I. Cement Output

From January to November 2025, national cement output totaled 1.549 billion tons, marking a 6.9% year-on-year decline. In November alone, monthly cement output reached 154 million tons, down 8.2% year-on-year.

II. Fixed Asset Investment

From January to November 2025, national fixed asset investment (excluding rural households) totaled 44.4035 trillion yuan, down 2.6% year-on-year (calculated on a comparable basis). Private fixed asset investment decreased by 5.3% year-on-year. Month-on-month, fixed asset investment (excluding rural households) declined by 1.03% in November.

By region:

Eastern regions: -6.6% YoY

Central regions: -1.7% YoY

Western regions: -0.2% YoY

Northeastern regions: -14.0% YoY

III. Real Estate Development Investment

From January to November 2025, national real estate development investment totaled 7.8591 trillion yuan, down 15.9% YoY (on a comparable basis). Of this, residential investment totaled 6.0432 trillion yuan, down 15.0%.

From January to November 2025, the floor area of buildings under construction by real estate development enterprises was 656.066 million square meters, down 9.6% year-on-year. Of this, the floor area of residential buildings under construction was 457.551 million square meters, down 10.0%. Newly started construction area totaled 534.57 million square meters, down 20.5%. Of this, residential construction area was 391.89 million square meters, down 19.9%. Completed construction area reached 394.54 million square meters, down 18.0%. Of this, residential completion area was 281.05 million square meters, down 20.1%.

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