周报：11月官方制造业PMI继续回升

Economic Indicators - November manufacturing PMI recorded at 50.3%, up 0.2 PCTS from the previous month, marking a recovery above the neutral line for the first time since May[1] - November construction PMI at 49.7%, down 0.7 PCTS from last month, the lowest for November in history, placing it in the bottom 2% of the last 60 months[1] - November service PMI remained stable at 50.1%, unchanged from the previous month, only higher than November 2022 and 2023 in the last decade[5] Market Trends - The manufacturing PMI new orders index increased by 0.8 PCTS in November, indicating stronger demand recovery compared to production[1] - Small enterprises showed a faster recovery in PMI, with readings of 49.1%, compared to 50.0% for medium and 50.9% for large enterprises[1] - The business activity expectation index for the construction sector rose to 55.6%, up 0.4 PCTS from last month, indicating stable expectations[5] Price Dynamics - November PPI is expected to decline by approximately 0.2%, with a year-on-year decrease of around 2.6% anticipated[1] - The manufacturing PMI price index and major raw material purchase price index both decreased in November, down 2.2 PCTS and 3.6 PCTS respectively from October[1] Monetary Policy - The central bank maintained large-scale liquidity injections, with a net liquidity recovery of 382 billion yuan through reverse repos this week[6] - The 10-year government bond yield fell to 2.02%, down 6 BP from the previous week, indicating a downward trend in long-term interest rates[13]