财政部12月17日发布统计数据显示，今年前11个月，全国一般公共预算收入20.05万亿元，同比增长 0.8%，增幅与前10个月持平；全国一般公共预算支出24.85万亿元，同比增长1.4%。 支出方面，各级财政部门认真落实更加积极的财政政策，加大支出强度，优化支出结构，持续加强对重 点领域的支出保障。 前11个月，重点领域支出得到保障。其中，社会保障和就业支出增长8.1%，教育支出增长4.4%，卫生 健康支出增长4.7%，科学技术支出增长7.9%，节能环保支出增长6.6%，文化旅游体育与传媒支出增长 1.3%。李旭红认为，教育、社会保障和就业、科学技术等关键领域支出增速高于整体支出水平，有效 托底民生、支撑发展。 同时，前11个月，全国政府性基金预算收入4.03万亿元，同比下降4.9%；全国政府性基金预算支出9.21 万亿元，增长13.7%，主要是各级财政持续加快债券资金使用，地方政府专项债券、超长期特别国债、 中央金融机构注资特别国债等资金共支出5.15万亿元。李旭红分析，政府债券资金加快落地，有效带动 了投资增长，助力补短板、强弱项。 中央财经大学财税学院教授白彦锋认为，全国一般公共预算收入稳步增长，凸显出 ...

Group 1 - The national general public budget revenue for the first 11 months of the year reached 20.05 trillion yuan, with a growth rate of 0.8%, maintaining the same growth rate as the previous 10 months [1] - Tax revenue amounted to 16.48 trillion yuan, growing by 1.8%, with an increase of 0.1 percentage points compared to the first 10 months [1] - The domestic value-added tax and domestic consumption tax grew by 3.9% and 2.5% respectively, while personal income tax increased by 11.5%, consistent with the growth rate from the first 10 months [1] Group 2 - The performance of personal income tax has been notably strong, likely due to the active capital market and increased wealth effect, with capital market-related tax revenues also seeing significant growth [2] - Corporate income tax revenue reached 402.34 billion yuan, with a year-on-year growth of 1.7%, indicating a recovery in corporate earnings supported by various factors [2] - The equipment manufacturing and modern service industries showed strong tax revenue performance, with the computer and communication equipment manufacturing sector growing by 14.1% and the electrical machinery sector by 7.9% [2] Group 3 - The manufacturing sector continues to play a stabilizing role, with tax revenue from manufacturing maintaining a stable share of around 30% [3] - High-tech industry sales revenue increased by 14.7%, with smart device manufacturing sales growing by 28.2%, reflecting rapid growth in innovation-driven sectors [3] - General public budget expenditure for the first 11 months reached 24.85 trillion yuan, growing by 1.4%, with significant spending in social security and employment, education, and health sectors [3]

Group 1 - The core viewpoint of the articles highlights the stability in China's fiscal revenue and expenditure for the first eleven months of 2025, with a slight increase in tax revenues and a focus on social welfare spending [1][3][4] - National general public budget revenue reached 20.05 trillion yuan, with a year-on-year growth of 0.8%, maintaining the same growth rate as the previous ten months [1] - Tax revenue amounted to 16.48 trillion yuan, showing a growth of 1.8%, with domestic value-added tax and domestic consumption tax increasing by 3.9% and 2.5% respectively [1][2] Group 2 - Personal income tax showed a notable increase of 11.5%, attributed to the active performance of the capital market and the resulting wealth effect [2] - Corporate income tax revenue reached 402.34 billion yuan, with a year-on-year growth of 1.7%, indicating a recovery in corporate earnings supported by various economic factors [2][3] - The manufacturing sector continues to play a crucial role, with tax revenue from this sector stabilizing around 30% of total tax revenue, and high-tech industries experiencing a sales revenue growth of 14.7% [3] Group 3 - General public budget expenditure for the first eleven months was 24.85 trillion yuan, reflecting a year-on-year increase of 1.4%, with significant allocations towards social security, education, and health care [3] - The government fund budget revenue decreased by 4.9% to 4.03 trillion yuan, while expenditures increased by 13.7% to 9.21 trillion yuan, driven by accelerated use of bond funds [3] - Central government allocated 500 billion yuan to support local government debt, which is expected to inject new momentum into economic development [4]

1至11月云南省规模以上工业增加值同比增长4.5% 来源：中国新闻网 中新网昆明12月17日电 (记者 韩帅南)云南省统计局、国家统计局云南调查总队17日发布今年1至11月云 南省经济运行情况。1至11月，全省规模以上工业增加值同比增长4.5%，较1至10月加快0.9个百分点。 编辑：王永乐 分三大门类看，采矿业增加值增长9.5%，制造业增长4.7%，电力、热力、燃气及水生产和供应业增长 2.2%。 其中，高端制造业增势较好。装备制造业、高技术制造业增加值同比分别增长17%、16.9%，高于规模 以上工业增速12.5、12.4个百分点。 云南省持续深入实施提振消费专项行动，推进各项促消费政策落实，进一步释放消费潜力和活力，消费 市场总体平稳，消费结构加快升级，市场规模不断扩大。1至11月，全省实现社会消费品零售总额 11646.20亿元，同比增长3%。 云南持续开展项目攻坚，推动储备项目加快落地，加力提速项目建设，充分挖掘存量项目投资潜力，固 定资产投资总体平稳。1至11月，全省固定资产投资同比下降4%。分产业看，第一产业投资增长2.4%， 第二产业投资下降2.5%，第三产业投资下降5.5%。 部分重点行业投 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The economic structure shows internal differentiation under the situation of strong supply and weak demand in November 2025. Although there are challenges, the transformation of new and old driving forces has structural highlights, and it is expected that the annual economic development target can be achieved with the continuous policy support. In the bond market, bond yields are expected to rise trend - wise due to the revision of economic expectations [5][7][8]. 3. Summary by Related Catalogs 3.1 November Economic Data Focus - **Industrial Added Value**: Affected by insufficient domestic demand and the high - base effect, the year - on - year growth of industrial added value in November was lower than expected. The year - on - year growth was 4.8%, 0.1 pct lower than the previous value, and lower than the median and average forecasts of 18 institutions. However, the month - on - month growth was 0.44%, 0.27 pct higher than the previous value, showing some month - on - month recovery [4]. - **Consumption and Export**: Consumption and export data showed a differentiated trend. The year - on - year growth of social retail sales in November was 1.3%, 1.6 pct lower than the previous value, reflecting insufficient domestic demand. The year - on - year growth of exports was 5.9%, 7.0 pct higher than the previous value [5]. - **Investment**: Fixed - asset investment was under pressure. The cumulative year - on - year decrease was 2.6%, 0.9 pct lower than the previous value. Real estate investment continued to bottom out, with a year - on - year decrease of 15.9% from January to November, and the decline was 1.2 pct larger than that from January to October [5][6]. 3.2 Structural Highlights in the Transformation of New and Old Driving Forces - **Investment Structure Optimization**: The cumulative year - on - year growth of investment in high - tech services was 4.1%, accounting for 5.4% of total service industry investment, 0.6 pct higher than the same period in 2024. - **Growth of New - Quality Productivity Industries**: The cumulative year - on - year growth of the added value of large - scale high - tech manufacturing and intelligent consumer equipment manufacturing was 9.2% and 7.6% respectively. - **Stabilizing Role of Equipment Manufacturing**: In November, the year - on - year growth of the added value of large - scale equipment manufacturing was 7.7%, and the cumulative added value accounted for 36.4% of all large - scale industries, 1.8 pct higher than the whole year of 2024, and it has exceeded 30% for 33 consecutive months [7]. 3.3 Bond Market Viewpoint - It is maintained that in the second half of 2025, the economic growth rate may not decline significantly, structural problems such as prices are expected to improve trend - wise, and the bond - stock allocation will continue to switch, with bond yields expected to rise continuously [8].

人民日报海外版记者 邱海峰 中央经济工作会议提出"实施新一轮重点产业链高质量发展行动""围绕发展新质生产力，推动科技 创新和产业创新深度融合"。当前，中国产业发展现状如何？围绕中央经济工作会议部署，工业领域明 年将做好哪些工作？有关部门近期进行了回应。 装备制造业占比提升 国家统计局12月15日公布的数据显示，1—11月份，全国规模以上工业增加值同比增长6.0%，高于 上年同期0.2个百分点，保持较好增长态势。 看单月数据，11月份，规模以上工业增加值同比增长4.8%，增速和上月相比保持平稳。从环比来 看，规模以上工业增加值增长0.44%，比上月加快0.27个百分点。 看行业和产品，11月份，采矿业、制造业、电力热力燃气及水生产和供应业增加值同比分别增长 6.3%、4.6%、4.3%；41个工业大类行业中30个行业增加值同比增长，增长面达73.2%；623种主要产品 中有49.8%的产品产量保持增长，和上月基本相当。 高技术制造业是其一。根据国家统计局数据，11月份，规模以上高技术制造业增加值同比增长 8.4%，增速较10月份加快1.2个百分点，对全部规模以上工业增速的贡献率达29.8%。 孙晓介绍，从行业看 ...

11 月经济数据解读 20251216 有较好的生产扩张表现。在服务业方面，总体服务生产指数虽有回落，但现代 服务业如信息传输、租赁和商务服务等维持较强韧性。 11 月份消费情况及 2026 年消费环境展望如何？ 11 月份商品消费因两新需求退坡及需求前置影响出现快速回落，从而带动社零 下行。但餐饮层面在年中低位后反弹明显，尽管本月小幅回落但总体表现可观。 从商品需求结构来看，今年商品需求结构主要围绕三条主线：生活必需品（如 粮油食品）、两新产业（如家电家具、通讯器材）以及部分升级类商品（如金 银珠宝）。其中，两新板块受电商节活动支撑，如手机电脑等消费电子维持较 好韧性，但家电家具、建筑装潢及汽车等其他两新板块需求增速自三季度以来 快速下行。 展望 2026 年，中共中央经济工作会议对两新政策有新的定调，大 概率将继续延续，为 2026 年商品需求提供边际支撑。同时，由于政策中心切 换及需求前置影响，预计 2026 年服务消费将成为新的动能，包括文旅出行、 养老托育及医疗保健等领域可能获得更多政策支持与发展空间。 摘要 11 月实际 GDP 增速约为 4%，与上期持平，但仍处于相对低位，供需 缺口收窄，供强需 ...

前十一月，全国规上工业增加值增长百分之六—— 工业经济转型升级持续推进 中央经济工作会议提出"实施新一轮重点产业链高质量发展行动""围绕发展新质生产力，推动科技创新 和产业创新深度融合"。当前，中国产业发展现状如何？围绕中央经济工作会议部署，工业领域明年将 做好哪些工作？有关部门近期进行了回应。 发展新动能稳步成长 随着科技创新和产业创新加快融合，产业发展呈现越来越多新看点，发展新动能稳步成长。 高技术制造业是其一。根据国家统计局数据，11月份，规模以上高技术制造业增加值同比增长8.4%， 增速较10月份加快1.2个百分点，对全部规模以上工业增速的贡献率达29.8%。 孙晓介绍，从行业看，集成电路制造、电子专用材料制造、生物药品制品制造等行业增加值分别增长 32.4%、30.9%、17.3%。从产品看，"人工智能+"高速发展带动存储芯片、服务器等产品产量分别增长 45.7%、22.7%；具身智能、脑机接口等新经济增长点助力机器人领域快速发展，工业机器人产量增长 20.6%。 数字产品制造业是另一看点。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，智能车载设备 ...

11月10日，在中国邮政集团有限公司江苏扬州邮件处理中心，工作人员在分拣快递包裹（无人机照片）。新华社发（孟德龙摄） 视频正在解压，请稍等！ 国家统计局15日发布数据显示，11月份，生产供给基本平稳，就业形势总体稳定，市场价格继续改善，新质生产力稳步发展，经济运行延续 总体平稳、稳中有进发展态势。 工业生产稳定增长，服务业平稳增长。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%。1至11月份，全国规模以上工业增 加值同比增长6.0%。 浙商证券宏观联席首席分析师廖博说，从生产端看，11月全国规模以上工业生产总体平稳，多数行业实现增长，装备制造业、高技术制造业 较快增长，传统制造业优化提升，工业经济转型升级持续推进。我们认为，年内生产节奏前置已为全年工业生产增速打下较高基础。 11月27日，宁波柯力传感科技股份有限公司员工在实验室内工作。新华社记者 江汉 摄 服务零售增长加快，制造业投资保持增长。1至11月份，社会消费品零售总额同比增长4.0%；服务零售额同比增长5.4%，增速比1至10月份加 快0.1个百分点。全国固定资产投资（不含农户）444035亿元，同比下降2.6%；扣除房地产开发 ...

省统计局、国家统计局河南调查总队昨日发布11月份全省经济运行情况。11月份，全省工业、消费 增速加快，投资平稳增长，主要经济指标增速持续高于全国平均水平且领先幅度进一步扩大，经济运行 呈现平稳向好、趋新向优、韧性增强的良好态势。 市场销售增速加快，部分升级类商品快速增长。11月全省社会消费品零售总额2691.99亿元，增长 4.4%，高于全国3.1个百分点。1~11月，全省社会消费品零售总额26415.15亿元，增长5.8%，高于全国 1.8个百分点。近七成商品零售保持增长，可穿戴智能设备、智能手机等升级类消费增速加快。11月全 省居民消费价格同比上涨0.7%，高于上月0.9个百分点。 工业生产持续较快增长，重点产业链群贡献突出。11月全省规模以上工业增加值同比增长8.0%， 比上月加快0.1个百分点，高于全国3.2个百分点；1~11月，全省规模以上工业增加值增长8.4%，增速与 1~10月持平，高于全国2.4个百分点。重点产业链群支撑作用明显。11月份，全省规模以上工业重点产 业链群增加值增长10.5%，对全省规模以上工业增长贡献率达85.0%。 政策效应充分释放，"两重""两新"政策发力显效。工业方面，1 ...