分地区看，东部地区投资同比下降6.6%，中部地区投资下降1.7%，西部地区投资下降0.2%，东北地区投资下降14.0%。 分登记注册类型看，内资企业固定资产投资同比下降2.6%，港澳台企业固定资产投资下降2.2%，外商企业固定资产投资下降14.1%。 2025年1-11月份，全国固定资产投资（不含农户）444035亿元，同比下降2.6%（按可比口径计算）。其中，民间固定资产投资同比下降5.3%。从环比看，11 月份固定资产投资（不含农户）下降1.03%。 分产业看，第一产业投资8770亿元，同比增长2.7%；第二产业投资162243亿元，增长3.9%；第三产业投资273022亿元，下降6.3%。 第二产业中，工业投资同比增长4.0%。其中，采矿业投资增长4.0%，制造业投资增长1.9%，电力、热力、燃气及水生产和供应业投资增长10.7%。 第三产业中，基础设施投资（不含电力、热力、燃气及水生产和供应业）同比下降1.1%。其中，管道运输业投资增长16.8%，水上运输业投资增长8.9%，铁 路运输业投资增长2.7%。 责编：钟薇依淼、李雪钦 | 指 标 | 同比增长(%) | | --- | --- | | 固定 ...

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - Fixed asset investment growth in China has further declined, with a cumulative year-on-year decrease of 2.6% for January to November 2025, a drop of 0.9 percentage points compared to the previous period [2][3]. - Traditional infrastructure investment has seen an expanded decline, necessitating measures to stabilize investment. Infrastructure investment (including all categories) grew by only 0.1% year-on-year, down 1.4 percentage points from the previous month [4]. - Real estate investment remains low, with a year-on-year decrease of 15.9% for January to November 2025, indicating a weak recovery trajectory [11]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is -2.6%, with manufacturing investment showing a slight increase of 1.9% [2][3]. - The decline in traditional infrastructure investment has intensified, with significant drops in various sectors, including transportation and public facilities [4]. Infrastructure Investment - Infrastructure investment (excluding electricity) has decreased by 1.1% year-on-year, with notable declines in transportation and environmental management sectors [4]. - Regional investment disparities are evident, with the eastern region experiencing a 6.6% decline year-on-year [4]. Real Estate Investment - Real estate investment has decreased by 15.9% year-on-year, with construction starts down by 20.5% and completions down by 18.0% [11]. - The report anticipates a slow recovery in real estate investment due to challenges in inventory replenishment and supply chain issues [11]. Investment Recommendations - The report suggests that in 2026, industry investment is expected to stabilize, with emerging sectors likely to benefit from national strategic initiatives [15]. - Specific companies are highlighted for potential investment, including Sichuan Road and Bridge, China Chemical, and others in the new infrastructure and overseas markets [15].

与生产端"热"形成对比的是需求端"冷"。11月社会消费品零售总额同比仅增1.3%，环比回落0.4个百分 点，创年内新低。网上实物商品零售额虽保持5.7%的增速、占比升至25.9%，但未能对冲线下疲软。记 者获悉，消费乏力背后，是居民收入预期走弱与"预防式"储蓄抬头：前11个月居民存款再增超10万亿 元，五年累计新增逾60万亿元，余额已突破165万亿元。如何"唤醒"巨额储蓄，成为政策新命题。 "在工资性收入提升难度加大的背景下，提高居民财产性收入是撬动消费更快回升的关键。"某权威政策 研究机构人士向记者表示。目前，房价上涨预期已逆转，资本市场被寄予"接棒"厚望。数据显示，上证 综指年内已站上4000点，权益类公募基金前11个月销量突破5000亿元，占比首次超过固收类；全年新增 股民账户超2500万户，月均开户200万户，居民资产正呈现"存款—理财—权益"大迁徙。 投资端亦在"探底"。1—11月全国固定资产投资同比下降2.6%，若剔除房地产开发投资，则微增0.8%。 房地产下拉作用明显：开发投资同比深跌15.9%，连续三年负增长，拖累整体投资。业内预计，2026 年"收储+限供"政策有望加速落地，叠加保交楼资金闭 ...

第二产业中，工业投资同比增长4.0%。其中，采矿业投资增长4.0%，制造业投资增长1.9%，电力、热 力、燃气及水生产和供应业投资增长10.7%。 第三产业中，基础设施投资（不含电力、热力、燃气及水生产和供应业）同比下降1.1%。其中，管道 运输业投资增长16.8%，水上运输业投资增长8.9%，铁路运输业投资增长2.7%。 分地区看，东部地区投资同比下降6.6%，中部地区投资下降1.7%，西部地区投资下降0.2%，东北地区 投资下降14.0%。 1-11月全国固定资产投资降幅较前值进一步扩大，不过第二产业中工业投资同比增长4.0%，其中采矿业 投资增长4.0%，制造业投资增长1.9%，电力、热力、燃气及水生产和供应业投资增长10.7%。 国家统计局12月15日数据显示，2025年1—11月份，全国固定资产投资（不含农户）444035亿元，同比 下降2.6%。其中，民间固定资产投资同比下降5.3%。从环比看，11月份固定资产投资（不含农户）下 降1.03%。 分产业看，第一产业投资8770亿元，同比增长2.7%；第二产业投资162243亿元，增长3.9%；第三产业 投资273022亿元，下降6.3%。 市场有风 ...

文/张智 12月15日，国家统计局发布数据显示，1—11月份，全国固定资产投资（不含农户）444035亿元，同比 下降2.6%。其中，民间固定资产投资同比下降5.3%。从环比看，11月份固定资产投资（不含农户）下 降1.03%。 分地区看，东部地区投资同比下降6.6%，中部地区投资下降1.7%，西部地区投资下降0.2%，东北地区 投资下降14.0%。 分登记注册类型看，内资企业固定资产投资同比下降2.6%，港澳台企业固定资产投资下降2.2%，外商 企业固定资产投资下降14.1%。 编辑：徐芸茜 第二产业中，工业投资同比增长4.0%。其中，采矿业投资增长4.0%，制造业投资增长1.9%，电力、热 力、燃气及水生产和供应业投资增长10.7%。 第三产业中，基础设施投资（不含电力、热力、燃气及水生产和供应业）同比下降1.1%。其中，管道 运输业投资增长16.8%，水上运输业投资增长8.9%，铁路运输业投资增长2.7%。 分产业看，第一产业投资8770亿元，同比增长2.7%；第二产业投资162243亿元，增长3.9%；第三产业 投资273022亿元，下降6.3%。 ...

Group 1 - The core viewpoint of the news is that despite a decline in fixed asset investment growth, key sectors continue to see investment growth, supported by policies aimed at expanding domestic demand and upgrading industries [1][2][3] Group 2 - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year in the first 11 months of the year, while project investment excluding real estate development increased by 0.8% [1] - Investment in emerging sectors showed strong growth, with general equipment manufacturing investment rising by 8.9% year-on-year, and investments in automotive manufacturing and transportation equipment manufacturing increasing by 15.3% and 22.4%, respectively [1] - Investment in renewable energy sources such as solar, wind, nuclear, and hydropower grew by 7.4%, while information service industry investment surged by 29.6% [1] Group 3 - Traditional industries also saw investment expansion, with petroleum, coal, and other fuel processing industries, as well as chemical fiber manufacturing, growing by 23.6% and 12.1%, respectively [2] - The rapid development of online retail has led to increased investments in related services, with accommodation and catering, as well as wholesale and retail industries, both growing by 7.1% [2] - Investment in public infrastructure increased, with power and heat production and supply, as well as water transportation, growing by 12.5% and 8.9%, respectively [2] Group 4 - The government is focusing on enhancing investment efficiency and stimulating private investment, with measures introduced to promote investment growth [3] - Future investment potential remains significant, with a need for continued investment in education, healthcare, housing, and public services to meet the needs of the population [3] - The government aims to optimize investment structure, improve the investment environment, and further stimulate private investment to promote high-quality economic development [3]

会上，付凌晖介绍，1-11月份，全国固定资产投资（不含农户）444035亿元，同比下降2.6%；扣除房地产开发投资，全国固定资产投资增长 0.8%。 分领域看，基础设施投资同比下降1.1%，制造业投资增长1.9%，房地产开发投资下降15.9%。全国新建商品房销售面积78702万平方米，同比 下降7.8%；新建商品房销售额75130亿元，下降11.1%。 分产业看，第一产业投资同比增长2.7%，第二产业投资增长3.9%，第三产业投资下降6.3%，民间投资同比下降5.3%；扣除房地产开发投资， 民间投资下降0.7%。高技术产业中，信息服务业，航空、航天器及设备制造业投资同比分别增长29.6%、19.7%。11月份，固定资产投资（不 含农户）环比下降1.03%。 12月15日，国务院新闻办公室举行新闻发布会，国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖介绍2025年11月份国民经 济运行情况，并答记者问。 ▲示意图 图据图虫创意 ...

Group 1: Fixed Asset Investment - National fixed asset investment decreased by 2.6% year-on-year from January to November, with the decline widening by 0.9 percentage points compared to the previous ten months [1] - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) fell by 1.1% year-on-year, with the decline expanding by 1.0 percentage points compared to the first ten months [2] - The central economic work conference proposed measures to "stop the decline and stabilize investment," including increasing central budget investment and optimizing local government special bond management [4] Group 2: Real Estate Investment - National real estate development investment dropped by 15.9% year-on-year from January to November, with the decline widening by 1.2 percentage points compared to the previous ten months [4] - New commercial housing sales area was 78,702 million square meters, down 7.8% year-on-year; sales amount was 75,130 billion yuan, a decrease of 11.1% [5] - The decline in real estate investment is attributed to weakened support measures and cash flow issues in the market, leading to a lack of confidence among developers [5][6] Group 3: Manufacturing Investment - Manufacturing investment grew by 1.9% year-on-year from January to November, but the growth rate fell by 0.8 percentage points compared to the previous ten months [6] - The decline in manufacturing investment growth is influenced by external economic conditions, constraints on overcapacity industries, and reduced impact from last year's large-scale equipment updates [6] - The current downturn is seen as a necessary adjustment after years of rapid growth in manufacturing investment, with expectations of negative growth in December [6]

第二产业中，工业投资同比增长4.0%。其中，采矿业投资增长4.0%，制造业投资增长1.9%，电力、热 力、燃气及水生产和供应业投资增长10.7%。 第三产业中，基础设施投资(不含电力、热力、燃气及水生产和供应业)同比下降1.1%。其中，管道运输 业投资增长16.8%，水上运输业投资增长8.9%，铁路运输业投资增长2.7%。 中新网12月15日电 据国家统计局网站消息，2025年1—11月份，全国固定资产投资(不含农户)444035亿 元，同比下降2.6%(按可比口径计算)。其中，民间固定资产投资同比下降5.3%。从环比看，11月份固定 资产投资(不含农户)下降1.03%。 图片来源：国家统计局网站 分产业看，第一产业投资8770亿元，同比增长2.7%；第二产业投资162243亿元，增长3.9%；第三产业 投资273022亿元，下降6.3%。 分地区看，东部地区投资同比下降6.6%，中部地区投资下降1.7%，西部地区投资下降0.2%，东北地区 投资下降14.0%。 分登记注册类型看，内资企业固定资产投资同比下降2.6%，港澳台企业固定资产投资下降2.2%，外商 企业固定资产投资下降14.1%。 ...

11月份全国固定资产投资基本情况 2025年1—11月份，全国固定资产投资（不含农户）444035亿元，同比下降2.6%（按可比口径计算，详 见附注7）。其中，民间固定资产投资同比下降5.3%。从环比看，11月份固定资产投资（不含农户）下 降1.03%。 分产业看，第一产业投资8770亿元，同比增长2.7%；第二产业投资162243亿元，增长3.9%；第三产业 投资273022亿元，下降6.3%。 第二产业中，工业投资同比增长4.0%。其中，采矿业投资增长4.0%，制造业投资增长1.9%，电力、热 力、燃气及水生产和供应业投资增长10.7%。 第三产业中，基础设施投资（不含电力、热力、燃气及水生产和供应业）同比下降1.1%。其中，管道 运输业投资增长16.8%，水上运输业投资增长8.9%，铁路运输业投资增长2.7%。 分地区看，东部地区投资同比下降6.6%，中部地区投资下降1.7%，西部地区投资下降0.2%，东北地区 投资下降14.0%。 分登记注册类型看，内资企业固定资产投资同比下降2.6%，港澳台企业固定资产投资下降2.2%，外商 企业固定资产投资下降14.1%。 2025年1—11月份固定资产投资（不含 ...