11月制造业PMI回升至49.2%，制造业出口趋稳

Core Viewpoint - The manufacturing sector in China shows signs of stabilization with a slight increase in the Purchasing Managers' Index (PMI) for November, reflecting improved market confidence despite ongoing economic pressures [1][4]. Manufacturing Sector - The manufacturing PMI for November is reported at 49.2%, an increase of 0.2 percentage points from the previous month, indicating a slight recovery in market confidence [1]. - New export orders index rose to 47.6%, up 1.7 percentage points, suggesting a stabilization in manufacturing exports [4]. - The production index for November stands at 50%, reflecting a return to the growth threshold after a brief contraction [4]. - The inventory index for finished goods decreased to 47.3%, indicating smoother sales activities for enterprises [5]. - The purchasing price index for raw materials increased to 53.6%, up 1.1 percentage points, signaling rising input costs [6]. Non-Manufacturing Sector - The non-manufacturing business activity index fell to 49.5%, down 0.6 percentage points, indicating a slowdown in the service sector [9]. - The service industry index also decreased to 49.5%, with significant declines in consumer-related services due to the high base effect from the previous month [9]. - The construction industry index improved to 49.6%, up 0.5 percentage points, suggesting a recovery in construction activities [9]. Economic Outlook - Experts predict that with the acceleration of key projects and supportive policies, investment is expected to continue to strengthen towards the end of the year [10]. - The overall economic stability requires the implementation of various policy measures to enhance social expectations and fully unleash investment and consumption potential [11].