Core Insights - National Bureau of Statistics reported a decline in fixed asset investment (excluding rural households) by 2.6% year-on-year for the first 11 months, totaling 444,035 billion yuan [2] - Private fixed asset investment decreased by 5.3% year-on-year [2] Investment by Industry - First industry investment reached 8,770 billion yuan, growing by 2.7% year-on-year [2] - Second industry investment totaled 162,243 billion yuan, with a growth of 3.9% [2] - Third industry investment was 273,022 billion yuan, showing a decline of 6.3% year-on-year [2] - Within the second industry, industrial investment grew by 4.0%, with mining and manufacturing investments increasing by 4.0% and 1.9% respectively, while investment in electricity, heat, gas, and water production and supply surged by 10.7% [2] - In the third industry, infrastructure investment (excluding electricity, heat, gas, and water production and supply) fell by 1.1% [2] - Specific sectors within infrastructure saw growth, including pipeline transportation (16.8%), water transportation (8.9%), and railway transportation (2.7%) [2] Regional Investment Trends - Eastern region investment decreased by 6.6% year-on-year [2] - Central region investment declined by 1.7% [2] - Western region investment saw a minor decline of 0.2% [2] - Northeastern region investment experienced a significant drop of 14.0% [2] Investment by Registration Type - Domestic enterprises' fixed asset investment fell by 2.6% year-on-year [2] - Investment from Hong Kong, Macau, and Taiwan enterprises decreased by 2.2% [2] - Foreign enterprises' fixed asset investment saw a substantial decline of 14.1% [2]

2025年1—7月份，全国固定资产投资（不含农户）288229亿元，同比增长1.6%（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1.5%。从环比看，7月份固定资产投资（不含农户）下 降0.63%。 分产业看，第一产业投资5646亿元，同比增长5.6%；第二产业投资104455亿元，增长8.9%；第三产业 投资178128亿元，下降2.3%。 第二产业中，工业投资同比增长9.0%。其中，采矿业投资增长3.0%，制造业投资增长6.2%，电力、热 力、燃气及水生产和供应业投资增长21.5%。 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）同比增长3.2%。其中，水上 运输业投资增长18.9%，水利管理业投资增长12.6%，铁路运输业投资增长5.9%。 分地区看，东部地区投资同比下降2.4%，中部地区投资增长3.2%，西部地区投资增长3.6%，东北地区 投资下降3.0%。 分登记注册类型看，内资企业固定资产投资同比增长1.7%，港澳台企业固定资产投资增长3.5%，外商 企业固定资产投资下降15.7%。 | | (1) M H M N K | 1 = X >> JH | | | - ...