11月PMI数据解读：动能切换，“双扩张”延续

Manufacturing Sector - Manufacturing PMI increased by 0.2 percentage points to 50.3 in November, indicating continued expansion[3] - Production and demand both improved, with demand rising faster than production, narrowing the production-demand gap by 0.4 percentage points to 1.6 percentage points[5] - New orders increased by 0.8 percentage points to 50.8, entering the expansion zone, while new export orders also rose by 0.8 percentage points to 48.1[5] - Finished goods inventory increased by 0.5 percentage points to 47.4, while input prices fell significantly by 3.6 percentage points to 49.8, easing profit pressure on enterprises[6] Non-Manufacturing Sector - Non-manufacturing PMI declined by 0.2 percentage points to 50.0, with the construction sector dragging down overall performance[6] - Service sector PMI remained stable at 50.1, supported by production-related services, while consumer-related services declined by 5.5 percentage points to 47.0[11] - Construction PMI fell by 0.7 percentage points to 49.7, hitting a post-pandemic low, with civil engineering and installation sectors being the main drags[15] Industry Performance - Among 15 manufacturing industries, 9 (60%) were in the expansion zone, down from 73% in the previous month, with electrical machinery, pharmaceuticals, and automotive sectors performing relatively well[9] - Among 19 non-manufacturing industries, 7 (36.8%) were in the expansion zone, down from 63.2% in the previous month, with telecommunications and transportation sectors showing relative strength[9] Market Expectations - Manufacturing expectations rose to 54.7, near the beginning of the year level, with large enterprises declining by 0.6 percentage points to 50.9, while small enterprises improved significantly by 1.6 percentage points to 49.1[10] - Non-manufacturing expectations improved, with large and small enterprises performing better, while medium-sized enterprises weakened, with output prices rising by 0.3 percentage points to 48.8 and input prices falling by 1.5 percentage points to 49.1[16]