中国制造业PMI月刊（2022年11月）

PMIReportonChinaManufacturing China’smanufacturingPMIdropsfurtherto48.0inNovember,indicatingcontractioninthemanufacturingsector ChinaManufacturingPMI,seasonallyadjusted ChinaManufacturingataGlance–November2022 Index SeasonallyAdjustedIndex IndexComparedwiththePreviousMonth Direction PMI 48.0 Lower▼ Contracting Output 47.8 Lower▼ Contracting NewOrders 46.4 Lower▼ Contracting NewExportOrders 46.7 Lower▼ Contracting BacklogsofOrders 43.4 Lower▼ Contracting StocksofFinishedGoods 48.1 Higher▲ Contracting StocksofMajorInputs 46.7 Lower▼ Contracting PurchasesofInputs 47.1 Lower▼ Contracting Imports 47.1 Lower▼ Contracting InputPrices 50.7 Lower▼ Rising Ex-factoryPrices 47.4 Lower▼ Falling Employment 47.4 Lower▼ Contracting Suppliers’DeliveryTime 46.7 Lower▼ Slowing BusinessExpectations 48.9 Lower▼ Pessimistic 12ofthe13sub-indiceswerelowerthantheirrespectivelevelsinthepreviousmonth.Forexample,thenewordersindexfellby1.7ptsto46.4inNovember,whilethenewexportordersindexwentdownby0.9ptsto46.7,indicatingthatbothdomesticdemandandexportdemandhavedroppedatafasterpacerecently.Againstthisbackdrop,theoutputindexdeclinedby1.8ptsto47.8inthemonth,thelowestlevelsinceApril.Besides,thepurchasesofinputsindexwentdowntoaseven-monthlowof47.1inNovember,indicatingafurtherreductioninpurchasingactivities.Alsonoteworthyisthatthebusinessexpectationsindexslumpedto48.9inNovember,thelowestlevelsinceFebruary2020. HelenChin VicePresident E:helenchin@fung1937.com WilliamKong SeniorResearchManager E:williamkong@fung1937.com FungBusinessIntelligence 11/FLiFungTower 868CheungShaWanRoadKowloon,HongKong T:(852)23002470 F:(852)26351598 E:fbicgroup@fung1937.comW:http://www.fbicgroup.com Bysizeofenterprises,thePMIof‘largeenterprises’dippedintothecontractionaryterritory,registering49.1inNovember,comparedwith50.1inOctober.ThePMIof‘mediumenterprises’fellto48.1inNovemberfrom48.9inOctober.ThePMIof‘smallenterprises’wentdownto45.6inNovemberfrom48.2inOctober. Theoutputindexdroppedto47.8inNovemberfrom49.6inOctober.Theoutputindicesof‘largeenterprises’,‘mediumenterprises’and‘smallenterprises’wereallbelow50,registering49.4,47.8and44.3respectivelyinthemonth. Thenewordersindexwentdownto46.4inNovemberfrom48.1inOctober.Bysizeofenterprises,thenewordersindicesof‘largeenterprises’,‘mediumenterprises’and‘smallenterprises’allstayedinthecontractionaryzone,registering48.3,46.8and41.8respectivelyinNovember. Thenewexportordersindexdeclinedto46.7inNovemberfrom47.6inOctober.Thenewexportordersindicesof‘largeenterprises’,‘mediumenterprises’and‘small enterprises’allremainedbelowthecritical50-mark,registering48.7,43.4and44.6respectivelyinNovember. Thebacklogsofordersindexfellto43.4inNovemberfrom43.9inOctober.Thebacklogsofordersindicesof‘largeenterprises’,‘mediumenterprises’and‘small enterprises’allremainedbelowtheneutrallevelof50,registering45.6,42.8and39.5respectivelyinNovember. Thestocksoffinishedgoodsindexedgedupto48.1inNovemberfrom48.0inOctober.Thestocksoffinishedgoodsindicesof‘largeenterprises’,‘mediumenterprises’and‘smallenterprises’allstayedinthecontractionaryzone,registering49.2,48.9and44.7respectivelyinNovember. Thestocksofmajorinputsindexdroppedto46.7inNovemberfrom47.7inOctober.Thestocksofmajorinputsindicesof‘largeenterprises’,‘mediumenterprises’and‘small enterprises’allremainedbelowthecritical50-mark,registering47.0,47.0and45.7respectivelyinNovember. Thepurchasesofinputsindexwentdownto47.1inNovemberfrom49.3inOctober.Thepurchasesofinputsindicesof‘largeenterprises’,‘mediumenterprises’and‘smallenterprises’wereallinthecontractionaryzone,registering49.0,45.7and44.8respectivelyinNovember. Theimportsindexdecreasedto47.1inNovemberfrom47.9inOctober.Theimportsindexof‘smallenterprises’roseabovethecritical50-mark,registering51.9inNovember.Meanwhile,theimportsindicesof‘largeenterprises’and‘mediumenterprises’bothremainedbelow50,registering47.3and45.0inthemonth. Theinputpricesindexfellto50.7inNovemberfrom53.3inOctober.Theinputpricesindexof‘smallenterprises’remainedabovetheneutrallevelof50,registering55.0inNovember.Meanwhile,theinputpricesindicesof‘largeenterprises’and‘medium enterprises’bothdroppedbelow50,registering49.2and49.9inthemonth. Theex-factorypricesindexcameinat47.4inNovember,downfrom48.7inOctober.1Theex-factorypricesindexof‘smallenterprises’remainedabovetheneutrallevelof50,registering50.4inOctober.Meanwhile,theex-factorypricesindicesof‘largeenterprises’and‘mediumenterprises’bothremainedbelow50,registering45.9and47.4 respectivelyinthemonth. Theemploymentindexwentdownto47.4inNovemberfrom48.3inOctober.Theemploymentindicesof‘largeenterprises’,‘mediumenterprises’and‘smallenterprises’allstayedinthecontractionaryzone,registering47.9,47.1and46.7respectivelyinNovember. Thesuppliers’deliverytimeindexcameinat46.7inNovemberfrom47.1inOctober.Areadingabove50impliesfasterdelivery;below50,slowerdelivery.Thesuppliers’deliverytimeindicesof‘largeenterprises’,‘mediumenterprises’and‘smallenterprises’registered46.8,46.7and46.5respectivelyinNovember. Thebusinessexpectationsindexwentdownto48.9