11月制造业PMI回升，债市配置需求可期

Group 1 - The core viewpoint of the article highlights the current state of the financial market, indicating a sustained loose monetary environment with the central bank's net withdrawals over the past week [2][14] - The People's Bank of China (PBOC) has conducted net withdrawals of 737 billion yuan, 2311 billion yuan, 1458 billion yuan, 1340 billion yuan, and 1756 billion yuan on consecutive days, reflecting a consistent approach to managing liquidity [2][14] - The domestic manufacturing PMI for November recorded at 49.2%, showing a slight increase from the previous month, while the non-manufacturing PMI fell to 49.5%, indicating a decline in service sector activity [4][15] Group 2 - The article discusses the implications of Japan's central bank's stance on interest rates, suggesting that any potential rate hikes will be based on economic and price improvements, while maintaining a loose financial environment [3][15] - The U.S. manufacturing PMI for November was reported at 48.2, indicating continued contraction, alongside a decrease in ADP employment figures, which fell by 32,000 jobs [3][15] - The article emphasizes the need for further policy support to boost domestic demand in China, as current indicators suggest weak consumer activity despite some positive signs in external demand and construction expectations [4][15] Group 3 - The National Development Bank ETF (159650) is highlighted as a viable investment option due to its characteristics of high liquidity, low credit risk, and reasonable risk-return profile, making it suitable for short-duration allocations [16][4] - The ETF primarily invests in policy financial bonds, which are noted for their high credit ratings and substantial market presence, reinforcing their attractiveness as investment targets [16][4]