中国11月RatingDog制造业PMI降至49.9 逊预期

Core Viewpoint - In November, China's RatingDog manufacturing PMI dropped to 49.9, indicating a weak contraction in the manufacturing sector, below the expected 50.5 and previous value of 50.6 [1] Manufacturing Sector Performance - Both production and demand indicators showed a slowdown, nearing stagnation, with new export orders rebounding but failing to improve the overall low state of manufacturing [1] - The growth of new orders has nearly stalled, leading manufacturers to reduce workforce and procurement, while becoming more cautious in inventory management [1] Inventory and Pricing Trends - Both raw material and finished goods inventories have entered a contraction phase, with readings at their lowest in nearly three years; raw material inventory saw its first decline in seven months [1] - There is a divergence in pricing, with raw material prices increasing while finished goods prices are decreasing; rising metal prices are identified as a key factor for increased costs, although the rate of increase in raw material prices and decrease in finished goods prices has narrowed, continuing to pressure corporate profit margins [1] Employment and Future Outlook - The employment index has re-entered the contraction zone due to the slowdown in new order growth [1] - Overall, the November PMI indicates a shift from expansion to contraction in China's manufacturing sector; however, there may be a potential for a temporary boost in supply and demand towards the end of the year, with expectations of a weak expansion in December PMI [1]