国家统计局发布的11月份规模以上工业增加值数据显示，11月我国工业生产稳定增长，制造业和高技术制作业继续较快增长，主要关键数据指标飘红。 分行业看 | 41个大类行业中 有30个行业增加 值保持同比增长 | | | --- | --- | | 煤炭开采和洗选业 | ▲ 7.5% | | 石油和天然气开采业 | 5.1% | | 农副食品加工业增长 | 1.7% | | 酒、饮料和精制茶制造业 | ▼ 0.6% | | 纺织业 | ▲ 1.8% | | 化学原料和化学制品制造业 | ▲ 6.7% | 1.8% 非金属矿物制品业 黑色金属冶炼和压延加工业 0.9% 有色金属冶炼和压延加工业 ▲ 4.8% 通用设备制造业 7.5% 专用设备制造业 4.8% 铁路、船舶、航空航天和其他运输设备 11.9% 制造业 电气机械和器材制造业 4.4% 9.2% 计算机、通信和其他电子设备制造业 电力、热力生产和供应业 4.2% 汽车制造业 11.9% H2 FF 》分产品看 规上工业623种产 品中有310种产品 产量同比增长 环比增长 0.44% 》分三大门类看 制造业 采矿业 4.6% 6.3% 电力、热力、燃气 及水 ...

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、通信和其他电子设备制造业增长9.2%，电力、热力生产和供应业增长 4.2%。 分产品看，11月份，规模以上工业623种产品中有310种产品产量同比增长。其中，钢材11591万吨，同比下降2.6%；水泥15434万吨，下降8.2%；十种有色 金属699万吨，增长4.7%；乙烯309万吨，增长7.3%；汽车351.9万辆，增长2.4%，其中新能源汽车184.1万辆，增长17.0%；发电量7792亿千瓦时，增长 2.7%；原油加工量6083万吨，增长3.9%。 11月份，规模以上 ...

物价走势是观察经济运行的重要窗口。国家统计局最新发布的价格数据显示，11月份，居民消费价格指 数（CPI）同比上涨0.7%，涨幅比10月份扩大0.5个百分点，为2024年3月份以来最高；扣除食品和能源 价格的核心CPI同比上涨1.2%，涨幅连续3个月保持在1%以上；工业生产者出厂价格指数（PPI）环比上 涨0.1%，连续两个月上涨……温和上扬的价格曲线，折射出供需两端的同步改善，彰显经济韧性与潜 力。 但也要认识到，当前外部不确定性因素依然较多，国内有效需求不足仍是主要矛盾，价格总体仍在低位 运行。因此，下一步，要促进供给和需求良性互动，纵深推进全国统一大市场建设，优化市场竞争环 境，推进重点行业产能治理，改善供求关系，促进价格水平合理回升。 在笔者看来，物价回暖并非偶然，而是政策组合拳精准有力、新动能不断发展壮大等多维度突破换来 的"水到渠成"。 （文章来源：证券日报） 具体来看，今年以来，提振消费专项行动持续显效，消费需求焕新提升，"悦己型""健康型"需求持续增 长，带动工艺美术、运动球类、营养食品等细分工业品价格稳步抬升，11月份前述三类工业品价格分别 同比上涨20.6%、4.3%、1.1%。此外，综合 ...

Economic Overview - The State Council Information Office will hold a press conference on December 15, 2025, to discuss the national economic operation for November 2025, presented by Fu Linghui, spokesperson of the National Bureau of Statistics [1] Consumer and Producer Price Index - In November, the Consumer Price Index (CPI) increased by 0.7% year-on-year, with the growth rate expanding; the core CPI, excluding food and energy, rose by 1.2%, maintaining a growth rate above 1% for three consecutive months [3] - The Producer Price Index (PPI) saw a month-on-month increase of 0.1%, marking two consecutive months of growth; however, it decreased by 2.2% year-on-year, with the decline rate widening by 0.1 percentage points compared to the previous month [3] - Notably, the effects of comprehensive rectification of "involution-style" competition are becoming evident, as industries such as coal mining, photovoltaic equipment manufacturing, and lithium-ion battery manufacturing have experienced a narrowing of year-on-year price declines for several months [3] - The price trends in certain industries reflect the rapid development of emerging industries and the effective release of consumer potential [3]

发布会预告。 据中国网消息， 国务院新闻办公室定于2025年12月15日（星期一）上午10时举行新闻发布会，请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 凌晖介绍2025年11月份国民经济运行情况，并答记者问。 此前发布的数据显示，11月份居民消费价格指数（CPI）同比上涨0.7%，涨幅扩大；扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续3个月保持在1%以上。 责编：万健祎 校对： 苏焕文 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 芯片巨头，盘后大跌！ 丨 深夜！科技巨头暴跌，发 生了什么？ 丨 5个必须、8项任务！中央重要会议细化明年经济工作，有何亮点？ 丨 摩尔线程，提示风险！ 丨 4000亿+！摩尔线程，再度大涨！ 丨 昨 夜，美股全线大涨！鲍威尔，重磅发声 丨 凌晨重磅！美联储降息25个基点，3 ...

Group 1 - The Consumer Price Index (CPI) increased by 0.7% year-on-year in November, the highest since March 2024, driven primarily by a reversal in food prices from a decline to an increase [2][4] - Core CPI, excluding food and energy, rose by 1.2% year-on-year, maintaining above 1% for three consecutive months, indicating stable inflationary pressures [2][4] - The increase in CPI was influenced by seasonal price rises in services and industrial consumer goods, with notable increases in household appliances (4.9%) and clothing (2.0%) [2][4] Group 2 - The Producer Price Index (PPI) saw a month-on-month increase of 0.1% but a year-on-year decline of 2.2%, reflecting seasonal demand increases in certain industries [4][5] - The PPI decline was less severe than in previous months, with improvements noted in sectors such as coal mining and photovoltaic equipment manufacturing, indicating a narrowing of price drops due to ongoing capacity governance [4][5] - Emerging industries, including new materials and intelligent services, are driving price increases in related sectors, with significant year-on-year price rises in external storage devices (13.9%) and artistic products (20.6%) [5][6] Group 3 - To maintain price stability and promote reasonable price recovery, there is a need to continue expanding domestic demand and optimizing market competition [6][7] - The upcoming year-end period is seen as a critical time for consumption, with plans for various promotional activities to stimulate consumer spending [7] - The outlook for 2026 suggests that with the implementation of demand expansion policies and ongoing capacity governance, prices are expected to rise moderately, supported by improvements in supply-demand structures [7]

CPI Analysis - In November 2025, the Consumer Price Index (CPI) rose by 0.7% year-on-year, an increase of 0.5 percentage points, marking the highest level since March 2024[4] - The CPI decreased by 0.1% month-on-month, primarily influenced by non-food prices[4] - Food prices turned positive, contributing positively to the CPI, with fresh vegetable prices increasing by 14.5%[15] - Core CPI, excluding food and energy, remained stable at a 1.2% year-on-year increase, maintaining above 1% for three consecutive months[15] PPI Analysis - The Producer Price Index (PPI) decreased by 2.2% year-on-year, with a slight widening of the decline by 0.1 percentage points[12] - Month-on-month, PPI increased by 0.1%, marking two consecutive months of growth[20] - Key sectors such as black metal mining and coal mining saw a narrowing of price declines, while oil extraction and processing experienced expanded price drops[22] Economic Policy Implications - The low CPI and PPI levels create room for more proactive macroeconomic policies, including increased fiscal measures and moderate monetary easing[5] - The political bureau meeting emphasized the need for stronger counter-cyclical and cross-cyclical adjustments to promote effective qualitative and reasonable quantitative economic growth[5] Risk Factors - Potential risks include worsening geopolitical events, changes in international financial conditions, and unexpected shifts in China-U.S. policies[6]

Group 1: CPI Analysis - In November, the CPI increased by 0.7% year-on-year, the highest level since March 2024, with an increase of 0.5 percentage points from the previous month [1] - The rise in CPI was primarily driven by a significant increase in vegetable prices, which turned from a decline of 2.9% in October to an increase of 0.2% in November, contributing positively to the CPI [2] - Core CPI, excluding food and energy, rose by 1.2% year-on-year in November, indicating a continued upward trend [2][3] Group 2: PPI Analysis - The PPI increased by 0.1% month-on-month in November, marking the second consecutive month of growth, attributed to seasonal demand increases and rising prices in certain industries [4] - Year-on-year, the PPI decreased by 2.2%, with the decline rate widening by 0.1 percentage points compared to the previous month, influenced by high comparison bases from the previous year [4][5] - The prices in key industries such as coal mining and photovoltaic equipment manufacturing showed a narrowing decline, indicating improvements in market competition and capacity management [5] Group 3: Future Outlook - The economic outlook suggests that core CPI will continue to rise steadily, supported by coordinated policy efforts to boost consumption and improve living standards [3][6] - The PPI is expected to decline by approximately 0.5% year-on-year in 2026, with a significant narrowing of the decline, driven by ongoing "anti-involution" policies and the rapid development of emerging industries [6]

Group 1: CPI Analysis - In November 2025, the CPI increased by 0.7% year-on-year, marking the highest level in 2025 and the highest since March 2024, while it slightly decreased by 0.1% month-on-month[1] - Core CPI, excluding food and energy, rose by 1.2% year-on-year, remaining above 1% for three consecutive months, indicating a gradual recovery in consumer spending[1] - Food prices shifted from a 2.9% decline in October to a 0.2% increase in November, primarily driving the CPI increase[1] Group 2: PPI Insights - In November 2025, the PPI increased by 0.1% month-on-month, achieving positive growth for two consecutive months, but the year-on-year decline widened to -2.2%[2] - Key industries such as coal mining and photovoltaic equipment manufacturing showed narrowing year-on-year price declines, reflecting effective supply-demand optimization policies[2] - The prices of new materials and intelligent technologies rose significantly, with external storage devices increasing by 13.9% year-on-year, indicating a shift towards industrial upgrading[2] Group 3: Market Outlook - The CPI's recovery is largely dependent on short-term supply shocks from fresh produce, while long-term food prices, such as pork, remain low[4] - The divergence in price trends between traditional and emerging industries reflects ongoing economic transformation, with traditional sectors still undergoing capacity reduction[4] - Future expectations suggest a gradual recovery in prices across key industries, with CPI likely to continue a moderate upward trend and PPI expected to turn positive in 2026[4]

Core Viewpoint - In November, China's macroeconomic policies began to show positive effects, leading to a notable increase in the Consumer Price Index (CPI) and a recovery in consumer spending [2] CPI Analysis - The CPI rose by 0.7% year-on-year in November, an increase of 0.5 percentage points from the previous month, marking the highest level since March 2024 and matching the peak since February 2023 [2] - The core CPI, excluding food and energy, also increased by 1.2% year-on-year, remaining above 1.0% for three consecutive months, indicating a steady recovery in consumer willingness and capacity [2] - Food prices shifted from a decline of 2.9% in October to an increase of 0.2% in November, contributing positively to the CPI [3] Food Price Dynamics - Fresh vegetable prices rose by 14.5% year-on-year after nine months of decline, significantly impacting the CPI [4] - Beef and lamb prices continued to rise, with increases of 6.2% and 3.7% respectively, while pork prices, although still down 15.0%, showed a narrowing decline from 16.0% [4] - Egg prices further declined to -12.5% year-on-year, indicating reduced internal deflationary pressure on food prices [4] Non-Food Price Trends - Service prices and industrial consumer goods prices (excluding energy) increased by 0.7% and 2.1% respectively, contributing approximately 0.29 and 0.53 percentage points to the CPI [5] - Core consumer goods prices rose by 2.1%, marking the seventh consecutive month of growth, with notable increases in gold jewelry (over 50%), household appliances (4.9%), and clothing (2.0%) [5] - Housing rental prices showed a slight decline of 0.2% year-on-year, reflecting a weak real estate market [5] PPI Insights - The Producer Price Index (PPI) decreased by 2.2% year-on-year, but showed a month-on-month increase of 0.1%, indicating a stabilization in industrial prices [6] - The reduction in price declines for certain industries, such as coal mining and photovoltaic equipment, suggests improvements in market competition and pricing structures [7] - New industries, including new materials and intelligent manufacturing, are driving price increases in related sectors, with significant year-on-year rises in external storage devices (13.9%) and integrated circuit manufacturing (1.7%) [7] Consumer Demand and Seasonal Effects - Seasonal demand increases due to winter preparations and supply constraints have led to significant price increases in coal mining and washing industries, with a month-on-month rise of 4.1% [8] - The overall price level remains moderate, with life material prices showing a year-on-year decline of 1.5%, indicating a stable inflation environment [9]