11月PMI数据点评：制造业PMI边际改善，复苏持续性仍需夯实

Manufacturing Sector - In November 2025, the Manufacturing PMI recorded 49.2%, a marginal increase of 0.2 percentage points from the previous month, indicating slight improvement in manufacturing activity[1] - The production index rose to 50.0%, reflecting stable production levels, with notable activity in food processing and non-ferrous metal industries[12] - New orders index increased by 0.4 percentage points to 49.2%, suggesting marginal recovery in market demand[12] - The raw material inventory index remained low at 47.3%, indicating cautious inventory strategies among enterprises[12] - Small enterprises' PMI rose to 49.1%, the highest in six months, while large enterprises' PMI fell to 49.3%, indicating greater pressure on larger firms[17] Non-Manufacturing Sector - The Non-Manufacturing PMI fell to 49.5%, a decrease of 0.6 percentage points from the previous month, reflecting a decline in service sector activity[2] - The new orders index for non-manufacturing recorded 45.7%, indicating weak demand in the sector[22] - The business activity expectation index rose to 56.2%, suggesting optimism about medium to long-term market prospects driven by policy support and seasonal factors[3] Economic Outlook - Overall, the manufacturing sector remains below the 50% threshold, indicating ongoing contraction and economic downward pressure[5] - Rising raw material prices may increase cost pressures for mid and small-sized enterprises, necessitating caution regarding rapid cost increases[5] - Future recovery in manufacturing is anticipated to be supported by year-end policy implementations and improved external trade conditions[5]