50.1%！重返扩张区间

Core Viewpoint - The Purchasing Managers' Index (PMI) for December indicates a recovery in China's economic activity, with all three major indices entering the expansion zone for the first time since April [1][4]. Manufacturing Sector - The manufacturing PMI rose to 50.1%, an increase of 0.9 percentage points from the previous month, exceeding market expectations [7]. - The production index and new orders index were reported at 51.7% and 50.8%, respectively, both showing significant increases of 1.7 and 1.6 percentage points [7]. - The new export orders index increased by 1.4 percentage points to 49.0%, indicating a recovery in domestic demand [7]. - Large enterprises' PMI returned to the expansion zone at 50.8%, while medium-sized enterprises' PMI rose to 49.8%, and small enterprises' PMI fell to 48.6% [7]. Key Industries - High-tech manufacturing PMI reached 52.5%, up 2.4 percentage points, indicating positive growth trends [8]. - Equipment manufacturing and consumer goods industries both reported PMIs of 50.4%, entering the expansion zone [8]. - The construction industry PMI significantly increased to 52.8%, up 3.2 percentage points, marking a return to expansion after five months [15]. Non-Manufacturing Sector - The non-manufacturing business activity index was 50.2%, an increase of 0.7 percentage points from the previous month [12]. - The service sector PMI was reported at 49.7%, a slight increase of 0.2 percentage points, with certain sectors like telecommunications and financial services showing strong growth [12]. - The construction industry's business activity expectation index was 57.4%, indicating optimism among construction firms [16]. Overall Economic Outlook - The comprehensive PMI output index rose to 50.7%, indicating overall expansion in production and business activities compared to the previous month [16]. - The service sector's business activity expectation index increased to 56.4%, reflecting enhanced confidence in future market development [16].