2024年11月宏观数据点评：11月透支效应对消费数据影响较大，整体经济延续修复势头

Economic Overview - In November, the industrial added value increased by 5.4% year-on-year, slightly up from 5.3% in October[2] - The total retail sales of consumer goods grew by 3.0% year-on-year in November, down from 4.8% in October[2] - Fixed asset investment from January to November accumulated a year-on-year growth of 3.3%, slightly down from 3.4%[2] Industrial Production - The manufacturing sector's added value grew by 6.0% year-on-year in November, accelerating by 0.6 percentage points from the previous month[4] - The industrial production growth rate is expected to remain between 5.0% and 6.0% in December due to ongoing policy support and improved market confidence[4][8] Consumer Trends - November retail sales growth slowed by 1.8 percentage points compared to October, primarily due to the early "Double Eleven" sales event[9] - Despite the slowdown, the average growth rate for October and November combined was 3.9%, significantly higher than the 2.7% average in Q3[10] - Automotive retail sales increased by 6.6% year-on-year in November, with home appliance sales maintaining a high growth rate of 22.2%[13] Investment Insights - From January to November, fixed asset investment growth was stable at 3.3%, with infrastructure and manufacturing investment both showing high growth rates of 9.4% and 9.3% respectively[15][19] - The broad infrastructure investment growth rate, including electricity, was 9.4%, indicating strong policy support for infrastructure projects[18] Real Estate Sector - Real estate investment decreased by 10.4% year-on-year from January to November, with the decline accelerating compared to the previous month[24] - The government has increased financing support for "white list" real estate projects, which is expected to improve investment conditions moving forward[25]