中国制造业PMI月刊（2025年11月）

China’s manufacturing PMIpicks upto 49.2inNovember,indicating continued, yet smaller, Helen ChinE: helenchin@ust.hk William KongE: williamkong@ust.hk HKUST LI & FUNGSUPPLY CHAIN INSTITUTE 11of the 13 sub-indicesrosecompared withthe previous month. For example,the neworders indexincreasedby0.4pts to49.2inNovember,indicatingasmallercontractionin market demand. Similarly,the new export orders indexreboundedby1.7pts to47.6,suggestingaslowerdecline inexport demand. Against this backdrop, the output indexroseto50.0inNovember,indicatingthatmanufacturing productionhasstabilized.The By size of enterprises,the PMI of ‘large enterprises’fellto49.3 in November from49.9 inOctober. The PMI of ‘medium enterprises’edgedupto48.9 in November from48.7 in The output indexroseto50.0 in November from49.7 in October.The outputindexof‘large enterprises’dropped belowtheneutral level of 50,registering49.6inNovember.Meanwhile, theoutputindicesof‘medium enterprises’and‘small enterprises’rose above The new orders indexwentupto49.2 in November from48.8 in October.The newordersindicesof‘large enterprises’,‘medium enterprises’and ‘small enterprises’all The new export ordersindexjumped to 47.6 in November from45.9 in October.Thenew export ordersindicesof‘largeenterprises’,‘medium enterprises’and‘small The backlogs of orders indexincreasedto45.5 in November from44.5 in October.Thebacklogsof orders indicesof‘large enterprises’, ‘medium enterprises’and ‘smallenterprises’allremainedbelowtheneutral level of 50,registering47.1, 44.3and43.2 The stocks of finished goods indexdroppedto47.3 in November from48.1 in October.The stocks of finished goods indicesof‘largeenterprises’, ‘medium enterprises’ and The stocks of major inputs indexstayed flat at47.3 inNovembercompared with theprevious month. Themajor inputsindicesof‘largeenterprises’,‘medium enterprises’and The purchases of inputs indexroseto49.5 in November from49.0 in October.Thepurchases of inputsindexof‘large enterprises’remainedinthe expansionaryzone,registering50.1inNovember.Meanwhile, the purchases of inputs indicesof‘medium The imports indexedged upto47.0 in November from46.8 in October.Theimportsindicesof‘large enterprises’and‘mediumenterprises’stayedbelow theneutral level of50,registering46.4and47.0respectivelyinNovember.Meanwhile, theimportsindex of The input prices indexincreasedto53.6 in November from52.5 in October. Theinputprices indicesof‘large enterprises’,‘medium enterprises’and‘small enterprises’ all Theex-factory prices indexrose to 48.2 in November from47.5 in October.1Theex-factory prices indicesof‘largeenterprises’,‘mediumenterprises’and‘small The employment indexedgedupto48.4 in November from48.3 in October.Theemployment indicesof‘largeenterprises’,‘medium enterprises’and ‘small The suppliers’ delivery time indexinched up to 50.1 in November from50.0 in October.A reading above 50 implies faster delivery; below 50, slower delivery. The suppliers’delivery time indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’ The business expectations indexincreasedto53.1 in November from52.8 in October.The business expectations indices of ‘large enterprises’,‘medium enterprises’and ‘small CFLP 中國物流與採購聯合會 China Federation of Logistics & Purchasing (CFLP) is the logistics and purchasing industryassociation approved by the State Council. CFLP’s mission is to push forward the developmentof the logistics industry and the procurement businesses of both government and enterprises, NBS 國家統計局 The National Bureau of Statistics (NBS), an agency directly under the State Council in China, isin charge of the country’s statistics. It is responsible for formulating statistical policies andestablishing the national statistical system, drafting and enforcing the statistical laws and China Manufacturing PMI 中國製造業採購經理指數 China Manufacturing Purchasing Managers’ Index (PMI) provides an early indication eachmonth of economic activities in theChinese manufacturing sector. It is jointly published by Every month questionnaires are sent to 3,000 manufacturing enterprises all over China. Thedata presented herein is compiled fromthe enterprises’ responses about their purchasingactivities and supply situations. CFLP makes no representation regarding the datacollection 3,000 manufacturing enterprises in 31 industries from Eastern, Northeastern, Central andWestern China are surveyed. Thesampling of the enterprises involves the use of ProbabilityProportional to Size Sampling (PPS), which means the selection ofenterprises surveyed is There are 13 sub-indicators in the survey: Output, New Orders, New Export Orders, Backlogs ofOrders, Stocks of Finished Goods,Purchases of Inputs, Imports, Input Prices, Stocks of MajorInputs, Ex-factory Prices, Employment, Suppliers’ Delivery Time andBusiness Expectations. An The PMI is a composite index based on the seasonally adjusted indices for five of the sub-indicators with varying weights: NewOrders—30%; Output—25%; Employment—2