2024年11月PMI数据点评：预期先行，重在落实

Group 1: Economic Indicators - The manufacturing PMI for November is at 50.3%, an increase of 0.2 percentage points from the previous month, indicating continued expansion[4] - The production index and new orders index are at 52.4% and 50.8%, respectively, with increases of 0.4 and 0.8 percentage points[4] - The new export orders index is at 48.1%, up 0.8 percentage points but still in the contraction zone[4] Group 2: Price and Inventory Trends - The raw material price index is at 49.8%, down 3.6 percentage points, while the finished goods price index is at 47.7%, down 2.2 percentage points[5] - The raw material inventory index is at 48.2%, unchanged from the previous month, and the finished goods inventory index is at 47.4%, up 0.5 percentage points[5] Group 3: Corporate Performance and Expectations - Industrial profits from January to October have decreased by 4.3% year-on-year, indicating weak profitability[7] - The manufacturing production activity expectation index is at 54.7%, up 0.7 percentage points, suggesting positive future expectations[12] - The debt reduction measures are improving cash flow for small and medium enterprises, contributing to their improved sentiment[9]