AI Data Insight
From January to November, the cumulative year-on-year growth rate of operating revenue for industrial enterprises above designated size in China slipped to 1.1%, significantly narrowing from the previous 1.6% and hitting a new low since 2025, implying that revenue momentum in the single month of November weakened significantly. Persistent PPI deflation (down 2.2% YoY in November) and sluggish real estate demand are the main drags, causing enterprises to fall into the dilemma of "increasing production without increasing revenue." Although high-tech manufacturing maintained resilience, it was difficult to withstand the recessionary pressure from upstream raw materials and traditional industries.