In November 2025, China's industrial output above designated size grew by 4.8% year-on-year, continuing its steady recovery. The cumulative growth rate for the year reached 6.0%, reflecting overall stable industrial expansion. By sector, mining saw strong performance with a year-on-year increase of 6.3%, manufacturing rose 4.6%, and power, heat, gas, and water supply industries grew by 4.3%. Overall, industrial structure continues to optimize, with resource-intensive sectors playing a significant supporting role, while manufacturing remains the primary driver of growth. By economic type, shareholding enterprises led with a 5.2% increase in industrial output, outpacing other enterprise types. State-controlled enterprises grew 4.2%, while foreign-invested, Hong Kong, Macao, and Taiwan enterprises and private enterprises recorded increases of 3.4% and 3.2%, respectively. This indicates that shareholding enterprises remain dynamic amid current macro conditions, and non-state sectors continue stable development, albeit at a moderate pace, reflecting ongoing external demand pressures and cost challenges. Meanwhile, the service sector production index rose 4.2% year-on-year, and electricity generation increased by 2.7%, reaching 779.2 billion kilowatt-hours for the month. These figures highlight stable energy supply, providing strong support to industrial activities. Overall, industrial output is advancing steadily amid multiple driving factors, with structural divergence becoming evident. Going forward, attention should be paid to the implementation effectiveness of policies promoting manufacturing transformation and upgrading, as well as improvements in the operating environment for small and medium-sized enterprises.