中国12月RatingDog服务业PMI降至52

Group 1 - The core viewpoint indicates a slight decline in China's service sector activity in December, with the RatingDog service index dropping to 52.0 from 52.1, marking four consecutive months of marginal slowdown in expansion [1] - The demand side of the service sector shows a mixed performance, with resilient domestic demand contrasted by weak external demand. The new orders index continues its growth trend since early 2023, but overall growth has narrowed due to a contraction in export business [1] - Employment in the service sector has contracted for the fifth consecutive month, with the most significant decline since September, primarily due to cost control and restructuring efforts by companies [1] Group 2 - Input prices have risen for ten consecutive months, driven by increases in raw material and labor costs, while sales prices have entered a contraction phase again after a brief recovery in November, forcing companies to resort to discount promotions to maintain sales [1] - Business confidence has significantly improved, with the business activity expectations index reaching its highest point in nine months. This optimism is largely attributed to the central government's focus on "investing in people," leading companies to formulate more aggressive business expansion plans for 2026 [1] - Overall, the service sector is characterized by "low growth, high expectations" by the end of 2025, with improved operating expectations providing confidence for the start of 2026, although external demand fluctuations and cost pressures remain key constraints [2]