中国制造业PMI月刊（2022年11月）

Index Seasonally Adjusted Index Index Compared with the Previous Month Direction PMI 48.0 Lower ▼ Contracting Output 47.8 Lower ▼ Contracting New Orders 46.4 Lower ▼ Contracting New Export Orders 46.7 Lower ▼ Contracting Backlogs of Orders 43.4 Lower ▼ Contracting Stocks of Finished Goods 48.1 Higher ▲ Contracting Stocks of Major Inputs 46.7 Lower ▼ Contracting Purchases of Inputs 47.1 Lower ▼ Contracting Imports 47.1 Lower ▼ Contracting Input Prices 50.7 Lower ▼ Rising Ex-factory Prices 47.4 Lower ▼ Falling Employment 47.4 Lower ▼ Contracting Suppliers’ Delivery Time 46.7 Lower ▼ Slowing Business Expectations 48.9 Lower ▼ Pessimistic 12 of the 13 sub-indices were lower than their respective levels in the previous month. For example, the new orders index fell by 1.7 pts to 46.4 in November, while the new export orders index went down by 0.9 pts to 46.7, indicating that both domestic demand and export demand have dropped at a faster pace recently. Against this backdrop, the output index declined by 1.8 pts to 47.8 in the month, the lowest level since April. Besides, the purchases of inputs index went down to a seven-month low of 47.1 in November, indicating a further reduction in purchasing activities. Also noteworthy is that the business expectations index slumped to 48.9 in November, the lowest level since February 2020. PMI Report on China Manufacturing 30 November 2022 China Manufacturing PMI, seasonally adjusted China’s manufacturing PMI drops further to 48.0 in November, indicating contraction in the manufacturing sector Helen Chin Vice President E: helenchin@fung1937.com William Kong Senior Research Manager E: williamkong@fung1937.com Fung Business Intelligence 11/F LiFung Tower 868 Cheung Sha Wan Road Kowloon, Hong Kong T: (852) 2300 2470 F: (852) 2635 1598 E: fbicgroup@fung1937.com W: http://www.fbicgroup.com China Manufacturing at a Glance – November 2022 2 PMI Report on China Manufacturing 30 November 2022 By size of enterprises, the PMI of ‘large enterprises’ dipped into the contractionary territory, registering 49.1 in November, compared with 50.1 in October. The PMI of ‘medium enterprises’ fell to 48.1 in November from 48.9 in October. The PMI of ‘small enterprises’ went down to 45.6 in November from 48.2 in October. The output index dropped to 47.8 in November from 49.6 in October. The output indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’ were all below 50, registering 49.4, 47.8 and 44.3 respectively in the month. The new orders index went down to 46.4 in November from 48.1 in October. By size of enterprises, the new orders indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’ all stayed in the contractionary zone, registering 48.3, 46.8 and 41.8 respectively in November. The new export orders index declined to 46.7 in November from 47.6 in October. The new export orders indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’ all remained below the critical 50-mark, registering 48.7, 43.4 and 44.6 respectively in November. The backlogs of orders index fell to 43.4 in November from 43.9 in October. The backlogs of orders indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’ all remained below the neutral level of 50, registering 45.6, 42.8 and 39.5 respectively in November. The stocks of finished goods index edged up to 48.1 in November from 48.0 in October. The stocks of finished goods indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’ all stayed in the contractionary zone, registering 49.2, 48.9 and 44.7 respectively in November. The stocks of major inputs index dropped to 46.7 in November from 47.7 in October. The stocks of major inputs indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’ all remained below the critical 50-mark, registering 47.0, 47.0 and 45.7 respectively in November. The purchases of inputs index went down to 47.1 in November from 49.3 in October. The purchases of inputs indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’ were all in the contractionary zone, registering 49.0, 45.7 and 44.8 respectively in November. The imports index decreased to 47.1 in November from 47.9 in October. The imports index of ‘small enterprises’ rose above the critical 50-mark, registering 51.9 in November. Meanwhile, the imports indices of ‘large enterprises’ and ‘medium enterprises’ both remained below 50, registering 47.3 and 45.0 in the month. The input prices index fell to 50.7 in November from 53.3 in October. The input prices index of ‘small enterprises’ remained above the neutral level of 50, registering 55.0 in November. Meanwhile, the input prices indices of ‘large enterprises’ and ‘medium enterprises’ both dropped below 50, registering 49.2 and 49.9 in the month. 3 PMI Report on China Manufacturing 30 November 2022 The ex-factory p