11月PMI数据解读：小企业迎来改善

Group 1: PMI Performance - The national manufacturing PMI recorded 50.3%, an increase of 0.2 percentage points from the previous month, driven by seasonal effects and improved demand[2] - New orders and production indices both rose, indicating synchronized improvement in domestic and external demand, with domestic demand stronger than external[2] - The non-manufacturing PMI slightly decreased to 50%, with the construction sector declining due to seasonal factors, while the services sector remained stable[5] Group 2: Business Size Impact - Smaller enterprises showed the most significant improvement, with the PMI for small enterprises rising 1.6 percentage points to 49.1%, production up 3.9 percentage points, and new orders up 2.4 percentage points[3] - Medium-sized enterprises' PMI rose to 50%, marking the first return to the expansion line in six months, while large enterprises' PMI slightly declined to 50.9%[25] Group 3: Price and Inventory Trends - The raw material purchase price index decreased by 3.6 percentage points to 49.8%, while the factory price index fell by 2.2 percentage points to 47.7%[32] - The raw material inventory index remained stable at 48.2%, with procurement volume increasing by 1.7 percentage points to 51%[32] Group 4: Sector-Specific Insights - High-tech and consumer goods sectors saw rapid recovery, with PMIs rising by 1.1 and 1.3 percentage points respectively, particularly in food, textiles, and automotive industries[3] - The construction sector's business activity index recorded 49.7%, reflecting a decline due to seasonal weather changes, while civil engineering activity remained above 52%, indicating ongoing infrastructure investment[5]