declining for 6 consecutive months, and optional consumption needed policy stimulus [1] Consumption - The total retail sales of consumer goods increased by 1.3% year - on - year in November, dropping for the 6th consecutive month and down 1.6 percentage points from the previous value. Rural areas were significantly better than urban areas. Catering revenue increased by 3.2%, maintaining a relatively high level since the second half of last year. The retail sales growth rates of communication equipment, cultural and office supplies, gold and silver jewelry, cosmetics, and grain and oil foods were above 6%. However, the sales of home appliances and building materials in the real - estate post - cycle declined sharply, and the decline of automobiles and petroleum products widened [2] Fixed - Asset Investment - The growth rate of national fixed - asset investment declined further in November, with a year - on - year decrease of 2.6% (previous value: - 1.7%). The growth rate of manufacturing investment was 1.9%, down 0.8 pct from the previous value. The transportation equipment such as railway, ship, and aerospace, automobile manufacturing, and agricultural and sideline food processing had relatively high growth rates. The growth rate of narrow - sense infrastructure investment was - 1.1% (previous value: - 0.1%), and the real - estate fixed - asset investment growth rate continued to decline to - 15.9% (previous value: - 14.7%). The year - on - year growth rate of private investment was - 5.3% (previous value: - 4.5%) [3] Asset Allocation Views - In November, production was stable, optional consumption and investment were under pressure, external demand improved, and high - tech industries were local highlights. The Central Economic Work Conference made "expanding domestic demand" the top priority for economic work in 2026. In the stage of development transformation, long - term attention should be paid to the endogenous repair of domestic demand areas such as consumption and investment, as well as price data [4]