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 ...

Core Insights - The manufacturing Purchasing Managers' Index (PMI) for November is reported at 49.2%, showing a slight increase of 0.2 percentage points from the previous month, indicating a stabilization in economic conditions [1][2] - The non-manufacturing business activity index decreased to 49.5%, down 0.6 percentage points from last month, reflecting a decline in the non-manufacturing sector's economic activity [1][6] - The comprehensive PMI output index fell to 49.7%, a decrease of 0.3 percentage points from the previous month, suggesting a slight contraction in overall economic activity [1] Manufacturing Sector - The production index and new orders index for November are at 50.0% and 49.2%, respectively, with increases of 0.3 and 0.4 percentage points, indicating improvements in both production and demand [4] - Small enterprises showed a significant recovery with a PMI of 49.1%, up 2.0 percentage points, marking a six-month high [4] - High-tech manufacturing PMI remains above the critical point at 50.1%, continuing its expansion for ten consecutive months [4] Non-Manufacturing Sector - The non-manufacturing business activity index is at 49.5%, reflecting a decrease due to seasonal factors and a high base effect from the previous month [6][9] - The construction business activity index improved to 49.6%, up 0.5 percentage points, indicating a recovery in the construction sector [10] - The business activity expectation index for the service industry is at 55.9%, indicating optimism despite a slight decrease from the previous month [10] Market Expectations - The production and business activity expectation index for November is at 53.1%, up 0.3 percentage points, suggesting increased confidence among manufacturing enterprises [5] - Industries such as non-ferrous metal smelting and processing, as well as railway and aerospace equipment, have high expectation indices above 57.0%, indicating positive outlooks [5] - Analysts predict that the manufacturing sector will continue to stabilize and recover as various industries enter the year-end push phase [5]

小型企业PMI为近6个月高点 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升至49.2%，景气水平有所改 善。 图片来源：国家统计局 具体看，产需两端有所改善。11月份，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 0.3个百分点和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。 中国物流信息中心分析师文韬表示，11月份，需求端恢复对企业生产意愿有所提振，制造业生产活动持 稳运行，生产指数为50%，较上月上升0.3个百分点，在上月短暂降至收缩区间后回到荣枯线水平。 小型企业PMI明显回升。11月份，大型企业PMI为49.3%，比上月下降0.6个百分点，景气水平回落；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。 国家统计局11月30日发布数据显示，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；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 ...

国家统计局发布数据显示，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。 一、中国制造业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。 从企业规模看，大型企业PMI为49.3%，比上月下降0.6个百分点，低于临界点；中、小型企业PMI分别为48.9%和49.1%，比上月上升0.2个和2.0个百分点， 均低于临界点。 从分类指数看，在构成制造业PMI的5个分类指数中，供应商配送时间指数高于临界点，生产指数位于临界点，新订单指数、原材料库存指数和从业人员指 数均低于临界点。 生产指数为50.0%，比上月上升0.3个百分点，位于临界点，表明制造业生产总体稳定。 新订单指数为49.2%，比上月上升0.4个百分点，表明制造业市场需求景气水平有所改善。 原材料库存指数为47.3%，与上月持平，低于临界点，表明制造业主要原材料库存量继续减少。 | | | | | | | | | 单位:% | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ...

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 the PMIs for medium and small enterprises were 48.9% and 49.1%, increasing by 0.2 and 2.0 percentage points respectively, all remaining below the critical point [6] - The production index was at 50.0%, up 0.3 percentage points, indicating overall stability in manufacturing production [6] - The new orders index rose to 49.2%, an increase of 0.4 percentage points, suggesting an improvement in market demand [6] - The raw materials inventory index remained at 47.3%, indicating a continued decrease in the inventory of major raw materials [6] 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 [10] - The construction industry business activity index was 49.6%, up 0.5 percentage points, while the service industry index was 49.5%, down 0.7 percentage points [13] - The new orders index for non-manufacturing was 45.7%, down 0.3 percentage points, indicating a decline in market demand [18] - The input price index was 50.4%, up 1.0 percentage points, reflecting an overall increase in input prices for non-manufacturing enterprises [18] - The business activity expectation index was 56.2%, indicating that most non-manufacturing enterprises remain optimistic about market development [20] Group 3: Comprehensive PMI Overview - The Comprehensive PMI Output Index for November was 49.7%, a decrease of 0.3 percentage points from the previous month [25]

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]

Group 1: Manufacturing PMI Insights - In November, the manufacturing PMI rose to 49.2%, indicating a slight improvement in economic conditions, up by 0.2 percentage points from the previous month [2][3] - Both production index and new orders index improved, reaching 50.0% and 49.2% respectively, with production index crossing the critical point, suggesting better demand and supply dynamics [3] - Small enterprises showed significant recovery with a PMI of 49.1%, up by 2.0 percentage points, marking a six-month high, while large enterprises saw a decline to 49.3% [3] Group 2: Non-Manufacturing PMI Insights - The non-manufacturing business activity index fell to 49.5%, down by 0.6 percentage points, indicating a decrease in the non-manufacturing sector's economic activity [2][5] - The service sector's business activity index dropped to 49.5%, influenced by the end of holiday effects, with certain industries like real estate showing weaker market activity [5] - The construction sector's business activity index improved to 49.6%, up by 0.5 percentage points, reflecting a slight recovery in confidence among construction enterprises [5] Group 3: Composite PMI Insights - The composite PMI output index decreased to 49.7%, down by 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 the PMIs for medium and small enterprises were 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 0.3 percentage points, indicating overall stability in manufacturing production [4] Group 2: Sub-indices of Manufacturing PMI - The new orders index was 49.2%, an increase of 0.4 percentage points, suggesting an improvement in market demand for manufacturing [5] - The raw materials inventory index remained at 47.3%, indicating a continued decrease in the inventory of major raw materials [6] - The employment index was 48.4%, up 0.1 percentage points, indicating a slight recovery in employment conditions within manufacturing [7] - The supplier delivery time index was 50.1%, an increase of 0.1 percentage points, suggesting a slight acceleration in the delivery times from suppliers [8] Group 3: 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 [12] - The construction industry business activity index was 49.6%, an increase of 0.5 percentage points, while the service industry index was 49.5%, a decrease of 0.7 percentage points [15] Group 4: Sub-indices of Non-Manufacturing PMI - The new orders index for non-manufacturing was 45.7%, down 0.3 percentage points, indicating a decline in market demand [19] - The input prices index was 50.4%, up 1.0 percentage points, indicating an overall increase in input prices for non-manufacturing enterprises [19] - The sales prices index was 49.1%, up 1.3 percentage points, still below the critical point, indicating a narrowing decline in sales prices [19] - The employment index for non-manufacturing was 45.3%, up 0.1 percentage points, indicating a slight improvement in employment conditions [21] Group 5: Comprehensive PMI Output Index - The Comprehensive PMI Output Index was 49.7%, a decrease of 0.3 percentage points from the previous month [25]