Core Insights - National Bureau of Statistics data indicates an overall increase in steel prices in the national circulation market from mid-November to late November 2025 [1] Price Changes Summary - Rebar (Φ20mm, HRB400E) price is 3168.4 CNY/ton, up 29.4 CNY/ton, a 0.9% increase, with an expansion of 0.2 percentage points compared to the previous period [1] - Wire rod (Φ8-10mm, HPB300) price is 3322.2 CNY/ton, up 39.6 CNY/ton, a 1.2% increase, with an expansion of 0.9 percentage points compared to the previous period [1] - Ordinary medium plate (20mm, Q235) price is 3387.4 CNY/ton, down 6.3 CNY/ton, a 0.2% decrease, with a narrowing of 0.3 percentage points compared to the previous period [1] - Hot-rolled ordinary coil (4.75-11.5mm, Q235) price is 3294.9 CNY/ton, up 5.9 CNY/ton, a 0.2% increase, reversing from a 0.2% decrease in the previous period [1] - Seamless steel pipe (219*6, 20) price is 4068.8 CNY/ton, unchanged from the previous period [1] - Angle steel (5) price is 3431.4 CNY/ton, up 8.1 CNY/ton, a 0.2% increase, with an expansion of 0.1 percentage points compared to the previous period [1]

Core Viewpoint - In late November, coal prices across various types in China experienced a general decline, with coking coal showing a more significant drop compared to other coal types [1] Price Changes Summary - Anthracite (washed middle block, volatile matter ≤ 8%) price is 935.8 CNY/ton, down 14.5 CNY/ton, a decrease of 1.5% [1] - Ordinary mixed coal (Shanxi powder and lump coal mix, calorific value 4500 kcal) price is 635.8 CNY/ton, down 6.5 CNY/ton, a decrease of 1.0% [1] - Shanxi large mixed coal (higher quality mixed coal, calorific value 5000 kcal) price is 731.0 CNY/ton, down 5.1 CNY/ton, a decrease of 0.7% [1] - Shanxi premium mixed coal (high-quality mixed coal, calorific value 5500 kcal) price is 827.5 CNY/ton, down 1.6 CNY/ton, a decrease of 0.2% [1] - Datong mixed coal (Datong produced mixed coal, calorific value 5800 kcal) price is 873.0 CNY/ton, down 2.0 CNY/ton, a decrease of 0.2% [1] - Coking coal (main coking coal, sulfur content < 1%) price is 1608.3 CNY/ton, down 41.7 CNY/ton, a decrease of 2.5% [1] - In late November, prices for anthracite, thermal coal, and coking coal all showed a downward trend, with coking coal experiencing the largest decline [1] Coking Coal and Coke Price Summary - In late November, the price of coke (quasi-first-grade metallurgical coke, 12.01% ≤ ash content ≤ 13.50%) is 1546.4 CNY/ton, up 25.0 CNY/ton, an increase of 1.6% [1]

注：上期为2025年11月中旬。 相关阅读： 国家统计局：2025年11月中旬液化天然气（LNG）4268.1元/吨 比上期下降1.3% 北极星能源网获悉，国家统计局发布2025年11月下旬流通领域重要生产资料市场价格变动情况。据对全 国流通领域9大类50种重要生产资料市场价格的监测显示，2025年11月下旬与11月中旬相比，15种产品 价格上涨，30种下降，5种持平。 油气方面： 液化天然气（LNG）4213.7元/吨，比上期下降1.3%；液化石油气（LPG）4347.0元/吨，比上期上升 0.3%；汽油（95#国VI）8022.7元/吨，比上期下降0.3%；汽油（92#国VI）7744.3元/吨，比上期下降 0.4%；柴油（0#国VI）6883.8元/吨，与上期相比下降0.4%。 ...

Core Insights - The monitoring of prices for 50 important production materials across 9 categories in the national circulation sector indicates a mixed trend in pricing for November 2025, with 15 products experiencing price increases, 30 products seeing price declines, and 5 products remaining stable [1] Price Trends - The price of live pigs (external three yuan) is reported at 11.3 yuan per kilogram, reflecting a month-on-month decrease of 2.6% [1]

Core Insights - The monitoring of prices for 50 important production materials across 9 categories in the national circulation market indicates a mixed trend in pricing for November 2025, with 15 products experiencing price increases, 30 products seeing price declines, and 5 products remaining stable [1] Price Changes - Cotton (specifically, grade three white cotton) recorded a price of 14,570.2 yuan per ton, which represents an increase of 121.4 yuan per ton, equating to a growth rate of 0.8% compared to the previous period [1]

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories indicates a mixed trend, with 15 products experiencing price increases, 30 seeing declines, and 5 remaining stable in late November 2025 compared to mid-November 2025 [2][3]. Group 1: Price Changes in Black Metals - Rebar (Φ20mm, HRB400E) price is 3168.4 CNY per ton, up by 29.4 CNY (0.9%) [5] - Wire rod (Φ8-10mm, HPB300) price is 3322.2 CNY per ton, up by 39.6 CNY [5] - Ordinary medium plate (20mm, Q235) price is 3387.4 CNY per ton, down by 6.3 CNY (-0.2%) [5] - Hot-rolled ordinary plate (4.75-11.5mm, Q235) price is 3294.9 CNY per ton, up by 5.9 CNY (0.2%) [5] - Seamless steel pipe (219*6, 20) price is 4068.8 CNY per ton, unchanged [5] - Angle steel (5) price is 3431.4 CNY per ton, up by 8.1 CNY (0.2%) [5] Group 2: Price Changes in Non-Ferrous Metals - Electrolytic copper (1) price is 86638.3 CNY per ton, up by 2.0 CNY [6] - Aluminum ingot (A00) price is 21413.3 CNY per ton, down by 246.7 CNY (-1.1%) [6] - Lead ingot (1) price is 16979.2 CNY per ton, down by 295.8 CNY (-1.7%) [6] - Zinc ingot (0) price is 22398.3 CNY per ton, down by 85.5 CNY (-0.4%) [6] Group 3: Price Changes in Chemical Products - Sulfuric acid (98%) price is 939.5 CNY per ton, up by 72.6 CNY [6] - Caustic soda (liquid, 32%) price is 825.1 CNY per ton, down by 20.9 CNY (-2.5%) [6] - Methanol (first grade) price is 2059.5 CNY per ton, up by 21.0 CNY (1.0%) [6] - Pure benzene (industrial grade) price is 5313.6 CNY per ton, down by 26.0 CNY [6] - Styrene (first grade) price is 6531.0 CNY per ton, up by 100.8 CNY (1.6%) [6] Group 4: Price Changes in Energy Products - Liquefied natural gas (LNG) price is 4213.7 CNY per ton, down by 54.4 CNY (-1.3%) [7] - Liquefied petroleum gas (LPG) price is 4347.0 CNY per ton, up by 13.2 CNY (0.3%) [7] - Gasoline (95 National VI) price is 8022.7 CNY per ton, down by 27.9 CNY (-0.3%) [7] - Diesel (0 National VI) price is 6883.8 CNY per ton, down by 26.2 CNY (-0.4%) [7] Group 5: Price Changes in Agricultural Products - Rice (Japonica) price is 3914.8 CNY per ton, up by 1.5 CNY [8] - Wheat (National Standard Grade 3) price is 2498.3 CNY per ton, up by 10.0 CNY (0.4%) [8] - Corn (Yellow Corn Grade 2) price is 2195.4 CNY per ton, up by 27.3 CNY (1.3%) [8] - Cotton (White Cotton Grade 3) price is 14570.2 CNY per ton, up by 121.4 CNY (0.8%) [8] Group 6: Monitoring Methodology - The monitoring covers over 2000 wholesalers, agents, and dealers across more than 300 trading markets in 31 provinces [12] - Price monitoring methods include on-site price collection, phone inquiries, and electronic communications [13] - The price changes are categorized based on the percentage change [14]

Core Viewpoint - The manufacturing Purchasing Managers' Index (PMI) for November is at 49.2%, indicating a slight improvement from the previous month, but a year-on-year decline of 1.1% [1] Group 1: PMI Overview - The PMI for large enterprises is 49.3%, a decrease of 0.6 percentage points from last month, remaining below the critical point [1] - The PMIs for medium and small enterprises are 48.9% and 49.1%, showing increases of 0.2 and 2.0 percentage points respectively, but still below the critical point [1] Group 2: Sub-indices Analysis - The supplier delivery time index is above the critical point, while the production index is at the critical point, indicating overall stability in manufacturing production [1] - The new orders index is at 49.2%, up by 0.4 percentage points from last month, suggesting an improvement in market demand for manufacturing [1] - The raw materials inventory index is at 47.3%, unchanged from last month and below the critical point, indicating a continued decrease in major raw material inventories [1] - The employment index is at 48.4%, with a slight increase of 0.1 percentage points, reflecting a minor recovery in employment conditions within manufacturing [1] - The supplier delivery time index is at 50.1%, up by 0.1 percentage points, indicating a slight acceleration in the delivery times of raw material suppliers [1]

| 指 标 名 称 | 单位 | 本月止累计 | 去年同期 | 增长(增加) | | --- | --- | --- | --- | --- | | | | | | 8 | | 主要财务指标 | | | | | | 企业数量 | 个 | 5211 | 5153 | 58 | | 应收账款 | 亿元 | 5020. 8 | 5330. 6 | -5.8 | | 产成品 | 亿元 | 833. 1 | 831. 8 | 0.2 | | 流动资产平均余额 | 亿元 | 34812. 6 | 35159. 4 | -1.0 | | 资产合计 | 亿元 | 79210. 2 | 77852. 6 | 1.7 | | 负债合计 | 亿元 | 48146. 8 | 46365. 3 | 3.8 | | 营业收入 | 亿元 | 21004. 9 | 26064. 0 | -19.4 | | 营业成本 | 亿元 | 15181. 4 | 17372. 2 | -12.6 | | 销售费用 | 亿元 | 283.0 | 318. 0 | -11.0 | | 管理费用 | 亿元 | 1350. 7 | 1526. 1 | -11. ...

一、中国制造业采购经理指数运行情况 11月份，制造业采购经理指数(PMI)为49.2%，比上月上升0.2个百分点，景气水平有所改善。 从企业规模看，大型企业PMI为49.3%，比上月下降0.6个百分点，低于临界点；中、小型企业PMI分别 为48.9%和49.1%，比上月上升0.2个和2.0个百分点，均低于临界点。 从分类指数看，在构成制造业PMI的5个分类指数中，供应商配送时间指数高于临界点，生产指数位于 临界点，新订单指数、原材料库存指数和从业人员指数均低于临界点。 生产指数为50.0%，比上月上升0.3个百分点，位于临界点，表明制造业生产总体稳定。 11月份，非制造业商务活动指数为49.5%，比上月下降0.6个百分点。 分行业看，建筑业商务活动指数为49.6%，比上月上升0.5个百分点；服务业商务活动指数为49.5%，比 上月下降0.7个百分点。从服务业行业看，铁路运输、电信广播电视及卫星传输服务、货币金融服务等 行业商务活动指数均位于55.0%以上较高景气区间；房地产、居民服务等行业商务活动指数均低于临界 点。 新订单指数为45.7%，比上月下降0.3个百分点，表明非制造业市场需求回落。分行业看，建筑业 ...

国家统计局发布数据显示，11月份，制造业采购经理指数（PMI）为49.2%，比上月上升0.2个百分点，景气水平有所改善。 一、中国制造业采购经理指数运行情况 11月份，制造业采购经理指数（PMI）为49.2%，比上月上升0.2个百分点，景气水平有所改善。 从企业规模看，大型企业PMI为49.3%，比上月下降0.6个百分点，低于临界点；中、小型企业PMI分别为48.9%和49.1%，比上月上升0.2个和2.0个百分点， 均低于临界点。 从分类指数看，在构成制造业PMI的5个分类指数中，供应商配送时间指数高于临界点，生产指数位于临界点，新订单指数、原材料库存指数和从业人员指 数均低于临界点。 生产指数为50.0%，比上月上升0.3个百分点，位于临界点，表明制造业生产总体稳定。 新订单指数为49.2%，比上月上升0.4个百分点，表明制造业市场需求景气水平有所改善。 原材料库存指数为47.3%，与上月持平，低于临界点，表明制造业主要原材料库存量继续减少。 | | | | | | | | | 单位:% | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ...