冰雪经济"热"力十足；数字消费方兴未艾；绿色产品线上线下热销……消费市场正乘着浓浓新意向前。 国家统计局数据显示，1—11月份，社会消费品零售总额同比增长4%，增速不仅快于上年同期，也快于 上年全年。 国家统计局新闻发言人近日表示，今年以来，提振消费专项行动深入实施，消费品以旧换新政策发力显 效，促进了消费规模扩大、消费结构升级、消费动能焕新，带动了消费潜能释放。下阶段，要继续深入 实施提振消费专项行动，促进消费市场持续稳定健康发展。 消费市场总体平稳 消费不仅关系经济发展，也和民生改善紧密相关。从累计增速来看，今年的社会消费品零售总额增长好 于去年。不过，论单月，近期社会消费品零售总额增速有所回落。怎么看？ "主要是因为去年同期基数较高。"国家统计局新闻发言人付凌晖解释，总的看，11月份消费市场总体平 稳，消费规模继续扩大，服务消费较快增长。 商品消费持续扩大，品质消费带动增强。11月份限额以上单位文化办公用品类、通讯器材类商品零售额 同比分别增长11.7%和20.6%，继续保持较快增长。消费品质要求逐步提升，食品等基本生活消费较快 增长。11月份限额以上单位粮油食品类零售额同比增长6.1%。消费升级带动下 ...

Core Viewpoint - The central economic work meeting emphasizes the importance of domestic demand and plans to implement a rural and urban resident income increase plan as a priority for 2026 economic tasks [1][2]. Group 1: Economic Policy Focus - The 2026 economic strategy will focus on increasing urban and rural residents' income through multiple channels to enhance consumption capacity and stimulate effective demand [2]. - The policy aims to combine "investment in goods" and "investment in people" to create an endogenous growth model driven by domestic demand and consumption [3]. Group 2: Consumption Trends - Recent data shows significant growth in retail sales of household appliances and communication devices, with year-on-year increases of 14.8%, 18.2%, and 20.9% respectively for the first 11 months of the year [2]. - The shift in consumption patterns indicates a move towards equal emphasis on goods and service consumption, with service consumption expected to be a key focus in 2026 [3]. Group 3: Infrastructure and Investment - To unlock consumer potential, there is a need to enhance investment in consumer infrastructure such as parking lots, charging stations, and healthcare services, which will support consumption structure upgrades [3]. - The policy will also focus on increasing the proportion of investment in livelihood-related sectors to support consumption growth [3].

服务消费潜能加快释放。前11个月，服务零售额同比增长5.4%，增速连续3个月回升，而且快于商品零售额增速；文体休闲服务类、通讯信息服务类零 售额同比增长均超过10%。 高技术服务业投资力度不断加大。前11个月，高技术服务业投资同比增长4.1%，比去年同期提高0.6个百分点。其中，信息服务业投资增长达到29.6%。 央视网消息（新闻联播）：今年前11个月，我国服务业发展持续向好，服务消费潜力持续释放，对经济增长的支撑作用日益增强。 前11个月，全国服务业生产指数同比增长5.6%。铁路运输、货币金融服务等行业的商务活动指数，在11月份都位于55.0%以上的较高景气区间。 ...

Economic Growth Overview - In November 2025, China's industrial added value grew by 4.8% year-on-year, slightly down by 0.1 percentage points from the previous month[3] - The service production index increased by 4.2% year-on-year, a decrease of 0.4 percentage points compared to October[3] - Retail sales of consumer goods rose by 1.3% year-on-year, down 1.6 percentage points from the previous month[3] Sector Performance - High-tech manufacturing added value increased by 8.4%, accelerating by 1.2 percentage points from the previous month, outpacing the overall industrial growth rate by 3.6 percentage points[3] - The export delivery value showed a marginal recovery, with a year-on-year decline of 0.1%, improving by 2.0 percentage points from October[3] - The service retail sales grew by 5.4% year-on-year from January to November, with a 0.1 percentage point increase compared to the previous month[3] Investment Trends - Fixed asset investment saw a cumulative year-on-year decline of 2.6% from January to November, a drop of 0.9 percentage points from the previous month[3] - Infrastructure and manufacturing investments maintained expansion, with cumulative year-on-year growth rates of 0.1% and 1.9%, respectively[3] - Equipment purchase investment rose by 12.2% year-on-year, contributing 1.8 percentage points to overall investment growth[3] Risks and Outlook - Risks include potential underperformance of growth stabilization policies, unexpected severity of overseas economic downturns, and escalation of geopolitical conflicts[3]

Core Viewpoint - The macroeconomic policies in November have shown positive effects, with a focus on strengthening domestic circulation, leading to stable economic growth and a favorable environment for achieving annual targets [1] Economic Performance - Industrial production maintained steady growth, with the industrial added value of large-scale enterprises increasing by 4.8% year-on-year in November, remaining stable compared to the previous month [2] - The service sector also saw growth, with a production index increase of 4.2%, particularly in information transmission and business services, which grew by 12.9% and 8.4% respectively [2] - Retail sales of consumer goods rose by 1.3% year-on-year in November, with service retail sales increasing by 5.4% from January to November, indicating a slight acceleration in growth [2] - Foreign trade showed resilience, with total goods imports and exports increasing by 4.1% year-on-year in November, a significant acceleration compared to the previous month [2] Employment and Prices - The urban unemployment rate remained stable at 5.1% in November, while consumer prices rose by 0.7% year-on-year, marking three consecutive months of increase [2] Energy Supply and Investment - Energy supply has been strengthened to meet winter demands, with industrial crude oil, natural gas, and electricity production increasing by 2.2%, 5.7%, and 2.7% respectively in November [3] - Investment in accommodation, catering, wholesale, and retail sectors grew by 7.1% each, and electricity and heat production and supply saw a 12.5% increase [3] New Production Capacity and Industrial Upgrades - The development of new productive forces has accelerated, with high-tech manufacturing value added increasing by 9.2% from January to November, and smart consumer equipment manufacturing growing by 7.6% [4] - Traditional industries are undergoing transformation, with biomass fuel processing value added rising by 15.6%, contributing to the growth of the petroleum processing industry [4] - The digital economy is also on the rise, with the value added of large-scale digital product manufacturing increasing by 9.3% [4] Consumption and Investment Potential - Consumption potential continues to be released, with retail sales of cultural and office supplies and communication equipment growing by 11.7% and 20.6% respectively in November [7] - Online retail sales of physical goods increased by 5.7%, accounting for 25.9% of total retail sales, indicating a shift towards new consumption models [7] - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year, but project investment excluding real estate development grew by 0.8% [7] - Investment potential remains significant, with ongoing measures to promote investment growth in various sectors, including education, healthcare, and public services [8]

Group 1 - The core viewpoint is that China's economic structure adjustment and the cultivation of new growth drivers have achieved positive results, supporting stable economic operation from January to October [1] - The digital economy and platform economy are expanding, leading to rapid development of emerging industries and significant industrial upgrades [1] Group 2 - The retail sales of cultural, leisure services, and tourism consulting rental services have maintained double-digit growth [4] - The manufacturing sector, particularly in digital and intelligent manufacturing, has shown strong growth, with value-added in electronic components and equipment manufacturing increasing by 11.1% and 12.3% respectively [11]

Economic Overview - In August, the national economy operated smoothly with macro policies working in coordination, and high-quality development achieved new results [1] - The industrial added value of large-scale industries increased by 5.2% year-on-year in August [1] Industrial Performance - The added value of the equipment manufacturing industry grew by 8.1%, and the high-tech manufacturing industry increased by 9.3%, both exceeding the overall industrial growth by 2.9 and 4.1 percentage points respectively [3] Service Sector Growth - The service production index rose by 5.6% year-on-year in August, with positive developments in modern service sectors such as information transmission, software, IT services, and finance [5] Consumer Market - The total retail sales of consumer goods reached 39,668 billion yuan in August, marking a year-on-year growth of 3.4% [7] - Retail sales in cultural, sports, leisure services, tourism consulting, and transportation services experienced rapid growth [7] Real Estate Market - The year-on-year decline in commodity housing sales prices across various city tiers continued to narrow in August, with first, second, and third-tier cities seeing reductions of 0.2, 0.4, and 0.5 percentage points respectively [8] Fixed Asset Investment - In the first eight months, fixed asset investment totaled 326,111 billion yuan, with a year-on-year growth of 0.5%, particularly in the manufacturing sector [9] - National railway fixed asset investment exceeded 504.1 billion yuan, reflecting a year-on-year increase of 5.6% [11] Agricultural Sector - Over 100 million tons of summer grain have been purchased, with the market expected to become more active as traditional consumption peaks approach [15] Service Trade Conference - The 2025 China International Service Trade Fair concluded with over 900 outcomes achieved across various sectors, including construction, IT, and finance [16][18] - The event featured 13 thematic forums and 81 specialized forums, attracting 11.6 million professional attendees, a 12% increase from the previous year [16]

Group 1 - The core viewpoint of the articles highlights the robust growth of consumer spending in China, which significantly contributes to GDP growth, with domestic demand accounting for 68.8% of GDP growth in the first half of the year, and final consumption expenditure contributing 52% [1][3] - The increase in consumer spending is attributed to a series of incremental policies that have effectively stimulated the market, showcasing the potential of China's large-scale economy [1][3] - Consumer preferences are shifting from basic needs to quality and experience, as evidenced by the strong sales of home appliances and cultural products, with retail sales in these categories growing by 30.7%, 25.4%, 24.1%, and 22.9% respectively [1][2] Group 2 - The emergence of new consumer demands is driving growth in niche markets, with initiatives like the "cool economy" and various local events aimed at enhancing consumer experience [2] - Local governments are actively promoting diverse and personalized consumption, with initiatives such as fashion consumption expansion plans and unique local events to stimulate market dynamics [2] - The government has prioritized boosting consumption and investment efficiency as a key task for 2025, with specific action plans to address barriers to consumer spending [3]