Economic Overview - In November, the national economy continued to show a stable and progressive development trend, with a focus on implementing proactive macro policies and promoting high-quality development [2][6] - The total grain production for the year is expected to exceed 1.4 trillion jin, with a year-on-year increase of 1.2% [2] Industrial Production - The industrial added value above designated size increased by 4.8% year-on-year in November, with a month-on-month increase of 0.44% [3] - The equipment manufacturing industry and high-tech manufacturing industry saw significant growth, with increases of 7.7% and 8.4% respectively [3] - The production of 3D printing equipment, industrial robots, and new energy vehicles grew by 100.5%, 20.6%, and 17.0% year-on-year respectively [3] Retail Sales - The total retail sales of consumer goods reached 43,898 billion yuan in November, a year-on-year increase of 1.3% [4] - Online retail sales amounted to 144,582 billion yuan, with a year-on-year growth of 9.1%, and physical goods online retail sales accounted for 25.9% of total retail sales [4] - Service retail sales grew by 5.4% year-on-year, with significant growth in cultural, sports, and travel services [4] Fixed Asset Investment - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year from January to November, while manufacturing investment increased by 1.9% [5] - Infrastructure investment fell by 1.1%, and real estate development investment dropped by 15.9% [5] - Investment in high-tech industries, such as information services and aerospace manufacturing, saw significant increases of 29.6% and 19.7% respectively [5] Policy Impact - A series of proactive macro policies have effectively supported stable economic operations, leading to expanded consumer demand and increased key investments [7][8] - The implementation of consumption upgrade policies has resulted in significant sales growth in home appliances and communication equipment [8] - The industrial production growth was supported by policies promoting market demand and industrial upgrades [8] Price Trends - The Consumer Price Index (CPI) rose by 0.7% year-on-year in November, marking a continuous recovery trend [9] - The Producer Price Index (PPI) showed a month-on-month increase of 0.1%, indicating a narrowing decline trend since August [10][11] Long-term Economic Outlook - The resilience of the economy remains strong, with macro policies providing robust support and new growth drivers emerging [12][13] - The expansion of market demand and the continuous growth of new economic drivers are expected to positively impact economic development [12][14] - The upcoming economic policies aim to enhance domestic demand and optimize supply, ensuring a solid foundation for future growth [14]

Core Viewpoint - In November, the industrial added value of enterprises above designated size in China experienced a year-on-year growth of 4.8%, indicating a stable economic performance under the leadership of the central government [1][20]. Industrial Performance - The industrial added value for the first eleven months of the year increased by 6.0% year-on-year [2][22]. - The mining industry saw a year-on-year increase of 6.3%, manufacturing grew by 4.6%, and the electricity, heat, gas, and water production and supply industry rose by 4.3% in November [4][22]. - High-tech manufacturing increased by 8.4%, outpacing the overall industrial growth [6][22]. Economic Types - In November, state-controlled enterprises' added value grew by 4.2%, while joint-stock enterprises increased by 5.2%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 3.4%, and private enterprises by 3.2% [4][22]. Product Output - Among 623 industrial products, 310 saw a year-on-year increase in output in November [5][22]. - Notable growth was observed in the production of 3D printing equipment (100.5%), industrial robots (20.6%), and new energy vehicles (17.0%) [22]. Sales and Exports - The product sales rate for industrial enterprises above designated size was 96.5%, a decrease of 0.8 percentage points year-on-year [5][22]. - The export delivery value reached 1.361 trillion yuan, showing a nominal decline of 0.1% year-on-year [5][22]. Employment and Consumer Prices - The urban survey unemployment rate in November was 5.1%, remaining stable compared to the previous month [27]. - The Consumer Price Index (CPI) rose by 0.7% year-on-year in November, with food prices increasing by 0.3% [28].

中国国家市场监管总局1日公布，今年10月中国企业信用指数为161.56，企业信用水平基本平稳。其 中，房地产业信用指数连续3个月呈环比上升态势，行业信用水平实现平稳回升。 行业企业信用水平稳中有进。10月，信用指数排名前五的行业分别为金融业、电力热力燃气及水生产和 供应业、水利环境和公共设施管理业、科学研究和技术服务业、建筑业。10月，半数行业信用指数较上 月实现环比增长。文化、体育和娱乐业信用指数增幅居各行业首位。房地产业信用指数连续3个月呈环 比上升态势，行业信用水平实现平稳回升，发展韧性持续显现。 （文章来源：中国新闻网） 数据显示，10月，中国企业信用指数较9月下降0.73点，可靠性分指标、经营性分指标、合规性分指 标、关联性分指标总体稳定，财务性分指标、监管性分指标略有下降，但信用风险低企业占比提升，消 费者投诉举报量降低，企业信用水平基础依然稳固，在短期波动中保持总体平稳。 10月，信用指数排名前五的省份分别为北京、安徽、天津、重庆、陕西，其中，北京信用指数呈现良好 增长趋势，位居全国第一。全国大部分区域信用指数呈现高位回调趋势。天津、上海、西藏等地指数排 名显著提升，企业合规经营水平和主体稳定性 ...

2025年10月中国企业信用指数基本平稳 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 行业企业信用水平稳中有进。2025年10月，信用指数排名前五的行业分别为金融业、电力热力燃气及水 生产和供应业、水利环境和公共设施管理业、科学研究和技术服务业、建筑业。10月，半数行业信用指 数较上月实现环比增长。文化、体育和娱乐业信用指数增幅居各行业首位。房地产业信用指数连续3个 月呈环比上升态势，行业信用水平实现平稳回升，发展韧性持续显现。 来源：中国新闻网 编辑：付健青 广告等商务合作，请点击这里 中新网12月1日电 据国家市场监督管理总局网站消息，2025年10月，中国企业信用指数为161.56，企业 信用水平基本平稳。具体来看，10月中国企业信用状况呈现以下特点： 全国企业信用水平总体稳定。2025年10月，中国企业信用指数较9月下降0.73点，可靠性分指标、经营 性分指标、合规性分指标、关联性分指标总体稳定，财务性分指标、监管性分指标略有下降，但信用 ...

信用指数排名前五的行业分别为金融业、电力热力燃气及水生产和供应业、水利环境和公共设施管理 业、科学研究和技术服务业、建筑业。半数行业信用指数较上月实现环比增长。文化、体育和娱乐业信 用指数增幅居各行业首位。房地产业信用指数连续3个月呈环比上升态势。 经济观察网据央视新闻消息，记者12月1日从市场监管总局了解到，今年10月，中国企业信用指数为 161.56，企业信用水平基本平稳。 ...

Group 1 - The core viewpoint of the articles highlights the steady growth in industrial profits and the high-quality development of the industrial economy in China, driven by strong domestic circulation and effective policy implementation [1][3] - In the first ten months of the year, the revenue of large-scale industrial enterprises increased by 1.8% year-on-year, while profits rose by 1.9%, marking three consecutive months of profit growth since August [1] - The mining industry saw a decline of 27.8%, although this was a slight improvement from the previous nine months, while the manufacturing sector grew by 7.7% and the electricity, heat, gas, and water supply sector increased by 9.5% [1] Group 2 - The equipment manufacturing sector experienced significant profit growth, with a 7.8% increase in profits for large-scale equipment manufacturing enterprises, contributing 2.8 percentage points to the overall profit growth of large-scale industrial enterprises [1] - In the high-tech manufacturing sector, profits increased by 8% year-on-year, outperforming the average growth rate of all large-scale industrial enterprises by 6.1 percentage points [2] - Traditional industries are showing signs of quality improvement, with profits in certain sectors like chemical and building materials significantly exceeding industry averages, such as a 77.7% profit increase in graphite and carbon products manufacturing [2]

Group 1: Industrial Economic Performance - In the first ten months of the year, the revenue of large-scale industrial enterprises increased by 1.8% year-on-year, creating favorable conditions for profit recovery [1] - Profits of large-scale industrial enterprises grew by 1.9% year-on-year, maintaining a continuous growth rate for three consecutive months since August [1] - The mining industry saw a decline of 27.8%, while the manufacturing sector grew by 7.7%, and the electricity, heat, gas, and water production and supply sector increased by 9.5% [1] Group 2: Equipment Manufacturing Sector - Profits in the equipment manufacturing sector increased by 7.8% year-on-year, contributing 2.8 percentage points to the overall profit growth of large-scale industrial enterprises [1] - The total profit from the equipment manufacturing sector accounted for 38.5% of the total profits of large-scale industrial enterprises, an increase of 2 percentage points compared to the same period last year [1] - Seven out of eight major categories in the equipment manufacturing sector reported year-on-year profit growth, with significant increases in the railway, shipbuilding, aerospace, and electronics industries, achieving growth rates of 32% and 12.8% respectively [1] Group 3: High-Tech Manufacturing Sector - Profits in the high-tech manufacturing sector rose by 8% year-on-year, outperforming the average growth rate of large-scale industrial enterprises by 6.1 percentage points [2] - The smart electronics manufacturing sector showed strong growth, with profits in the smart unmanned aerial vehicle and smart vehicle-mounted equipment manufacturing industries increasing by 116.1% and 114.9% respectively [2] - The semiconductor manufacturing sector also experienced rapid profit growth, with integrated circuit manufacturing, electronic special materials manufacturing, and semiconductor discrete devices manufacturing seeing increases of 89.2%, 86%, and 17.4% respectively [2] Group 4: Traditional Industries - Traditional industries are showing signs of quality improvement and upgrading, with profits significantly exceeding the industry average [2] - In the raw materials sector, industries such as graphite and carbon products manufacturing, biochemical pesticides and microbial pesticides manufacturing, and cultural information chemicals manufacturing reported profit increases of 77.7%, 73.4%, and 19.1% respectively, surpassing their respective industry averages [2] - In the chemical fiber, rubber, and plastic products sector, profits in bio-based chemical fiber manufacturing and recycled rubber manufacturing grew by 61.2% and 15.4%, respectively, also exceeding their industry averages [2] Group 5: Future Outlook - The chief statistician of the National Bureau of Statistics emphasized the need to implement policies that promote domestic demand, optimize structure, and foster new energy to enhance the quality and quantity of industrial economic growth [3] - The focus will be on addressing complex international environments and domestic structural contradictions to strengthen the foundation of the real economy [3]

Core Insights - The total profit of industrial enterprises above designated size in China reached 59,502.9 billion yuan from January to October, marking a year-on-year increase of 1.9%, with a continuous growth rate maintained for three consecutive months since August 2023 [1] - The mining sector experienced a profit decline of 27.8%, although the decline rate narrowed by 1.5 percentage points compared to the first nine months of the year; manufacturing profits increased by 7.7%, and profits in the electricity, heat, gas, and water production and supply sectors grew by 9.5% [1] - In October, profits for industrial enterprises fell by 5.5% year-on-year due to a higher base from the previous year and rapid growth in financial costs [1] Revenue Growth - From January to October, the operating income of industrial enterprises above designated size grew by 1.8% year-on-year, indicating sustained revenue growth that supports profit recovery [1] Sector Performance - The profit of the equipment manufacturing sector increased by 7.8% year-on-year, contributing 2.8 percentage points to the overall profit growth of industrial enterprises; high-tech manufacturing profits rose by 8.0%, surpassing the average profit growth of all industrial enterprises by 6.1 percentage points [1] - Traditional industries showed significant improvement, with profits in specific sectors such as graphite and carbon products, biochemical pesticides, and cultural information chemicals growing by 77.7%, 73.4%, and 19.1% respectively, all exceeding their industry averages [2] - In the chemical fiber, rubber, and plastic products sectors, profits in bio-based chemical fiber manufacturing and recycled rubber manufacturing increased by 61.2% and 15.4%, respectively, also above their industry averages [2] Economic Context - The chief statistician of the Industrial Department at the National Bureau of Statistics indicated that the stable profit growth of industrial enterprises is driven by strong leadership from the central government and effective implementation of policies aimed at enhancing domestic circulation and promoting high-quality industrial economic development [2] - Moving forward, the focus will be on addressing complex international environments and domestic structural issues, with an emphasis on expanding domestic demand, optimizing structure, and fostering new capabilities to enhance the foundation of the real economy [2]

Economic Activity Index - The China High-Frequency Economic Activity Index (YHEI) as of November 25, 2025, is 1.27, an increase of 0.02 from November 18 [1][3] - The "import dry bulk freight index" rose by 0.05 to 1.29, while the "30-city commodity housing sales index" fluctuated between 0.44 and 0.46 [1][3] Industrial Sector Performance - From January to October 2025, the total profit of industrial enterprises above designated size reached 59,502.9 billion yuan, a year-on-year increase of 1.9%, which is 1.3 percentage points lower than the growth rate from January to September [19] - The revenue and cost growth rates for the same period were both 0.6 percentage points lower than those from January to September, at 1.8% and 2.0% respectively [19] - State-owned industrial enterprises' profits remained stable compared to the previous year, while joint-stock enterprises saw a profit increase of 1.5% to 44,328.3 billion yuan, foreign and Hong Kong-Macau-Taiwan enterprises increased by 3.5% to 14,848.6 billion yuan, and private enterprises grew by 1.9% to 16,995.6 billion yuan [19] Profitability by Industry - Profitability varied across industries from January to October 2025, with the mining industry's profit margin rising from 16.68% to 16.76%, while the manufacturing sector's profit margin remained stable at 4.57% [2][19] - The profit margin for the electricity, heat, gas, and water production and supply industry decreased from 7.05% to 6.97% [2][19] Monetary Policy and Interest Rates - As of November 25, 2025, the central bank's net fund injection through open market operations was 337.5 billion yuan, with a reverse repurchase amount of 1,626.3 billion yuan and a 7-day reverse repurchase rate of 1.4% [5] - The overnight interbank rate decreased by 17 basis points to 1.41%, while the 7-day repurchase rate remained unchanged at 1.54% [8][9] Real Estate Market - New housing transaction areas in first, second, and third-tier cities increased by 10.84%, 23.06%, and 12.72% respectively, while second-hand housing transaction areas decreased by 5.84%, 2.64%, and 13.86% [30] - The average daily transaction area for all types of housing was below the level of the previous year [30] Consumer Behavior - The average daily box office revenue for movies was 64.23 million yuan, a decrease of 36.73 million yuan from the previous week [34] - The road logistics price index increased by 0.07% over the past month, up 0.48% year-on-year [34] Global Economic Indicators - The US dollar index rose by 0.22 points to 99.81, while the RMB to USD exchange rate increased by 187 basis points to 7.0938 [35][38] - The Chicago Board Options Exchange VIX index decreased by 6.13 points to 18.56 [35][38]

记者丨冉黎黎 编辑丨周上祺 11月27日，国家统计局发布数据显示，1—10月份，全国规模以上工业企业实现利润总额 59502.9亿元，同比增长1.9%。虽较1—9月回落1.3个百分点，但自8月以来累计增速已连续三 个月保持正向改善。其中， 传统产业新质生产力发展成效初步显现，利润明显高于行业平均 水平。 单月来看，10月份，规模以上工业企业利润同比下降5.5%。国家统计局工业司首席统计师于 卫宁解读称，系受上年同期基数有所抬高、财务费用增长较快等因素影响。前海开源基金首 席经济学家、基金经理杨德龙关注了需求端，他认为，10月份，社会消费品零售总额增速相 比上月有所下降，内需不足是影响工业企业增长的重要原因。 10月份，规模以上工业企业利润同比下降5.5%。对于10月的数据，于卫宁指出，10月份，受 上年同期基数有所抬高、财务费用增长较快等因素影响，规模以上工业企业利润同比下降 5.5%。温彬进一步指出，去年10月在费用成本下降带动下，利润当月同比降幅明显收窄，抬 高了今年10月的同比对比基数，对当月增速形成统计性压制。 值得一提的是，近日，工业和信息化部会同五部门联合印发了《关于增强消费品供需适配性 进一步促 ...