中新网11月30日电 国家统计局11月30日在其官方网站发布2025年11月中国采购经理指数运行情况。 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。 图片来源：国家统计局网站 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。 从业人员指数为48.4%，比上月上升0.1个百分点，表明制造业企业用工景气度小幅回升。 供应商配送时间指数为50.1%，比上月上升0.1个百分点，表明制造业 ...

原文如下： 智通财经APP获悉，11月30日，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。11月份，制造业PMI升至49.2%，景气水平有所改善；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。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； 石油煤炭及其他燃料加工、化学纤维及橡胶塑料制品等行业两个指数均低于临界点，景气水平偏低。 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 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 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。 (一)产需两端有所改善。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、 ...

2025年11月中国采购经理指数运行情况 国家统计局服务业调查中心 智通财经APP获悉，11月30日，国家统计局发布的数据显示，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；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。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。 中国物流与采购联合会 原文如下： 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。 | | | | | PMI | 生产 | 新订单 | 原材料 | 从业人员 | 供应商 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 库存 | | 配送时间 | | 2024年11月 | 50.3 | 52.4 | 50.8 | 48.2 | 48.2 | 50 ...

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 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]

（原标题：乌拉圭就业率创十年新高） 乌拉圭《界限》2025年11月26日报道，乌拉圭10月就业率达到60%的十年新高，约177.1万人就业，同比增加2万 人。与去年同期相比，就业结构出现明显分化，商业部门流失超2.7万个岗位，建筑和运输业分别减少约1.1万和9000 个岗位；服务业和农业部门成为就业增长的主要支撑力量。 ...

（原标题：葡萄牙11月消费者信心转弱，经济景气继续回升） 葡萄牙统计局11月27日报道，葡消费者信心在连续两个月回升后于11月出现下滑（至-15.2），主 要受对国家经济、家庭财务和大额消费前景转弱的影响。经济景气指标则继续回升（至3.1），商业、 制造业以及建筑业信心改善，服务业出现回落。商业和制造业的提升分别源于销售、库存及生产预期向 好；建筑业受就业预期支撑；服务业因企业活动和需求预期转弱而下跌。各行业企业对未来销售价格的 预期普遍上升，尤以建筑业最为明显。 ...

（记者 曾健辉） 截至发稿，厦门信达市值为49亿元。 每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还有10名消防员受伤！记者现场直击香 港大埔火灾：燃烧的宏福苑，五级大火的五个谜团 每经AI快讯，厦门信达（SZ 000701，收盘价：7.2元）11月28日晚间发布公告称，公司第十二届二〇二 五年度第十二次董事会会议于2025年11月28日以通讯方式召开。会议审议了《关于修订公司 <总经理工 作细则> 的议案》等文件。 2025年1至6月份，厦门信达的营业收入构成为：商业占比97.7%，工业占比1.73%，服务业占比0.57%。 ...

据吉尔吉斯斯坦国家统计委网站11月14日消息，2025年1-10月，吉GDP达14274亿索姆（约合164亿 美元），同比增长10%。其中，工业增长9.8%，建筑业增长27.7%，农业增长2%，服务业增长8.8%，固 定资产投资增长18.9%。从产业部门看，商品生产增长11.3%，服务业增长8.8%，净税收增长10.8%。服 务业占比49.6%，较上年同期下降1.3个百分点。商品生产行业占比35.4%，增长1.8个百分点。建筑业占 比较上年同期增加1.2个百分点，工业占比增加1个百分点，农业占比下降0.4个百分点。1-9月，货物进 出口额112.7亿美元，同比下降8.3%，其中出口下降25.7% ，进口下降3%。吉同欧亚经济联盟成员国的 相互贸易额38.4亿美元，同比下降5.3%。 （原标题：2025年1-10月吉GDP同比增长10%） ...

Summary of Key Points from Conference Call Records Industry and Company Involved - The discussion primarily revolves around the global capital markets, with a focus on the impact of the Federal Reserve's interest rate policies, emerging markets, particularly Vietnam, and the AI sector. Core Insights and Arguments 1. **Federal Reserve Rate Cuts**: The expectation of rate cuts by the Federal Reserve is driving up gold and emerging market assets, particularly benefiting countries like Vietnam due to tariff negotiations and their economic conditions [1][2][3] 2. **Investment Logic**: The investment hierarchy is suggested as follows: Gold > Emerging Market Equity Assets > Developed Market Risk Assets, indicating a preference for gold and emerging markets in the current economic climate [1][4] 3. **AI Capital Expenditure**: AI capital expenditure is viewed as a representation of a future technological revolution, warranting active attention from investors [4] 4. **Chinese Central Bank's Position**: The likelihood of the Chinese central bank cutting rates in the short term is low, but there is a high probability of 1-3 cuts in the next year, which could positively impact RMB-denominated risk assets [5][1] 5. **Market Adjustments**: Recent adjustments in global capital markets are attributed to high valuations and challenges to the AI narrative, with concerns about potential AI bubbles following new product releases from major tech companies [6][1] 6. **RMB Asset Decline**: The decline in RMB assets is primarily due to investor sentiment rather than direct overseas liquidity impacts, with concerns about the sustainability of the AI trend [7][1] 7. **Federal Reserve's Hawkish Stance**: Recent hawkish comments from Federal Reserve officials have raised market expectations for a December rate cut to over 70%, which has alleviated liquidity concerns and led to a rebound in U.S. stocks [8][1] 8. **A-Share Market Liquidity**: A-Share market liquidity is expected to improve in early 2026, supported by government debt issuance and fiscal measures aimed at debt resolution [9][10] 9. **Global Market Trends**: The global market is anticipated to enter a significant easing cycle in 2026, although inflation in essential sectors may limit the Federal Reserve's ability to cut rates [11][1] 10. **Convertible Bond Market**: The convertible bond market is performing well, with specific bonds showing strong performance due to favorable market conditions and upcoming economic events [13][14] 11. **Consumer Policy Measures**: The government is implementing policies to enhance consumer demand, particularly in the service sector, focusing on both essential and discretionary services [17][18][19] Other Important but Potentially Overlooked Content - The discussion highlights the importance of monitoring the sentiment around AI investments and the potential for market corrections if the narrative shifts [6][1] - The convertible bond market's resilience is noted, with a focus on the potential for future gains as market conditions evolve [13][14] - The government's proactive approach to stimulating consumption, especially in the service sector, is emphasized as a critical area for future growth [17][18][19]