According to data released by the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing on November 30th, the Purchasing Managers' Index (PMI) for the manufacturing industry was 49.2% in November, an increase of 0.2 percentage points from October. Among them, the rebound of new export orders has boosted the manufacturing industry, especially driving the improvement of the prosperity of small and medium-sized enterprises; Affected by the accelerated promotion of key projects at the end of the year, the construction industry has seen a resurgence in momentum. According to expert analysis, in November, the manufacturing industry saw a slight rebound and market confidence improved, but the three major PMI indices remained below the boom bust line. Therefore, we should increase the implementation of macroeconomic policies to promote a stable end to the year's economy. From the sub index of manufacturing industry, export demand has rebounded, especially in the consumer goods manufacturing industry where exports have improved compared to October. The improvement of demand drives the stable operation of manufacturing production and accelerates the sales of enterprises. In November, the new orders index for the manufacturing industry was 49.2%, an increase of 0.4 percentage points from October. Among them, the new export order index rebounded from 45.9% in October to 47.7% in November, an increase of 1.7 percentage points, showing a significant improvement. According to Wen Tao, an analyst at the China Logistics Information Center, manufacturing exports in November showed a comprehensive stabilization, with new export order indices for the four major manufacturing industries and large, medium, and small enterprises all increasing compared to October. Among them, the new export order index of consumer goods manufacturing industry increased by more than 2 percentage points compared to October. Driven by demand, manufacturing production activities have also shown a stabilizing trend. In November, the manufacturing production index was 50%, an increase of 0.3 percentage points from October. The manufacturing production index briefly fell to the contraction range in October and returned to the boom bust line level. Among them, the production indices of equipment manufacturing, high-tech manufacturing, and consumer goods manufacturing remained in the expansion range, "said Wen Tao. In the stable production activities of the manufacturing industry, the destocking of finished products has accelerated. In November, the inventory index of finished products was 47.3%, a decrease of 0.8 percentage points from October and a continuous decline for two months, indicating that the company's sales activities were relatively smooth. The improvement in the prosperity level of the construction industry is affected by factors such as the fading of holiday effects. In November, the business activity index of the service industry fell slightly, and the construction industry was affected by factors such as the accelerated promotion of key projects at the end of the year, resulting in a rebound in prosperity. The overall non manufacturing business activity index was 49.5%, a decrease of 0.6 percentage points from October. He Hui, Vice President of the China Federation of Logistics and Purchasing, believes that the consumer related service industry, under the influence of the high base of the October golden holiday, showed a characteristic of off-season decline, which is the main factor leading to the slowdown of non manufacturing PMI in November. In November, the service industry business activity index was 49.5%, a decrease of 0.7 percentage points from October. The business activity index of industries such as real estate and residential services is below the critical point. In November, the business activity index of the construction industry was 49.6%, an increase of 0.5 percentage points from October, indicating an improvement in the prosperity level of the construction industry. From the perspective of market expectations, the expected index of business activities in the construction industry is 57.9%, an increase of 1.9 percentage points from October, indicating that construction companies have regained confidence in the recent development of the industry. As key projects enter their final sprint phase at the end of the year, investment is expected to continue playing a role in supporting the economy. ”He Hui said. Macro policies are expected to further strengthen in November, with a comprehensive PMI output index of 49.7%, a decrease of 0.3 percentage points from October. Overall, in November, the three major PMI indices remained below the boom bust line. Experts believe that the policy of stabilizing growth is expected to be further strengthened before the end of the year. In November, the PMI for small businesses was 49.1%, indicating a significant rebound in the economic situation, reaching a high point in nearly six months. The PMI of large enterprises was 49.3%, a decrease of 0.6 percentage points from October; The PMI for medium-sized enterprises was 48.9%, an increase of 0.2 percentage points from October, indicating an improvement in business sentiment. The differentiation of enterprise prosperity and the improvement of export orders have a more significant impact on the prosperity of small and medium-sized enterprises. ”Wen Bin, Chief Economist and Dean of the Research Institute of Minsheng Bank, told Shanghai Securities News reporters. From a macro policy perspective, since November, investment and consumption related policies have been continuously strengthened. The General Office of the State Council has launched 13 measures to promote private investment, the National Standing Committee has deployed relevant work to deepen the implementation of the "dual" construction, and six departments including the Ministry of Industry and Information Technology have issued the "Implementation Plan for Enhancing the Adaptability of Consumer Goods Supply and Demand to Further Promote Consumption", focusing on cultivating new consumption hotspots. Overall, the November policy not only focuses on addressing issues such as insufficient consumption and weak private investment vitality in the current economic operation, but also plans ahead for industrial upgrading and regional coordinated development during the 15th Five Year Plan period. ”Wen Bin analyzed that the central bank's third quarter monetary policy implementation report has reintroduced "countercyclical and cross cycle adjustment", and the market expects a high probability of reserve requirement ratio cuts and interest rate cuts in the first quarter of 2026. Wang Qing, Chief Macro Analyst of Dongfang Jincheng, analyzed to Shanghai Securities News reporters that in November, the PMI index of the service industry decreased significantly, marking the first time this year that it fell into the contraction range. The comprehensive PMI output index also entered below the boom bust balance line for the first time this year. Starting from stabilizing the macroeconomic operation by the end of this year and early next year, it is not ruled out that new measures to stabilize growth may be introduced before the end of the year. (New Society)