11月PMI 数据点评：经济修复分化，等待12月政策接力

Group 1: Economic Recovery and PMI Data - The manufacturing PMI for November is 50.3%, a 0.2 percentage point increase from the previous month[1] - The construction PMI decreased to 49.7%, a drop of 0.7 percentage points, marking the first time it has fallen below 50% since 2012[3] - The service sector PMI remained stable at 50.1%, unchanged from the previous month[1] Group 2: Economic Dynamics and Trends - Economic recovery is ongoing but showing signs of weakening momentum, with November manufacturing PMI growth slowing to 0.2% from 0.3% in October[2] - Manufacturing sector improvement is driven by new demand from equipment upgrades and replacement policies, with production index at 52.4% and new orders at 50.8%[16] - Service sector indicators, such as new orders and employment, are declining, with the new orders index dropping 1.4 percentage points to 46.4%[31] Group 3: Sector Performance and Challenges - The construction sector's decline indicates a need for revitalization, as the PMI has been on a downward trend since April, reflecting inefficiencies in traditional infrastructure investment[36] - High-tech manufacturing and consumer goods sectors performed better, with PMIs of 51.2% and 50.8%, respectively, both showing increases[23] - Risks include underperformance in the real estate market, pressure on service consumption, and potential export risks due to tariffs[38]