产需两端均有改善，11月制造业PMI回升

Manufacturing Sector - The manufacturing PMI for November is reported at 49.2%, showing a slight increase of 0.2 percentage points from October, but remains below the growth threshold for eight consecutive months [1][4] - The production index and new orders index for November are 50.0% and 49.2%, respectively, indicating improvements in both production and demand, with the production index returning to the critical point [4][5] - High-tech manufacturing PMI stands at 50.1%, remaining above the critical point for ten consecutive months, indicating continued growth in this sector [1][4] Economic Outlook - Analysts suggest that the slight recovery in the manufacturing PMI reflects improved market confidence, driven by the "14th Five-Year Plan" and recent positive outcomes from US-China trade talks [4][5] - Despite the improvements, there are still significant downward pressures on the economy, particularly due to external uncertainties and ongoing adjustments in the real estate market [6][8] - The production activity expectation index for November is 53.1%, indicating increased confidence among manufacturing enterprises regarding market development [5] Export and Demand - The new export orders index for November is 47.6%, up 1.7 percentage points from October, suggesting a stabilization in manufacturing exports [5] - All major manufacturing sectors, including high-tech and consumer goods, have seen increases in new export orders, with high-tech manufacturing new export orders rising over 3 percentage points [5][6] Price Trends - The purchasing price index for raw materials is at 53.6%, up 1.1 percentage points from October, indicating rising costs for manufacturers [7][8] - The factory price index is at 48.2%, showing a slight recovery but still in the contraction zone, suggesting that price increases are primarily affecting upstream sectors [7][8] Service Sector - The non-manufacturing business activity index for November is 49.5%, down 0.6 percentage points from October, reflecting a seasonal decline in consumer-related services [9][12] - The financial services sector shows strong performance, with business activity and new orders indices both exceeding 55%, indicating robust growth in this area [12][13] - The construction sector's business activity index has improved to 49.6%, signaling a recovery in construction activities, supported by recent policy measures [13][14]