Hi everyone. I’m Stephanie LI.
大家好，我是主持人李莹亮。
Coming up on today’s program.
重点提要
China's November factory and services activities fall to 7-month lows;
Homegrown airliner C919 wins production certificate.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
China's factory activity contracted at a steeper pace in November amid renewed COVID-19 outbreaks and a more complicated and grimmer international environment, the National Bureau of Statistics said on Wednesday.
The official purchasing managers index for China's manufacturing sector fell to 48 in November, down from October's 49.2 and well below the 50-point mark separating growth from contraction, data from the NBS showed. That was the second straight month of contractions and the lowest since April.
"In November, impacted by multiple factors including the wide and frequent spread of domestic outbreaks, and the international environment becoming more complex and severe, China's purchasing managers' index fell," NBS senior statistician Zhao Qinghe said in a statement.
The manufacturing PMI has been in contraction territory for all but four months of the year so far, as a summer of heat waves was bookended by Covid lockdowns in major cities during the spring and autumn.
Zhao said domestic outbreaks in November caused "production activity to slow down and product orders to fall", noting "increased fluctuation in market expectations”.
Activity fell at businesses of all sizes during the month, with the PMI for small enterprises hit hardest at 45.6. A sub-index for production came in at 47.8 versus 49.6 a month earlier, and a gauge of new orders came in at 46.4 compared with 48.1 in October.
Meanwhile, the non-manufacturing PMI came in at 46.7 in November, also reflecting a contraction in activity and down from 48.7 in October.
The NBS said that for transport, accommodation, catering and entertainment in particular "the total industry business volume fell significantly", as "some regions saw a relatively large impact from the pandemic".
11月30日，国家统计局发布的数据显示，11月制造业采购经理指数（PMI）为48%，比上月下降1.2个百分点；非制造业商务活动指数为46.7%，比上月下降2个百分点；综合PMI产出指数为47.1%，比上月下降1.9个百分点。3项PMI指数均低于临界点，为年内次低水平。
国家统计局服务业调查中心高级统计师赵庆河表示，11月份，受国内疫情点多面广频发，国际环境更趋复杂严峻等多重因素影响，中国经济景气水平总体有所回落。
从制造业PMI指数的构成上看，5大分类指数较上月全面回落。其中，生产指数较前下行1.8个百分点至47.8%，新订单指数下行1.7个百分点至46.4%。
在制造业PMI其他相关指标中，价格指数有所下降。主要原材料购进价格指数为50.7%，低于上月2.6个百分点，制造业原材料采购价格总体水平涨幅收窄；出厂价格指数为47.4%，低于上月1.3个百分点，产品出厂价格总体水平继续回落。
从企业规模看，大、中、小型企业PMI分别为49.1%、48.1%和45.6%，比上月下降1.0、0.8和2.6个百分点，均低于临界点。
11月份，非制造业商务活动指数为46.7%，比上月下降2个百分点，低于临界点，非制造业景气水平有所回落。
分行业看，11月服务业商务活动指数为45.1%，较上月回落1.9个百分点，仅高于4月的40%，为年内次低水平。11月建筑业商务活动指数为55.4%，低于上月2.8个百分点，连续第6个月处于较高景气区间。
专家表示，应继续贯彻落实稳经济一揽子政策措施和接续政策，确保经济运行在稳定回升通道。
China's Shenzhou-15 manned spaceship launched on Tuesday night and successfully docked with the space station combination early on Wednesday, according to the China Manned Space Agency (CMSA). The whole process took approximately 6.5 hours. The astronaut trio aboard Shenzhou-15 then entered the Tianhe module and met with the Shenzhou-14 crew, marking the first time that Chinese astronauts aboard the space station have seen the visit of a crewed spaceship, according to the CMSA.
6名航天员首次实现“太空会师”：11月30日据中国载人航天工程办公室消息，在载人飞船与空间站组合体成功实现自主快速交会对接后，神舟十五号航天员乘组从飞船返回舱进入轨道舱。完成各项准备后，11月30日7时33分，翘盼已久的神舟十四号航天员乘组顺利打开“家门”，热情欢迎远道而来的亲人入驻“天宫”。随后，“胜利会师”的两个航天员乘组，一起在中国人自己的“太空家园”里留下了一张足以载入史册的太空合影。后续，两个航天员乘组将在空间站进行首次在轨轮换。
Next on industry and company news
产业及公司新闻
The C919, China's first self-developed narrow-body passenger jet, received its production certificate on Tuesday from the Civil Aviation Administration of China in Shanghai, indicating the model can be put into mass production, according to its manufacturer Commercial Aircraft Corp of China. The first C919 aircraft has completed its production test flights and fulfilled delivery requirements, and it is expected to be delivered to China Eastern Airlines in December. So far, the C919 has received 1,115 orders from home and abroad.
国产C919飞机获颁生产许可证：在9月底刚刚获颁型号合格证后，11月29日，中国民航局又向中国商飞公司颁发C919大型客机生产许可证（PC），标志着国产C919客机从设计研制阶段，正式转向批量生产阶段。首架C919飞机预计将于今年12月交付中国东方航空集团有限公司，并于明年上半年投入商业运营。
China's main foreign trade promotion agency, the China Council for the Promotion of International Trade (CCPIT), said on Tuesday it has approved the first batch of 15 trial trade exhibition projects in eight countries including Germany, the US and the UAE, between November and February 2023. The themes of the projects include textiles, auto parts, sports goods, electronics and consumer goods, with the exhibition scale ranging from 100 square meters to 10,000 square meters.
首批15个出国经贸展览项目试点获审批：29日中国贸促会新闻发言人、中国国际商会秘书长孙晓表示，目前，已完成首批2022年11月至2023年2月期间的15个出国经贸展览项目试点审批，包括13个参展项目和2个自办展项目，分布在德国、美国、阿联酋等8个国家，涉及纺织、汽配、体育用品、电子、消费品等领域，组展规模最小的约100平方米，最大的达1万平方米。
Chinese tech giant Baidu Inc announced plans on Tuesday to build the world's largest autonomous ride-hailing service area in 2023. The announcement came during a celebration of Apollo Day, Baidu's autonomous driving tech event. The plan outlined a goal to expand the operation area for Baidu's fully driverless robotaxis, allowing it to reach more potential customers.
百度2023年打造全球最大全无人自动驾驶运营服务区：11月29日，百度Apollo Day技术开放日活动线上举办。百度Apollo发布新一代Apollo自动驾驶地图，并在业内首发文心大模型落地应用于自动驾驶的技术。百度宣布，2023年将扩大业务规模，在更多区域开展全无人自动驾驶运营，着力打造全球最大的全无人自动驾驶运营服务区。
Leading Chinese supplier of permanent ferrite magnets Hengdian Group DMEGC Magnetics said yesterday it will invest 10 billion to build a photovoltaic cell factory that will hike its current output by three-and-a-half times and consolidate its foothold in the renewable energy sector. The facility, located in Sichuan province, will have an annual capacity of 20 gigawatts of N-type tunnel oxide passivated contact high-efficiency solar cells.
横店东磁百亿兴建TOPCon电池产能：11月29日，横店集团东磁股份公告，拟在四川省宜宾市叙州区设立子公司，并分步投资建设年产20 GW新型高效电池项目，项目总投资约100亿元。项目将分三期实施，一期、二期计划均为年产6 GW新型高效TOPCon电池，三期项目将建设年产8 GW下一代高效电池。
Earnings reports express
财报速递
Chinese video community Bilibili saw its net loss in the third quarter narrowed by 36 percent to 1.7 billion yuan from the same period last year. In the third quarter, the company's net revenue were 5.8 billion yuan, representing an increase of 11 percent from the same period in 2021. Its revenue from value-added services grew by 16 percent year-on-year to 2.2 billion yuan, mainly attributable to the company's enhanced monetization efforts, led by an increased number of paying users for the value-added services. The revenue from mobile games rose by 6 percent to 1.5 billion yuan. Bilibili recorded average daily users for the third quarter reached 90.3 million, a 25 percent growth year-on-year.
B站Q3营收58亿净亏收窄36%：29日哔哩哔哩发布2022年第三季度财报。财报显示，三季度营收58亿元，同比增加11%，市场预期57.17亿元；本季度市场及销售费用同比减少25%，净亏损同比大幅收窄36%。三季度，哔哩哔哩移动游戏营业额为15亿元，同比增长6%；增值服务（VAS）收入为22亿元，同比增长16%；广告营业额为14亿元，同比增长16%；电商及其他营业额为7.58亿元，同比增长3%。日均活跃用户数达9030万，月均活跃用户数达3.33亿，均同比增长25%。
Troubled developer Sunac China Holdings has lowered its profit forecast for last year, mainly because of the impact of Covid-19, sluggish real estate sales, and changes in the firm’s operating environment. Net profit likely fell about 207 percent in 2021 from the previous year, the company said in a statement yesterday. Core net profit is expected to have plunged around 184 percent.
融创中国发布盈利警告：融创中国29日港交所公告，预期本年度本公司拥有人应占溢利及核心净利润较去年下降分别约85%及50%；预期本年度本公司拥有人应占溢利较去年下降约207%，核心净利润较去年下降约184%。融创中国还提及，预计将于12月底或之前刊发本公司年度经审核业绩公告。
Switching gears to financial news
金融市场消息
Taiping Life Insurance has increased its shareholdings in Industrial Commercial Bank of China(ICBC), the world’s largest bank by assets, to more than 5 percent, the Hong Kong-based insurer said in a filing on Monday. Taiping Life Insurance paid HK$308 million for 80 million shares in ICBC through the Shanghai-Hong Kong stock connect program on Nov. 25, bringing its total equity to 5.02 percent, or 4.4 billion shares, on top of a purchase of HK$310 million worth of shares a week ago.
太平人寿再举牌工行H股：28日，太平人寿在中保协官网披露的相关公告显示，该公司于11月25日买入8000万工商银行H股，涉及资金约3.08亿港元。就在几天前，太平人寿披露，11月22日该公司买入8300万股工商银行H股，耗资约3.1亿港元。上述两次交易后，太平人寿持有工商银行H股43.60亿股，约占该上市公司H股股本的5.02%。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks gained on Wednesday with the benchmark Shanghai Composite slightly inching up 0.05 percent and the Shenzhen Component adding 0.18 percent. Hong Kong stocks close with extended gains, as the Hang Seng index rose 2.16 percent and the TECH index added 2.77 percent.
A股收涨港股再拉升：周三A股三大指数午后走低尾盘拉回，截至收盘，沪指涨0.05%，深成指涨0.18%，创业板指涨0.24%，沪深两市全天成交额9317亿元。港股尾盘拉升，恒指收涨2.16%，恒生科技指数收涨2.77%，汽车股大涨。
Biz Word of the Day
财经词汇划重点
TOPCon, short for "Tunnel Oxide Passivated Contact", is a more advanced N-type silicon cell technology. TOPCon solar cells have the upper limit of theoretical efficiency set by scientific research in the field at 28.2%-28.7%. It approaches the theoretical limit of all crystalline-silicon based solar cells at 29.43%..
Topcon电池，简称隧穿氧化钝化电池，属于太阳能电池的一种，与其他类型的电池相比，Topcon电池技术可提升电池的开路电压和填充因子，大幅提高光伏的转换率。以Topcon电池为代表的钝化接触电池具有更加高的效率极限(28.2%~28.7%)，最接近晶体硅太阳能电池理论极限效率(29.43%)。
Executive Editor: Sonia YU
Editor: HE Jia
Host: Stephanie LI
Writer: Stephanie LI
Sound Editor: Stephanie LI
Graphic Designer: ZHENG Wenjing, LIAO Yuanni
Produced by 21st Century Business Herald Dept. of Overseas News.
Presented by SFC
编委: 于晓娜
策划：李艳霞
编辑：和佳
播音：李莹亮
撰稿：李莹亮
音频制作：李莹亮
设计：郑文静、廖苑妮
21世纪经济报道海外部 制作
南方财经全媒体集团 出品
(作者：李莹亮 编辑：和佳）