Group 1 - The core point of the article is that Baowu Magnesium Industry (SZ 002182) held its 13th meeting of the 7th board of directors on December 9, 2025, to review proposals including the increase of daily related transaction limits for 2025 [1] - For the first half of 2025, Baowu Magnesium's revenue composition shows that non-ferrous metal smelting and rolling processing accounted for 97.17%, while other businesses made up 2.83% [1] - As of the report date, Baowu Magnesium's market capitalization is 13.8 billion yuan [1]

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]

两市全天特大单净流入67.49亿元，其中41股特大单净流入超2亿元，中兴通讯特大单净流入49.22亿元， 特大单净流入资金居首。 沪指今日收盘上涨0.65%。资金面上看，沪深两市全天特大单净流入67.49亿元，共计1946股特大单净流 入，2727股特大单净流出。 从申万一级行业来看，今日有14个行业特大单资金净流入，通信特大单净流入规模居首，净流入资金 63.60亿元，该行业指数今日上涨2.81%，其次是电子，今日上涨1.58%，净流入资金为52.70亿元，净流 入资金居前的还有有色金属、汽车等行业。 特大单资金净流出的行业共有17个，净流出资金最多的是电力设备，特大单净流出资金20.30亿元，其 次是计算机，特大单净流出资金13.35亿元，净流出资金居前的还有传媒、医药生物等行业。 具体到个股来看，41股特大单净流入超2亿元，中兴通讯特大单净流入49.22亿元，净流入资金规模居 首；广和通特大单净流入资金12.96亿元，位列第二；净流入资金居前的还有北京君正、兆易创新、紫 金矿业等。特大单净流出股中，阳光电源特大单净流出资金12.17亿元，净流出资金最多；东方财富、 胜宏科技特大单净流出资金分别为10.2 ...

Group 1: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) for November is reported at 49.2%, showing a 0.2 percentage point increase from the previous month, indicating an improvement in manufacturing sentiment [1] - Both the production index and new orders index have rebounded compared to last month, with the production index reaching the critical point, suggesting improvements in both production and demand [1] - High-tech manufacturing PMI has remained above the critical point for 10 consecutive months, indicating continued growth in related industries [1] Group 2: Small and Medium Enterprises - The PMI for small and medium-sized enterprises has shown varying degrees of recovery, with the small enterprise PMI reaching a six-month high, reflecting a notable improvement in their business conditions [1] Group 3: Market Expectations - The production and business activity expectation index has increased from the previous month, indicating enhanced confidence among manufacturing enterprises regarding recent market developments [3] - Industries such as non-ferrous metal smelting and processing, as well as railway, shipbuilding, and aerospace equipment, have business activity expectation indices above 57%, reflecting optimism in these sectors [3] Group 4: Non-Manufacturing Sector - The non-manufacturing business activity index for November is reported at 49.5%, with a slowdown in overall business activity due to seasonal declines in consumer-related services [5] - Financial activities have shown robust performance, and new momentum industries are operating steadily, with stable optimistic expectations among enterprises [4][9] - The non-manufacturing business activity expectation index is at 56.2%, marking a 0.1 percentage point increase from the previous month and remaining above 56% for two consecutive months [8] Group 5: Economic Outlook - The data indicates that enterprises maintain stable optimistic expectations for future non-manufacturing development, supported by ongoing policy measures and a year-end push in supply and demand, which is expected to release investment and consumption-related demand [9]

Group 1 - The manufacturing Purchasing Managers' Index (PMI) in China for November is reported at 49.2%, showing a 0.2 percentage point increase from the previous month, indicating an improvement in economic conditions [1] - The production index and new orders index for the manufacturing sector are at 50% and 49.2% respectively, with increases of 0.3 and 0.4 percentage points from last month, suggesting improvements in both production and demand [1] - The PMI for small enterprises is at 49.1%, up by 2 percentage points, marking a six-month high and a significant recovery in economic conditions [1] Group 2 - The production indices for equipment manufacturing, high-tech manufacturing, and consumer goods manufacturing remain in the expansion zone, while the basic raw materials sector shows an upward trend, indicating stable recovery in manufacturing activities [2] - The production and business activity expectation index is at 53.1%, reflecting a 0.3 percentage point increase from the previous month, suggesting enhanced confidence among manufacturing enterprises regarding market development [2] - Industries such as non-ferrous metal smelting and processing, as well as railway, shipbuilding, and aerospace equipment, have production expectation indices above 57%, indicating a high level of optimism among related enterprises [2]

来源：智通财经 国家统计局11月30日公布11月中国采购经理指数运行情况。 11月份，制造业采购经理指数（PMI）为49.2%，比上月上升0.2个百分点，景气水平有所改善。 11月份，综合PMI产出指数为49.7%，比上月下降0.3个百分点。 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。 产需两端有所改善，11月制造业PMI小幅回升 11月制造业PMI较前值小幅回升0.2个百分点至49.2%，基本符合市场预期。不过，该指数已连续8个月处于荣枯线下方。 在需求端恢复的背景下，企业生产意愿也有所提振，11月生产指数在上月短暂降至收缩区间后回到荣枯线水平。 11月主要原材料购进价格指数和出厂价格指数分别为53.6%、48.2%，较上月提高1.1、0.7个百分点，财信研究院宏观团队认为，反内卷政策带动 相关行业供需格局改善以及国际有色金属价格继续回升是主要支撑，但主要原材料价格指数高于50%荣枯线，而出厂价格指数继续处于收缩区 间，表明价格回升仍集中于上游环节，中下游行业的价格传导仍受制于终端需求不足。预计11月份PPI环比继续保持微增，同比约下降2.1%左右， 全年延续负增格局。 11月非 ...

Group 1: 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 an improvement in economic conditions [1] - The production index and new orders index are at 50.0% and 49.2%, respectively, both showing increases of 0.3 and 0.4 percentage points, suggesting a recovery in production and demand [1] - High-tech manufacturing PMI remains above the critical point at 50.1%, indicating continued growth in this sector [2] Group 2: Small and Medium Enterprises - The PMI for small enterprises has significantly increased to 49.1%, up by 2.0 percentage points, marking the highest level in six months [2] - Medium-sized enterprises show a slight improvement with a PMI of 48.9%, an increase of 0.2 percentage points from last month [2] - Large enterprises, however, experienced a decline in PMI to 49.3%, down by 0.6 percentage points, indicating a drop in economic activity [2] Group 3: Non-Manufacturing Sector - The non-manufacturing business activity index is at 49.5%, a decrease of 0.6 percentage points from the previous month, reflecting a decline in the sector's economic performance [1][4] - The service sector's business activity index has also dropped to 49.5%, down by 0.7 percentage points, influenced by factors such as the end of holiday effects [3][4] - The construction sector shows signs of recovery with a business activity index of 49.6%, an increase of 0.5 percentage points, and a business activity expectation index of 57.9%, indicating improved confidence among construction firms [4] Group 4: Market Expectations - The production and business activity expectation index for manufacturing is at 53.1%, up by 0.3 percentage points, indicating increased confidence among manufacturers regarding market developments [2] - The business activity expectation index for the service sector is at 55.9%, despite a slight decrease of 0.2 percentage points, suggesting that service sector firms remain optimistic about future market conditions [4] Group 5: Policy Impact - The implementation of new policy financial tools has resulted in the allocation of 500 billion yuan, supporting over 2,300 projects with a total investment of approximately 7 trillion yuan, focusing on key sectors such as digital economy and infrastructure [5] - The additional 500 billion yuan in special bonds allocated to local governments is expected to further stimulate investment in manufacturing and infrastructure, contributing to an overall improvement in manufacturing sentiment [5]

Group 1: Manufacturing PMI Insights - The manufacturing Purchasing Managers' Index (PMI) for November is reported at 49.2%, a slight increase of 0.2 percentage points from October, indicating improved market confidence [1] - The production index and new orders index are at 50.0% and 49.2%, respectively, both showing improvements of 0.3 and 0.4 percentage points from October, with the production index reaching the critical point [1] - The new export orders index rose to 47.6%, an increase of 1.7 percentage points from October, reflecting a stabilization in manufacturing exports due to improved external trade conditions [1][2] Group 2: Enterprise Size and Industry Performance - Large enterprises' PMI decreased to 49.3%, down 0.6 percentage points from October, indicating a decline in economic sentiment, while medium-sized enterprises' PMI increased to 48.9%, up 0.2 percentage points [2] - Small enterprises' PMI rose significantly to 49.1%, an increase of 2.0 percentage points, marking the highest level in six months [2] - High-tech manufacturing PMI remains above the critical point at 50.1%, while equipment manufacturing and consumer goods industries saw declines in their PMIs to 49.8% and 49.4%, respectively [2] Group 3: Future Expectations and Economic Outlook - The production and business activity expectation index is at 53.1%, up 0.3 percentage points from October, indicating increased confidence among manufacturing enterprises regarding market developments [2] - December is anticipated to be a crucial month for policy implementation and capital investment, with expectations of stable recovery in manufacturing market demand driven by the "14th Five-Year Plan" and improved foreign trade conditions [3] - Non-manufacturing PMI for November is at 49.5%, a decrease of 0.6 percentage points from October, reflecting a slowdown in service-related activities, although positive factors such as financial activities and construction recovery are noted [4]

分企业类型看，大型企业PMI为49.3%，比上月下降0.6个百分点；中型企业PMI为48.9%，比上月上升 0.2个百分点，景气度有所改善；小型企业PMI为49.1%，比上月上升2.0个百分点，为近6个月高点，景 气水平显著回升。 中新社北京11月30日电 (记者王恩博)中国国家统计局11月30日公布，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，景气水平有所改善。 国家统计局服务业调查中心首席统计师霍丽慧表示，11月份制造业PMI中，生产指数和新订单指数分别 为50.0%和49.2%，比上月上升0.3个和0.4个百分点，其中生产指数升至临界点，制造业产需两端均有改 善。从行业看，农副食品加工、有色金属冶炼及压延加工等行业生产指数和新订单指数均位于扩张区 间，产需两端较为活跃。 11月份，高技术制造业PMI为50.1%，连续10个月位于临界点以上，相关行业继续保持增长。装备制造 业和消费品行业PMI分别为49.8%和49.4%，比上月下降0.4个和0.7个百分点。高耗能行业PMI为48.4%， 比上月上升1.1个百分点，景气水平低位回升。 此外，反映制造业企业信心的生产经 ...

证券研究报告 | 宏观研究 gszqdatemark 2025 11 30 年 月 日 作者 宏观点评 PMI 连续 8 月处于线下的背后 事件：2025 年 11 月制造业 PMI 为 49.2%（前值 49.0%）；非制造业 PMI 为 49.5%（前值 50.1%）。 核心观点：制造业 PMI 已连续 8 个月处于荣枯线下方，本月小幅回升 符合季节性；分项看，供给和外需反弹更多，新出口订单指数明显回 升、主因中美贸易局势短期缓和；服务业 PMI 超季节性回落，主因假 期效应消退、以旧换新政策效果减弱。继续提示：近几个月经济呈现加 速下滑的迹象，但全年"保 5%"有惊无险，短期紧盯 3 大会议：12 月 上中旬政治局会议&中央经济工作会议、对 2026 年政策定调，12.10 美联储议息会议、是否降息很关键。此外，也要关注其它 3 类政策： 我国会否降准降息（预计 2026 年一季度之前大概率会降）；稳地产可 能的组合拳；短期政策接续，包括四季度政策性金融工具、结存限额下 拨、重启买卖国债等政策的效果，各部门对 2026 年以旧换新、谋划新 一批重大项目的"吹风"等。 2、分项看，关注供需端、贸易端、价格 ...