智通财经APP获悉，国家统计局数据显示，2025年1—11月份，全国固定资产投资(不含农户)444035亿元，同比下降2.6%(按可比口径计算)。其中，民间固定 资产投资同比下降5.3%。从环比看，11月份固定资产投资(不含农户)下降1.03%。 分产业看，第一产业投资8770亿元，同比增长2.7%;第二产业投资162243亿元，增长3.9%;第三产业投资273022亿元，下降6.3%。 第二产业中，工业投资同比增长4.0%。其中，采矿业投资增长4.0%，制造业投资增长1.9%，电力、热力、燃气及水生产和供应业投资增长10.7%。 第三产业中，基础设施投资(不含电力、热力、燃气及水生产和供应业)同比下降1.1%。其中，管道运输业投资增长16.8%，水上运输业投资增长8.9%，铁路 运输业投资增长2.7%。 分地区看，东部地区投资同比下降6.6%，中部地区投资下降1.7%，西部地区投资下降0.2%，东北地区投资下降14.0%。 分登记注册类型看，内资企业固定资产投资同比下降2.6%，港澳台企业固定资产投资下降2.2%，外商企业固定资产投资下降14.1%。 2025年1—11月份固定资产投资(不含农户)主要数据 ...

智通财经APP获悉，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%。1—11月份，规模以上工业增加值同比增长6.0%。分三大门类看，11月份，采矿业增加 值同比增长6.3%，制造业增长4.6%，电力、热力、燃气及水生产和供应业增长4.3%。 原文如下： 2025年11月份规模以上工业增加值增长4.8% 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%。1—11月份，规模以上工业增加值同比增长6.0%。 分三大门类看，11月份，采矿业增加值同比增长6.3%，制造业增长4.6%，电力、热力、燃气及水生产和供应业增长4.3%。 分经济类型看，11月份，国有控股企业增加值同比增长4.2%；股份制企业增长5.2%，外商及港澳台投资企业增长3.4%；私营企业增长3.2%。 分行业看，11月份，41个大类行业中有30个行业增加值同比增长。其中，煤炭开采和洗选业增长7.5%，石油和 ...

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%。1—11月份，规模以上工业增加值同比增长6.0%。 分三大门类看，11月份，采矿业增加值同比增长6.3%，制造业增长4.6%，电力、热力、燃气及水生产和供应业增长4.3%。 分经济类型看，11月份，国有控股企业增加值同比增长4.2%；股份制企业增长5.2%，外商及港澳台投资企业增长3.4%；私营企业增长3.2%。 分行业看，11月份，41个大类行业中有30个行业增加值同比增长。其中，煤炭开采和洗选业增长7.5%，石油和天然气开采业增长5.1%，农副食品加工业增 长1.7%，酒、饮料和精制茶制造业下降0.6%，纺织业增长1.8%，化学原料和化学制品制造业增长6.7%，非金属矿物制品业下降1.8%，黑色金属冶炼和压延 加工业增长0.9%，有色金属冶炼和压延加工业增长4.8%，通用设备制造业增长7.5%，专用设备制造业增长4.8%，汽车制造业增长11.9%，铁路、船舶、航空 航天和其他运输设备制造业增长11.9%，电气机械和器材制造业增长4.4%，计算机、通信和其 ...

11月份，全国规模以上工业增加值同比增长4.8%，环比增长0.44%。分三大门类看，采矿业增加值同比 增长6.3%，制造业增长4.6%，电力、热力、燃气及水生产和供应业增长4.3%。装备制造业增加值同比 增长7.7%，高技术制造业增加值增长8.4%，分别快于全部规模以上工业增加值2.9和3.6个百分点。分经 济类型看，国有控股企业增加值同比增长4.2%；股份制企业增长5.2%，外商及港澳台投资企业增长 3.4%；私营企业增长3.2%。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%。1-11月份，全国规模以上工业增加值同比增长6.0%。11月份，制造业采购经 理指数为49.2%，比上月上升0.2个百分点；企业生产经营活动预期指数为53.1%，上升0.3个百分点。1- 10月份，全国规模以上工业企业实现利润总额59503亿元，同比增长1.9%。 ...

2025年1—11月份，全国固定资产投资（不含农户）444035亿元，同比下降2.6%。其中，民间固定资产投资同比下降5.3%。从环比看，11月份固定资产投资 （不含农户）下降1.03%。 分产业看，第一产业投资8770亿元，同比增长2.7%；第二产业投资162243亿元，增长3.9%；第三产业投资273022亿元，下降6.3%。 第二产业中，工业投资同比增长4.0%。其中，采矿业投资增长4.0%，制造业投资增长1.9%，电力、热力、燃气及水生产和供应业投资增长10.7%。 第三产业中，基础设施投资（不含电力、热力、燃气及水生产和供应业）同比下降1.1%。其中，管道运输业投资增长16.8%，水上运输业投资增长8.9%，铁 路运输业投资增长2.7%。 分地区看，东部地区投资同比下降6.6%，中部地区投资下降1.7%，西部地区投资下降0.2%，东北地区投资下降14.0%。 分登记注册类型看，内资企业固定资产投资同比下降2.6%，港澳台企业固定资产投资下降2.2%，外商企业固定资产投资下降14.1%。 固定资产投资(不含农户) 其中:国有控股 其中:民间投资 按构成分 建筑安装工程 设备工器具购置 其他费用 分产业 ...

分产业看，第一产业投资8770亿元，同比增长2.7%；第二产业投资162243亿元，增长3.9%；第三产业投资273022亿元，下降6.3%。 第二产业中，工业投资同比增长4.0%。其中，采矿业投资增长4.0%，制造业投资增长1.9%，电力、热力、燃气及水生产和供应业投资增长10.7%。 2025年1—11月份，全国固定资产投资（不含农户）444035亿元，同比下降2.6%（按可比口径计算，详见附注7）。其中，民间固定资产投资同比下降 5.3%。从环比看，11月份固定资产投资（不含农户）下降1.03%。 第三产业中，基础设施投资（不含电力、热力、燃气及水生产和供应业）同比下降1.1%。其中，管道运输业投资增长16.8%，水上运输业投资增长8.9%，铁 路运输业投资增长2.7%。 分地区看，东部地区投资同比下降6.6%，中部地区投资下降1.7%，西部地区投资下降0.2%，东北地区投资下降14.0%。 分登记注册类型看，内资企业固定资产投资同比下降2.6%，港澳台企业固定资产投资下降2.2%，外商企业固定资产投资下降14.1%。 2025年1—11月份固定资产投资（不含农户）主要数据 | | 指 标 | 同比增长 ...

报告共计：48页 A股上市公司ESG评级分析报告2025核心总结 《A股上市公司ESG评级分析报告2025》聚焦2018-2025年A股上市公司ESG表现，从综合绩效、维度细分、行业差异、专项指标 等多方面展开分析，呈现了A股企业ESG发展的整体态势与关键特征。 报告显示，A股上市公司ESG综合绩效呈稳步提升态势。2018年以来，ESG综合评分从约1.03逐步攀升，2025年达到1.79左右， ESG管理及披露、ESG风险管控两大核心领域也同步改善，管理及披露评分从1.0左右提升至1.68，风险管控能力持续增强，反 映出A股企业对ESG重视程度不断提高，相关管理体系逐步完善。 从ESG三大维度来看，环境（E）、社会（S）、治理（G）均实现正向发展。环境维度评分从2018年的1.04稳步提升，2025年接 近1.34；社会维度从1.07增长至1.25左右；治理维度则从1.0左右提升至1.24，三大维度发展相对均衡，未出现明显短板。高ESG 评级企业与低ESG评级企业的绩效差距逐步显现，高ESG组绩效始终保持在1.3以上，且增长势头更强劲，低ESG组则长期在1.0- 1.1区间波动。 行业层面呈现显著差异，不同行 ...

Report Information - Report Title: Huaxian Futures Macroeconomic Monthly Report - The Downward Trend of the Real Estate Sector Accelerates, Pay Attention to Policy Stimulus at the End of the Year [1] - Author: Shi Shuyu - Date: 2025-11-30 1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - From January to October 2025, the profits and revenues of industrial enterprises above designated size increased year-on-year, but the growth rate slowed down, and the profit in October decreased year-on-year. Different industries showed varying degrees of profit changes [8]. - In October 2025, the CPI rose slightly, and is expected to maintain a moderate upward trend. Food prices decreased, while non - food prices increased [8]. - In October 2025, the electricity consumption of the whole society reached a new monthly high, with significant growth in the electricity consumption of various industries [10]. - In October 2025, the fiscal revenue increased year-on-year, while the fiscal expenditure decreased year-on-year, with significant declines in some expenditure items [10]. - In October 2025, the prices of second - hand and new residential properties in first, second, and third - tier cities showed different degrees of decline [10]. - From January to October 2025, the decline in fixed - asset investment (excluding rural households) expanded, and the decline in real estate development investment, new construction, and sales also deepened [13]. 3. Summary by Relevant Catalogs 3.1 Monthly Viewpoint - **Industrial Enterprises**: From January to October 2025, the total profit of industrial enterprises above designated size was 5950.29 billion yuan, a year - on - year increase of 1.9% (previous value 3.2%); the operating revenue was 113.37 trillion yuan, a year - on - year increase of 1.8% (previous value 2.4%). In October, the profit decreased by 5.5% year-on-year[8]. - **CPI**: In October 2025, the national CPI increased by 0.2% year - on - year. Food prices decreased by 2.9%, non - food prices increased by 0.9%, consumer prices decreased by 0.2%, and service prices increased by 0.8%. From January to October, the average CPI decreased by 0.1% compared with the same period last year[8]. - **Electricity Consumption**: In October 2025, the electricity consumption of the whole society was 857.2 billion kWh, a year - on - year increase of 10.4%. From January to October, the cumulative electricity consumption was 8624.6 billion kWh, a year - on - year increase of 5.1%[10]. - **Fiscal Revenue and Expenditure**: From January to October 2025, the cumulative general fiscal revenue was 18.65 trillion yuan, a year - on - year increase of 0.8%. In October, the general fiscal revenue was 2.26 trillion yuan, a year - on - year increase of 3.16%. From January to October, the cumulative general fiscal expenditure was 22.58 trillion yuan, a year - on - year increase of 2%. In October, the general fiscal expenditure was 1.78 trillion yuan, a year - on - year decrease of 9.78%[10]. - **Real Estate Market**: In October 2025, the prices of second - hand and new residential properties in first, second, and third - tier cities showed different degrees of decline[10]. - **Fixed - Asset Investment**: From January to October 2025, the national fixed - asset investment (excluding rural households) was 40891.4 billion yuan, a year - on - year decrease of 1.7%. The decline in real estate development investment, new construction, and sales also deepened[13]. 3.2 National Economic Accounting - The report presents the quarterly year - on - year growth rates of GDP and its various components from 2023 to 2025, including agriculture, forestry, animal husbandry, fishery, industry, construction, and services[16]. - It also shows the contribution rates of various industries to GDP and the pulling effects on GDP growth[21]. 3.3 Industry Analysis - **Industrial Growth**: The growth rate of industrial added value of industries above designated size showed fluctuations. Different industries had different growth rates, such as coal mining and non - metallic mineral products industries showing varying performances[32]. - **Industrial Output**: The report provides the production data of major industrial products from 2024 to 2025, such as crude oil, coal, and steel[34]. - **Industry Electricity Consumption**: The electricity consumption of different industries showed different growth trends. Some industries, such as the textile and clothing industry, had relatively high growth rates in electricity consumption[43]. - **Industrial Enterprise Profits**: From January to October 2025, the total profit of industrial enterprises above designated size increased year - on - year, but the growth rate slowed down. Different industries had different profit situations, with some industries showing growth and others showing decline[46]. - **Industrial Enterprise Inventory**: As of the end of September 2025, the inventory of finished products of industrial enterprises above designated size increased by 2.8%. The inventory situation of different industries also varied[58]. 3.4 Price Index - **CPI**: In October 2025, the CPI increased by 0.2% year - on - year. Different CPI components showed different price changes, such as food prices decreasing and non - food prices increasing[64]. - **PPI**: In October 2025, the national PPI decreased by 2.1% year - on - year, and the decline narrowed compared with the previous month. The prices of production materials and living materials also showed different changes[71].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - This week, domestic commodities rebounded with fluctuations, and most varieties in the industrial and agricultural product sectors rebounded. The market's expectation of a December interest rate cut significantly increased, Sino-US relations continued to ease, and geopolitical situations had an impact on international oil prices [3]. - Commodities will maintain a volatile range with differentiated trends among varieties. Currently, macro factors are mixed, and there are uncertainties regarding the December interest rate cut, the domestic economic slowdown, and geopolitical changes [3]. Summary by Relevant Catalogs PART ONE: Main Views - **Review**: Domestic commodities rebounded with fluctuations this week. The expectation of a December interest rate cut rose, Sino-US relations improved, and geopolitical situations affected oil prices [3]. - **Overseas**: Fed officials' dovish remarks increased the probability of a December interest rate cut from 43% to 80%. The US economy shows "K-shaped differentiation," and consumer spending may weaken in Q4. There are developments in the Ukraine peace plan, which affected oil prices [3]. - **Domestic**: From January to October, the profits of industrial enterprises above designated size increased by 1.9% year-on-year, with different growth rates in different sectors. China's foreign direct investment maintained resilient growth from January to October [3]. - **Commodity Views**: Commodities will maintain a volatile range due to mixed macro factors, including interest rate cut uncertainty, domestic economic slowdown, and geopolitical changes [3]. PART TWO: Overseas Situation Analysis - Fed officials' remarks increased the market's expectation of a December interest rate cut. The US economic activity changed little, consumer spending weakened, and there were developments in the Ukraine peace plan affecting oil prices [3]. PART THREE: Domestic Situation Analysis - From January to October, the profits of industrial enterprises above designated size increased by 1.9% year-on-year, with different growth rates in different sectors. China's foreign direct investment maintained resilient growth from January to October [3][21][25]. PART FOUR: High-Frequency Data Tracking - Data on开工率 of polyester产业链 and高炉开工率, prices of POY and PTA, and agricultural product prices are presented, showing certain trends and changes [34][41][43].

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% （按可比口径计算，详见附注二）。 1 — 10 月份，规模以上工业企业中，国有控股企业实现利润总额 18490.2 亿元，同比 持平；股份制企业实现利润总额 44328.3 亿元，增长 1.5% ；外商及港澳台投资企业实现利 润总额 14848.6 亿元，增长 3.5% ；私营企业实现利润总额 16995.6 亿元，增长 1.9% 。 1 — 10 月份，采矿业实现利润总额 7123.3 亿元，同比下降 27.8% ；制造业实现利润 总额 45050.3 亿元，增长 7.7% ；电力、热力、燃气及水生产和供应业实现利润总额 7329.3 亿元，增长 9.5% 。 1 — 10 月份，主要行业利润情况如下：有色金属冶炼和压延加工业利润同比增长 14.0% ，电力、热力生产和供应业增长 13.1% ，计算机、通信和其他电子设备制造业增长 12.8% ，农副食品加工业增长 8.5% ，电气机械和器材制造业增长 7.0% ，通用设备制造业 增长 6.2% ，专用设备制造业增长 5.0% ，汽车制造业增长 4.4% ，非金属 ...