11月PMI数据点评：制造业出口订单环比回升

Group 1: Manufacturing Sector Insights - The manufacturing PMI index for November is 50.3%, an increase of 0.2 percentage points from October, indicating slight expansion in manufacturing activity[2] - The new orders index stands at 50.8%, up 0.8 percentage points from October, while the new export orders index has risen to 48.1%[2] - The production index is at 52.4%, reflecting a 0.4 percentage point increase from the previous month, indicating ongoing production growth[2] - The supplier delivery time index is at 50.2%, up 0.6 percentage points from October, suggesting improved delivery times[2] Group 2: Demand and Pricing Trends - Domestic and overseas demand are recovering, with new orders and finished goods inventory indices rising by 0.8 and 0.5 percentage points, respectively[5] - The ex-factory price index has decreased by 2.2 percentage points, driven by a 3.6 percentage point drop in the major raw material purchase price index[7] - The manufacturing production expectation index is at 54.7%, up 0.7 percentage points from October, indicating positive business sentiment[2] Group 3: Non-Manufacturing Sector Insights - The non-manufacturing PMI index is at 50.0%, down 0.2 percentage points from October, remaining at the threshold level[11] - The new orders index for the non-manufacturing sector is at 45.9%, a decline of 1.3 percentage points from the previous month, indicating weaker demand[11] - The employment index in the non-manufacturing sector is at 45.4%, down 0.4 percentage points, continuing to indicate contraction in employment[11] Group 4: Risks and Future Outlook - Risks include unexpected resilience in overseas inflation and uncertainties related to geopolitical relations[2] - The construction sector's PMI index has dropped to 49.7%, a decrease of 0.7 percentage points, indicating a contraction in construction activity due to seasonal factors[14]