2025年11月经济数据
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国泰海通|宏观:分化延续,政策需加力——2025年11月经济数据点评
国泰海通证券研究· 2025-12-16 14:09
Group 1 - The core viewpoint of the article indicates that the national economy in November exhibits characteristics of "stable production, differentiated consumption, and pressured investment" [1] - The production side is recovering to a normal pace as the impact of holiday disruptions fades, with emerging industries becoming the main support for production and investment, although industrial growth has slightly slowed down and significant industry differentiation is evident [1] - In the consumption sector, the pattern of "weak goods, strong services" continues, with limited promotional effects during the sales season; there is a need for policy support to boost commodity retail, especially for durable goods in the bulk and real estate chains [1] Group 2 - The investment sector is under overall pressure, with infrastructure investment showing lackluster performance due to funding and project constraints, while real estate investment remains under pressure; however, there are bright spots in high-tech manufacturing investment [1] - Short-term policy efforts and marginal improvements in foreign trade provide some support, but long-term growth still requires integrated policy strengthening to consolidate endogenous growth momentum [1]