■ 谢 岚 近日，国家统计局发布的最新数据显示，我国工业生产结构继续优化升级，工业高端化发展态势明显。 11月份，规模以上高技术制造业增加值同比增长8.4%，明显快于规模以上工业增加值增速。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%。 这组亮眼数据不仅彰显我国工业高端化"成色"十足，更折射出中国经济高质量发展的充沛动能与坚实底 气。工业作为实体经济的核心、经济稳定运行的"压舱石"，其高端化转型正成为驱动经济行稳致远的核 心引擎。 工业高端化为稳住经济大盘提供支撑。在部分传统产业增速放缓的背景下，高技术制造业凭借高创新 性、高附加值的核心特质，展现出极强的发展韧性。数据显示，今年前11个月，规模以上高技术制造业 增加值同比增长9.2%，远超规模以上工业增加值6%的整体增速。更关键的是，这种增长源于技术创新 驱动的全要素生产率提升，让经济动能更可持续、更具质量。 工业高端化的深入推进，为我国产业升级按下"加速键"。新能源汽车、光伏等产业实现全球领跑，3D 打印设备产量翻倍背后是高端装备制造领域的持续突破，工业机器人产能扩容则强力助推制造业向智能 化、自动化深度转 ...

工业高端化的深入推进，为我国产业升级按下"加速键"。新能源汽车、光伏等产业实现全球领跑，3D 打印设备产量翻倍背后是高端装备制造领域的持续突破，工业机器人产能扩容则强力助推制造业向智能 化、自动化深度转型……从关键产品突破到核心产业升级，我国高技术制造业在全球价值链中实现从跟 跑、并跑到领跑的跨越。 ■谢岚 近日，国家统计局发布的最新数据显示，我国工业生产结构继续优化升级，工业高端化发展态势明显。 11月份，规模以上高技术制造业增加值同比增长8.4%，明显快于规模以上工业增加值增速。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%。 这组亮眼数据不仅彰显我国工业高端化"成色"十足，更折射出中国经济高质量发展的充沛动能与坚实底 气。工业作为实体经济的核心、经济稳定运行的"压舱石"，其高端化转型正成为驱动经济行稳致远的核 心引擎。 工业高端化为稳住经济大盘提供支撑。在部分传统产业增速放缓的背景下，高技术制造业凭借高创新 性、高附加值的核心特质，展现出极强的发展韧性。数据显示，今年前11个月，规模以上高技术制造业 增加值同比增长9.2%，远超规模以上工业增加值6%的整体 ...

中国经济 新亮点。 4.8% 增速和上月相比 保持平稳 2025年11月 我国工业生产稳定增长 3组数据看亮点 国务院新闻办公室12月15日举行新闻发布会,介绍 2025年11月份国民经济运行情况。国家统计局有关 负责人表示,今年以来,工业生产对推动经济稳定 发展作出了重要贡献。从11月份情况来看,我国工 业生产总体保持稳中提质发展态势。 生产保持平稳增长 11月份 规模以上工业增加值 环比增长 同比增长 7.7% 0.44% 41个大类行业中 有30个行业增加值保持同比增长 占73.2% 623种主要产品中 有49.8%产品产量保持增长 和上月基本相当 比上月加快 0.27个百分点 看）行业和产品 结构继续优化升级 工业高端化发展态势明显 11月份规模以上- 高技术制造业 装备制造业 增加值同比增长 【图解】11月我国工业生产稳定增长，3组数据看亮点→ [ 责编：杨煜 ] 8.4% 累计增加值占全部规模以上工业比重 16.9% 36.4% 中高端装备行业和产品增势较好 | 11月份 | 增加值增长 | | --- | --- | | 汽车制造业 | 11.9% | | 铁路船舶航空航天和 其他运输设备制造业 ...

12月15日，国家统计局发布的数据显示，11月份，规模以上工业增加值同比实际增长4.8%（增加值增速均为扣除价格因素的实际增长率）。 从环比看，11月份，规模以上工业增加值比上月增长0.44%。与上月相比，11月同比增速回落0.1个百分点，环比增速则加快0.27个百分点。 中泰证券研究所政策团队首席分析师杨畅对21世纪经济报道记者表示，生产上，环比走强，受上年基数扰动影响，导致同比增速微落；出口交 货值同比降幅收窄，剔除价格后，实际物量增速回升。 11月，工业高端化发展态势明显，装备制造业和高技术制造业增长较快。规模以上装备制造业和高技术制造业增加值同比分别增长7.7%和 8.4%，明显快于规模以上工业增加值增速，累计增加值占全部规模以上工业比重分别达到36.4%和16.9%。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%。 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表示，"两重""两新"等政策措施深入实施，促进了市场需求释放，拉动相 关产品生产，带动工业生产增长，也支持了产业升级。总的看，11月份工业生产总体平稳，产业优化升级持续， ...

规模以上工业增加值同比增长速度。（国家统计局/图） 21世纪经济报道记者冉黎黎 北京报道 12月15日，国家统计局发布数据显示，11月份，规模以上工业增加值同比实际增长4.8%（增加值增速均为扣除价格因 素的实际增长率）。从环比看，11月份，规模以上工业增加值比上月增长0.44%。与上月相比，11月同比增速回落0.1个百分点，环比增速则加快0.27个百分 点。 中泰证券研究所政策团队首席分析师杨畅对21世纪经济报道记者表示，生产上，环比走强，受上年基数扰动影响，导致同比增速微落；出口交货值同比降幅 收窄，剔除价格后，实际物量增速回升。 11月，工业高端化发展态势明显，装备制造业和高技术制造业增长较快。规模以上装备制造业和高技术制造业增加值同比分别增长7.7%和8.4%，明显快于 规模以上工业增加值增速，累计增加值占全部规模以上工业比重分别达到36.4%和16.9%。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%。 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表示，"两重""两新"等政策措施深入实施，促进了市场需求释放，拉动相关产品生产， ...

Policy Overview - In January 2025, Chongqing government issued policies to improve the housing tax pilot program, excluding non-local buyers from taxation on ordinary residential purchases [2] - From February 8, 2025, the trading restrictions on previously limited housing in central urban areas were lifted, enhancing market liquidity [2] - By April 15, 2025, the first mortgage rate was reduced to 3.25%, and the down payment ratio for first homes dropped to 15% [2] High-Quality Housing Initiatives - On May 19, 2025, Chongqing's planning authority introduced measures to support high-quality residential development, focusing on safety, comfort, and sustainability [3] - The 2025 housing development plan aims to supply approximately 15 million square meters of commercial housing and 24,000 rental housing units [3] Real Estate Market Analysis - From January to June 2025, industrial land transactions dominated, accounting for 68.42% of total land sales, while residential land made up about 21.05%, with a 71.43% increase in transaction numbers year-on-year [6] - The average floor price for residential land in central Chongqing rose to 7,410 yuan/m², a 15.69% increase from the previous year [8] Residential Market Performance - The average residential price in central Chongqing was 14,054 yuan/m² in the first half of 2025, down 7.1% year-on-year [13] - Residential sales volume reached approximately 237.1 million m², a 10.7% increase year-on-year, while supply decreased by 10.9% [13] Commercial Real Estate Trends - The average price for commercial properties in central Chongqing was 11,559 yuan/m², reflecting a 1.3% increase year-on-year [14] - Commercial transaction volume decreased by 23.7%, indicating ongoing challenges in the commercial real estate sector [15] Office Space Market - The average price for office space was 9,901 yuan/m², a 6.2% increase year-on-year, but transaction volume fell by 60.3% [23] - Key areas for office transactions included Shapingba, Jiangbei, and Yubei, with significant declines in other regions [26] Industrial and Warehouse Market - Investment in key industrial projects reached 240.95 billion yuan, achieving 50.2% of the annual target, with a focus on high-end and green industrial transformation [29] - Despite external economic pressures, the industrial land market showed significant growth, supported by government policies [29] Overall Market Summary - The residential market is stabilizing in core areas, while commercial and office sectors continue to face inventory challenges [30] - The overall real estate market in Chongqing remains in an adjustment phase, with some signs of recovery in select areas [30]

Group 1: Economic Growth Indicators - In May, the industrial added value above designated size increased by 5.8% year-on-year, maintaining rapid growth [1] - The service production index grew by 6.2% year-on-year, with an acceleration of 0.2 percentage points compared to the previous month [1] - The total retail sales of consumer goods (referred to as "social retail total") increased by 6.4% year-on-year, with a growth acceleration of 1.3 percentage points compared to the previous month [1] Group 2: Consumer Spending Insights - The social retail total's year-on-year growth rate in May reached the highest level since early 2024, with a seasonally adjusted month-on-month growth of 0.93%, marking the highest level for the same period in the past five years [1] - Cumulative growth for service retail from January to May was 5.2%, which is an acceleration of 0.1 percentage points compared to January to April [1] - Factors supporting the acceleration in consumption growth include the old-for-new policy, "6·18" online shopping promotions, and the continuous release of new consumption drivers [1] Group 3: Fixed Asset Investment and Industrial Development - Fixed asset investment growth has slowed, but there are expectations for a rebound in infrastructure investment as funding becomes available [2] - The high-end, intelligent, and green development of industries is progressing steadily, with significant growth in key sectors such as automotive manufacturing and electronic equipment [2] - In May, the added value of the automotive manufacturing industry and computer communication and other electronic equipment manufacturing increased by 11.6% and 10.2% year-on-year, respectively [2] Group 4: Employment and Price Trends - The national urban survey unemployment rate in May was 5%, a decrease of 0.1 percentage points from the previous month, with youth unemployment rate declining for three consecutive months [3] - The Consumer Price Index (CPI) showed a slight year-on-year decline, with the decline rate remaining consistent with the previous month [3] - The core CPI, excluding food and energy, saw an increase compared to the previous month [3]

Core Viewpoint - In May, the industrial production in China showed a robust growth, with the industrial added value of large-scale enterprises increasing by 5.8% year-on-year, supported by the equipment manufacturing sector and stable growth in consumer goods manufacturing [1][2]. Group 1: Industrial Production Data - The industrial added value of large-scale enterprises grew by 5.8% year-on-year in May, with a month-on-month increase of 0.61% after seasonal adjustments [1]. - Manufacturing sector growth was recorded at 6.2%, surpassing the overall industrial growth by 0.4 percentage points [1]. - Among 41 major industries, 35 experienced year-on-year growth, resulting in a growth coverage of 85.4% [1]. Group 2: Equipment Manufacturing Sector - The added value of the equipment manufacturing sector increased by 9.0% year-on-year, contributing 54.3% to the overall industrial growth [2]. - The automotive industry saw a significant increase in added value by 11.6%, with a month-on-month acceleration of 2.4 percentage points [2]. - All eight sub-sectors within equipment manufacturing reported growth, with notable increases in railway, shipbuilding, aerospace, and electrical machinery sectors [2]. Group 3: High-end, Intelligent, and Green Manufacturing - High-tech manufacturing added value rose by 8.6% year-on-year, contributing 1.4 percentage points to overall industrial growth [3]. - Key products in high-end manufacturing, such as aircraft and industrial control systems, saw substantial growth rates of 18.7% and 15.5% respectively [3]. - The digital economy's integration into industrial production is increasing, with digital product manufacturing growing by 9.1% [3]. Group 4: Green Transformation and New Energy Products - The demand for new energy products and green materials is expanding, with the production of new energy vehicles and lithium-ion batteries increasing by 31.7% and 52.5% respectively [4]. - The supply of green products is also on the rise, with high-performance chemical fibers and bio-based chemical fibers seeing production increases of 92.2% and 21.5% [4]. Group 5: Policy Impact and Economic Recovery - The "two new" policy effects are positively influencing industrial production, with significant growth in sectors like motor manufacturing and shipbuilding [5]. - The automotive sector benefited from vehicle replacement subsidies, leading to an 11.3% increase in production [6]. - Overall, the manufacturing purchasing managers' index rose by 0.5 percentage points, indicating improved business expectations [6].

Economic Growth - In May, the industrial added value above designated size increased by 5.8% year-on-year, maintaining a rapid growth rate [1] - The service production index grew by 6.2% year-on-year, with an acceleration of 0.2 percentage points compared to the previous month [1] - The total retail sales of consumer goods (referred to as "social retail total") increased by 6.4% year-on-year, with a growth acceleration of 1.3 percentage points compared to the previous month [1] Consumer Spending - The social retail total's year-on-year growth rate in May was significantly higher than the market consensus forecast [1] - The chief economist of China Minmetals Bank noted that the growth rate of social retail total reached the highest level since early 2024, with a seasonally adjusted month-on-month increase of 0.93%, the highest for the same period in nearly five years [1] - Cumulative growth for service retail from January to May was 5.2%, an increase of 0.1 percentage points compared to January to April [1] Investment Trends - Fixed asset investment growth has slowed, but there are expectations for a rebound in infrastructure investment as funding becomes available [2] - The National Development and Reform Commission aims to finalize the project list for this year's "two heavy" construction and central budget investment by the end of June [2] Industrial Development - The high-end, intelligent, and green development of industries is progressing steadily [2] - In May, the added value of the automotive manufacturing industry and computer communication and other electronic equipment manufacturing increased by 11.6% and 10.2% year-on-year, respectively [2] - Production of high-tech products such as 3D printing equipment and integrated circuits grew by 40% and 11.5%, respectively [2] Employment and Prices - The urban surveyed unemployment rate in May was 5%, a decrease of 0.1 percentage points from the previous month, with youth unemployment rate declining for three consecutive months [3] - The Consumer Price Index (CPI) saw a slight year-on-year decline, with the core CPI, excluding food and energy, showing an expanded increase compared to the previous month [3]

Economic Growth and Stability - China's national economy continues to show stable growth, with multiple indicators signaling positive trends despite a complex international environment [1][7] - In April, the industrial production showed a steady recovery, with the industrial added value for large enterprises increasing by 6.1% year-on-year, marking one of the fastest monthly growth rates since last year [2][3] Industrial Production and New Quality Productivity - The industrial sector is transitioning towards high-end, intelligent, and green development, supported by effective policy measures [2][3] - High-tech industries are experiencing rapid growth, with the added value of equipment manufacturing and high-tech manufacturing increasing by 9.8% and 10.0% year-on-year, respectively [2] - Notable growth in specific sectors includes aerospace equipment manufacturing and integrated circuit manufacturing, with increases of 21.4% and 21.3% [2] Consumer Market Dynamics - The consumer market is showing stable growth, with total retail sales of consumer goods reaching 37,174 billion yuan in April, a year-on-year increase of 5.1% [4][5] - The sales of essential and upgraded goods are performing well, with significant growth in categories such as food and sports entertainment products [4] - The "old for new" policy is driving substantial sales increases in home appliances and communication equipment, with year-on-year growth rates of 38.8% and 19.9%, respectively [4] Investment and Trade Performance - Despite external pressures, China's foreign trade remains stable, with total goods import and export value increasing by 2.4% in the first four months of the year [7] - Fixed asset investment grew by 4% in the same period, with equipment investment rising by 18.2%, contributing significantly to overall investment growth [7] - The Consumer Price Index (CPI) showed a slight year-on-year decline of 0.1% in April, indicating a stable inflation environment [7][8] Economic Resilience and Future Outlook - China's economic foundation is solid, with a robust manufacturing sector and a large consumer market, providing strong resilience against various risks [8] - The government aims to enhance domestic demand and implement policies to support industrial development and innovation [3][5]