Data release
On November 30, the National Bureau of statistics released data. In November, the purchasing manager index (PMI) of China’s manufacturing industry was 50.1%, up 0.9 percentage points from the previous month, above the critical point, and the manufacturing industry returned to the expansion range. (National Bureau of Statistics)
Comments: the operating pressure of small and medium-sized manufacturing enterprises has slowed down. In November, the manufacturing PMI rebounded, up 0.9 percentage points from the previous month. The manufacturing PMI data returned to above the boom and bust line, and the overall outlook of the manufacturing industry rebounded. With the strong support of a series of policies and measures such as strengthening energy supply guarantee and stabilizing market prices, the production and operation activities of manufacturing enterprises accelerated. From the performance of enterprises of different sizes, the PMI of large enterprises in the month was 50.2%, slightly lower than that of the previous month by 0.1 percentage points, and remained in the expansion range; In terms of small and medium-sized manufacturing enterprises, the PMI indexes of small and medium-sized manufacturing enterprises in mid November were 51.2% and 48.5% respectively. Among them, medium-sized manufacturing enterprises increased by 2.6 percentage points over the previous month and returned to the high boom range. The data of small and medium-sized enterprises increased by 1.0 percentage points over the previous month, and the boom level of small and medium-sized enterprises improved. In terms of price, small and medium-sized enterprises are mostly distributed in middle and downstream enterprises. In November, the purchase price index and ex factory price index of main raw materials were 52.9% and 48.9% respectively, significantly lower than 19.2 and 12.2 percentage points last month. The ex factory price index fell below the critical point, indicating that the implementation of policies such as “ensuring supply and stabilizing price” has been strengthened in the near future, The procurement cost of small and medium-sized enterprises in the middle and lower reaches is reduced.
Key macro dynamics
1. Recently, the Ministry of Finance and the Ministry of emergency response allocated 5.198 billion yuan to the central natural disaster relief fund to support local governments to do a good job in helping the affected people with temporary living difficulties in winter and spring. The Ministry of finance requires that the allocated funds be incorporated into the direct mechanism, and local governments should do a good job in fund management and distribution, so as to improve the efficiency of fund use and ensure that the funds are distributed to the affected people in time. （Wind）
2. The Ministry of industry and information technology has issued the “14th five year plan” for the development of big data industry. It is planned that by 2025, the estimated scale of big data industry will exceed 3 trillion yuan, and the average annual compound growth rate will be maintained at about 25%. The plan proposes to strengthen cross-border data security management. （Wind）
Risk tips: Overseas epidemic situation exceeds the expected fluctuation risk and monetary policy change.
