制造业中，汽车、拖车和半挂车制造业产值同比增长57.7%，计算机和电子设备制造业产值同比增 长4.4%，木材加工业产值同比增长1%；家具制造业产值同比下降4.3%，食品制造业产值同比下降 4.1%，金属制品制造业产值同比下降0.7%，电气设备制造业产值同比下降0.1%。 （原标题：爱沙尼亚2025年11月工业生产同比增长3.4%） 据爱沙尼亚统计局数据，按不变价格计算，2025年11月份，爱沙尼亚工业总产值同比增长3.4%。 三大主要行业中，采矿业产值同比增长10%，制造业产值同比增长4.5%，能源业产值同比下降8.7%。 ...

Group 1: A-Share Strategy - The report anticipates a "good start" for A-shares after the New Year, driven by the recent gains in Hong Kong stocks and the A50 index, suggesting a high probability of a positive market opening [2][3] - The report highlights three key factors that previously supported the continuous rise of A-shares: the A500 ETF's volume and price increase, the sustained strength of optical modules, and the booming commercial aerospace sector, though their continuation post-holiday remains uncertain [2][3] - The recommendation is to maintain current positions and avoid chasing prices, while being prepared to increase allocations if a buying opportunity arises similar to the "golden pit" seen in early 2025 [2][3] Group 2: Macroeconomic Outlook - The macroeconomic analysis predicts a GDP growth rate of 4.6% year-on-year for Q4 2025, indicating a strong production sector and moderate demand recovery [4] - Economic activities in December are expected to accelerate, supported by both domestic and external demand, with a reasonable chance of achieving the annual growth target of around 5% [4] - Industrial production is identified as a key driver of growth, while consumer spending is projected to see a slight recovery, although automotive sales are expected to face challenges due to declining volumes and increased discounts [4]

Economic Performance Overview - Beijing's economy showed positive trends in industrial production, fixed asset investment, and consumer spending from January to November, with industrial added value increasing by 6.6% year-on-year [1] - The sales output of large-scale industries reached 24,819.3 billion yuan, growing by 6.7%, with domestic sales accounting for 22,893.1 billion yuan, also up by 6.7% [1] Industrial Growth - Key industries such as computer, communication, and other electronic equipment manufacturing grew by 22.3%, while automotive manufacturing increased by 17.1% [1] - Strategic emerging industries and high-tech manufacturing added value rose by 16.5% and 8.4% respectively, with significant production increases in new energy vehicles (150%), lithium-ion batteries (110%), wind power generators (37%), and service robots (21.7%) [1] Fixed Asset Investment - Fixed asset investment (excluding rural households) increased by 5.8%, with equipment purchase investment for expanding production capacity surging by 67.6%, representing 30.9% of total fixed asset investment [1] - Investment in high-tech industries grew by 43.2%, driven primarily by information transmission, software, and IT services, as well as scientific research and technical services [1] Consumer Market Improvement - The total consumption market in Beijing improved, with a year-on-year growth of 1.4%, reflecting a slight increase from the previous month [2] - The average growth of retail sales of consumer goods in October and November was 5.3%, marking the highest level of growth for the year [2]

11月份，全国规模以上工业增加值同比增长4.8%，环比增长0.44%。分三大门类看，采矿业增加值同比 增长6.3%，制造业增长4.6%，电力、热力、燃气及水生产和供应业增长4.3%。装备制造业增加值同比 增长7.7%，高技术制造业增加值增长8.4%，分别快于全部规模以上工业增加值2.9和3.6个百分点。分经 济类型看，国有控股企业增加值同比增长4.2%；股份制企业增长5.2%，外商及港澳台投资企业增长 3.4%；私营企业增长3.2%。分产品看，3D打印设备、工业机器人、新能源汽车产品产量同比分别增长 100.5%、20.6%、17.0%。1-11月份，全国规模以上工业增加值同比增长6.0%。11月份，制造业采购经 理指数为49.2%，比上月上升0.2个百分点；企业生产经营活动预期指数为53.1%，上升0.3个百分点。1- 10月份，全国规模以上工业企业实现利润总额59503亿元，同比增长1.9%。 ...

波通社11月24日报道，波兰中央统计局数据显示，10月份工业生产同比增长3.2%。环比增长5.4%；而 10月份工业生产价格同比下降2.2%，环比下降0.2%。 ...

Core Insights - The industrial production in the Federation of Bosnia and Herzegovina experienced a month-on-month increase of 3.2% in October 2025, with a year-on-year growth of 2.8% [1] Summary by Categories Overall Industrial Performance - The seasonally adjusted total industrial output showed a month-on-month increase of 3.2% and a year-on-year increase of 2.8% [1] Sector Performance - Energy production saw a significant month-on-month increase of 14.2% and a year-on-year surge of 22.9% - Non-durable consumer goods increased by 3.4% month-on-month but decreased by 6.4% year-on-year - Durable consumer goods experienced a month-on-month decline of 4.4% and a year-on-year drop of 21.3% - Capital goods decreased by 2.5% month-on-month but increased by 9.9% year-on-year [1] Key Growth Drivers - The main contributors to the month-on-month growth were electricity and gas supply, which rose by 15.3%, and mining and quarrying, which increased by 8.4% [1]

Core Insights - The EU industrial production showed a year-on-year increase of 1.8% and a month-on-month increase of 0.2% in July 2025 [1] - The highest monthly growth rates were recorded in Croatia (+2.6%), Hungary, and Slovenia (both +2.1%), while the largest declines were in Estonia (-5.5%), Malta (-4.7%), and Sweden (-3.9%) [1] - Year-on-year comparisons reveal a decline in intermediate products (-0.7%) and energy (-0.6%), while capital goods increased by 2.4%, durable goods decreased by 0.3%, and non-durable goods rose by 5.2% [1] Monthly Performance - In July 2025, intermediate products increased by 0.3%, energy decreased by 2.1%, capital goods rose by 0.9%, durable goods increased by 0.6%, and non-durable goods grew by 1.3% compared to June 2025 [1] - The countries with the highest monthly growth were Croatia, Hungary, and Slovenia, while Estonia, Malta, and Sweden experienced the most significant declines [1] Yearly Performance - Compared to July 2024, intermediate products decreased by 0.7%, energy fell by 0.6%, capital goods increased by 2.4%, durable goods decreased by 0.3%, and non-durable goods increased by 5.2% [1] - The countries with the highest year-on-year growth were Latvia (+9.8%), Ireland (+8.1%), and Sweden (+4.1%), while Bulgaria (-8.3%), Luxembourg (-4.7%), and Slovakia (-4.6%) saw the largest declines [1]

Group 1: Coal, Oil, and Natural Gas Production - In August, the production of raw coal in large-scale industries decreased by 3.2% year-on-year, with a total output of 390 million tons, a reduction in the decline by 0.6 percentage points compared to July [2] - The cumulative production of raw coal from January to August reached 3.17 billion tons, showing a year-on-year increase of 2.8% [2] - The production of crude oil in August increased by 2.4% year-on-year, totaling 18.26 million tons, with an acceleration of 1.2 percentage points compared to July [4] - From January to August, the total crude oil production was 144.86 million tons, reflecting a year-on-year growth of 1.4% [5] - The processing of crude oil in August rose by 7.6% year-on-year, amounting to 63.46 million tons [6] - The cumulative crude oil processing from January to August was 488.07 million tons, with a year-on-year increase of 3.2% [7] - Natural gas production in August reached 21.2 billion cubic meters, marking a year-on-year growth of 5.9% [10] - From January to August, the total natural gas production was 173.7 billion cubic meters, with a year-on-year increase of 6.1% [11] Group 2: Electricity Production - Electricity generation in large-scale industries in August was 936.3 billion kilowatt-hours, representing a year-on-year increase of 1.6% [13] - The average daily electricity generation exceeded 30.2 billion kilowatt-hours for the first time [13] - From January to August, the total electricity generation was 641.93 billion kilowatt-hours, with a year-on-year growth of 1.5% [13] - In August, wind power generation increased by 20.2%, while hydropower generation decreased by 10.1% [13] - Thermal power generation grew by 1.7%, but the growth rate slowed by 2.6 percentage points compared to July [13] - Nuclear power generation increased by 5.9%, with a deceleration of 2.4 percentage points from July [13] - Solar power generation rose by 15.9%, but the growth rate decreased by 12.8 percentage points compared to July [13]

Core Insights - Cyprus's industrial production index reached 115.9 points in June 2025, reflecting a year-on-year increase of 0.8% [1] - Overall industrial production grew by 3% in the first half of the year, indicating stable expansion [1] Industry Performance - Manufacturing sector experienced a year-on-year growth of 4.0% [1] - Mining and quarrying increased by 9.6% [1] - Water supply and waste management grew by 6.4% [1] - Electricity supply saw a significant decline of 18.2% [1] Notable Sub-sectors - Non-metallic mineral products surged by 12.9% [1] - Rubber and plastic products rose by 10.5% [1] - Electrical and optical equipment increased by 8.7% [1] - Wood and cork products grew by 8.3% [1] - Textile, clothing, and leather products declined by 9.4% [1] - Paper products and printing also fell by 9.4% [1] Cumulative Performance (January to June) - Electrical and optical equipment production increased by 12.7% [1] - Water supply sector grew by 9.6% [1] - Non-metallic mineral products rose by 9.0% [1] - Mining and quarrying increased by 8.2% [1] - Wood and cork products grew by 7.8% [1] - Paper products and printing experienced a decline of 13.5% [1] - Textile, clothing, and leather products decreased by 4.0% [1] - Petroleum refining and chemical pharmaceuticals fell by 1.3% [1] - Electricity supply also saw a decline [1]

Core Insights - Jinan's industrial production showed stable and rapid growth in the first half of 2025, with a year-on-year increase of 8.2% in industrial added value, outperforming national and provincial averages by 1.8 and 0.5 percentage points respectively [1] - The manufacturing sector in Jinan also experienced steady growth, with a 9.0% increase in added value, contributing significantly to the overall industrial growth [1] Group 1: Manufacturing Sector Performance - The added value of Jinan's manufacturing industry grew by 9.0% year-on-year, exceeding the overall industrial growth by 0.8 percentage points, and contributing 7.4 percentage points to the city's industrial growth [1] - Key industries such as computer communication and other electronic equipment manufacturing, as well as automobile manufacturing, saw substantial increases of 80.7% and 33.1% respectively, together contributing 9.9 percentage points to the overall industrial growth [1] - Conversely, the black metal smelting and rolling processing industry experienced a decline of 13.2% [1] Group 2: Key Sector Growth - The equipment manufacturing sector recorded a remarkable 24.8% increase in added value, significantly higher than the overall industrial and manufacturing growth rates by 16.6 and 15.8 percentage points respectively, contributing 11.0 percentage points to the overall industrial growth [3] - High-tech manufacturing also showed strong performance with a 25.0% increase in added value, surpassing the overall industrial growth rate by 16.8 percentage points and contributing 4.8 percentage points to the overall industrial growth [3] Group 3: Production and Sales Coordination - Jinan's industrial products maintained stable supply, with significant increases in production for key products such as new energy vehicles, which saw a doubling in output, and server production, which grew by 11.5% [3] - The production of generator sets increased by 42.7%, while crude steel and steel product outputs declined by 10.2% and 14.1% respectively [3] - The industrial sales rate in Jinan reached 98.8%, exceeding the provincial average by 4.4 percentage points, and showing improvements compared to both the previous quarter and the same period last year [3]