"总的看，1-11月，各项宏观政策持续显效，全区经济运行延续稳中有进发展态势。但外部不稳定不确 定因素仍然较多，推动经济运行持续向好仍需不懈努力。"内蒙古自治区发展和改革委员会相关负责人 说。 从工业生产看，今年内蒙古以技术创新打通产业链堵点，聚焦集中集聚集约发展目标，加快推进工业园 区高水平建设及重大项目落地投产，为工业经济高质量运行注入了强劲动能。今年1-11月，全区规模以 上工业增加值同比增长6.5%。其中，规模以上采矿业增加值同比增长4.5%，制造业增加值同比增长 8.8%，电力、热力、燃气及水生产和供应业增加值同比增长7.8%，战略性新兴产业增加值同比增长 10.2%。 从投资看，内蒙古坚持用改革的办法破解难题，加快项目审批进度，并从转型升级传统产业、培育壮大 新兴产业两个方面拉动投资有效增长。 本报12月20日讯 （记者 杨威）记者从内蒙古自治区统计局获悉：今年1-11月，全区工农业生产和固定 资产投资稳中有增，市场消费增势良好，整体经济运行稳中有进。 从消费看，今年自治区坚持供需两端协同发力，想方设法提振消费，特别是紧紧抓住国家加力扩围实 施"两新"政策的机遇持续推动设备更新和消费品以旧换新，紧 ...

央视网消息：这两天，一系列经济数据发布，我国能源、交通等领域取得突破，经济保持稳中有进的发 展态势。 ...

Economic Overview - China's economy shows a steady and progressive development trend as indicated by the latest economic data released by multiple departments on November 25 [1] Civil Aviation Sector - In October, China's civil aviation transportation scale demonstrated good growth, with domestic passenger transport reaching 60.845 million trips, a year-on-year increase of 4.4% [2] - International routes performed exceptionally well, with passenger transport reaching 6.99 million trips, a year-on-year increase of 20.4% [4] - Domestic cargo transport volume increased by 8.1% year-on-year, while international cargo transport volume grew by 21% [4] Western Land-Sea New Corridor - In the first ten months of this year, the import and export volume along the Western Land-Sea New Corridor reached 780.79 billion yuan, marking a year-on-year increase of 17.3% and setting a historical high [7] - The Alashankou port's import and export cargo volume reached 24.792 million tons, a year-on-year increase of 5.2% [8] Express Delivery Industry - In the first ten months, China's express delivery business volume reached 162.68 billion pieces, a year-on-year increase of 16.1% [12] - The express delivery sector has seen significant regional growth, with areas like Shaanxi, Ningxia, and Xinjiang experiencing over 30% growth [12] - New technologies such as drones and unmanned vehicles have improved logistics efficiency, allowing for better service and cost reductions [12][14] - The express delivery industry is expanding its service range to meet diverse consumer needs, supporting continuous market circulation improvement and online consumption demand [14]

Report Information - Report Title: "集运指数日报" [1] - Date: November 20, 2025 [2] - Researchers: He Zhuoqiao (Macro Precious Metals), Huang Wenxin (Treasury Bonds and Container Shipping), Nie Jiayi (Stock Index) [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The expectation of the pre - Spring Festival shipment surge further fermented in the February contract after the Shanghai Futures Exchange clarified the last trading day of the February contract on Friday. The December contract was weak due to the under - expected price increase. The SCFIS index fell 9.8% week - on - week to 1357.67. Shipping companies have not formed a unified price - holding force, and the December price increase is less than expected. However, there is still a far - month price increase expectation, which may lead to over - valuation of the 04 contract in the off - season. It is advisable to pay attention to the positive spread trading opportunity between the 02 and 04 contracts [8] 3. Summary by Directory 3.1行情回顾与操作建议 - The last trading day of the February contract was clarified as February 9. The expectation of the pre - Spring Festival shipment surge affected the February contract, while the December contract was weak due to under - expected price increases. The SCFIS index decreased by 9.8% week - on - week. Shipping companies' price increases are difficult to implement, but there is a far - month price increase expectation, and the 02 - 04 positive spread trading opportunity is worth noting [8] 3.2行业要闻 - From November 10 to 14, the China export container shipping market was generally stable, with ocean - going routes showing a differentiated trend and the comprehensive index slightly declining. In October, the added value of industrial enterprises above designated size increased by 4.9% year - on - year. The Shanghai Export Containerized Freight Index on November 14 was 1451.38 points, down 2.9% from the previous period. The eurozone's November ZEW economic sentiment index was 25, indicating a recovery of market confidence in the European economy. The freight rate of European routes increased by 7.1%, the Mediterranean routes were stable, and the North American routes decreased. There were also developments in the Israel - Palestine conflict and related international stances [9][10] 3.3数据概览 3.3.1集运现货价格 - On November 17, the SCFIS for European routes was 1357.67, down 9.8% from November 10; the SCFIS for US - West routes was 1238.42, down 6.9% from November 10 [12] 3.3.2集运指数（欧线）期货行情 - Data on the trading of container shipping futures on the European line on November 19 were provided, including information such as the previous settlement price, opening price, closing price, settlement price, price change, change rate, trading volume, open interest, and open interest change for contracts EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 [6] 3.3.3航运相关数据走势图 - Multiple charts related to shipping data were presented, including the Shanghai Export Containerized Freight Index, container shipping futures on the European line, European container ship capacity, global container ship orders, Shanghai - Europe basic port freight rates, and Shanghai - Rotterdam spot freight rates, with data sources from Wind and the Research and Development Department of CCB Futures [13][18][23]

Core Insights - The Ministry of Finance reported an increase in national general public budget revenue, with a year-on-year growth of 3.2% in October, reaching 2.26 trillion yuan [1] - Tax revenue showed a significant increase of 8.6% in October, indicating strong economic support for tax sources [1] - The overall fiscal performance for the first ten months reflects gradual improvement in revenue, strong expenditure support, and continuous structural optimization [3] Revenue Performance - In the first ten months, national general public budget revenue totaled 18.65 trillion yuan, growing by 0.8%, with a 0.3 percentage point increase compared to the previous nine months [1] - Major tax categories such as domestic VAT, consumption tax, corporate income tax, and personal income tax saw growth rates of 4%, 2.4%, 1.9%, and 11.5% respectively, with notable increases in personal income tax [1][2] - Stamp duty revenue reached 378.1 billion yuan, up 29.5%, with securities transaction stamp duty growing by 88.1%, reflecting an active capital market [2] Expenditure Trends - Total national general public budget expenditure for the first ten months was 22.58 trillion yuan, a 2% increase, with significant growth in social security and employment (9.3%), education (4.7%), and environmental protection (7%) [2] - The government is focusing on enhancing fiscal policy and increasing expenditure intensity to support key areas such as education, science and technology, and social security [2][3] Government Fund Budget - Government fund budget revenue decreased by 2.8% to 3.45 trillion yuan, while expenditure increased by 15.4%, primarily due to accelerated use of bond funds [3] - The expenditure of 4.54 trillion yuan from various bond sources is aimed at stabilizing investment and growth [3] Policy Outlook - The government aims to maintain an active fiscal policy, ensuring strong support for key expenditures and expanding effective demand [3] - The recent Party Congress emphasized the importance of fiscal policy in achieving economic and social development goals [3]

Core Viewpoint - The economic performance in the first ten months of 2025 shows resilience and stability, with various indicators reflecting positive changes, supporting the achievement of annual economic and social development goals [1][3][7]. Economic Indicators - Industrial production continues to grow, with the industrial added value for October increasing by 4.9% year-on-year and 1.17% month-on-month [3]. - The equipment manufacturing sector outperformed, with an added value growth of 8% year-on-year, significantly contributing to overall industrial growth [4]. - The service sector also maintained growth, with the service production index rising by 4.6% year-on-year in October [4]. Consumer Demand - Social retail sales increased by 2.9% year-on-year in October, driven by holiday consumption and the success of consumption-boosting initiatives [5]. - The retail sales of communication equipment and cultural office supplies grew by 23.2% and 13.5%, respectively, among enterprises above designated size [5]. - Service retail sales rose by 5.3% year-on-year from January to October, outpacing goods retail sales [6]. Employment and Prices - The urban unemployment rate was 5.1% in October, a decrease of 0.1 percentage points from the previous month, indicating stable employment conditions [6]. - The Consumer Price Index (CPI) turned from a decline of 0.3% to an increase of 0.2% year-on-year in October, with core CPI rising by 1.2% [6]. Investment Trends - Fixed asset investment (excluding rural households) reached 408.914 billion yuan from January to October, a year-on-year decrease of 1.7%, while investment excluding real estate development grew by 1.7% [8][9]. - Real estate development investment fell by 14.7% year-on-year, significantly dragging down overall investment growth by 3 percentage points [9]. - Manufacturing investment increased by 2.7% year-on-year, with its share rising to 25.6% of total investment [9][10]. Future Outlook - Despite challenges, the long-term fundamentals of the economy remain positive, with macro policies continuing to support growth [7][11]. - There is significant potential for investment to drive economic development, particularly in areas such as industrial upgrading and regional coordination [11].

Economic Overview - The Chinese economy has shown resilience and vitality, maintaining a steady development trend despite external pressures and internal challenges [1]. Agriculture Sector - The added value of agriculture (planting industry) increased by 3.6% year-on-year, with the total summer grain and early rice output reaching 178.25 million tons, an increase of 190,000 tons or 0.1% compared to the previous year [7]. Manufacturing Sector - The industrial added value of enterprises above designated size grew by 6.2% year-on-year, with the added value of equipment manufacturing increasing by 9.7% and high-tech manufacturing by 9.6% [11]. Service Sector - The modern service industry has developed well, with the added value of information transmission, software, and IT services growing by 11.2%, leasing and business services by 9.2%, and transportation, warehousing, and postal services by 5.8% [15]. Retail Sector - The total retail sales of consumer goods reached 3.65877 trillion yuan, a year-on-year increase of 4.5%, while online retail sales amounted to 1.1283 trillion yuan, growing by 9.8% year-on-year [18]. Trade Sector - The import and export of goods continued to grow, with an ongoing optimization of the trade structure [19].

Core Insights - The express delivery business volume in China has surpassed 150 billion pieces as of October 11, 2023, achieving this milestone 37 days earlier than in 2024 [2][4] - This achievement is attributed to a series of supportive policies and a continuously optimized business environment, which have created favorable conditions for postal and express enterprises [4] - The growth reflects a stable increase in the consumer market and a steady economic development trend in China, highlighting the important role of the postal and express industry in building a unified national market [4]

Core Insights - As of October 11, 2023, China's express delivery business volume has surpassed 150 billion pieces, achieving this milestone 37 days earlier than in 2024 [2][4] - The growth in express delivery volume is attributed to a series of supportive policies and a continuously optimized business environment, which have created favorable conditions for postal and express enterprises [4] - This achievement reflects the stable growth of China's consumer market and the steady progress of the economy, highlighting the important role of the postal and express industry in building a unified national market [4]

Core Insights - The express delivery business volume in China has surpassed 150 billion pieces as of October 11 this year, achieving this milestone 37 days earlier than expected for 2024 [2][4]. Group 1: Industry Performance - The growth in express delivery volume reflects a stable growth in the consumer market and a steady economic development in China [4]. - The achievement is attributed to a series of supportive policies and a continuously optimized business environment, which have created favorable conditions for postal and express enterprises [4]. Group 2: Economic Implications - The express delivery sector plays a significant role in building a unified national market, highlighting its importance in the overall economic landscape [4].