Inter: In November, the global manufacturing sector's recovery momentum slightly weakened compared to the previous month.

The China Federation of Logistics and Purchasing announced that the global manufacturing PMI in November 2025 was 49.6%, a slight decrease of 0.1 percentage point from the previous month, marking the ninth consecutive month operating in the range of 49%-50%. By region, the manufacturing PMI in Asia remained above 50%, indicating expansion; in Europe, the PMI remained below 50%; in Africa, the PMI decreased from above 50% to below 50%; in the Americas, the PMI continued to operate below 49%. Overall, the global manufacturing recovery weakened slightly compared to the previous month, with the index still above 49%, showing that global manufacturing has not yet fully exited the recovery phase this year, but efforts to strengthen the recovery are still needed. By region, manufacturing in Asia continues to expand and supports global economic recovery well; in Europe, the manufacturing recovery pattern remains stable with no significant changes from the previous month; in the Americas, the manufacturing recovery strength continues to weaken; and in Africa, the recovery strength has shifted from strong to weak.