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]

从市场预期看，生产经营活动预期指数比上月上升，制造业企业对近期市场发展信心有所增强。其中，有色金属冶炼及压延加 工、铁路船舶航空航天设备等行业生产经营活动预期指数均位于57%以上较高景气区间，相关企业对行业发展更为乐观。 从产需两端看，生产指数和新订单指数均较上月有所回升，其中生产指数升至临界点，制造业产需两端均有改善。从重点行业 看，高技术制造业PMI连续10个月位于临界点以上，相关行业继续保持增长。 国家统计局服务业调查中心企业景气处处长 霍丽慧：从各规模企业来看，中小型企业PMI是不同程度回升，其中小型企业PMI是 升至了近6个月的高点，小型企业景气水平的改善还是比较明显的。 央视网消息：国家统计局、中国物流与采购联合会11月30日联合发布的数据显示，11月份，中国制造业采购经理指数（PMI）为 49.2%，比上月上升0.2个百分点；制造业景气水平有所改善。 ...

Core Viewpoint - The overall economic climate in China remains stable, with slight improvements in manufacturing and construction sectors, while non-manufacturing activities show signs of decline [1][9]. Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) rose to 49.2% in November, an increase of 0.2 percentage points from the previous month, indicating a slight improvement in economic conditions [1][3]. - The production index and new orders index were reported at 50.0% and 49.2%, respectively, with increases of 0.3 and 0.4 percentage points, suggesting recovery in both production and demand [6]. - Small enterprises showed significant recovery with a PMI of 49.1%, up 2.0 percentage points, marking a six-month high [2][6]. - High-tech manufacturing PMI remained above the critical point at 50.1%, continuing its growth trend for ten consecutive months [6]. Non-Manufacturing Sector - The non-manufacturing business activity index fell to 49.5%, down 0.6 percentage points from the previous month, indicating a slowdown in the sector [9][12]. - The service sector's business activity index decreased to 49.5%, a drop of 0.7 percentage points, influenced by the end of holiday effects [13]. - The construction business activity index improved to 49.6%, up 0.5 percentage points, reflecting a recovery in construction activities [8][13]. Market Expectations - The production and business activity expectation index rose to 53.1%, indicating increased confidence among manufacturing enterprises regarding market developments [7]. - The construction sector's business activity expectation index increased to 57.9%, suggesting a positive outlook for upcoming industry developments [13].

Core Viewpoint - The article discusses the recent trends in China's manufacturing and non-manufacturing sectors, highlighting improvements in manufacturing PMI and challenges in the non-manufacturing sector due to seasonal factors and economic pressures [3][10]. Manufacturing Sector - The manufacturing PMI for November is reported at 49.2%, a slight increase of 0.2 percentage points from the previous month, indicating a modest recovery in market confidence [3][4]. - New export orders index rose to 47.6%, up by 1.7 percentage points, reflecting a stabilization in manufacturing exports across various industries, including high-tech and consumer goods [5]. - The production index for manufacturing stands at 50%, indicating a return to the expansion zone after a brief contraction, with equipment manufacturing, high-tech manufacturing, and consumer goods all showing positive growth [4][5]. - Finished goods inventory index decreased to 47.3%, suggesting smoother sales activities for enterprises [6]. - Raw material prices are on the rise, with the purchasing price index at 53.6%, indicating upward pressure on production costs [8]. Non-Manufacturing Sector - The non-manufacturing business activity index fell to 49.5%, down 0.6 percentage points, primarily due to the seasonal decline in consumer-related services following the holiday peak [10][11]. - The construction industry showed improvement with a business activity index of 49.6%, indicating a slight recovery in construction activities [11]. - Despite the slowdown in non-manufacturing activities, there are positive indicators such as sustained financial activities and optimism in the construction sector, which may support economic stability towards year-end [11].

随着稳增长政策不断落地见效，以及10月末中美经贸会谈取得积极成果，国家统计局11月30日发布的11 月份中国制造业采购经理指数（PMI）为49.2%，比上月上升0.2个百分点。 受上月黄金周假期高基数影响，消费相关服务业活动呈现淡季回落特征。11月份，非制造业商务活动指 数为49.5%，比上月下降0.6个百分点。综合PMI产出指数为49.7%，比上月下降0.3个百分点。 中国物流与采购联合会特约分析师张立群认为，11月份制造业PMI指数小幅回升，表明市场信心有所改 善。"十五五"发展目标鼓舞人心，对市场信心产生积极影响。同时也要注意到制造业PMI指数仍处于荣 枯线之下，市场引导的需求收缩仍比较突出，经济仍有下行压力。 张立群强调，要围绕"十五五"良好开局进一步加强宏观经济政策逆周期调节力度，显著加大政府公共产 品、公共服务投资规模，有效有力带动企业订单增加，尽快扭转市场引导的需求收缩发展趋势。 尽管国际经济环境仍然复杂，但中美经贸磋商达成主要成果共识带动11月我国外贸环境有所改善，制造 业出口也趋稳运行。新出口订单指数为47.6%，较上月上升1.7个百分点，指数升幅较为明显。出口趋稳 运行带动制造业市场需求整 ...

Group 1: Economic Development Strategy - The "15th Five-Year Plan" aims to achieve significant progress in modernizing Guangxi alongside the nation, focusing on high-quality development [1] - The plan emphasizes the importance of political responsibility and innovation to ensure effective implementation [1][2] - The strategy includes enhancing economic reforms to drive high-quality development and address new challenges [2][3] Group 2: Industrial and Technological Advancement - Guangxi plans to leverage its unique geographical and resource advantages to develop advanced manufacturing and become a key industrial base [3] - The region will focus on integrating artificial intelligence and modernizing ten key industries to boost economic growth [3] - The contribution of high-tech manufacturing to tax revenue has been increasing, indicating a positive trend in economic vitality [3] Group 3: Taxation and Financial Management - The tax system will focus on compliance and risk management to ensure stable revenue generation while fostering new tax sources [4] - Policies will be tailored to support industries like artificial intelligence and green development, enhancing the precision of tax incentives [4] - The tax authority aims to improve the business environment and support local enterprises in enhancing international competitiveness [4] Group 4: Cultural and Tourism Development - The plan aims to stimulate cultural innovation and create a strong cultural tourism sector, enhancing Guangxi's global appeal [5] - The region's forestry industry is projected to exceed 1.069 trillion yuan in output value by 2024, showcasing its growth potential [5] Group 5: Health and Social Welfare - The strategy includes improving the social security system and promoting health initiatives to enhance the quality of life for residents [7] - The healthcare system will focus on reforming medical services and integrating technology to improve accessibility and efficiency [8] - Emergency management will prioritize safety and stability, enhancing the region's resilience to risks and disasters [8]

2025年11月30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。 11月份，制造业采购经理指数为49.2%，比上月上升0.2个百分点；非制造业商务活动指数为49.5%，比 上月下降0.6个百分点；综合PMI产出指数为49.7%，比上月下降0.3个百分点，我国经济景气水平总体平 稳。 一、制造业采购经理指数小幅回升 11月份，制造业PMI升至49.2%，景气水平有所改善。 11月份制造业采购经理指数小幅回升 非制造业商务活动指数有所回落 ——国家统计局服务业调查中心首席统计师霍丽慧解读2025年11月中国采购经理指数 （四）市场预期稳中有升。生产经营活动预期指数为53.1%，比上月上升0.3个百分点，制造业企业对近 期市场发展信心有所增强。从行业看，有色金属冶炼及压延加工、铁路船舶航空航天设备等行业生产经 营活动预期指数均位于57.0%以上较高景气区间，相关企业对行业发展更为乐观。 二、非制造业商务活动指数有所回落 11月份，非制造业商务活动指数为49.5%，比上月下降0.6个百分点，非制造业景气水平有所下降。 （一）服务业 ...

Group 1: Manufacturing PMI Insights - The manufacturing Purchasing Managers' Index (PMI) rose to 49.2% in November, indicating a slight improvement in economic conditions, up 0.2 percentage points from the previous month [1][2][3] - Production and new orders indices improved, with production index at 50.0% and new orders index at 49.2%, both showing increases of 0.3 and 0.4 percentage points respectively [3] - Small enterprises showed significant recovery with a PMI of 49.1%, up 2.0 percentage points, marking a six-month high, while large enterprises' PMI fell to 49.3%, down 0.6 percentage points [3] Group 2: Non-Manufacturing Sector Analysis - The non-manufacturing business activity index decreased to 49.5%, down 0.6 percentage points, indicating a decline in the sector's economic conditions [1][2][5] - The service industry index fell to 49.5%, a decrease of 0.7 percentage points, influenced by the end of holiday effects, with certain sectors like railway transport and financial services maintaining indices above 55.0% [5] - The construction industry index improved to 49.6%, up 0.5 percentage points, reflecting a slight recovery in the sector's economic activity [6] Group 3: Overall Economic Outlook - The comprehensive PMI output index decreased to 49.7%, down 0.3 percentage points, with manufacturing production and non-manufacturing business activity indices at 50.0% and 49.5% respectively [1][6] - The production and business activity expectation index rose to 53.1%, indicating increased confidence among manufacturing enterprises regarding future market developments [4]

1月27日，在山东省青州市经济开发区一家大马力拖拉机制造企业，工人在生产线上忙碌。 王继林摄（人民视觉） 国家统计局1月27日发布的数据显示，2024年，中国规模以上工业企业营业收入保持增长，实现利润总 额超7.4万亿元。国家统计局工业司统计师于卫宁表示，2024年，以高技术制造业为代表的工业新动能 利润较快增长，特别是一揽子增量政策及时出台后，工业经济呈现生产持续回升、效益不断恢复态势。 规上工业企业营收增长2.1% 2024年，工业企业经营情况如何？从全年数据看，规模以上工业企业实现营业收入137.77万亿元，比上 年增长2.1%；实现利润总额74310.5亿元，较上年下降3.3%。 从月度和季度数据看，工业企业2024年12月利润由降转增，四季度降幅明显收窄。2024年12月份，全国 规上工业企业利润由11月份同比下降7.3%转为增长11%；营业收入同比增长4.2%，较11月份加快3.7个 百分点。 国家统计局发布的数据还显示，超九成行业、六成产品实现增长。2024年，在工业41个大类行业中，39 个行业增加值较上年实现增长，增长面为95.1%，比上年大幅提高26.8个百分点；在统计的619种主要工 业 ...

专题：2025分析师大会：资本市场"奥斯卡"启幕 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典隆重召开。浙商证券首席经 济学家、研究所联席所长李超团队获得宏观经济第一名。 "直挂云帆济沧海"，现场，李超用这句充满气势的表述，为2026年中国经济与资本市场定下乐观基调。 李超结合其首创的四层次分析框架，从宏观经济肌理、增长动力到市场机遇进行了系统解读，为投资者 勾勒出"十五五"开局之年的发展蓝图。 四层次框架解码经济肌理：高质量发展为核心锚点 面对2026年经济展望的市场分歧，李超强调，读懂中国经济需回归其根本运行肌理，而他提出的四层次 分析框架正是关键工具。这一框架打破了单一经济增长导向的认知局限，将中美博弈、社会稳定、结构 转型、经济增长列为四大核心决策变量，且呈现清晰的优先级排序。 在这一框架下，2026年作为"十五五"开局之年的核心逻辑浮出水面——高质量发展引领下的结构转型。 李超指出，结构转型并非孤立进行，而是在兼顾增长韧性的前提下稳步推进。从基本面来看，出口作为 当前经济增速的重要支撑，虽面临贸 ...