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宏观数据观察：11月制造业PMI继续回升，经济整体维持扩张
Dong Hai Qi Huo·2024-12-08 08:03

Economic Indicators - China's official manufacturing PMI for November is 50.3%, slightly above the expected 50.2% and up from the previous 50.1%[1] - The non-manufacturing PMI stands at 50.0%, down from 50.2% last month, indicating a slight contraction in the sector[1] - The composite PMI remains stable at 50.8%, unchanged from the previous month, reflecting overall economic expansion[1] Manufacturing Sector Insights - The new orders index increased to 50.8%, up 0.8 percentage points from last month, indicating improved market demand[3] - The production index rose to 52.4%, up 0.4 percentage points, suggesting accelerated manufacturing activity[3] - The import and export indices are at 47.3% and 48.1%, respectively, showing a slight improvement in trade dynamics[3] Investment and Consumption Trends - Real estate sales are recovering, but investment in the sector is slow due to policy constraints[2] - Infrastructure investment is picking up, although outdoor construction is slowing down as weather conditions worsen[2] - Manufacturing investment continues to grow rapidly, driven by recovering domestic and international demand[2] Price Dynamics - The purchasing price index for raw materials dropped to 49.8%, down 3.6 percentage points, while the factory price index fell to 47.7%, down 2.2 percentage points, indicating a significant decrease in manufacturing prices[3] - Domestic demand recovery is supporting prices of domestic goods, while international commodity prices are stabilizing due to reduced supply chain disruptions[4] Non-Manufacturing Sector Performance - The non-manufacturing business activity index is at 50.0%, indicating stagnation, with the service sector remaining stable at 50.1%[5] - The construction sector's business activity index fell to 49.7%, reflecting a slowdown in outdoor construction activities due to seasonal factors[5] - The service sector's business activity expectation index rose to 57.3%, the highest in five months, indicating strong confidence among service providers[5]