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。 ...

Economic Overview - In November, China's national economy continued to show a stable and progressive development trend, with key indicators reflecting a steady performance [2][4] - The industrial added value for large-scale enterprises increased by 4.8% year-on-year, with the equipment manufacturing sector growing by 7.7%, contributing 59.4% to the overall industrial growth [2] - The service sector's production index rose by 4.2% year-on-year, indicating a positive trend in service industry performance [2] Market Sales and Investment - The total retail sales of consumer goods in November grew by 1.3% year-on-year, with a cumulative growth of 4% for the first 11 months, surpassing both the previous year's growth and the annual growth rate [3] - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year, but investment in key areas remained robust, supported by policies aimed at expanding domestic demand and industrial upgrades [3] - In November, China's total goods import and export volume increased by 4.1% year-on-year, with exports rising by 5.7%, marking a turnaround from previous declines [3] Employment and Prices - The urban surveyed unemployment rate in November was stable at 5.1%, while the Consumer Price Index (CPI) rose by 0.7% year-on-year, reflecting a 0.5 percentage point increase from the previous month [3] Agricultural Production - China's grain production reached 1.42975 trillion jin, a 1.2% increase from the previous year, maintaining stability above 1.4 trillion jin [4] Technological and Industrial Development - From January to November, the added value of high-tech manufacturing increased by 9.2%, with significant growth in smart consumer equipment manufacturing [5] - The digital economy and green low-carbon development are advancing, with renewable energy production increasing by 8.8% year-on-year [6] Policy Support and Future Outlook - Despite challenges, the resilience of the economy and strong macro policy support create favorable conditions for achieving annual targets [7] - Policies promoting consumption and investment are expected to enhance economic growth momentum, with international institutions raising China's economic growth forecasts for 2025 [7]

Core Insights - The macroeconomic policies in place are showing positive effects, with a focus on strengthening domestic circulation and expanding the national unified market [1][2] - The national economy is maintaining a steady growth trend, with industrial production and service sectors showing stable growth [1][2] Economic Performance - In November, the industrial added value for large-scale enterprises increased by 4.8% year-on-year and 0.44% month-on-month [1] - The service sector production index grew by 4.2% year-on-year [1] - The total retail sales of consumer goods reached 43,898 billion yuan, reflecting a year-on-year growth of 1.3% [1] - The total goods import and export volume was 38,987 billion yuan, with a year-on-year increase of 4.1% [1] - The urban surveyed unemployment rate remained stable at 5.1% [1] Sectoral Developments - From January to November, the added value of high-tech manufacturing increased by 9.2% year-on-year, while smart consumer equipment manufacturing grew by 7.6% [2] - The added value of digital product manufacturing rose by 9.3%, and the production index for information transmission, software, and IT services increased by 11.3% [2] - Renewable energy sectors, including hydropower, nuclear power, wind, and solar energy, saw an 8.8% year-on-year increase in production [2] - The coal and chemical industries experienced year-on-year growth in added value of 6.3% and 7.8%, respectively, due to upgrades and improvements in production capacity and technology [2] Challenges and Outlook - Despite the steady growth, external environmental changes are intensifying, leading to a mismatch between strong supply and weak demand in some sectors [2] - The economy's resilience, strong foundation, and potential for long-term growth remain intact, supported by innovation and deepening reforms [2] - The macroeconomic policies are expected to provide strong support for achieving annual economic targets despite existing challenges [2]

央视网消息：12月15日，国务院新闻办公室举行新闻发布会，国家统计局介绍11月份国民经济运行情况。11月份，国民经济延续稳中有进发展 态势：工业生产稳定增长，装备制造业和高技术制造业增长较快，全国规模以上工业增加值同比增长4.8%；服务业平稳增长，现代服务业发 展向好，全国服务业生产指数同比增长4.2%；市场销售规模扩大，社会消费品零售总额同比增长1.3%，服务零售增长加快；货物进出口增速 回升，货物进出口总额同比增长4.1%，贸易结构继续优化。 消费品以旧换新政策发力显效，带动家电、通讯等相关商品销售增长加快，促进了商品消费需求扩大。1—11月份，限额以上单位家用电器和 音像器材类、文化办公用品类、通讯器材类商品零售额同比分别增长14.8%、18.2%和20.9%。 设备更新政策带动重点投资增加。1—11月份，设备工器具购置投资同比增长12.2%，拉动全部投资增长1.8个百分点。 中国经济11月报："两新"带动消费需求扩大 重点投资增加 发布会上，国家统计局新闻发言人表示，"两新"政策带动消费需求扩大，重点投资增加。 国家统计局新闻发言人付凌晖称："大规模设备更新政策效应显现，企业推动设备更新、加快改造升级 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ■ 谢若琳 12月10日至11日，中央经济工作会议在北京举行。这场在"十四五"即将圆满收官、"十五五"正待开启序 幕的关键节点召开的重要会议，为2026年乃至"十五五"时期经济发展锚定航向。在外部环境复杂多变、 国内经济转型升级的关键节点，会议释放的政策信号是应对挑战的"定心丸"，更是推动高质量发展 的"施工图"。 即将过去的2025年，我国经济顶住外部环境不确定性与内部转型压力，交出了一份亮眼答卷：经济社会 发展主要目标将顺利完成，现代化产业体系建设持续推进，改革开放迈出新步伐，重点领域风险化解取 得积极进展，民生保障更加有力。从已经公布的数据来看，我国产业结构持续优化，10月份，规模以上 高技术制造业、数字产品制造业增加值分别增长7.2%和6.7%。今年以来，内需对经济增长的贡献率保 持在较高水平；单位GDP能耗持续下降。这些成果不仅将为"十四五"规划圆满收官画上句号，更将 为"十五五"良好开局奠定坚实基础。 但我们也需清醒认识到，当前经济发展仍面临多重挑战：世界经济增长动能不足、地缘冲突易发频发、 外部环境变化带来的影响加深，内部 ...

科技和产业融合创新持续深化，更多创新成果从"实验室"走到"生产线"，创新"势能"向经济"动能"不断转化。 前三季度，规模以上高技术制造业增加值同比增长9.6%，其中，工业机器人、3D打印设备、工业控制计算机及系统产量分别增长29.8%、40.5%、 98.0%。 ■创新之势 引领未来 今年以来，我国持续加大创新投入，众多科技领域实现突破。以创新之进，促发展之稳，中国经济动力更足、韧性更强。 人工智能、脑机接口等前沿技术超前布局，带动数字经济快速增长。前三季度，规模以上数字产品制造业增加值同比增长9.7%。 ■创新之潮 奔涌而起 世界知识产权组织近期发布的报告显示，2025年我国创新指数首次跻身全球前十，拥有的全球百强创新集群数量达24个，连续三年位居各国之 首，其中"深圳—香港—广州"集群首次登顶全球首位。 7月24日，在哈尔滨电机厂有限责任公司线圈分厂智能制造车间，技术人员操作智能数控设备进行生产作业。新华社记者 王松摄 ■创新之果 产业勃发 这是11月3日在郑州航空港区比亚迪总装工厂拍摄的新能源汽车"宋Pro"生产线。新华社记者 李嘉南 摄 编导：龙泠宇 包装：胡心懿 记者：杨子春、吴鸿波、王欢、潘志伟、 ...

Group 1 - The industrial value-added of large-scale industries in China increased by 6.1% year-on-year from January to October, indicating steady industrial production and optimization of industrial structure [1] - In October, the value-added of large-scale equipment manufacturing increased by 8.0% year-on-year, accounting for 36.1% of the total value-added of large-scale industries, which is an increase of 1.5 percentage points compared to the full year of 2024 [2] - All eight sectors within the equipment manufacturing industry achieved growth in October [3] Group 2 - The value-added of the petroleum processing industry increased by 10% in October, with biomass fuel processing growing by 19.1%, contributing to the overall growth of the petroleum processing sector [6][7] - The high-tech manufacturing industry saw a year-on-year increase of 7.2% in October, with digital product manufacturing growing by 6.7%, surpassing the overall growth of large-scale industries by 2.3 and 1.8 percentage points respectively [8] - The production of new energy vehicles increased by 19% year-on-year in October, driving a 30.4% growth in lithium-ion batteries for automotive use [9]

Core Insights - The "2025 Xi'an Key Industry Talent Demand Directory" has been released to match talent needs with key pillar industries, digital economy sectors, and future industries in Xi'an [1][2] - The directory includes a total of 214 critical positions, with 115 in key pillar industries, 53 in the digital economy, and 46 in future industries [1] Group 1: Talent Demand by Industry - The electronic information industry has critical positions such as analog IC design engineers and algorithm engineers [1] - The high-end equipment manufacturing sector requires positions like power electronics R&D engineers and mechanical R&D engineers [1] - The automotive industry is looking for embedded development engineers and automotive project managers [1] Group 2: Shortage Position Distribution - High-end equipment manufacturing and digital product service industries have the highest proportion of critical positions, each at 10.3% [1] - The electronic information, aerospace, and new materials and renewable energy industries follow closely, each with a critical position proportion of 9.8% [1] - The automotive industry has a critical position proportion of 7.9%, while digital product manufacturing stands at 6.5%, and both food and biomedicine, as well as hydrogen and energy storage industries, are at 6.1% [1] Group 3: Educational Requirements - Key pillar industries show a broad demand for various educational levels, while future industries have a strong demand for PhD-level talent [2] - The digital economy sector has a relatively balanced educational requirement across different positions [2] - The proportion of critical positions in management, technical R&D, marketing, and professional support roles in key pillar industries is significantly higher than in digital economy and future industries [2]

Group 1: Industrial Production Overview - In October, the industrial production in China showed steady progress, with the industrial added value for the first ten months increasing by 6.1% year-on-year, which is 0.3 percentage points higher than the same period last year [1] - The industrial added value in October increased by 4.9% year-on-year, with a month-on-month growth of 0.17% after seasonal adjustments [1] - Among the three major sectors, the manufacturing sector's added value grew by 4.9% in October, while mining and electricity, heat, gas, and water production and supply sectors grew by 4.5% and 5.4%, respectively [1] Group 2: Equipment Manufacturing Sector - The equipment manufacturing sector showed robust support, with an added value growth of 8.0% in October, accounting for 36.1% of the total industrial added value, an increase of 1.5 percentage points compared to the entire year of 2024 [2] - All eight industries within the equipment manufacturing sector experienced growth, with the automotive and electronics industries leading at growth rates of 16.8% and 8.9%, contributing 22.8% and 19.3% to the overall industrial growth, respectively [2] - The railway, shipbuilding, and aerospace industries have maintained double-digit growth since December 2024, with a growth rate of 15.2% in October [2] Group 3: High-Tech and Digital Manufacturing - The high-tech manufacturing and digital product manufacturing sectors saw added value growth of 7.2% and 6.7% year-on-year in October, surpassing the overall industrial growth by 2.3 and 1.8 percentage points, respectively [3] - Specific industries such as electronic materials, integrated circuits, and smart vehicle equipment manufacturing reported significant growth rates of 35.5%, 33.7%, and 28.4% [3] - The rapid development of "Artificial Intelligence+" led to a 34.0% increase in server production and a 17.7% increase in integrated circuits [3] Group 4: Traditional Industries - The petroleum processing industry experienced an 8.1% year-on-year growth in added value in October, with the biofuel processing sector growing by 19.1% [4] - The chemical fiber industry grew by 7.3%, with the bio-based materials manufacturing sector increasing by 26.3% [4] - Other traditional industries such as chemicals and coal also showed positive growth, with added value growth rates of 7.1% and 6.5%, respectively [4]

Core Insights - The overall economic operation in October remained stable, with solid progress in transformation and upgrading, and new growth drivers continuing to strengthen [1] Economic Performance - In October, the industrial production remained stable, with the added value of industrial enterprises above designated size increasing by 4.9% year-on-year [2] - The equipment manufacturing sector saw an 8% increase in added value, significantly outpacing the overall industrial growth [2] - Social retail sales of consumer goods increased by 2.9% year-on-year, with notable growth in communication equipment (23.2%) and cultural office supplies (13.5%) [2] - The consumer price index (CPI) rose by 0.2% year-on-year, with the core CPI (excluding food and energy) increasing by 1.2% [2] High-Tech and Green Manufacturing - The added value of high-tech manufacturing increased by 7.2% year-on-year, continuing to outpace overall industrial growth [3] - The production of green products, such as new energy vehicles and lithium-ion batteries, grew by 19.3% and 30.4% respectively [3] New Growth Drivers - The digital economy and new industries are rapidly developing, with online retail of physical goods accounting for 25.2% of total retail sales from January to October [4] - Investment in high-tech sectors, including aerospace and information services, saw significant growth, with increases of 19.7% and 32.7% respectively [4] Manufacturing Sector Dynamics - The added value of equipment manufacturing increased by 9.5%, contributing 58.7% to the growth of industrial added value [5] - The digital economy is expanding, with the added value of digital industry manufacturing rising by 9.5% [5] Economic Resilience - The economy is characterized by a stable foundation, multiple advantages, strong resilience, and significant potential [6] - The GDP growth for the first three quarters was 5.2%, placing it among the top global economies [7] - The total import and export volume increased by 3.6% year-on-year from January to October [7] Innovation and Policy Support - The integration of technological and industrial innovation is accelerating, with new industries and growth drivers emerging [8] - Proactive macroeconomic policies and the construction of a unified national market are enhancing demand and production, stabilizing the economy [8]