Production - In November 2025, the industrial added value of large-scale industries grew by 4.8% year-on-year, a slight decrease of 0.1 percentage points from the previous month[1] - The mining industry recorded a growth of 6.3%, outperforming manufacturing at 4.6% and water, electricity, and gas at 4.3%, indicating ongoing reliance on traditional resource sectors[12] - The sales rate of industrial products fell to 96.5%, reflecting a misalignment between production expansion and end demand[13] Consumption - The total retail sales of consumer goods in November 2025 increased by 1.3% year-on-year, marking a decline of 1.6 percentage points from October, the lowest monthly growth since December 2022[2] - Service retail sales grew by 5.4% year-on-year from January to November, indicating a shift towards service-oriented consumption[16] - Online retail sales of physical goods increased by 5.7%, accounting for 25.9% of total retail sales, highlighting the impact of digital consumption trends[17] Investment - From January to November 2025, national fixed asset investment (excluding rural households) decreased by 2.6%, with a widening decline of 0.9 percentage points compared to the previous period[5] - Real estate investment saw a cumulative decline of 15.9%, with housing sales area and sales amount both decreasing by 7.8% and 11.1% respectively, continuing a negative growth trend for 43 months[25] - Manufacturing investment fell by 0.8 percentage points to 1.9%, with a monthly decline of 4.5%, reflecting ongoing challenges in the sector[24] Economic Outlook - The economic data for November indicates that insufficient effective demand remains the primary contradiction in the economy, opening up further space for policy support[27] - Future policies to boost domestic demand are expected to focus on enhancing employment, increasing residents' income, and improving social security[28]

Investment Rating - The industry is rated as "stronger than the market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [44]. Core Insights - In November 2025, the total retail sales of consumer goods in China reached 43,898 billion yuan, with a year-on-year growth of 1.3%, reflecting a significant decline in growth rates both year-on-year and month-on-month [10][11]. - The Consumer Price Index (CPI) for November increased by 0.7% year-on-year, up from 0.2% in October, indicating rising inflationary pressures [10]. - Retail sales growth for goods and dining both saw a month-on-month decline, with goods retailing growing by 1.0% year-on-year and dining income increasing by 3.2% year-on-year [11][12]. - Online retail sales from January to November 2025 totaled 144,582 billion yuan, marking a year-on-year increase of 9.1%, which accounted for 31.7% of total retail sales [34]. Summary by Sections Overall Performance - The total retail sales of consumer goods in November 2025 were 43,898 billion yuan, with a year-on-year growth of 1.3%, a decrease of 1.7 percentage points from the previous year and a month-on-month decline of 1.6 percentage points [10][11]. Segment Analysis - In November, among 16 categories of goods, 7 categories (including daily necessities, tobacco and alcohol, home appliances, furniture, petroleum products, automobiles, and building materials) experienced negative growth. Only the Chinese and Western medicine category saw an increase in growth rate [17][18]. - The cultural and office supplies category and communication equipment category showed strong growth, both exceeding 11% [17]. Online Retail - Cumulative online retail sales from January to November reached 144,582 billion yuan, with a year-on-year growth of 9.1%, which is an increase of 1.7 percentage points compared to the same period in 2024 [34][36]. - The physical goods online retail sales amounted to 118,193 billion yuan, with a year-on-year growth of 5.7% [34]. Investment Recommendations - The report suggests focusing on sectors such as food and beverage, social services, and retail, particularly highlighting opportunities in the liquor industry, consumer goods, and tourism sectors due to expected policy support for domestic consumption [38][39][42].

国家统计局周一公布数据显示，11月社会消费品零售总额同比增长1.3%，增速较10月小幅回落1.6个百分点。1-11月，社会消费品零售总额同比增长4.0%。 往后看，王青表示，明年新能源汽车购置减免退坡，有可能刺激年底汽车销量增加，但短期内出台其他促消费政策的可能性已经不大，加之上年同期社零基 数抬高，预计12月社零同比增速会继续保持在低位。 经济学人智库高级经济学家徐天辰对智通财经表示，由于"国补"退坡，12月消费或难有明显增长。"十五五"把消费放到了比较重要的位置，2026年又是"十 五五"第一年，类似国补的刺激仍会继续，但更应当关注政府是否会深入推进促消费的长效机制。 财信金控首席经济学家伍超明对智通财经表示，后续消费恢复仍持续面临多重挑战，例如受高基数、乘数效用边际下降影响，以旧换新政策的拉动作用大概 率继续减弱。另外，内外需放缓将加大居民就业压力，导致"就业-收入-消费"不畅，制约消费能力改善空间；居民"多储蓄、少消费"行为模式短期难改，消 费意愿提升动力偏弱。 记者 辛圆 针对消费增速的继续回落，东方金诚首席宏观分析师王青对智通财经表示，去年同期受"双11"活动提前等影响，社零基数偏低，但在今年"双 ...

Core Viewpoint - The construction materials industry is experiencing weak demand in Q3 2025, leading to a slight revenue decline, but profitability has significantly improved due to cost reduction and price increases for certain products [1] Group 1: Industry Overview - In the first three quarters of 2025, 77 listed companies in the construction materials sector achieved a total revenue of 489.86 billion yuan, a year-on-year decrease of 5.74%, while net profit attributable to shareholders reached 19.25 billion yuan, an increase of 21.46% [1] - The overall gross profit margin for the industry was 19.38%, reflecting a year-on-year increase of 0.22 percentage points [1] - Operating cash flow for these companies improved significantly, with a year-on-year growth of 52.91%, attributed to better receivables management and retail channel transformations [1] Group 2: Cement Sector - In October, there was a slight improvement in cement demand, but overall national demand is showing signs of peaking [2] - The industry is facing increased clinker inventory pressure despite efforts to control supply through staggered kiln shutdowns [2] - Cement prices saw a month-on-month increase of 2.22%, with expectations of further price hikes in November, although the increase may be limited [2] Group 3: Consumer Building Materials - From January to September 2025, retail sales of building and decoration materials grew by 1.6% year-on-year, with a 10.49% month-on-month increase in September [3] - The demand for consumer building materials is gradually improving as the seasonal downturn in the home decoration market ends, although it remains below last year's levels [3] - The ongoing urban renewal strategy is expected to stimulate demand for renovation and high-quality green building materials [3] Group 4: Glass Fiber Sector - In October, there was a slight recovery in demand for glass fiber, with some construction projects requiring expedited delivery [4] - Major glass fiber manufacturers have issued price increase notices for roving, indicating strong pricing power and expectations for stable to rising prices in the future [4] - Demand for electronic yarn is also increasing, with prices expected to remain stable after an initial rise [4] Group 5: Float Glass Sector - The average price of float glass increased in October, although there was a downward trend within the month [5] - The market is characterized by cautious purchasing behavior and high inventory levels, which are expected to limit price increases in the short term [5] - Overall, prices are anticipated to remain stable due to high inventory and limited improvement in demand [5]

Core Insights - Qinghai Province's retail sales of consumer goods reached 77.023 billion yuan in the first three quarters, showing a year-on-year growth of 3.9%, with an acceleration of 1.3 percentage points compared to the first half of the year, ranking 22nd nationally, an improvement of 6 places from the previous half [1][3] Group 1: Retail Performance - The retail sales in rural areas increased by 4.2% year-on-year, surpassing the provincial growth rate by 0.3 percentage points, and accelerating by 1.1 percentage points compared to the first half of the year, while urban retail sales grew by 3.8% [1] - Retail enterprises above designated size saw a retail sales increase of 10.1% year-on-year, accelerating by 8 percentage points compared to the first half of the year [3] - The catering sector's revenue from enterprises above designated size grew by 12% year-on-year, maintaining double-digit growth for four consecutive months [3] Group 2: Policy Impact - The "old for new" policy has effectively stimulated large-scale consumption, with significant growth in retail sales of home appliances and audio-visual equipment (50.1%), building and decoration materials (24.4%), automobiles (14.4%), and communication equipment (11.9%), collectively contributing 5.2 percentage points to the growth of retail sales above designated size [3] - The retail growth rate for new energy vehicles reached 64.9%, accelerating by 13.8 percentage points compared to the first half of the year [3] Group 3: Future Outlook - The Qinghai Provincial Department of Commerce plans to continue combining livelihood improvement and consumption promotion, introducing further policies to boost and expand consumption, and actively seeking funding to enhance the "old for new" automobile activities to achieve the annual retail sales growth target [3]

Core Viewpoint - The retail sales of building and decoration materials in China showed a year-on-year growth of 1.8% from January to August 2025, with a narrowing increase compared to the previous months, indicating a slowdown in market demand due to adverse weather conditions in August [1] Group 1: Market Performance - Retail sales growth for building and decoration materials from January to August 2025 was 1.8%, a decrease of 0.4 percentage points compared to January to July [1] - In August alone, there was a year-on-year decline of 0.7% and a month-on-month decrease of 1.19%, attributed to weakened demand in the home decoration market due to high temperatures and rainfall [1] Group 2: Future Outlook - The demand in the home decoration market is expected to gradually improve in September due to better weather conditions and the ongoing implementation of the "old-for-new" policy [1] - The advancement of urban renewal projects is anticipated to further stimulate demand for consumption in the building materials market through renovation and repair needs [1]

Economic Overview - Dalian's economy showed stable performance in the first eight months of the year, with industrial production improving and consumer momentum continuing to release [1] - The city's industrial added value for enterprises above designated size increased by 12.8% year-on-year, maintaining the same growth rate as the previous month [1] Industrial Performance - The added value of high-tech manufacturing increased by 15.9% year-on-year, continuing a double-digit growth trend [1] - State-owned enterprises saw a significant increase in added value by 21.9%, while joint-stock enterprises grew by 16.7%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 4.2%, and private enterprises by 2.3% [2] - Mining industry added value surged by 61.5%, while manufacturing grew by 13.3% and the production and supply of electricity, heat, gas, and water increased by 6.8% [2] - Key industries such as petrochemical increased by 7.1%, equipment manufacturing by 17.8%, with notable growth in the railway and shipbuilding industry at 62.0% and the automotive industry at 27.7% [2] - Pharmaceutical manufacturing saw a remarkable increase of 42.9%, with raw material drug manufacturing skyrocketing by 536.3% [2] Service Sector - The service sector in Dalian remained stable, with most industries experiencing growth [3] - The total turnover of road, water, and air transport increased by 1.8%, 4.1%, and 2.5% respectively [3] - Retail sales for large-scale units reached 579.9 billion yuan, marking an 8.2% year-on-year increase, with significant growth in categories such as building materials (990.7%) and home appliances (285.9%) [3] Consumer Prices and Electricity Consumption - Consumer prices in Dalian continued to operate at low levels, with food and beverage prices decreasing by 1.6% [4] - Total electricity consumption in the city reached 33.79 billion kWh, a year-on-year increase of 2.7%, with industrial electricity consumption at 20.49 billion kWh, growing by 1.6% [4]

Group 1 - Qinghai Province's retail sales of consumer goods have shown a continuous increase, surpassing the national average growth rate for two consecutive months [1][3] - From January to August, Qinghai's total retail sales reached 68.339 billion yuan, with a year-on-year growth of 5.1%, exceeding the national growth rate by 0.5 percentage points [1][3] - In August alone, the retail sales amounted to 10.614 billion yuan, growing by 6.1% year-on-year, which is 2.7 percentage points higher than the national average [1][3] Group 2 - The retail sales of above-limit units in Qinghai increased by 8.4% from January to August, with a 0.6 percentage point rise compared to the previous seven months [3] - The retail sales in the above-limit retail sector grew by 13.5%, achieving double-digit growth for two consecutive months [3] - The catering industry in Qinghai saw an 8.5% increase in revenue, consistently outperforming the national growth rate of 5.7% for five months [3] Group 3 - The "old-for-new" policy has significantly supported retail growth, with categories such as home appliances and audio-visual equipment, building materials, and communication devices seeing retail sales growth of 63.4%, 12.9%, and 7.5% respectively [3] - Automotive retail sales increased by 20% year-on-year, contributing to the overall growth of above-limit retail sales [3] - There is a strong demand for smart and green consumption, with smart home appliances and audio-visual equipment sales growing by 100.7% and wearable smart devices by 132.9%, while new energy vehicle sales rose by 95.4% [3] Group 4 - Overall, the consumption structure in Qinghai is upgrading, and the trend of retail sales growth is expected to continue [3] - However, with the tightening of the "old-for-new" policy, a significant decline in the growth rate of automotive and home appliance products is anticipated starting in September, which may lead to a decrease in overall retail sales growth [3]

Group 1: Cement Industry - In July, the cement industry experienced a seasonal downturn, with high temperatures and rain affecting downstream construction, leading to a decrease in national cement demand and an increase in the clinker line shutdown rate [1][2] - Clinker inventory continued to grow, indicating a significant supply-demand imbalance, resulting in a downward trend in cement prices [1][2] - It is expected that demand will gradually recover in late August, and cement prices may stabilize and begin to rise [1][2] Group 2: Building Materials Consumption - Retail sales of building and decoration materials increased by 2.6% year-on-year from January to June 2025, with June showing a 1.0% year-on-year increase and a 14.8% month-on-month increase [2] - The expectation of policy implementation is enhancing the recovery outlook for the retail market, with potential demand from renovation and upgrading of existing properties, as well as urban village and dilapidated housing renovations [2] Group 3: Fiberglass Industry - In July, the price of fiberglass roving showed slight weakening, with traditional thermosetting products experiencing weak sales, while wind power and high-end products remained the main focus [3] - The supply of fiberglass remains high, and prices are expected to trend weakly [3] - For electronic fiberglass, prices remained stable, but there is a supply shortage for high-end products, which is expected to support prices at a high level [3] Group 4: Float Glass - In July, float glass prices stopped declining and began to rise, with inventory shifting towards downstream [3] - The demand from the middle and downstream sectors increased, leading to a recovery in spot prices [3] - The market outlook for August suggests continued speculative demand and inventory buildup, with potential for slight price increases in the fourth quarter due to urgent construction needs [3] Group 5: Investment Recommendations - For building materials, companies with strong channel layouts, product quality, and brand advantages such as Beixin Building Materials, Weixing New Materials, and Dongfang Yuhong are recommended, along with attention to Sanke Tree and Rabbit Baby [4] - In the cement sector, stricter supply controls are expected to ease supply-demand imbalances, with price increases anticipated for regional leaders like Shangfeng Cement, while Huaxin Cement and Conch Cement are also worth monitoring [4] - In the fiberglass sector, companies like China Jushi are recommended due to expected demand recovery and price increases for mid-to-high-end products [4] - For the glass industry, attention is drawn to Qibin Group as the supply-demand balance is expected to improve with increased cold repair production lines [4]

Group 1 - The total retail sales of social consumer goods in Hainan Province reached 132.99 billion, with a year-on-year growth of 11.2%, and the growth rate increased by 7 percentage points compared to the first quarter [1] - Urban retail sales increased by 9.7%, while rural retail sales saw a significant rise of 17.2% [1] - Online retail sales grew by 7.8%, with physical goods online retail sales increasing by 5.5%, accelerating by 8 percentage points compared to the first quarter [1] Group 2 - The "old for new" policy effectively stimulated consumption, with retail sales of household appliances and audio-visual equipment increasing by 28.9%, up 4.9 percentage points from the first quarter [2] - Furniture retail sales surged by approximately 1.5 times, and building and decoration materials retail sales increased by 4.8 times [2] - Retail sales of communication equipment grew by 49.6%, and automotive retail sales increased by 91.9%, with new energy vehicle sales rising by about 1.8 times [2]