中国财新服务业PMI降至51.5，制造业综合指数升至52.3。中国财新服务业采购经理人指数从11月的52.0降至51.5，低于市场预期的52.5，反映出该行业扩张放缓。然而，受制造业改善的支撑，PMI综合指数从51.9升至52.3。

China's Caixin PMI services falls to 51.5, manufacturing boosts composite index to 52.3.China's Caixin PMI Services dropped to 51.5 in November from 52.0, missing market expectations of 52.5, reflecting a slowdown in the sector's expansion. However, PMI Composite rose to 52.3 from 51.9, supported by improvements in manufacturing.

在最近的采购经理人指数公布后，中国10年期政府债券收益率暴跌至1.98%左右，接近历史低点。周三，一项私人调查显示，2024年11月，中国服务业采购经理人指数从10月的三个月高点下降，低于市场预期。相比之下，本周早些时候，同一项调查提供了更乐观的前景，制造业采购经理人指数连续第二个月出现扩张，达到五个月高点，超过了预期。这些好坏参半的信号突显了中国各经济部门复苏的不平衡。在其他地方，共产党最高决策机构选择不公布其11月例行会议的结果，这让投资者渴望得到有关潜在额外刺激措施的暗示。目前，人们的注意力集中在即将召开的政治局会议和中央经济工作会议上，这两次会议预计都将在12月中旬左右举行。

China's 10-year government bond yield plunged to around 1.98%, nearing a historic low, following the release of recent PMI data. On Wednesday, a private survey revealed that China's services PMI fell in November 2024 from October's three-month high, missing market expectations. In contrast, earlier in the week, the same survey offered a more optimistic outlook, with the manufacturing PMI showing expansion for the second consecutive month, reaching a five-month high and exceeding forecasts. These mixed signals underscore the uneven recovery across China's economic sectors. Elsewhere, the Communist Party’s top decision-making body opted not to release a readout of its regular November meeting, leaving investors eager for hints about potential additional stimulus measures. Attention is now focused on the upcoming Politburo meeting and the annual Central Economic Work Conference, both expected to take place around mid-December.

周三，上证综指下跌0.2%，至3372点左右，而深证成分股下跌0.1%，至10700点。随着韩国政治动荡后该地区普遍持谨慎态度，中国股市在近期上涨的基础上艰难前行。美国当选总统唐纳德·特朗普的关税威胁加剧了中国的经济不确定性，也影响了市场前景。此外，数据显示，由于新业务和海外销售放缓，中国服务业11月的增长意外放缓。更不确定的是，中国政治局选择不公布其11月例行会议的结果，这引发了人们对可能即将出台额外刺激措施的猜测。受影响最严重的是曙光信息（-1.4%）、四川发展（-2.3%）和寒武纪科技（-3.7%）等大公司。

The Shanghai Composite declined 0.2% to around 3,372, while the Shenzhen Component dropped 0.1% to 10,700 on Wednesday, with Chinese stocks struggling to build on recent gains as caution prevailed in the region following a political upheaval in South Korea. Economic uncertainties in China, exacerbated by US President-elect Donald Trump’s tariff threats, also weighed on the market outlook. Moreover, data showed that Chinese services sector growth unexpectedly decelerated in November amid slowing new business and foreign sales. Adding to the uncertainty, China’s Politburo chose not to release a readout of its regular November meeting, prompting speculation that additional stimulus measures might be forthcoming. Among the hardest hit were major firms such as Dawning Information (-1.4%), Sichuan Development (-2.3%), and Cambricon Technologies (-3.7%).

在连续两个交易日下跌后，离岸人民币兑美元汇率升至7.29左右，这得益于中国人民银行稳定人民币汇率的最新措施。央行将人民币兑美元汇率的每日固定汇率定为7.1934，高于备受关注的7.2的门槛。此举突显了北京方面在美元走强、美国当选总统唐纳德·特朗普的关税威胁加剧了持续的贸易紧张局势以及对中国经济前景的持续担忧的情况下确保货币稳定的承诺。在经济方面，一项私人调查显示，2024年11月，中国服务业采购经理人指数从10月份的三个月高点下降，低于市场预期。与此同时，本周早些时候的同一项调查描绘了一幅更光明的图景，因为制造业采购经理人指数连续第二个月出现增长，达到五个月高点，超过了市场预测。这些好坏参半的信号凸显了中国经济各部门复苏的不平衡。

The offshore yuan rose to around 7.29 per dollar after two consecutive sessions of losses, supported by the People's Bank of China's latest measures to stabilize the currency. The central bank set the yuan’s daily fixing at 7.1934 per dollar, stronger than the closely watched threshold of 7.2 per dollar. The move underscored Beijing's commitment to ensuring currency stability amidst a stronger dollar, ongoing trade tensions exacerbated by U.S. President-elect Donald Trump’s tariff threats, and lingering concerns over China's economic outlook. On the economic front, a private survey revealed that China's services PMI fell in November 2024 from October's three-month high, missing market expectations. Meanwhile, the same survey earlier in the week painted a brighter picture, as the manufacturing PMI showed growth for the second consecutive month, reaching a five-month high and surpassing market forecasts. These mixed signals highlight the uneven recovery across China's economic sectors.