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， ...

12月15日，轮船停泊在河北省唐山港京唐港区集装箱码头进行装卸作业。 刘满仓摄（人民视觉） "11月份，更加积极有为的宏观政策持续显效，全国统一大市场建设纵深推进，着力做强国内大循 环，生产供给持续增长，市场销售继续扩大，货物进出口增长加快，就业物价总体稳定，高质量发展扎 实推进，国民经济延续了稳中有进的发展态势。"12月15日，在国务院新闻办发布会上，国家统计局新 闻发言人付凌晖介绍了今年11月份国民经济运行情况。 生产增势平稳，市场销售扩大 11月份，国民经济运行有哪些亮点和积极变化？ 付凌晖介绍，11月份，生产增势平稳。工业生产稳定增长。规模以上工业增加值同比增长4.8%， 增速和上月基本持平。产业升级发展带动下，技术含量和附加值较高的装备制造业快速发展。装备制造 业增加值同比增长7.7%，继续快于全部规模以上工业增长，对规模以上工业增加值增长的贡献率达到 59.4%。 市场销售扩大。商品销售持续增长。11月份，社会消费品零售总额同比增长1.3%，居民消费品质 提升，部分升级类商品销售较快增长。11月份，限额以上商品零售额中化妆品类和金银珠宝类零售额分 别增长6.1%和8.5%。服务零售较快增长。居民文 ...

Core Viewpoint - The macroeconomic policies in November have shown positive effects, with a focus on strengthening domestic circulation, leading to stable economic growth and a favorable environment for achieving annual targets [1] Economic Performance - Industrial production maintained steady growth, with the industrial added value of large-scale enterprises increasing by 4.8% year-on-year in November, remaining stable compared to the previous month [2] - The service sector also saw growth, with a production index increase of 4.2%, particularly in information transmission and business services, which grew by 12.9% and 8.4% respectively [2] - Retail sales of consumer goods rose by 1.3% year-on-year in November, with service retail sales increasing by 5.4% from January to November, indicating a slight acceleration in growth [2] - Foreign trade showed resilience, with total goods imports and exports increasing by 4.1% year-on-year in November, a significant acceleration compared to the previous month [2] Employment and Prices - The urban unemployment rate remained stable at 5.1% in November, while consumer prices rose by 0.7% year-on-year, marking three consecutive months of increase [2] Energy Supply and Investment - Energy supply has been strengthened to meet winter demands, with industrial crude oil, natural gas, and electricity production increasing by 2.2%, 5.7%, and 2.7% respectively in November [3] - Investment in accommodation, catering, wholesale, and retail sectors grew by 7.1% each, and electricity and heat production and supply saw a 12.5% increase [3] New Production Capacity and Industrial Upgrades - The development of new productive forces has accelerated, with high-tech manufacturing value added increasing by 9.2% from January to November, and smart consumer equipment manufacturing growing by 7.6% [4] - Traditional industries are undergoing transformation, with biomass fuel processing value added rising by 15.6%, contributing to the growth of the petroleum processing industry [4] - The digital economy is also on the rise, with the value added of large-scale digital product manufacturing increasing by 9.3% [4] Consumption and Investment Potential - Consumption potential continues to be released, with retail sales of cultural and office supplies and communication equipment growing by 11.7% and 20.6% respectively in November [7] - Online retail sales of physical goods increased by 5.7%, accounting for 25.9% of total retail sales, indicating a shift towards new consumption models [7] - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year, but project investment excluding real estate development grew by 0.8% [7] - Investment potential remains significant, with ongoing measures to promote investment growth in various sectors, including education, healthcare, and public services [8]

国家统计局新闻发言人付凌晖在同日举行的新闻发布会上表示，11月份国民经济运行总体平稳，延续稳 中有进发展态势。从全年情况看，我国经济韧性强，宏观政策支持有力，新动能稳步成长，实现全年预 期目标有较好条件。 12月15日，我国11月份主要经济指标出炉。国家统计局数据显示，11月份，全国规模以上工业增加值同 比增长4.8%，社会消费品零售总额43898亿元，同比增长1.3%。 新型消费稳步成长 付凌晖表示，发展新动能持续壮大。科技创新和产业创新深入融合，新质生产力培育壮大，新业态新模 式快速发展，为经济发展注入新的活力和动力。 新兴领域投资增势较好。数据显示，我国制造业升级稳步发展，装备制造业较快发展，部分行业投资保 持增长。1-11月份，通用设备制造业投资同比增长8.9%。 新型消费稳步成长，引领作用日益显现。付凌晖表示，即时零售、直播电商等消费新模式快速成长，线 上消费、新兴消费发展向好。1-11月份，实物商品网上零售额同比增长5.7%，增速快于社会消费品零售 总额1.7个百分点，占社会消费品零售总额的比重达到25.9%。数字消费、绿色消费、健康消费日益成为 消费新热点，对消费的引领和支撑作用日益显现。1-1 ...

Economic Performance Overview - In November, China's industrial added value above designated size grew by 4.8% year-on-year, while the total retail sales of consumer goods reached 43,898 billion yuan, marking a 1.3% increase year-on-year [1][2] - The overall economic operation in November was stable, continuing a trend of steady progress, supported by strong macro policies and the growth of new economic drivers [1][4] Industrial Production and Supply - Industrial production remained stable, with the equipment manufacturing sector experiencing a significant increase of 7.7% year-on-year, contributing 59.4% to the growth of industrial added value [1][2] - The service sector also showed steady growth, with the service production index increasing by 4.2% year-on-year in November [1] Consumer Market Trends - Retail sales of consumer goods increased by 1.3% year-on-year, with notable growth in cosmetics (6.1%) and gold and silver jewelry (8.5%) [2] - The retail sales of services grew by 5.4% year-on-year from January to November, indicating a slight acceleration compared to the previous period [2] New Consumption Patterns - New consumption models such as instant retail and live-streaming e-commerce are rapidly growing, with online retail sales of physical goods increasing by 5.7% year-on-year, accounting for 25.9% of total retail sales [3] - Emerging consumption trends in digital, green, and health sectors are becoming significant drivers of consumer behavior [3] Investment in Emerging Industries - Investment in high-tech manufacturing industries showed robust growth, with a year-on-year increase of 9.2% in added value for high-tech manufacturing from January to November [3] - The production of industrial robots and control systems saw substantial increases of 29.2% and 87.6% year-on-year, respectively [3] Economic Outlook - Despite challenges, the resilience of the economy, strong macro policy support, and the steady growth of new economic drivers provide favorable conditions for achieving annual economic targets [4][5] - International organizations have raised their growth forecasts for China's economy, reflecting confidence in its development [4]

Economic Performance - In November, the industrial production maintained stable growth, with the added value of large-scale industrial enterprises increasing by 4.8% year-on-year, consistent with the previous month [1] - The equipment manufacturing industry, driven by industrial upgrading, saw a significant increase in added value by 7.7%, contributing 59.4% to the overall industrial growth [1] - The service production index grew by 4.2% year-on-year, indicating a positive trend in the service sector [1] Market Sales and Trade - Social retail sales increased by 1.3% year-on-year in November, with cosmetics and gold and silver jewelry retail sales growing by 6.1% and 8.5% respectively [1] - The total value of goods imports and exports rose by 4.1% year-on-year, with exports increasing by 5.7%, marking a turnaround from the previous month's decline [1] Employment and Prices - The urban unemployment rate remained stable at 5.1%, unchanged from the previous month [2] - Consumer prices rose by 0.7% year-on-year, with the core CPI (excluding food and energy) stable at a 1.2% increase [2] Future Industry Development - High-tech manufacturing added value grew by 9.2% from January to November, with smart consumer equipment manufacturing increasing by 7.6% [2] - The production of industrial robots and control computers surged by 29.2% and 87.6% respectively, indicating strong growth in advanced manufacturing [2][3] Digital Economy and Green Industry - Online retail sales increased by 9.1% year-on-year, reflecting the expansion of digital consumption [3] - The production of new energy vehicles and lithium-ion batteries for vehicles grew by 26.5% and 42.2% respectively, showcasing rapid growth in the green industry [3] International Confidence - Major international organizations have raised their growth forecasts for the Chinese economy, indicating increased international confidence [4] - Despite challenges, the resilience of the Chinese economy and supportive macro policies are expected to help achieve annual growth targets [4]

Economic Performance - In November, the industrial added value above designated size increased by 4.8% year-on-year, maintaining the growth rate from October [1] - The added value of the equipment manufacturing industry grew by 7.7%, contributing 59.4% to the overall industrial growth [1] - The service production index rose by 4.2% year-on-year, with significant growth in information transmission and software services (12.9%) and leasing and business services (8.4%) [1] Market Sales and Consumption - The total retail sales of consumer goods increased by 1.3% year-on-year in November, with cosmetics and gold and silver jewelry retail sales growing by 6.1% and 8.5%, respectively [1] - From January to November, service retail sales grew by 5.4%, with a slight acceleration of 0.1 percentage points compared to the previous ten months [1][2] Foreign Trade - In November, China's total goods import and export value increased by 4.1% year-on-year, with exports growing by 5.7%, reversing the decline seen in October [2] - For the first eleven months, trade with Belt and Road Initiative countries saw a 6% year-on-year increase, outpacing overall foreign trade growth [2] Policy Impact - The implementation of proactive macro policies has significantly contributed to the stable economic growth observed this year [3] - Recent policies aimed at promoting consumption and expanding effective investment are expected to enhance economic growth momentum [3][4] - The Central Economic Work Conference has outlined the direction for economic work in the coming year, emphasizing the need for sustained efforts in domestic circulation and effective demand expansion [4]

Economic Overview - China's macroeconomic indicators showed a continued slowdown in November, but high-tech manufacturing production and investment growth remained strong, indicating new momentum for the economy [1][2] - The industrial added value for November increased by 4.8% year-on-year, slightly down from October, marking the lowest growth since September 2024 [1][2] - The retail sales of consumer goods grew by 1.3% year-on-year, a significant drop of 1.6 percentage points from October, continuing a six-month trend of slowdown [1][4] High-Tech Manufacturing - In November, the added value of high-tech manufacturing rose by 8.4%, outperforming the overall industrial growth by 3.6 percentage points [2] - From January to November, the cumulative growth of high-tech manufacturing was 9.2%, with smart consumer equipment manufacturing increasing by 7.6% [2] - The development of green and low-carbon industries is advancing, with renewable energy generation increasing by 8.8% year-on-year [2] Consumer Spending - The growth of retail sales of consumer goods has been attributed to a high base from the previous year, but the cumulative growth for the year is better than last year [4][5] - Service consumption is growing rapidly, with service retail sales increasing by 5.4% year-on-year, outpacing goods retail sales [5] - The expansion of consumer spending is linked to rising per capita GDP, ongoing consumption policies, and the emergence of new consumption growth points [5] Investment Trends - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year in the first eleven months, with a notable decline in real estate investment [7] - Infrastructure investment fell by 1.1%, while manufacturing investment saw a modest increase of 1.9% [7][9] - Despite the overall decline in investment, certain sectors, such as general equipment manufacturing, showed positive growth, with an 8.9% increase [9] Policy and Future Outlook - The Central Economic Work Conference outlined key tasks for the upcoming year, emphasizing the importance of domestic demand and consumption [6] - A series of consumption-boosting policies have been introduced, aiming to enhance the supply of quality goods and services [6] - The government is focusing on stabilizing investment through various measures, including increasing central budget investments and optimizing local government bond usage [10]

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， ...

数字产品制造业作为高新制造业的重要组成部分，保持较快增长，持续赋能工业转型升级。11月份，规模以上数字产品制造业增加值 同比增长7.6%，增速较10月份加快0.9个百分点。其中，智能手环、5G智能手机等智能消费设备产品产量分别增长27.6%、11.5%。 此外，11月份，服务业生产指数同比增长4.2%。信息技术和商务服务等现代服务业发展势头良好，11月份信息传输软件和信息技术服 务业、租赁和商务服务业生产指数同比分别增长12.9%和8.4%，都保持了较快增长。 11月12日，国家统计局召开新闻发布会介绍11月份国民经济运行情况。数据显示，11月份，全国规模以上工业增加值同比增长4.8%， 制造业投资保持增长，高新制造业增长较快，其中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%。此外，消费市场销售规模扩大，前11个月全国网上零售额同比增长9.1%，基本生活类和部分升级类商品销售增长较快。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，从全年情况看，尽管有困难有压力，但我国经济韧性强，宏观政 策支持有力，新动能稳步成长，实现全年预期目标有较好条件。 ...