Manufacturing PMI Insights - In November 2025, China's manufacturing PMI rose to 49.2%, an increase of 0.2 percentage points from October, aligning with market expectations[1] - The manufacturing new orders index increased by 0.4 percentage points to 49.2%, driven by the implementation of the "two 500 billion" growth stabilization policies[2] - The manufacturing production index rebounded to 50.0%, up 0.3 percentage points from the previous month, indicating a return to non-contraction territory[3] Economic Factors - The recent "anti-involution" policies have led to a rise in raw material prices, with the main raw material price index increasing by 1.1 percentage points to 53.6%[4] - The production expectations index for manufacturing improved by 0.3 percentage points to 53.1%, reflecting a more optimistic outlook among manufacturers[5] - The construction PMI rose to 49.6%, up 0.5 percentage points, supported by the completion of 500 billion new policy financial tools[7] Service Sector Performance - The non-manufacturing business activity index fell to 49.5%, a decrease of 0.6 percentage points, marking the first entry into contraction territory for the year[6] - The service sector's decline is attributed to weakened consumer demand and significant adjustments in the real estate market[6] Future Outlook - The overall macroeconomic environment remains stable but shows signs of weakness, with the comprehensive PMI output index falling below the equilibrium line for the first time this year[8] - Projections indicate a potential decline in the manufacturing PMI to around 49.1% in December, influenced by external trade pressures and ongoing adjustments in the real estate market[8]

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]

需求改善带动生产趋稳 11月制造业PMI回升 ◎记者 陈芳 国家统计局服务业调查中心和中国物流与采购联合会11月30日发布的数据显示，11月，制造业采购经理 指数（PMI）为49.2%，比10月上升0.2个百分点。其中，新出口订单回升提振制造业，特别是拉动中小 企业景气度改善；受年底重点项目加快推进影响，建筑业景气度回升。 专家分析，11月，制造业景气度小幅回升，市场信心有所改善，但三大PMI指数仍位于荣枯线以下，应 加大宏观政策实施力度，推动全年经济平稳收官。 制造业出口趋稳 从制造业的分项指数看，出口需求回升，尤其是消费品制造业出口较10月好转。需求改善带动制造业生 产趋稳运行，企业销售加快。 11月，制造业新订单指数为49.2%，比10月上升0.4个百分点。其中，新出口订单指数从10月45.9%回升 至11月的47.7%，回升了1.7个百分点，明显改善。 中国物流信息中心分析师文韬表示，11月制造业出口是全面性地趋稳，制造业四大行业以及大中小企业 的新出口订单指数全部较10月上升。其中，消费品制造业新出口订单指数较10月上升超过2个百分点。 在需求端带动下，制造业生产活动也呈现企稳态势。11月，制造业生 ...

Core Insights - The manufacturing Purchasing Managers' Index (PMI) for November increased to 49.2%, reflecting a slight improvement in economic conditions compared to the previous month [1] - The new export orders index rose significantly by 1.7 percentage points, indicating a positive shift in the external trade environment, particularly benefiting small enterprises [1][2] - Most of the 13 sub-indices for manufacturing showed an upward trend, with production, new orders, and purchasing volume indices all improving [1][2] Manufacturing PMI Details - The manufacturing PMI for November stands at 49.2%, up by 0.2 percentage points from the previous month, indicating a recovery in manufacturing activity [1] - The new orders index increased by 0.4 percentage points to 49.2%, while the production index returned to the neutral level of 50% after a brief contraction [2] - The equipment manufacturing, high-tech manufacturing, and consumer goods manufacturing sectors all maintained production indices in the expansion zone [2] Price Trends - The purchasing price index for manufacturing rose to 53.6%, up by 1.1 percentage points, indicating a general increase in raw material prices across major manufacturing sectors [2] - The decline in finished product prices has slowed, influenced by rising raw material costs and stable market demand [2] Future Outlook - Analysts suggest that the manufacturing market demand may continue to stabilize and recover in December, driven by year-end activities, policy implementation, and expected demand increases from the upcoming "15th Five-Year Plan" [2] - Despite the improvements, the manufacturing PMI remains at historically low levels, indicating a growing necessity for macroeconomic policy support [3]

市场需求有所修复 11月，制造业PMI小幅回升。体现市场需求的制造业新订单指数回升0.4个百分点至49.2%，表明市场需求有所修复。 从需求结构上看，新订单指数与新出口订单指数差值在10月份出现跳升后，回落1.3个百分点至1.6个百分点。新出口订单指数回升1.7 个百分点至47.6%，是11月制造业新订单指数上升的重要推动因素。 东方金诚首席宏观分析师王青在接受《每日经济新闻》记者微信采访时表示，10月末中美经贸会谈取得积极成果，对11月出口形成一 定拉动。 王青指出，9月末至10月初推出"两个5000亿"稳增长政策，其中5000亿元新型政策性金融工具已在10月投放完毕，会在11月对基建投资 和制造业投资形成拉动；财政部10月份明确中央财政从地方政府债务结存限额中安排5000亿元下达地方，这将补充地方财力，其中为 项目建设提供2000亿元新增资金。这些都会拉动国内市场需求。 11月30日，国家统计局公布11月中国采购经理指数（PMI）运行情况。 数据显示，11月，中国制造业PMI为49.2%，比10月回升0.2个百分点，景气水平有所改善。其中，生产指数和新订单指数分别为50.0% 和49.2%，分别比上月上升 ...

Group 1: Manufacturing Sector Overview - The manufacturing PMI for November is reported at 49.2%, an increase of 0.2 percentage points from October, but it has remained below the critical line for eight consecutive months [1] - The production index and new orders index for November are 50.0% and 49.2%, respectively, indicating improvements in both production and demand [4] - High-tech manufacturing PMI stands at 50.1%, remaining above the critical point for ten months, suggesting continued growth in this sector [4] Group 2: Economic Indicators and Market Sentiment - The production expectations index for November is 53.1%, reflecting increased confidence among manufacturing enterprises regarding market development [5] - The new export orders index has risen to 47.6%, up 1.7 percentage points from October, indicating a stabilization in manufacturing exports [5] - The overall manufacturing market demand is showing signs of recovery, with the new orders index increasing by 0.4 percentage points from October [5] Group 3: Price Trends and Inventory Levels - The purchasing price index for raw materials is at 53.6%, up 1.1 percentage points from October, indicating rising input costs [7] - The finished goods inventory index is at 47.3%, down 0.8 percentage points from October, suggesting smoother sales activities for enterprises [6] Group 4: Service Sector Performance - The non-manufacturing business activity index is reported at 49.5%, a decrease of 0.6 percentage points from October, indicating a slowdown in service sector activities [9] - The financial services sector shows strong performance, with business activity and new orders indices both exceeding 55%, indicating robust growth [13] - The construction industry business activity index has improved to 49.6%, up 0.5 percentage points from October, signaling a recovery in construction activities [14]

高技术制造业PMI为50.1%，连续10个月位于临界点以上。 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）亦呈改善趋 势，49.2%的数值比10月提升0.2个百分点，但已连续8个月位于荣枯线之下。 （图表来源：国家统计局） 其中，11月份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。而高技 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。 中国物流与采购联合会特约分析师张立群表示，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。 张立群认为，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。 制造业稳中有升 11月份，生产经营活动预期指 ...

央视网消息（新闻联播）：国家统计局、中国物流与采购联合会11月30日公布，11月份中国制造业采购经理指数为49.2%，较上月上升0.2个百分点，大部分 分项指数较上月有所上升。 制造业产需两端有所改善，生产指数和新订单指数双回升。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。高技术制造业新出口订 单指数较上月上升超过3个百分点。 11月生产指数为50%，较上月上升0.3个百分点。装备制造业、高技术制造业和消费品制造业生产指数都保持在扩张区间。 ...

Manufacturing Sector - The manufacturing PMI for November 2025 is 49.2%, a slight increase of 0.2 percentage points from the previous month, but still below the seasonal level[2][5] - New export orders index rose significantly by 1.7 percentage points to 47.6%, driven by the easing of US-China tariffs and improved trade conditions[5][19] - Small enterprise PMI increased by 2.0 percentage points to 49.1%, marking a six-month high, indicating a recovery in the external trade environment[5][12] Non-Manufacturing Sector - The non-manufacturing PMI decreased to 49.5%, down 0.7 percentage points from the previous month, reflecting a decline in service-related activities post-holiday[2][28] - The construction PMI rose by 0.5 percentage points to 49.6%, indicating a low-level recovery in building activities, supported by ongoing infrastructure projects[32][34] Price and Inventory Dynamics - Raw material purchase prices and factory gate prices indices increased to 53.6% and 48.2%, respectively, showing an improvement in the supply-demand relationship[24][25] - The finished goods inventory index fell by 0.8 percentage points to 47.3%, indicating a faster reduction in inventory levels, which may support future price increases[24][27]

Group 1: Manufacturing Sector - In November, China's manufacturing PMI rose to 49.2%, an increase of 0.2 percentage points from October, indicating an improvement in economic conditions [1] - 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 from the previous month [1] - The high-tech manufacturing PMI stood at 50.1%, remaining above the critical point for ten consecutive months, reflecting ongoing expansion in this sector [1][3] Group 2: Market Demand and Orders - The new orders index for manufacturing increased by 0.4 percentage points to 49.2%, suggesting a recovery in market demand [2] - The new export orders index rose by 1.7 percentage points to 47.6%, contributing significantly to the increase in the new orders index [2] - Recent policy measures, including the introduction of 500 billion yuan in new policy financial tools, are expected to stimulate infrastructure and manufacturing investments, thereby boosting domestic market demand [2] Group 3: Inventory and Production Trends - The raw materials inventory index remained below the prosperity line at 47.3%, indicating a continued destocking trend, while the finished goods inventory index also decreased, suggesting accelerated destocking [3] - The difference between the new orders index and the finished goods inventory index expanded by 1.2 percentage points, indicating that companies are focusing on reducing inventory levels [2][3] Group 4: Sector-Specific Insights - The high-tech manufacturing sector continues to show resilience and growth, with a PMI of 50.1%, despite a slight decline from the previous month [3] - The equipment manufacturing PMI fell to 49.8% and the consumer goods manufacturing PMI dropped to 49.4%, both entering contraction territory, indicating a potential need for policy adjustments to stimulate these sectors [3] - The construction sector's business activity index improved to 49.6%, driven by the completion of the 500 billion yuan policy financial tool, which is expected to support infrastructure investment [5]