In November 2025, fixed asset investment (excluding rural households) nationwide recorded a cumulative year-on-year decline of 2.6%, continuing its downward trend. Private sector investment fell further to a cumulative growth rate of -5.3%, reflecting ongoing weakness in market confidence. By sector, the first and second industries posted positive growth of 2.7% and 3.9%, respectively, serving as the foundation for investment stability. In contrast, investment in the tertiary sector dropped sharply by 6.3%, weighing heavily on overall performance. In key sectors, real estate development investment declined 15.9% year-to-date, becoming the primary drag. Residential investment fell 15.0%, office building investment dropped further to 21.4%, and commercial property investment declined by 12.5%. These figures highlight persistent pressure in the real estate market, with weak demand and ongoing financial strain among developers yet to be fundamentally resolved. Although data for manufacturing and infrastructure investment remain unreleased, structural divergence is evident: traditional industries and those related to people's livelihoods show relative resilience, while real estate and certain service sectors continue deep adjustments—underscoring structural challenges during economic transition. Future policy efforts must align to stabilize expectations, stimulate consumption, and support the real economy, aiming to revive private investment and strengthen the foundation for sustained investment growth.