PMI三大指数均升至扩张区间 我国经济景气水平总体回升

Core Viewpoint - The overall economic sentiment in China is improving, as indicated by the rise in manufacturing and non-manufacturing indices, suggesting a recovery in economic activity and market confidence [1][2][4]. Manufacturing Sector - In December 2025, the Manufacturing Purchasing Managers' Index (PMI) reached 50.1%, marking its first entry into the expansion zone since April 2025, with 16 out of 21 surveyed industries showing improvement [1][2]. - The New Orders Index rose to 50.8%, increasing by 1.6 percentage points, indicating a release of market demand after five months below 50% [2]. - The Production Index increased to 51.7%, up by 1.7 percentage points, reflecting a positive expansion in manufacturing activities [2]. - High-tech manufacturing PMI was reported at 52.5%, up by 2.4 percentage points, indicating a favorable growth trend [2]. - Large enterprises' PMI reached 50.8%, up by 1.5 percentage points, with significant increases in both production and new orders indices [3]. Non-Manufacturing Sector - The Non-Manufacturing Business Activity Index rose to 50.2%, up by 0.7 percentage points, indicating an improvement in non-manufacturing activities [4]. - The Business Activity Expectation Index for non-manufacturing reached 56.5%, reflecting a continuous upward trend and strong market expectations [4]. - The construction sector showed significant improvement, with the Business Activity Index at 52.8%, up by 3.2 percentage points, driven by seasonal factors and project acceleration [4]. Economic Outlook - Experts indicate that the combination of effective economic policies and market dynamics is expected to lead to steady growth in the manufacturing sector in 2026, with both qualitative and quantitative improvements anticipated [3][5].