Group 1: Manufacturing PMI Insights - The manufacturing PMI for December is 50.1%, marking the first time it has risen above the expansion threshold since April [2] - Among the 21 surveyed industries, 16 reported an increase in PMI compared to the previous month, indicating improved production and operational conditions [2] - The production index and new orders index are at 51.7% and 50.8%, respectively, both showing significant increases of 1.7 and 1.6 percentage points from last month [2] - Large enterprises' PMI has returned to the expansion zone at 50.8%, while medium and small enterprises show mixed results with PMIs of 49.8% and 48.6% respectively [2][3] Group 2: Sector-Specific Performance - High-tech manufacturing PMI is at 52.5%, reflecting a positive growth trend, while equipment manufacturing and consumer goods sectors also show PMIs of 50.4% [3] - The service sector's business activity index is at 50.2%, indicating an improvement in non-manufacturing sector conditions [4] - The construction sector's business activity index has significantly improved to 52.8%, driven by favorable weather conditions and increased construction activity ahead of the holidays [4] Group 3: Overall Economic Outlook - The comprehensive PMI output index stands at 50.7%, indicating overall expansion in production and business activities compared to the previous month [5] - The production and non-manufacturing business activity indices contributing to the comprehensive PMI are 51.7% and 50.2%, respectively [5] - The business activity expectation index for the service sector is at 56.4%, suggesting increased confidence among service sector enterprises regarding future market developments [4]

（原标题：国家统计局：12月官方制造业PMI为50.1% 升至扩张区间） 一、中国制造业采购经理指数运行情况 12月份，制造业采购经理指数（PMI）为50.1%，比上月上升0.9个百分点，升至扩张区间。 从分类指数看，在构成制造业PMI的5个分类指数中，生产指数、新订单指数和供应商配送时间指数均 高于临界点，原材料库存指数和从业人员指数均低于临界点。 生产指数为51.7%，比上月上升1.7个百分点，表明制造业企业生产活动加快。 新订单指数为50.8%，比上月上升1.6个百分点，表明制造业市场需求有所改善。 原材料库存指数为47.8%，比上月上升0.5个百分点，表明制造业主要原材料库存量降幅收窄。 从业人员指数为48.2%，比上月下降0.2个百分点，表明制造业企业用工景气度小幅回落。 供应商配送时间指数为50.2%，比上月上升0.1个百分点，表明制造业原材料供应商交货时间继续加快。 分行业看，建筑业商务活动指数为52.8%，比上月上升3.2个百分点；服务业商务活动指数为49.7%，比 上月上升0.2个百分点。从服务业行业看，电信广播电视及卫星传输服务、货币金融服务、资本市场服 务等行业商务活动指数均位于60.0 ...

Core Viewpoint - In December 2025, China's Purchasing Managers' Index (PMI) for manufacturing, non-manufacturing, and composite output all rose above the expansion threshold, indicating an overall improvement in the economic climate [2][3]. Group 1: Manufacturing PMI - The manufacturing PMI reached 50.1%, marking the first time it has entered the expansion zone since April [3]. - Production index and new orders index were at 51.7% and 50.8%, respectively, both showing significant increases of 1.7 and 1.6 percentage points from the previous month [3]. - Sixteen out of twenty-one surveyed industries reported a rise in PMI compared to the previous month, indicating improved production and operational conditions [3]. - Large enterprises' PMI returned to the expansion zone at 50.8%, while medium-sized enterprises were at 49.8%, and small enterprises fell to 48.6% [3][4]. Group 2: Non-Manufacturing PMI - The non-manufacturing business activity index was 50.2%, up 0.7 percentage points from the previous month, reflecting an improvement in the non-manufacturing sector [5]. - The service sector's business activity index was 49.7%, with certain industries like telecommunications and financial services showing strong growth [5]. - The construction sector saw a significant increase in its business activity index to 52.8%, driven by favorable weather conditions and pre-holiday construction activities [5]. Group 3: Composite PMI - The composite PMI output index reached 50.7%, an increase of 1.0 percentage point from the previous month, indicating overall expansion in production and business activities [7]. - The manufacturing production index and non-manufacturing business activity index contributed to this composite index, standing at 51.7% and 50.2%, respectively [7].

国家统计局服务业调查中心 中国物流与采购联合会 一、中国制造业采购经理指数运行情况 从企业规模看，大型企业PMI为50.8%，比上月上升1.5个百分点，高于临界点；中型企业PMI为49.8%， 比上月上升0.9个百分点，仍低于临界点；小型企业PMI为48.6%，比上月下降0.5个百分点，低于临界 点。 从分类指数看，在构成制造业PMI的5个分类指数中，生产指数、新订单指数和供应商配送时间指数均 高于临界点，原材料库存指数和从业人员指数均低于临界点。 生产指数为51.7%，比上月上升1.7个百分点，表明制造业企业生产活动加快。 新订单指数为50.8%，比上月上升1.6个百分点，表明制造业市场需求有所改善。 原材料库存指数为47.8%，比上月上升0.5个百分点，表明制造业主要原材料库存量降幅收窄。 从业人员指数为48.2%，比上月下降0.2个百分点，表明制造业企业用工景气度小幅回落。 供应商配送时间指数为50.2%，比上月上升0.1个百分点，表明制造业原材料供应商交货时间继续加快。 12月份，制造业采购经理指数(PMI)为50.1%，比上月上升0.9个百分点，升至扩张区间。 表1 中国制造业PMI及构成指数(经季 ...

一、中国制造业采购经理指数运行情况 12月份，制造业采购经理指数（PMI）为50.1%，比上月上升0.9个百分点，升至扩张区间。 新订单指数为50.8%，比上月上升1.6个百分点，表明制造业市场需求有所改善。 原材料库存指数为47.8%，比上月上升0.5个百分点，表明制造业主要原材料库存量降幅收窄。 从业人员指数为48.2%，比上月下降0.2个百分点，表明制造业企业用工景气度小幅回落。 供应商配送时间指数为50.2%，比上月上升0.1个百分点，表明制造业原材料供应商交货时间继续加快。 从企业规模看，大型企业PMI为50.8%，比上月上升1.5个百分点，高于临界点；中型企业PMI为49.8%，比上月上升0.9个百分点，仍低于临界点；小型企业 PMI为48.6%，比上月下降0.5个百分点，低于临界点。 二、中国非制造业采购经理指数运行情况 从分类指数看，在构成制造业PMI的5个分类指数中，生产指数、新订单指数和供应商配送时间指数均高于临界点，原材料库存指数和从业人员指数均低于 临界点。 12月份，非制造业商务活动指数为50.2%，比上月上升0.7个百分点，重返扩张区间。 生产指数为51.7%，比上月上升1.7个百 ...

Core Viewpoint - The non-manufacturing business activity index in December rose to 50.2%, indicating a return to the expansion zone with a month-on-month increase of 0.7 percentage points [1] Industry Summary - The construction industry business activity index reached 52.8%, up by 3.2 percentage points from the previous month, signaling strong growth [1] - The service industry business activity index was at 49.7%, showing a slight increase of 0.2 percentage points compared to last month, but still below the expansion threshold [1] Sector Performance - Within the service sector, industries such as telecommunications, broadcasting, television, and satellite transmission services, monetary financial services, and capital market services reported business activity indices above 60.0%, indicating a high level of economic activity [1] - Conversely, retail and catering industries had business activity indices below the critical point, suggesting weaker performance in these areas [1]

一、中国制造业采购经理指数运行情况 12月份，制造业采购经理指数（PMI）为50.1%，比上月上升0.9个百分点，升至扩张区间。 从企业规模看，大型企业PMI为50.8%，比上月上升1.5个百分点，高于临界点；中型企业PMI为49.8%，比上月上升0.9个百分点，仍低于临界点；小型企业 PMI为48.6%，比上月下降0.5个百分点，低于临界点。 从分类指数看，在构成制造业PMI的5个分类指数中，生产指数、新订单指数和供应商配送时间指数均高于临界点，原材料库存指数和从业人员指数均低于 临界点。 生产指数为51.7%，比上月上升1.7个百分点，表明制造业企业生产活动加快。 新订单指数为50.8%，比上月上升1.6个百分点，表明制造业市场需求有所改善。 原材料库存指数为47.8%，比上月上升0.5个百分点，表明制造业主要原材料库存量降幅收窄。 从业人员指数为48.2%，比上月下降0.2个百分点，表明制造业企业用工景气度小幅回落。 | | | | | | | | | == 17: 70 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 新出口 ...

（文章来源：国家统计局） 国家统计局：12月官方制造业PMI为50.1%。 ...

Core Insights - In the first eleven months, the total profit of industrial enterprises above designated size reached 66,268.6 billion yuan, a year-on-year increase of 0.1% (on a comparable basis) [1] - The profit performance varied among different types of enterprises, with state-controlled enterprises experiencing a decline of 1.6%, while foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a growth of 2.4% [1] Group 1: Profit and Revenue - The mining industry reported a total profit of 7,896.3 billion yuan, down 27.2% year-on-year [2] - The coal mining and washing industry achieved a profit of 2,970.1 billion yuan, reflecting a significant decline of 47.3% [2] - The total operating revenue of industrial enterprises above designated size was 125.34 trillion yuan, marking a year-on-year growth of 1.6% [2] Group 2: Costs and Financial Ratios - The operating costs for industrial enterprises amounted to 107.17 trillion yuan, an increase of 1.8% year-on-year [2] - The operating profit margin for these enterprises was 5.29%, a decrease of 0.08 percentage points compared to the previous year [2] - The asset-liability ratio stood at 58.1%, which is an increase of 0.1 percentage points year-on-year [2] Group 3: Inventory and Receivables - As of the end of November, accounts receivable totaled 28.40 trillion yuan, reflecting a year-on-year increase of 5.5% [2] - The finished goods inventory was 6.92 trillion yuan, up 4.6% year-on-year [2] - The average collection period for accounts receivable was 70.4 days, an increase of 3.7 days year-on-year [3]

Core Insights - The total profit of industrial enterprises above designated size in China reached 66,268.6 billion yuan from January to November, showing a year-on-year increase of 0.1% [1] - The profit performance varied across different types of enterprises, with state-owned enterprises experiencing a decline of 1.6%, while foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a growth of 2.4% [1] - The mining industry faced a significant profit drop of 27.2%, while the manufacturing sector reported a profit increase of 5.0% [1] Profit by Industry - The computer, communication, and other electronic equipment manufacturing industry saw a profit increase of 15.0%, while the power, heat, and gas production and supply industry grew by 11.8% [2] - The automotive manufacturing industry reported a profit growth of 7.5%, while the textile industry experienced a decline of 8.2% [2] - The coal mining and washing industry faced a dramatic profit decrease of 47.3% [2] Financial Performance - From January to November, the total operating revenue of industrial enterprises was 1,253,395.1 billion yuan, reflecting a year-on-year growth of 1.6% [2][11] - The operating costs increased by 1.8% to 1,071,672.4 billion yuan, resulting in an operating revenue profit margin of 5.29%, down by 0.08 percentage points year-on-year [2][11] - By the end of November, total assets of these enterprises reached 189.28 trillion yuan, a 4.8% increase year-on-year, while total liabilities rose by 5.0% to 109.96 trillion yuan [2] Accounts and Inventory - As of the end of November, accounts receivable amounted to 28.40 trillion yuan, up 5.5% year-on-year, and finished goods inventory was 6.92 trillion yuan, increasing by 4.6% [3] - The average collection period for accounts receivable was 70.4 days, an increase of 3.7 days year-on-year [3] Monthly Profit Trends - In November alone, the profit of industrial enterprises decreased by 13.1% year-on-year [4]