中国式现代化，民生为大。近期召开的中央经济工作会议明确提出，必须坚持投资于物和投资于人紧密 结合。从物到人，从短期扩产能到长期打基础，系列部署背后彰显了新的发展阶段投资理念的升华。 随着侧重"投资于物"的模式投资效益边际递减，把投资于物和投资于人相结合，既是满足人全面发展的 需要，亦是充分挖掘投资潜力、进一步推动经济高质量发展的战略共识。 共识如何转变为行动？锚定方向至关重要。中央财办有关负责同志日前解读中央经济工作会议精神时强 调，作为各项投资的重要资金来源方——政府债券资金要"更加注重惠民生、扩内需、增后劲"，将惠民 生视为推动增长的新动力。 前11个月，固定资产投资同比下降2.6%，尽管其中不乏信息服务业、铁路船舶航空航天和其他运输设 备制造业、互联网和相关服务业等行业的结构性投资亮点，但推动投资止跌回稳、坚持投资于物和投资 于人紧密结合的紧迫性已愈发凸显。 一方面，传统投资于物回报率下降。2008年至2023年我国增量资本产出率由2.84攀升至9.44，意味着每 增加1元国内生产总值（GDP）所需投入的资本金额较之前要多出数倍；另一方面，全球产业竞争已 从"资本密集"转向"人才密集"，我国过去多年积累 ...

Core Viewpoint - The article discusses the tax incentives and policies aimed at supporting the development of the manufacturing industry in China, particularly focusing on accelerated depreciation methods for fixed assets and the benefits for small and micro enterprises [20][21]. Group 1: Accelerated Depreciation Policies - Enterprises can shorten the depreciation period or adopt accelerated depreciation methods for fixed assets that are subject to rapid technological advancements or are in harsh operating conditions [4]. - The minimum depreciation period for shortened depreciation methods cannot be less than 60% of the prescribed depreciation period [10]. - Accelerated depreciation methods include double declining balance or sum-of-the-years-digits methods, which must be consistently applied once chosen [12]. Group 2: Eligibility and Application - Eligible enterprises include those in the manufacturing sector, information transmission, software, and IT services, with specific conditions outlined for integrated circuit manufacturing companies [8][9]. - The application process for tax benefits includes monthly and quarterly prepayment declarations and annual tax reconciliation submissions [13]. - Required documentation for claiming benefits includes invoices for fixed asset purchases and records demonstrating compliance with industry standards [14]. Group 3: Tax Incentives for Small and Micro Enterprises - Small and micro enterprises can benefit from a 25% reduction in taxable income, with a tax rate of 20% applicable from January 1, 2023, to December 31, 2027 [31][32]. - To qualify, enterprises must meet specific criteria, including an annual taxable income not exceeding 3 million yuan, a workforce of no more than 300 employees, and total assets not exceeding 50 million yuan [33]. - The policy allows for cumulative benefits, enabling enterprises to enjoy multiple tax incentives simultaneously [30].

重点行业表现亮眼，支撑作用持续凸显。11月份，41个大类行业中有30个实现同比增长，行业增长面超 七成。其中，汽车制造业、铁路船舶航空航天和其他运输设备制造业均增长11.9%，计算机通信和其他 电子设备制造业增长9.2%，重点行业的稳定增长为工业经济注入强劲动力。 下一步，我国将锚定新型工业化关键任务，促进科技创新与产业创新深度融合，提升产业链自主可控水 平，推动产业结构持续优化升级。 央视网消息（新闻联播）：今年前11个月，我国工业经济保持平稳运行、结构持续优化的良好态势，规 模以上工业增加值同比增长6.0%，重点行业稳中有进，新动能加速领跑，为全年经济稳定增长筑牢坚 实支撑。 此外，新动能成长势头强劲，成为增长核心引擎。前11个月，规模以上高技术制造业增加值同比增长 9.2%。分产品看，11月份，3D打印设备产量同比增长100.5%，工业机器人增长20.6%，新能源汽车产量 达184.1万辆、同比增长17.0%，新兴产品产量高速增长，彰显产业创新强劲活力。同时，数字技术广泛 渗透，为新质生产力发展注入持久动能。 ...

Core Insights - China's macroeconomic indicators continued to show a slowdown in November, but high-tech manufacturing production and investment growth remained strong, indicating a significant contribution of new momentum to the macro economy [1][2] Industrial Performance - In November, the industrial added value of large-scale enterprises increased by 4.8% year-on-year, slightly down by 0.1 percentage points from October, marking the lowest growth since September 2024 [1] - High-tech manufacturing added value grew by 8.4% year-on-year in November, outperforming the overall industrial growth by 3.6 percentage points, with a cumulative growth of 9.2% from January to November [2] - The production of new energy vehicles and lithium-ion batteries for vehicles saw significant increases of 26.5% and 42.2% respectively from January to November [2] Consumer Market - The total retail sales of consumer goods reached 43,898 billion yuan in November, growing by 1.3% year-on-year, but down 1.6 percentage points from October, marking six consecutive months of slowdown [4] - Service retail sales grew by 5.4% year-on-year from January to November, indicating a shift in consumer spending towards services [5] Investment Trends - Fixed asset investment (excluding rural households) totaled 444,035 billion yuan in the first eleven months, down 2.6% year-on-year, with a notable decline in real estate investment by 15.9% [7] - Manufacturing investment increased by 1.9% year-on-year, while infrastructure investment (excluding certain utilities) decreased by 1.1% [7][8] - Despite the overall decline in investment, certain sectors like general equipment manufacturing saw an 8.9% increase in investment [8] Policy and Future Outlook - The Chinese government is focusing on expanding domestic demand and promoting the transformation of traditional industries to support economic stability [3] - Recent policies aim to enhance consumer spending and investment, with a focus on improving investment efficiency and stimulating private investment [9] - The central economic work conference outlined key tasks for the upcoming year, emphasizing the importance of domestic demand and consumer spending [5][9]

Economic Overview - China's macroeconomic indicators showed a continued slowdown in November, but high-tech manufacturing production and investment growth remained strong, indicating new momentum for the economy [1][2] - The industrial added value for November increased by 4.8% year-on-year, slightly down from October, marking the lowest growth since September 2024 [1][2] - The retail sales of consumer goods grew by 1.3% year-on-year, a significant drop of 1.6 percentage points from October, continuing a six-month trend of slowdown [1][4] High-Tech Manufacturing - In November, the added value of high-tech manufacturing rose by 8.4%, outperforming the overall industrial growth by 3.6 percentage points [2] - From January to November, the cumulative growth of high-tech manufacturing was 9.2%, with smart consumer equipment manufacturing increasing by 7.6% [2] - The development of green and low-carbon industries is advancing, with renewable energy generation increasing by 8.8% year-on-year [2] Consumer Spending - The growth of retail sales of consumer goods has been attributed to a high base from the previous year, but the cumulative growth for the year is better than last year [4][5] - Service consumption is growing rapidly, with service retail sales increasing by 5.4% year-on-year, outpacing goods retail sales [5] - The expansion of consumer spending is linked to rising per capita GDP, ongoing consumption policies, and the emergence of new consumption growth points [5] Investment Trends - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year in the first eleven months, with a notable decline in real estate investment [7] - Infrastructure investment fell by 1.1%, while manufacturing investment saw a modest increase of 1.9% [7][9] - Despite the overall decline in investment, certain sectors, such as general equipment manufacturing, showed positive growth, with an 8.9% increase [9] Policy and Future Outlook - The Central Economic Work Conference outlined key tasks for the upcoming year, emphasizing the importance of domestic demand and consumption [6] - A series of consumption-boosting policies have been introduced, aiming to enhance the supply of quality goods and services [6] - The government is focusing on stabilizing investment through various measures, including increasing central budget investments and optimizing local government bond usage [10]

全年粮食稳定在1.4万亿斤以上 数据显示，2025年全年全国粮食产量14298亿斤，比上年增加167.5亿斤，增长1.2%，稳定在1.4万亿斤 以上。 付凌晖表示，今年我国夏粮稳产丰收，早稻实现增产，秋粮产量增加，全年粮食再获丰收，为民生保障 和居民增收打下坚实基础。 与此同时，各地加大能源保供力度，有力保障冬季生产生活用能需求。居民出行、购物等新业态新场景 加快建设，民生基础设施不断完善。据统计，1—11月份，住宿和餐饮业、批发和零售业、电力热力生 产和供应业投资同比分别增长7.1%、7.1%和12.5%。 权威解读。 12月15日，国务院新闻办公室举行新闻发布会。国家统计局新闻发言人、总经济师、国民经济综合统计 司司长付凌晖在会上对11月经济运行情况进行介绍，并回答媒体记者提问。 付凌晖表示，11月份生产增势平稳、市场销售扩大、外贸韧性彰显、就业物价稳定、民生保障有力，经 济延续了稳中有进的发展态势。值得注意的是，"两重""两新"等政策措施深入实施，促进了市场需求释 放，拉动相关产品生产，带动工业生产增长，也支持了产业升级。同时，居民出行、购物等新业态新场 景加快建设，民生基础设施不断完善，民生投入也在持 ...

12月15日，国务院新闻办公室举行新闻发布会。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在会上对11月经济运行情况进行介绍，并回答 媒体记者提问。 付凌晖表示，11月份生产增势平稳、市场销售扩大、外贸韧性彰显、就业物价稳定、民生保障有力，经济延续了稳中有进的发展态势。值得注意的是，"两重""两 新"等政策措施深入实施，促进了市场需求释放，拉动相关产品生产，带动工业生产增长，也支持了产业升级。同时，居民出行、购物等新业态新场景加快建设，民 生基础设施不断完善，民生投入也在持续加大。 付凌晖表示，今年我国夏粮稳产丰收，早稻实现增产，秋粮产量增加，全年粮食再获丰收，为民生保障和居民增收打下坚实基础。 与此同时，各地加大能源保供力度，有力保障冬季生产生活用能需求。居民出行、购物等新业态新场景加快建设，民生基础设施不断完善。据统计，1—11月份，住 宿和餐饮业、批发和零售业、电力热力生产和供应业投资同比分别增长7.1%、7.1%和12.5%。 付凌晖还指出，今年以来，各地区各部门加强科技创新力度，培育壮大新兴产业，布局建设未来产业，推动改造传统产业，积极培育和发展新质生产力，助力经济 高质量发展，取得 ...

格隆汇12月15日｜国家统计局新闻发言人付凌晖在国新办发布会上表示，11月份，规模以上装备制造业 和高技术制造业增加值同比分别增长7.7%和8.4%，明显快于规模以上工业增加值增速，累计增加值占 全部规模以上工业比重分别达到36.4%和16.9%。中高端装备行业和产品增势较好，11月份，汽车制造 业、铁路船舶航空航天和其他运输设备制造业增加值均增长11.9%；动车组、民用钢制船舶产量分别增 长24.1%、18.4%。航空航天、电子通信等高技术行业快速增长，11月份，航空航天器及设备制造业、 电子及通信设备制造业增加值分别增长9.1%、11.7%。 ...

三是新兴产业成长壮大。科技创新和产业创新加快融合，工业数字化、智能化转型持续推进，发展新动 能稳步成长。11月份，规模以上电子专用材料制造、集成电路制造增加值分别增长30.9%、32.4%。智 能产品生产较快增长。11月份，智能车载设备制造、智能无人飞行器制造增加值分别增长30%、 49.3%，工业机器人产量增长20.6%。绿色转型推动下，新能源产业发展态势较好。11月份，新能源汽 车、汽车用锂离子动力电池产量分别增长17%、32.7%。绿色材料生产快速增长。11月份，高性能化学 纤维、生物基化学纤维产量分别增长41.3%、27.7%。 付凌晖称，总的看，11月份工业生产总体平稳，产业优化升级持续，新动能继续壮大，有力支撑经济稳 定运行。但也要看到，外部环境复杂严峻，工业新旧动能转换过程中仍面临结构调整压力。下阶段，要 积极扩大国内需求，纵深推进全国统一大市场建设，推动传统产业改造升级，大力培育新质生产力，加 快建设现代化产业体系，推动工业持续健康发展。 二是结构继续优化升级。工业高端化发展态势明显，装备制造业和高技术制造业增长较快。11月份，规 模以上装备制造业和高技术制造业增加值同比分别增长7.7%和8. ...

Group 1 - The core viewpoint of the news is that despite a decline in fixed asset investment growth, key sectors continue to see investment growth, supported by policies aimed at expanding domestic demand and upgrading industries [1][2][3] Group 2 - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year in the first 11 months of the year, while project investment excluding real estate development increased by 0.8% [1] - Investment in emerging sectors showed strong growth, with general equipment manufacturing investment rising by 8.9% year-on-year, and investments in automotive manufacturing and transportation equipment manufacturing increasing by 15.3% and 22.4%, respectively [1] - Investment in renewable energy sources such as solar, wind, nuclear, and hydropower grew by 7.4%, while information service industry investment surged by 29.6% [1] Group 3 - Traditional industries also saw investment expansion, with petroleum, coal, and other fuel processing industries, as well as chemical fiber manufacturing, growing by 23.6% and 12.1%, respectively [2] - The rapid development of online retail has led to increased investments in related services, with accommodation and catering, as well as wholesale and retail industries, both growing by 7.1% [2] - Investment in public infrastructure increased, with power and heat production and supply, as well as water transportation, growing by 12.5% and 8.9%, respectively [2] Group 4 - The government is focusing on enhancing investment efficiency and stimulating private investment, with measures introduced to promote investment growth [3] - Future investment potential remains significant, with a need for continued investment in education, healthcare, housing, and public services to meet the needs of the population [3] - The government aims to optimize investment structure, improve the investment environment, and further stimulate private investment to promote high-quality economic development [3]