中国：三件值得关注的中国动态-China_ Three things in China

Summary of Key Points from the Conference Call Industry Overview: China Economic Activity Indicators - All four China PMIs (NBS manufacturing, NBS non-manufacturing, RatingDog manufacturing, and RatingDog Services) reported soft activity for November, indicating a slowdown in economic activity [1][1][1] - The new export orders sub-index increased across all PMIs, suggesting that the export slowdown observed in October was likely temporary. A rebound in export growth is expected from -1.1% year-over-year in October to +5.0% in November [1][1][1] - The output price sub-index also rose in all PMIs, although profit margins remain under pressure due to higher input prices compared to output prices [1][1][1] - Both NBS and RatingDog manufacturing PMIs indicated a decrease in finished goods inventory, signaling inventory destocking in November [1][1][1] PBOC's Pledged Supplementary Lending (PSL) - The PBOC's PSL balance increased by RMB 25 billion in November, marking the first increase since March 2024. This modest rise may be part of the funding for a RMB 500 billion "new financing instrument" aimed at infrastructure projects [2][2][2] - Historically, PSL has funded various initiatives, including shantytown redevelopment and infrastructure projects, indicating a potential for increased policy support to counteract weak domestic private demand [2][2][2] Upcoming Policy Meetings - The upcoming Politburo meeting and Central Economic Work Conference (CEWC) are expected to address growth targets and budget for 2026. Policymakers are likely to express concerns about growth challenges, particularly in the property sector, and emphasize measures to boost domestic demand [8][8][8] - The growth target for 2026 is anticipated to remain at "around 5%," necessitating an acceleration in growth from Q4 to Q1 [8][8][8] - Recent discussions with clients indicate low expectations for the outcomes of these meetings [8][8][8] Additional Insights - The report emphasizes that investors should consider the information as one of many factors in their investment decisions, highlighting the importance of a comprehensive analysis [2][2][2]