中国经济网北京12月23日讯(记者 佟明彪)记者从市场监管总局获悉，11月，中国企业信用指数为 162.66，我国企业信用水平持续稳中有进。 数据显示，11月，信用指数排名前五的省份分别为安徽、陕西、天津、山东、重庆，其中山东为 2025年内首次进入全国前五。全国大部分区域信用指数环比正增长，广东、山东指数环比增幅尤为显 著，排名大幅上升，反映出企业信用自律意识增强，信用修复机制成效显著，经营主体活力与信用水平 同步提升。 行业企业信用水平持续改善 从行业看，11月，近八成行业信用指数较上月实现环比增长。本月指数排名前五的行业分别为金融 业，制造业，水利、环境和公共设施管理业，电力、热力、燃气及水生产和供应业，居民服务、修理和 其他服务业。居民服务、修理和其他服务业信用指数增幅居各行业首位，制造业信用指数增幅位列第 二。房地产业信用指数连续4个月保持环比攀升态势，信用水平进入回升通道。 全国企业信用水平显著提升 11月，中国企业信用指数较10月上升1.11点，突破前期震荡区间，攀升至下半年峰值。这一走势既 是对前期市场调整的有效修复，也反映出企业信用水平随我国经济运行稳中有进发展态势的积极变化， 印证了我国经 ...

北京商报讯（记者 程靓）12月23日，据国家市场监督管理总局官网消息，2025年11月中国企业信用指 数为162.66，较10月上升1.11点，攀升至下半年峰值，反映出企业信用水平随我国经济运行稳中有进发 展态势的积极变化。信用指数排名前五的省份分别为安徽、陕西、天津、山东、重庆，其中山东为2025 年内首次进入全国前五。近八成行业信用指数较上月实现环比增长，金融业、制造业、水利、环境和公 共设施管理业、电力、热力、燃气及水生产和供应业、居民服务、修理和其他服务业排名前五。居民服 务、修理和其他服务业信用指数增幅居各行业首位，制造业信用指数增幅位列第二。房地产业信用指数 连续4个月保持环比攀升态势，信用水平进入回升通道。 ...

本报讯（记者韦静）记者近日从自治区统计局获悉，1—11月，全区经济运行总体平稳，生产供给持续 增强，消费规模继续扩大，进出口增势良好，高质量发展扎实推进。 外贸进出口较快增长，与全球主要市场贸易往来活跃。1—11月，全区外贸进出口总额7265.41亿元，同 比增长9.5%。从贸易伙伴看，对东盟进出口3842.24亿元，同比增长10.0%，占全区外贸进出口总额的 52.9%；对欧盟、非洲、拉丁美洲进出口同比分别增长49.5%、24.9%、20.5%。 服务业增势良好，新兴服务业较快发展。1—11月，全区铁路公路水路客货运输周转量同比增长4.6%， 比1—10月加快0.3个百分点。1—10月，规模以上服务业营业收入同比增长8.6%，互联网和相关服务， 居民服务、修理和其他服务业，软件和信息技术服务业，租赁和商务服务业企业营业收入较快增长。规 模以上高技术服务业企业营业收入同比增长16.6%。 工业生产稳中有进，人工智能蓄势赋能。1—11月，全区规模以上工业增加值同比增长7.6%。从主要行 业看，造纸和纸制品业、电气机械和器材制造业、汽车制造业、有色金属冶炼和压延加工业增加值同比 分别增长40.4%、23.3%、1 ...

本报讯(记者李晞)12月19日记者从省统计局获悉，今年前11月，全省经济运行稳中有进，工业稳步向 好，服务业营收表现亮眼，消费市场平稳复苏。 服务业整体稳步恢复，重点领域表现亮眼。1—10月，全省规模以上服务业营业收入同比增长7.5%。其 中，居民服务、修理和其他服务业，租赁和商务服务业，科学研究和技术服务业分别增长15.5%、 13.4%、10.1%。金融运行平稳有序。11月末，全省金融机构人民币存款余额27.0万亿元，同比增长 7.8%；人民币贷款余额28.2万亿元，同比增长9.4%。 消费市场平稳复苏，升级类消费增长强劲。1—11月，全省社会消费品零售总额42586.8亿元，同比增长 3.8%。全省限额以上批发业、零售业销售额同比分别增长5.1%、7.1%；限额以上住宿业、餐饮业营业 额同比分别增长2.5%、5.4%。 工业稳步增长，新兴动能持续壮大。1—11月，全省规模以上工业增加值同比增长6.6%。11月当月，规 上工业增加值同比增长5.1%，其中装备制造业、高技术制造业、数字核心产品制造业分别增长7.5%、 10.4%、10.2%；计算机、通信和其他电子设备制造业，铁路、船舶、航空航天和其他运输设 ...

谷喻（财经评论员、高级经济师） 根据国家统计局公布的11月份PMI数据，整体呈现制造业企稳回升、建筑业动能积聚、服务业短期调整 的阶段性图景。中国经济展现出在复杂环境中持续修复、结构不断优化的韧性特征，表明前期稳增长政 策成效渐显。同时，也为下一阶段实施精准宏观调控、激发消费潜能、培育新发展动能奠定了基础。 量。近期地方政府债务风险化解进程的提速，缓解了地方项目实施的财政约束，也对稳定整体投资预期 起到了积极作用。 再次，价格类指数普遍回升，反映出供需结构趋于优化，企业盈利环境正得到边际改善。11月份制造业 主要原材料购进价格指数和出厂价格指数均上升，这表明在需求端逐步恢复与企业生产活动回暖的共同 作用下，市场供需关系正朝着更为平衡的方向发展。这一趋势反映出前期对钢铁、建材等重点行业实施 的产能治理与结构优化政策显现出积极效果，有助于缓解部分行业过度竞争和"内卷"压力。价格传导机 制初步得到畅通，制造企业的成本压力有望通过产品定价得到一定程度的疏导，整体盈利空间有望迎来 边际修复。 展望未来，宏观政策预计将更加精准协同。对制造业特别是中小企业、高技术制造业的支持政策需保持 连续性和稳定性，以巩固复苏向好势头， ...

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]

长江商报奔腾新闻记者 李璟 稳增长政策不断落地见效，制造业产需两端均有改善。 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，制造业稳中有升；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 经营活动有所放缓；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。 中国物流与采购联合会分析认为，11月份制造业PMI指数小幅回升，表明市场信心有所改善。12月 制造业市场需求仍有趋稳回升空间，并带动企业生产活动稳中有增，年末节庆和冬季消费相关需求集中 释放会带动消费相关服务业有所回升，投资有望继续发挥托底经济的作用。此外，"十五五"发展目标鼓 舞人心，对市场信心产生积极影响。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，进一步有效有力带动企业订单增加。 其中，生产指数和新订单指数分别为50.0%和49.2%，比上月分别上升0.3个和0.4个百分点，其中生 产指数升至临界点，产需两端均有改善。 11月份，非制造业商务活动指数为49.5%。其 ...

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 ...

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - In November, although the manufacturing economic activity did not exceed expectations, there were still positive factors. The emerging industries' prosperity rebounded first, the inventory problem caused by supply - demand imbalance was continuously digested, and the price upward trend remained unchanged with a continuous repair expectation for next year. The impact of new policy - based financial instruments on the industry and market was still in the early stages, and the actual work volume needed further verification next year [5]. 3. Summary by Directory 3.1 Demand Drags Production, and De - stocking Exceeds Re - stocking - The drag of previous supply - demand imbalance on production emerged. The production index was weak in the past two months, and the procurement volume was below the critical value for two consecutive months. The "new order index - production index" reached a peak in September [13]. - Manufacturing enterprises have been actively de - stocking for nearly half a year. The inventory growth rate was already at a historically low level, and the downward space was limited. Compared with previous inventory cycles, this cycle had two characteristics: the peak was much lower and the inventory state switched frequently at a low level. The active re - stocking period was short, and the active de - stocking period was long. This was favorable for the bond market [16]. 3.2 Differentiation between Traditional Manufacturing and Emerging Industries - Traditional manufacturing has been in a downturn since April, with PMI below the boom - bust line for 8 consecutive months. However, emerging industries showed improvement since September. The EPMI index of emerging industries was above the boom - bust line for 3 consecutive months, and the BCI index of high - quality private enterprises also rose above the line, with sub - items such as corporate financing environment and investment forward - looking index improving significantly [19]. - The improvement in the prosperity of emerging industries boosted the employment market. The BCI corporate recruitment forward - looking index improved, and the "Internet unemployment benefit search index" decreased. The 500 billion yuan new policy - based financial instruments, fully invested by the end of October, supported over 2,300 projects with a total investment of about 7 trillion yuan, showing a strong pulling effect on emerging industries [19][25]. 3.3 Rare Contraction in Service Industry Prosperity - This month, the non - manufacturing PMI dropped 0.6 points to 49.5, falling below the critical value for the first time excluding public health events. The construction industry was at the bottom, and the service industry was the main drag. The service industry PMI dropped 0.7 points to 49.5, which was a rare contraction. This was related to seasonal factors and the real - estate sales slump [5][26]. - Some industries in the service industry, such as railway transportation, telecommunications, and finance, were in a high - prosperity range, while real - estate and residential services were below the critical point [28][29].

Group 1: Manufacturing Sector Insights - The Manufacturing Purchasing Managers' Index (PMI) for November is at 49.2%, a slight increase of 0.2 percentage points from the previous month, marking the eighth consecutive month below the threshold line[4] - The new orders index and finished goods inventory index for November are 49.2% and 47.3%, respectively, with new orders increasing by 0.4 percentage points and finished goods inventory decreasing by 0.8 percentage points[5] - The "production momentum" index (new orders - finished goods inventory) is at 1.9%, up 1.2 percentage points from last month, indicating a recovery in production momentum[5] Group 2: Inventory and Pricing Dynamics - Manufacturing firms are actively reducing inventory, with the finished goods inventory index significantly below seasonal levels[15] - The raw material purchase price index is at 53.6%, up 1.1 percentage points, while the factory price index is at 48.2%, indicating a widening price gap that compresses profit margins[20] - The "raw material purchase price - factory price" gap is 5.4%, an increase of 0.4 percentage points, further squeezing profit margins for enterprises[20] Group 3: Export and Demand Trends - The new export orders index is at 47.6%, showing a recovery of 1.7 percentage points from the previous month, although still below the threshold line[9] - The recent trade agreement between China and the U.S. has reduced trade friction, contributing to improved export conditions[9] - The forecast for U.S. holiday shopping indicates a record participation of 187 million people, which may positively impact demand for exports[9] Group 4: Sectoral Performance and Risks - Small enterprises show the fastest recovery, with a PMI of 49.1%, up 2.0 percentage points, reaching the highest level in five years[28] - The non-manufacturing business activity index is at 49.5%, down 0.6 percentage points from last month, indicating a contraction in the sector[37] - Risks include potential underperformance of domestic policies and unexpected changes in international geopolitical situations[41]