行业景气观察：11月制造业PMI环比上行，化工品价格多数上涨

Core Insights - The manufacturing PMI for November increased to 49.2%, up by 0.2 percentage points, remaining below the threshold for eight consecutive months, while the non-manufacturing PMI decreased to 49.5%, marking the first contraction since 2024 [12][14][21] - The report highlights improvements in the resource, consumer services, and information technology sectors, with notable price increases in industrial and precious metals, as well as in the new energy supply chain [1][21] - Recommendations are made for sectors with high or improving sentiment, including non-ferrous metals, steel, chemicals, batteries, traditional Chinese medicine, film, and semiconductors [1][21] Industry Overview Manufacturing Sector - The manufacturing sector shows a slight recovery with a production index at 50.0%, and new orders index at 49.2%, indicating a marginal improvement in demand despite remaining in contraction territory [14][15] - The purchasing price index rose to 53.6%, driven by increases in coal, metals, and new energy materials, reflecting a rebound in prices due to supportive policies and improved supply [14][15][21] Information Technology - The Philadelphia Semiconductor Index and Taiwan Semiconductor Industry Index both increased, with the Philadelphia index rising by 6.48% to 7149.47 points [24] - Prices for DDR4 and DDR5 DRAM memory increased, with 8GB DDR4 prices rising by 13.66% to $16.51 and 16GB DDR5 prices up by 3.95% to $27.20 [27][28] Consumer Services - The film industry saw a significant increase in box office revenue, with a ten-day average up by 250.53%, while ticket prices decreased slightly [19][21] - The price index for traditional Chinese medicine increased, indicating a positive trend in this sector [19][21] Resource Sector - Industrial metal prices generally increased, with copper, zinc, and nickel prices rising, while coal prices showed mixed trends with some declines in specific regions [23] - The national cement price index decreased, while glass prices increased, reflecting varied trends across different materials [23] Financial and Real Estate Sector - The real estate market showed signs of improvement with an increase in land transaction premium rates and total area sold, despite a decline in the number of second-hand homes listed for sale [23] - The monetary market experienced a net withdrawal, with a decrease in A-share turnover rates and daily transaction volumes [23] Public Utilities - Natural gas prices in China decreased, while electricity generation from key power plants showed a widening year-on-year decline [23]