PMI数据点评：制造业景气继续扩张

Manufacturing Sector - The manufacturing PMI for November is 50.3%, an increase of 0.2 percentage points from the previous month, indicating a slight acceleration in expansion[1] - The production index and new orders index are at 52.4% and 50.8%, rising by 0.4 and 0.8 percentage points respectively, with the new orders index entering the expansion zone for the first time in the second half of the year[2] - The price index for manufacturing has decreased, with factory prices at 47.7% and major raw material purchase prices at 49.8%, down by 2.2 and 3.6 percentage points from October[2] - The manufacturing business activity expectation index is at 54.7%, up 0.7 percentage points from October, marking the highest point since May of this year[3] Non-Manufacturing Sector - The non-manufacturing business activity index is at 50.0%, a decrease of 0.2 percentage points, remaining at the critical point[5] - The service sector PMI is at 50.1%, unchanged from October, while the construction sector PMI is at 49.7%, down 0.7 percentage points due to seasonal factors[6] - Business expectations in both the construction and service sectors have improved, with indices at 55.6% and 57.3%, rising by 0.4 and 1.1 percentage points respectively[7] Risks - Potential risks include unexpected macroeconomic changes and significant fluctuations in overseas markets[8]