11月份PMI指数小幅回升 市场信心有所改善

Core Insights - The manufacturing Purchasing Managers' Index (PMI) for November is reported at 49.2%, a slight increase of 0.2 percentage points from the previous month, indicating a stable economic outlook in China [1] - The non-manufacturing business activity index decreased to 49.5%, down 0.6 percentage points from last month, while the comprehensive PMI output index fell to 49.7%, a decrease of 0.3 percentage points [1] - The production index and new orders index are at 50.0% and 49.2%, respectively, with increases of 0.3 and 0.4 percentage points, suggesting improvements in both production and demand [1] Manufacturing Sector - The production index returned to the expansion threshold at 50%, reflecting a recovery in manufacturing activity after a brief contraction [2] - Key industries such as agricultural and sideline food processing, as well as non-ferrous metal smelting and rolling processing, show production and new orders indices in the expansion zone, indicating active supply and demand [1] - The production and business activity expectation index rose to 53.1%, up 0.3 percentage points from the previous month, signaling improved market confidence [1] Economic Outlook - Analysts suggest that the slight recovery in the PMI indicates improved market confidence, influenced by the implementation of the Fourth Plenary Session's spirit and the encouraging goals of the 14th Five-Year Plan [1] - There is a call for enhanced macroeconomic policy adjustments to counteract cyclical downturns, with recommendations for increased government investment in public products and services to stimulate demand [2] - Predictions for December indicate a potential stabilization and recovery in manufacturing demand, driven by year-end activities and policy implementations [2]