China’s industrial production rose +0.44% MoM and +4.8% YoY (vs +5.0% YoY expected) in November 2025, the lowest annual growth since August 2024.

• From January to November, industrial value added increased +6.0% YoY, indicating a firmer cumulative pace than the single-month reading.

• By sector, mining output grew +6.3% YoY, manufacturing rose +4.6% YoY, and electricity, heat, gas, and water supply increased +4.3% YoY, with mining outperforming other industrial categories.

• By ownership, joint-stock enterprises posted +5.2% YoY growth, state-controlled firms +4.2%, foreign-invested enterprises +3.4%, and private enterprises +3.2%, highlighting relatively stronger gains among larger corporate groups.

• High-tech manufacturing increased +8.4% YoY in November and +9.2% YoY over Jan–Nov, continuing to outpace overall industrial growth.

• Auto manufacturing rose +11.9% YoY, while railway, shipbuilding, aerospace, and other transport equipment also grew +11.9% YoY, supporting output growth in equipment-intensive industries.

• Product-level data showed vehicles up +2.4% YoY and new energy vehicles up +17.0% YoY, while steel (-2.6% YoY) and cement (-8.2% YoY) remained weak.

• Power generation increased +2.7% YoY, led by strong gains in hydropower (+17.1%), wind (+22.0%), and solar (+23.4%), while thermal power fell -4.2% YoY.

• The product sales rate declined to 96.5% (-0.8 ppts YoY) and export delivery value edged down -0.1% YoY, pointing to softer sales realization and external demand relative to production.