2025年11月PMI数据解读：11月PMI：供需弱修复，蓄势待春归

Economic Indicators - The manufacturing Purchasing Managers' Index (PMI) for November is at 49.2%, a 0.2 percentage point increase from the previous month, indicating economic improvement[1] - The composite PMI output index is at 49.7%, suggesting overall stability in production and business activities[1] - The production index stands at 50.0%, reflecting stability in manufacturing production[2] Sector Performance - High-tech manufacturing PMI is at 50.1%, indicating expansion, while equipment manufacturing and consumer goods PMIs are at 49.8% and 49.4%, respectively, both in contraction territory[1] - New orders index is at 49.2%, showing a low-level recovery in market demand, but still weaker than production levels[3] - New export orders index increased to 47.6%, a rise of 1.7 percentage points, with significant improvements across various sectors[3] Price Trends - The purchasing price index for raw materials is at 53.6%, up 1.1 percentage points, indicating rising input costs[7] - The factory price index is at 48.2%, reflecting a narrowing decline in output prices[7] Non-Manufacturing Sector - The non-manufacturing business activity index decreased to 49.5%, a drop of 0.6 percentage points, indicating a slowdown in non-manufacturing activities[8] - The construction business activity index improved to 49.6%, showing low-level recovery in the construction sector[8] Overall Outlook - The overall economic activity is stabilizing, with expectations for continued upward momentum into December, supporting the annual GDP growth target of around 5%[1][9] - The report highlights the resilience of exports, with a 10.0% year-on-year increase in container throughput at ports in November[4]