12月份中国采购经理指数均升至扩张区间 （三）重点行业PMI均高于上月。高技术制造业PMI为52.5%，比上月上升2.4个百分点，行业增长态势 向好。装备制造业和消费品行业PMI均为50.4%，分别比上月上升0.6个和1.0个百分点，双双升至扩张区 间。高耗能行业PMI为48.9%，比上月上升0.5个百分点，景气水平继续回升。 （四）预期指数升至较高景气区间。生产经营活动预期指数为55.5%，比上月上升2.4个百分点，制造业 企业对市场发展信心继续增强。从行业看，受节前备货等因素带动，农副食品加工、食品及酒饮料精制 茶等行业生产经营活动预期指数均升至60.0%以上高位景气区间，相关企业对近期行业发展更为乐观。 二、非制造业商务活动指数重回扩张区间 12月份，非制造业商务活动指数为50.2%，比上月上升0.7个百分点，非制造业景气水平改善。 ——国家统计局服务业调查中心首席统计师霍丽慧解读2025年12月中国采购经理指数 2025年12月31日国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。对此， 国家统计局服务业调查中心首席统计师霍丽慧进行了解读。 12月份，制造业采购经理指数、非制造业 ...

德国12月私营部门活动增速低于预期，制造业意外录得十个月来最差表现。 采购经理指数与近期德国制造业数据形成反差，后者曾描绘出更为乐观的行业前景。10月工厂订单激增 —— 尤其得益于涵盖飞机、船舶、火车及军用车辆的运输类订单跃升 —— 工业生产数据同样超出预 期。 责任编辑：刘明亮 德国12月私营部门活动增速低于预期，制造业意外录得十个月来最差表现。 S&P Global综合采购经理人指数从前月的52.4降至51.5。得益于服务业连续第四个月扩张，该指数仍保 持在50荣枯线之上。此前分析师预期该指数持平。 S&P Global综合采购经理人指数从前月的52.4降至51.5。得益于服务业连续第四个月扩张，该指数仍保 持在50荣枯线之上。此前分析师预期该指数持平。 汉堡商业银行经济学家Cyrus de la Rubia周二在声明中表示，"服务业正在使整体经济企稳，并有望为第 四季度GDP正增长作出显著贡献。"他将制造业现状形容为"一团糟"。 数据显示，在德国总理弗里德里希·默茨推动的基础设施和国防支出带动下，这个欧洲最大经济体明年 有望迎来复苏，目前仍在设法实现微弱增长。德国央行及其他预测机构预计，在欧洲央行早前降 ...

Core Insights - S&P Global's latest report indicates that the S&P Global Australia Composite PMI rose to 52.6 in November, the highest level since August, up from 52.1 in the previous month [1][2] - The overall output of Australia's private sector has increased for the fourteenth consecutive month, with a notable rise in growth compared to the previous two months [1][2] Economic Indicators - In November, Australia's manufacturing output returned to growth, and service sector business activity accelerated, contributing to the overall increase in private sector output [2] - New business in the private sector also rose in November, driven by a first increase in manufacturing new orders in three months [2] Employment and Costs - Private enterprises increased hiring in November, leading to a reduction in backlogs of orders [2] - Despite these positive trends, the level of business confidence among private enterprises remained nearly unchanged compared to October, and both input costs and selling prices saw slight increases [2] Sector Performance - The service sector benefited from rising domestic demand and significant improvements in international demand, particularly due to a rebound in tourism activities, which contributed to a noticeable increase in business activity compared to October [2] - The recovery in manufacturing output also played a crucial role in supporting the overall expansion of Australia's private economy [2]

Core Viewpoint - The article highlights the growth in China's electricity market transactions and industrial profits, indicating a positive trend in the energy sector and overall industrial performance despite some challenges in specific industries [2][4][6]. Electricity Market Transactions - From January to October 2025, the total electricity market transaction volume reached 54,920 billion kilowatt-hours, a year-on-year increase of 7.9%, accounting for 63.7% of total electricity consumption, up 1.5 percentage points [3]. - In October 2025, the electricity market transaction volume was 5,638 billion kilowatt-hours, showing a year-on-year growth of 15.6% [3]. - Green electricity transactions totaled 283 billion kilowatt-hours in October, marking a 28.4% increase year-on-year [3]. Industrial Profit Performance - In the first ten months of 2025, profits of large-scale industrial enterprises totaled 59,502.9 billion yuan, reflecting a year-on-year growth of 1.9% [6]. - The mining sector saw a profit decline of 27.8%, while the manufacturing sector experienced a profit increase of 7.7% [4]. - Notable profit growth was observed in the non-ferrous metal smelting and rolling processing industry (14.0%), and the electricity, heat, gas, and water production and supply industry (9.5%) [4]. Revenue and Cost Analysis - Large-scale industrial enterprises achieved operating revenue of 113.37 trillion yuan, a year-on-year increase of 1.8%, with operating costs rising by 2.0% to 97.00 trillion yuan [5]. - The operating profit margin was 5.25%, showing a slight increase of 0.01 percentage points year-on-year [5]. - By the end of October, total assets of these enterprises reached 187.23 trillion yuan, up 4.7% year-on-year, while liabilities increased by 5.0% to 108.59 trillion yuan [5]. Purchasing Managers' Index (PMI) Insights - In November 2025, the manufacturing PMI was recorded at 49.2%, indicating a slight improvement from the previous month [10]. - The production index stood at 50.0%, suggesting stability in manufacturing production levels [11]. - The new orders index was at 49.2%, reflecting a slight improvement in market demand [11].

Group 1: Manufacturing Purchasing Managers Index (PMI) - In November, the manufacturing PMI rose to 49.2%, indicating a slight improvement in economic conditions [2] - Both production index and new orders index improved, reaching 50.0% and 49.2% respectively, with production index crossing the critical point [2] - Small enterprises showed significant recovery with PMI at 49.1%, marking a 2.0 percentage point increase, the highest in six months [2][3] Group 2: Non-Manufacturing Business Activity Index - The non-manufacturing business activity index decreased to 49.5%, down 0.6 percentage points from the previous month, indicating a decline in non-manufacturing economic conditions [4] - The service industry index fell to 49.5%, influenced by the end of holiday effects, while certain sectors like railway transport and financial services remained robust [5] - The construction industry index improved to 49.6%, with a business activity expectation index of 57.9%, reflecting increased confidence in the sector [5] Group 3: Comprehensive PMI Output Index - The comprehensive PMI output index fell to 49.7%, a decrease of 0.3 percentage points, with manufacturing production index at 50.0% and non-manufacturing business activity index at 49.5% [6]

Group 1: Manufacturing PMI Overview - In November, the Manufacturing Purchasing Managers' Index (PMI) was 49.2%, an increase of 0.2 percentage points from the previous month, indicating an improvement in economic conditions [1] - The PMI for large enterprises was 49.3%, a decrease of 0.6 percentage points, while small and medium-sized enterprises had PMIs of 48.9% and 49.1%, increasing by 0.2 and 2.0 percentage points respectively, all below the critical point [4] - The production index was at 50.0%, up by 0.3 percentage points, indicating stable manufacturing production overall [4] - The new orders index rose to 49.2%, an increase of 0.4 percentage points, suggesting an improvement in market demand [4] - The raw materials inventory index remained at 47.3%, indicating a continued decrease in the inventory of major raw materials [5] Group 2: Non-Manufacturing PMI Overview - In November, the Non-Manufacturing Business Activity Index was 49.5%, a decrease of 0.6 percentage points from the previous month [9] - The construction industry business activity index was 49.6%, up by 0.5 percentage points, while the service industry index was 49.5%, down by 0.7 percentage points [12] - The new orders index for non-manufacturing was 45.7%, a decline of 0.3 percentage points, indicating a drop in market demand [14] - The input price index rose to 50.4%, an increase of 1.0 percentage point, indicating a rise in the overall price level of inputs used in business activities [14] - The business activity expectation index was 56.2%, reflecting a generally optimistic outlook among non-manufacturing enterprises [15] Group 3: Comprehensive PMI Overview - The Comprehensive PMI Output Index was 49.7% in November, a decrease of 0.3 percentage points from the previous month [21]

Core Insights - The manufacturing Purchasing Managers' Index (PMI) for November is reported at 49.2%, indicating a slight improvement from the previous month, while the non-manufacturing business activity index decreased to 49.5% [1][3][7] Manufacturing Sector - The manufacturing PMI increased by 0.2 percentage points from the previous month, reflecting improved market confidence [1][3] - Key indices such as production, new orders, and procurement volume have shown increases, with production index reaching the critical point of 50.0% [3][4] - The manufacturing sector is expected to see a stabilization and potential recovery in demand, driven by year-end festivities and winter consumption [5][10] Non-Manufacturing Sector - The non-manufacturing business activity index fell by 0.6 percentage points to 49.5%, indicating a slowdown in economic activity [1][7] - The decline is attributed to high base effects from the previous month’s holiday season, affecting sectors like retail, accommodation, and transportation [7][9] - Despite the overall slowdown, financial services and information services sectors showed robust growth, contributing positively to the economic environment [8][9] Investment Outlook - The construction sector's business activity index rose to 49.6%, marking the second increase in the second half of the year, indicating improved confidence among construction firms [11] - Investment is anticipated to play a crucial role in stabilizing economic growth, supported by accelerated project implementation and policy measures [10][11] - The overall economic environment is expected to benefit from increased investment and consumption as year-end demand is released [11]

Core Points - The manufacturing Purchasing Managers' Index (PMI) for November is reported at 49.2%, indicating a slight improvement from the previous month [1][3] - The non-manufacturing business activity index decreased to 49.5%, reflecting a slowdown in non-manufacturing activities [1][7] - The overall economic sentiment remains stable, with a composite PMI output index of 49.7%, down 0.3 percentage points from last month [1] Manufacturing Sector - The manufacturing PMI increased by 0.2 percentage points from last month, suggesting improved market confidence [3] - Key indices such as production, new orders, and procurement volume have shown increases, with production index reaching the critical point of 50.0% [3][4] - The export sector is stabilizing, with all major industries and enterprises reporting an increase in new export orders [3] Non-Manufacturing Sector - The non-manufacturing business activity index fell by 0.6 percentage points, primarily due to a high base effect from the previous month [7][8] - Consumer-related service industries experienced declines in business activity indices, including shopping, accommodation, and transportation [7][9] - Financial activities and information services showed robust growth, contributing positively to the overall economic environment [8][9] Investment Outlook - Investment is expected to continue supporting economic stability, with the construction sector showing signs of recovery [10][11] - The construction business activity index rose to 49.6%, indicating improved sentiment among construction firms [11] - Analysts predict that with the acceleration of key projects and supportive policies, investment will play a crucial role in stabilizing growth towards the end of the year [11]

Group 1: Manufacturing PMI Insights - The manufacturing PMI increased to 49.2% in November, indicating an improvement in economic conditions [2][3] - The production index and new orders index were at 50.0% and 49.2%, respectively, showing a rise of 0.3 and 0.4 percentage points from the previous month, with the production index reaching the critical point [3] - Small enterprises showed a significant recovery with a PMI of 49.1%, up by 2.0 percentage points, marking a six-month high, while large enterprises' PMI fell to 49.3% [3] Group 2: Non-Manufacturing Sector Analysis - The non-manufacturing business activity index decreased to 49.5%, down by 0.6 percentage points, reflecting a decline in the sector's economic conditions [2][5] - The service industry business activity index fell to 49.5%, influenced by the end of holiday effects, with certain sectors like real estate showing lower activity levels [5] - The construction industry business activity index improved to 49.6%, with a market expectation index of 57.9%, indicating increased confidence among construction enterprises [6] Group 3: Comprehensive PMI Overview - The comprehensive PMI output index was recorded at 49.7%, a decrease of 0.3 percentage points from the previous month, combining manufacturing and non-manufacturing indices [7]

Group 1: Manufacturing PMI Overview - In November, the Manufacturing Purchasing Managers' Index (PMI) was reported at 49.2%, an increase of 0.2 percentage points from the previous month, indicating an improvement in economic conditions [1][2] - The production index stood at 50.0%, rising by 0.3 percentage points, suggesting overall stability in manufacturing production [4] - The new orders index was at 49.2%, up by 0.4 percentage points, reflecting an improvement in market demand within the manufacturing sector [5] Group 2: Enterprise Size Analysis - For large enterprises, the PMI was recorded at 49.3%, a decrease of 0.6 percentage points, remaining below the critical threshold [4] - The PMIs for medium and small enterprises were 48.9% and 49.1%, respectively, with increases of 0.2 and 2.0 percentage points, both still below the critical point [4] Group 3: Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index was reported at 49.5%, a decline of 0.6 percentage points from the previous month [12] - The construction industry index was at 49.6%, increasing by 0.5 percentage points, while the service industry index fell to 49.5%, down by 0.7 percentage points [13] Group 4: Non-Manufacturing Demand and Prices - The new orders index for non-manufacturing was at 45.7%, down by 0.3 percentage points, indicating a decline in market demand [15] - The input price index rose to 50.4%, an increase of 1.0 percentage points, suggesting a rise in the overall price level of inputs used by non-manufacturing enterprises [15] Group 5: Comprehensive PMI Output Index - The Comprehensive PMI Output Index was reported at 49.7%, a decrease of 0.3 percentage points from the previous month [21]