国泰海通晨报-20251201

Macro Research - The recovery of external demand has led to marginal improvements in supply, supporting the manufacturing PMI. However, the widening gap between raw material and finished product prices indicates that domestic demand still needs to be boosted. Infrastructure investment recovery is worth monitoring [2][3] - In November 2025, the manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month. The construction business activity index rose to 49.6%, an increase of 0.5 percentage points, while the service industry index fell to 49.5%, down 0.7 percentage points [3][19] Machinery Research - Companies like UBTECH are intensifying their industrial layout and securing large orders, with industry chain collaboration advancing and humanoid robots accelerating industrialization [2][6] - The new export orders index rebounded to 47.6% in November 2025, marking a 1.7 percentage point increase, the largest rise in six months. This rebound in external demand has supported production indices, although performance remains below historical averages [4][19] Military Industry Research - The National Space Administration has issued a plan to promote the high-quality and safe development of commercial aerospace from 2025 to 2027, highlighting the importance of commercial aerospace in advancing the aerospace industry and building a strong aerospace nation. The commercial aerospace sector is expected to enter a fast track of development [10][11] - A series of favorable policies are accelerating the large-scale development of commercial aerospace, with significant government support and the establishment of key regulatory bodies [11][12]