11月PMI数据点评：经济企稳态势进一步确立

Group 1: Economic Stability - The manufacturing PMI for November is 50.3%, up 0.2 percentage points from the previous month, indicating a continuous upward trend for three months[4] - The production index is at 52.4%, increasing by 0.4 percentage points, and the new orders index is at 50.8%, rising by 0.8 percentage points, both reflecting strong supply and demand dynamics[8] - The manufacturing PMI's rise is supported by significant contributions from production and new orders indices, which are crucial for economic recovery[6] Group 2: Non-Manufacturing Sector - The non-manufacturing PMI is at 50.0%, down 0.2 percentage points, primarily due to a decline in the construction sector[18] - The construction sector's business activity index is at 49.7%, decreasing by 0.7 percentage points, indicating ongoing challenges in the real estate market[26] - The service sector's business activity index remains stable at 50.1%, supported by new energy and financial services, despite the holiday effect fading[22] Group 3: Structural Issues and Future Outlook - Despite the positive PMI trends, over 60% of manufacturing firms report insufficient demand, indicating ongoing structural challenges[30] - The decline in price indices for raw materials and factory prices suggests a need for continued policy support to address supply-demand imbalances[15] - Upcoming political meetings in December are expected to provide further policy direction, with market expectations potentially fluctuating in the interim[30]