2024年11月PMI分析：需求保持复苏，价格依然收缩

Group 1: Economic Indicators - The manufacturing PMI for November is 50.3%, indicating continued expansion in the manufacturing sector[2] - The production index rose to 52.4%, remaining in the expansion zone for three consecutive months[3] - The new orders index increased to 50.8%, marking four months of continuous growth[4] Group 2: Price Trends - The factory price index fell to 47.7%, while the raw material purchase price index dropped to 49.8%[5] - The decline in both factory and purchase prices suggests companies are competing for orders by lowering prices[5] Group 3: Inventory and Production - The raw material inventory index stands at 48.2%, while finished goods inventory increased to 47.4%[5] - There is a notable increase in procurement volume, which rose to 51%, indicating proactive inventory replenishment[5] Group 4: Sector Performance - The economic sentiment for small and medium enterprises improved, with indices at 49.1% for small enterprises and 50.9% for large enterprises[6] - The "Two New" policy has significantly boosted the electrical machinery and automotive manufacturing sectors, with the electrical machinery index rising by 17.8%[6] Group 5: Future Outlook - The report indicates a clearer sign of economic recovery, with expectations for continued improvement in consumption and industrial output in December[11] - However, external uncertainties, particularly related to U.S. trade policies, may impact export performance in 2025[11]