50.1%！重回扩张区间

Core Insights - The manufacturing PMI, non-manufacturing business activity index, and composite PMI output index for December are 50.1%, 50.2%, and 50.7% respectively, indicating a general recovery in economic sentiment as all three indices rise into the expansion zone [1][2]. Manufacturing Sector - The manufacturing PMI has risen above the critical point for the first time since April, reaching 50.1%, with 16 out of 21 surveyed industries showing improvement [2]. - 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 the previous month, indicating notable expansion in production and demand [4]. - The purchasing activity has accelerated, with the purchasing volume index rising to 51.1%, reflecting a positive trend in manufacturing [4]. - Large enterprises' PMI has returned to the expansion zone at 50.8%, while medium-sized enterprises' PMI is at 49.8%, and small enterprises' PMI has decreased to 48.6% [4]. Key Industries - High-tech manufacturing PMI is at 52.5%, up 2.4 percentage points, indicating a positive growth trend [4]. - Equipment manufacturing and consumer goods industries both have PMIs of 50.4%, showing increases of 0.6 and 1.0 percentage points respectively, also entering the expansion zone [4]. - High-energy-consuming industries have a PMI of 48.9%, reflecting a continued recovery despite remaining below the expansion threshold [4]. Non-Manufacturing Sector - The non-manufacturing business activity index is at 50.2%, up 0.7 percentage points, indicating an improvement in non-manufacturing sentiment [6]. - The service sector's business activity index is at 49.7%, with a slight increase of 0.2 percentage points, although it remains in the contraction zone [9]. - The construction sector shows significant improvement with a business activity index of 52.8%, up 3.2 percentage points, indicating a strong recovery [9]. Market Expectations - The production and business activity expectation index is at 55.5%, up 2.4 percentage points, reflecting increased confidence among manufacturing enterprises [5]. - The service sector's business activity expectation index is at 56.4%, indicating enhanced confidence in future market developments [9]. - The construction sector's business activity expectation index is at 57.4%, remaining in a high confidence zone [9].