11月制造业景气度继续温和回升；资金面跨月无虞，债市整体走强

Economic Indicators - The manufacturing PMI for November is reported at 50.3%, an increase of 0.2 percentage points from the previous month, marking three consecutive months of growth[3] - The non-manufacturing business activity index decreased to 50.0%, down 0.2 percentage points from last month[3] - The comprehensive PMI output index remains stable at 50.8, indicating overall economic stability[3] Monetary Policy - The central bank conducted a reverse repurchase operation of 800 billion yuan in November, aiming to maintain liquidity in the banking system[3] - The net purchase of bonds by the central bank in November amounted to 200 billion yuan[3] Bond Market - The overall bond market strengthened, with 87.36% of creditors of CIFI Group signing or joining the overseas debt restructuring agreement[1] - The yield on the 10-year government bond decreased by 1.00 basis points to 2.0250%[15] - The yield on the 10-year policy bank bond fell by 1.50 basis points to 2.1000%[15] International Market Trends - The Eurozone's harmonized CPI rose to 2.3% in November, exceeding the European Central Bank's target of 2%[7] - U.S. Treasury yields generally declined, with the 2-year yield down 6 basis points to 4.13% and the 10-year yield down 7 basis points to 4.18%[25] - Major European economies saw a decline in 10-year government bond yields, with Germany's yield down 3 basis points to 2.09%[28]