源达研究报告：11月制造业PMI 49.2%，较上月小幅回升

Investment Highlights - The domestic securities market shows a mixed performance, with the ChiNext Index rising the most at 1.86% and the non-ferrous metals sector leading with a gain of 5.35% [4][39] - The manufacturing PMI for November is reported at 49.2%, a slight increase of 0.2 percentage points from the previous month, indicating overall economic stability [5][40] - The State Council emphasizes new urbanization and rural integration to unleash domestic demand potential, while the CSRC outlines the direction for capital market reforms to enhance inclusivity and attract long-term funds [4][10][50] Economic Indicators - The manufacturing PMI indicates improvements in both production and new orders, with production index at 50.0 and new orders index at 49.2, reflecting a recovery in demand [9][44] - Small enterprises show a significant recovery in PMI, reaching 49.1, the highest in six months, while large enterprises' PMI decreased to 49.3 [9][44] - High-tech manufacturing continues to expand, with its PMI at 50.1, indicating sustained growth in this sector [9][44] Sector Analysis - Technology sector is expected to benefit from policies promoting new productive forces, with a focus on AI, semiconductors, and robotics [6][41] - Non-bank financial institutions, particularly brokers, are likely to benefit from a slow bull market, while insurance assets are expected to see a rebound in capital returns [6][41] - The non-ferrous metals sector, particularly copper, is anticipated to maintain an upward price trend due to tight supply-demand dynamics [6][29] Policy Developments - The State Council's focus on new urbanization aims to enhance urban quality and stimulate domestic demand, which is crucial for economic growth [10][45] - The CSRC's push for capital market reforms aims to create a more inclusive and adaptable system, enhancing the market's ability to support high-quality development [50][51] Market Outlook - The expectation of a rate cut by the Federal Reserve is likely to improve global liquidity conditions, benefiting sectors aligned with high-tech manufacturing and new urbanization [4][49] - The ongoing structural market conditions favor sectors such as energy equipment and precious metals, which have shown strong performance recently [4][39]