Citic Sec's research report indicates that under the recent backdrop of a package of increased policies being launched and the gradual manifestation of the effects of existing policies, the manufacturing PMI in November recorded 50.3%, an increase of 0.2 percentage points from last month, and 0.3 percentage points higher than the seasonal average of the past five years. In terms of sub-indices, both supply and demand indicators in November have improved to varying degrees, and the new order index has risen above the boom-bust line for the first time since May this year. Structurally, the prosperity of high-tech manufacturing and consumer goods industries has rebounded in November. In the non-manufacturing sector, the gap between the service PMI in November and seasonal levels has further narrowed, indicating a general upward momentum in the recovery of the service sector. The construction PMI in November expanded its gap to 8.2 percentage points compared to the average of the past five years, reflecting that the actual workload of infrastructure construction is still not meeting expectations. Considering the recent active and continuous rollout of incremental policies, especially those to boost consumption, Citic Sec determines that the prosperity of both supply and demand sides of the manufacturing industry will show more significant improvement, while also suggesting attention to the upcoming Central Economic Work Conference in December regarding next year's macroeconomic policy orientation.