宏 观 研 究 出口带动低位改善 ——11 月 PMI 数据解读 投资要点： 宏 观 点 PMI 表现如何？11 月全国制造业 PMI 线下小幅回升，低于过去五年 同期中位数 0.9 个百分点，构成制造业 PMI 指数的五大分指数中，新订单、 生产、从业人员均有所上行，原材料库存持平，作为逆指数的供应商配送 时间有所上升。趋势变动情况看，供需同步改善，外需相对内需走强，需 求端库存积压有所缓解，利润整体向上游倾斜。企业类型看，大型企业景 气继续下滑，中小企业景气有所改善。 评 此外，有三点值得关注：一是关税缓和出口带动需求改善。10 月下旬 中美吉隆坡经贸磋商达成一年期的"对等关税"缓和和前期税率下调或对 出口有较好的短期提振，11 月新出口订单指数大幅回升，这一表现与 5 月 中美日内瓦经贸磋商、8 月中美斯德哥尔摩经贸磋商两次达成关税缓和后 新出口订单指数回升较为类似。二是两个价格指数均有上升或指向 PPI 环 比向上。特别是购进价格指数连续 5 个月位于荣枯线上，11 月进一步大幅 上升至年内新高，或指向 11 月 PPI 环比向上。三是基建活动有望加速。11 月建筑业新订单指数和业务活动预期指数均较上 ...

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 - A new company, Jiangxi Lichu Construction Engineering Co., Ltd., has been established with a registered capital of 10 million RMB [1] - The legal representative of the company is Mao Yijin, and it is wholly owned by Jiangxi Zhongquan Enterprise Consulting Co., Ltd. [1] - The business scope includes construction engineering contracting, construction engineering design, and landscaping engineering construction [1] Group 2 - The company is classified under the construction industry, specifically in residential building construction [1] - The registered address is located in the Jiujiang Economic and Technological Development Zone, Jiangxi Province [1] - The company is a limited liability company with a business term set until November 28, 2025, with no fixed duration thereafter [1]

Group 1 - Shanghai Zhonglun Construction Engineering Co., Ltd. has been established with a registered capital of 40 million RMB [1] - The company is wholly owned by Shanghai Yongxie Yujun Construction Engineering Co., Ltd. [1] - The legal representative of the company is Yu Shengsheng [1] Group 2 - The business scope includes construction engineering contracting, construction labor subcontracting, and specialized construction operations [1] - The company is classified under the construction industry, specifically in residential building construction [1] - The registered address is located at 2816 Yixian Road, Baoshan District, Shanghai [1]

Core Insights - Three companies, China Nuclear Industry Fifth Construction Co., Ltd., China Zhongyuan Foreign Engineering Co., Ltd., and China Nuclear Industry Construction Co., Ltd., have obtained a patent for a method and device for measuring arc length, with the patent number CN120765654B, applied for on September 2025 [1][2]. Company Summaries - **China Nuclear Industry Fifth Construction Co., Ltd.**: Established in 1989 and located in Shanghai, this company primarily engages in the construction and installation industry. It has a registered capital of 717.8751 million RMB. The company has invested in 19 enterprises, participated in 5000 bidding projects, holds 3 trademarks, 530 patents, and possesses 271 administrative licenses [1]. - **China Zhongyuan Foreign Engineering Co., Ltd.**: Founded in 1983 and based in Beijing, this company focuses on the housing construction industry. It has a registered capital of 608.5657 million RMB. The company has invested in 12 enterprises, participated in 1297 bidding projects, holds 19 trademarks, 53 patents, and has 115 administrative licenses [1]. - **China Nuclear Industry Construction Co., Ltd.**: Established in 2010 and located in Shanghai, this company specializes in civil engineering construction. It has a registered capital of 3013.834212 million RMB. The company has invested in 31 enterprises, participated in 5000 bidding projects, holds 34 patents, and has 14 administrative licenses [2].

Core Viewpoint - Guizhou Chuanghui Park Management Co., Ltd. has been established with a registered capital of 400 million RMB, fully owned by Guizhou Science City Industry Group Co., Ltd. [1] Company Information - Company Name: Guizhou Chuanghui Park Management Co., Ltd. [1] - Legal Representative: Zhu Feng'en [1] - Registered Capital: 400 million RMB [1] - Type of Company: Limited liability company (wholly owned by a legal entity) [1] - Business Scope: Includes construction project contracting, real estate development, park management services, non-residential real estate leasing, enterprise management, and engineering management services [1] Shareholding Structure - Shareholder: Guizhou Science City Industry Group Co., Ltd. holds 100% of the shares [1] Operational Details - Business Address: No. 3492-13-6, Gaohai Road, Ecological Science and Technology Industrial Park, Shawan Town, Guiyang National High-tech Zone, Guizhou Province [1] - Business Duration: From November 26, 2025, to an indefinite period [1] - Registration Authority: Guiyang National High-tech Industrial Development Zone Administrative Approval Bureau [1]

Group 1 - The Shenzhen Municipal Commission for Discipline Inspection and Supervision is actively addressing noise complaints related to the construction of the second phase of the Shenzhen Eye Hospital, which is a key public welfare project in a densely populated area [1] - The project initially faced significant noise complaints leading to work stoppages, prompting the implementation of low-noise construction techniques and soundproof barriers [1] - The "Public Opinion Quick Handling" platform plays a crucial role in relaying complaints to the relevant authorities, ensuring timely responses and accountability [1] Group 2 - "Promoting a Quiet City" is a significant task for Shenzhen's 2025 public welfare initiatives, with noise pollution control being a key focus for the Commission this year [2] - The Commission has identified and prioritized challenging public welfare projects for supervision, utilizing various channels to gather public feedback and complaints [2] - As of September, the Commission has addressed 235 corruption and misconduct cases, holding 206 individuals accountable, thereby facilitating the implementation of public welfare projects [2] Group 3 - The high volume of noise complaints in Shenzhen highlights a pressing issue for residents, prompting the establishment of a supervisory working group by the Commission [3] - The working group employs a range of strategies, including regular meetings and accountability measures, to ensure that responsible departments address noise complaints effectively [3] - A collaborative regulatory framework has been developed among various departments to manage construction noise, transitioning from isolated efforts to a coordinated approach [3]

Report Summary 1) Report Industry Investment Rating The document does not mention the report industry investment rating. 2) Core View of the Report The report analyzes the October 2025 PMI data, indicating that the manufacturing industry is under pressure and the economy still needs policy support. The manufacturing PMI has declined, with structural pressures intensifying, while the service industry has a mild uptick and the construction industry remains sluggish. Future economic improvement requires the implementation of policies such as anti - involution and expanding domestic demand [1][6]. 3) Summary by Related Catalogs Manufacturing Industry - **Overall Situation**: In October, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, falling below the boom - bust line for seven consecutive months, showing a weakening overall manufacturing industry due to factors like reduced working days, trade frictions, and high inventory [1]. - **Structural Pressures**: All four major sub - indicators of the manufacturing PMI declined. The production index dropped to 49.7%, the new order index to 48.8%, the raw material inventory to 47.3%, and the employment index to 48.3%, indicating weakness in production, demand, and employment [2]. - **Enterprise Scale**: The PMIs of large, medium, and small enterprises were 49.9%, 48.7%, and 47.1% respectively, all in the contraction range. Large enterprises entered the contraction range for the first time in the second half of the year, and small and medium - sized enterprises have been below the boom - bust line for many months [2]. - **Demand Side**: External demand contracted significantly, with the new export order index dropping 1.9 percentage points to 45.9% and the import index falling 1.3 percentage points to 46.8%. Domestic demand was relatively stable, and the domestic market's support for demand increased [3]. - **Industry Categories**: New - energy - related industries had better prosperity, while basic raw material industries were weak. The production index of equipment manufacturing, high - tech manufacturing, and consumer goods manufacturing decreased but remained in the expansion range, while the production index of basic raw material industries dropped below 48% [3]. - **PMI Quantity - Price Sub - Index**: The PMI quantity - price (ex - factory price index) sub - index weakened, reflecting the pressure of demand contraction and poor cost transmission. It may continue the contraction trend in the short term [5]. Service Industry - The service industry PMI was 50.2%, up 0.1 percentage points from the previous month, hovering around the boom - bust line for many months. Consumer service industries recovered significantly, while production - related service industries fell into the contraction range [5]. Construction Industry - The construction industry PMI was 49.1%, down 0.2 percentage points from the previous value, remaining in the contraction range for three consecutive months. The decline of the real estate market and the slowdown of infrastructure investment were the main reasons for the industry's downturn, but infrastructure - related construction activities showed signs of acceleration [5]. Future Outlook - Economic recovery requires policy support. The implementation of anti - involution and domestic - demand - expansion policies in the fourth quarter will help improve the economy. The injection of new policy - based financial tools, the early use of part of the 2026 fiscal budget, and the "15th Five - Year Plan" will provide impetus for the manufacturing industry [6].

Core Insights - The manufacturing Purchasing Managers' Index (PMI) in China for October is at 49.0%, indicating a decline of 0.8 percentage points from the previous month, reflecting a downturn in manufacturing activity [1][2] - The non-manufacturing business activity index rose to 50.1%, up 0.1 percentage points from last month, indicating expansion in the service sector [1][5] - The comprehensive PMI output index decreased to 50.0%, down 0.6 percentage points from the previous month, suggesting overall stability in production and business operations [1] Manufacturing Sector - The manufacturing PMI has been in contraction for seven consecutive months, matching the longest stretch since August 2015 [2] - Key sub-indices such as production index (49.7%), new orders index (48.8%), and raw material inventory index (47.3%) all fell below the critical point, indicating weakened manufacturing activity [2][3] - The new export orders index dropped by 1.9 percentage points to 45.9%, reflecting reduced demand [3] Price Indices - The main raw material purchase price index and factory price index decreased by 0.7 percentage points to 52.5% and 47.5%, respectively, continuing a downward trend for two months [3][4] - The decline in price indices is attributed to weakened downstream consumer demand and reduced upward pressure from upstream raw material prices [4] Service Sector - The service sector's business activity index increased to 50.2%, indicating a recovery in service sector activity, driven by holiday effects [5] - Industries closely related to consumer travel, such as rail and air transport, showed strong performance with indices above 60.0% [5] Construction Sector - The construction business activity index fell to 49.1%, indicating a decline in activity for three consecutive months, primarily influenced by the real estate sector [6] - Despite the decline, the business activity expectation index rose to 56.0%, suggesting improved market outlook among construction firms [6] Policy Outlook - There are expectations for increased policy support to stabilize market conditions, with potential monetary policy easing on the horizon [7][8] - The anticipated impact of new policy measures, including significant financial tools for investment, may help the construction sector recover [7] Economic Trends - The ongoing demand contraction in the market is leading to an imbalance in the macroeconomic landscape, with supply exceeding demand [7] - Analysts emphasize the need for stronger counter-cyclical economic policies to stimulate demand and support business investment [7]

Core Points - Gansu Second Construction Group Co., Ltd. has been penalized for failing to pay wages to workers, with a total of 7 administrative penalties issued since March 2024, all related to wage arrears [2][3][6]. Group 1: Administrative Penalties - The company was ordered to pay 56,090 yuan (approximately 8,000 USD) to four migrant workers for unpaid wages related to a subcontracted project [1]. - A fine of 20,000 yuan (approximately 2,800 USD) was imposed on the company for not complying with a labor inspection decision regarding wage payments [2]. - The company has faced multiple fines, including 16,000 yuan (approximately 2,200 USD) for failing to pay wages to workers on another project [5]. - Another penalty of 10,000 yuan (approximately 1,400 USD) was issued for not fulfilling a labor inspection decision regarding wage payments [6]. - The company was fined 3,000 yuan (approximately 420 USD) for wage arrears involving six workers [7]. Group 2: Legal Basis and Regulatory Actions - The penalties were based on violations of the "Regulations on the Payment of Wages to Migrant Workers" and the "Labor Inspection Regulations" [2][3][5]. - The penalties were enforced by various local labor and social security bureaus, indicating a systematic issue with wage payments by the company [2][3][5][6]. Group 3: Company Background - Gansu Second Construction Group Co., Ltd. was established on June 30, 1984, with a registered capital of 1,894.01406 million yuan (approximately 270 million USD) [8]. - The legal representative of the company is Zhang Litian, and the major shareholder is Gansu Construction Investment (Holding) Group Co., Ltd. [8].