12月PMI超预期回暖，产需两端明显回升

Core Viewpoint - The manufacturing PMI has returned to the expansion zone for the first time since April, indicating a recovery in economic sentiment, driven by stable growth policies and resilient exports [2][4]. Group 1: Manufacturing Sector - The manufacturing PMI for December is reported at 50.1%, marking a significant increase and indicating expansion [2]. - The production index stands at 51.7%, up 1.7 percentage points from the previous month, reflecting accelerated production activities and improved market confidence [4]. - The new orders index has risen to 50.8%, indicating a recovery in market demand, particularly in sectors like food processing and textiles [5]. - Large enterprises' PMI has also returned to the expansion zone at 50.8%, up 1.5 percentage points from last month [5]. Group 2: Non-Manufacturing Sector - The non-manufacturing PMI is reported at 50.2%, showing improvement in the service sector, although the service PMI remains slightly below the expansion threshold at 49.7% [8]. - The construction sector has shown notable recovery, with the construction PMI rising to 52.8%, marking a return to expansion after five months [8]. - The business activity expectation index for the service sector is at 56.4%, indicating increased confidence among service enterprises regarding future market developments [8]. Group 3: Economic Policies and Outlook - The government is expected to implement more proactive macroeconomic policies, with a focus on balancing fiscal expansion and sustainable growth [3]. - The production and business activity expectation index has risen to 55.5%, reflecting enhanced confidence among manufacturing enterprises [7]. - The overall economic environment is supported by favorable external trade conditions and a strong global AI investment trend, contributing positively to exports [6].