11月PMI点评：制造业PMI改善，延续扩张态势

Manufacturing PMI Insights - In November, the Manufacturing PMI recorded 50.3%, an increase of 0.2 percentage points month-on-month, indicating continued expansion[1] - The production index rose to 52.4%, with general equipment and automotive sectors showing production and new order indices above 54.0%[1] - The new orders and new export orders indices both increased by 0.8 percentage points, reflecting a recovery in demand[1] Non-Manufacturing PMI Insights - The Non-Manufacturing Business Activity Index stood at 50.0%, down 0.2 percentage points from the previous month, indicating a slight decline[2] - The construction sector's Business Activity Index fell to 49.7%, a decrease of 0.7 percentage points, likely due to seasonal factors[2] - The service sector's Business Activity Expectations Index rose to 57.3%, up 1.1 percentage points, marking a five-month high[2] Economic Outlook - The economy shows signs of marginal stabilization, with the Manufacturing PMI remaining above the threshold for two consecutive months[3] - Despite a slight decline in the Non-Manufacturing PMI, the business activity expectations indices for both services and construction sectors indicate stable future outlooks[3] - The bond market is anticipated to remain stable until 2025, with current yields at historical lows and limited room for further declines in the near term[3]