国内观察：2024年12月PMI：非制造业超季节性走强，制造业价格指标继续走弱

Group 1: PMI Analysis - December manufacturing PMI decreased to 50.1%, down from 50.3%[36] - Non-manufacturing PMI increased to 52.2%, up from 50.0%[36] - Manufacturing PMI seasonal decline is slightly better than the 5-year average of -0.3 percentage points, with a month-on-month change of -0.2 percentage points[2] Group 2: Sector Performance - Non-manufacturing PMI showed a strong seasonal increase of +2.2 percentage points, significantly above the 5-year average of 1.2 percentage points[3] - Construction sector contributed with a PMI of 53.2%, up by +3.5 percentage points, while the service sector PMI reached 52.0%, up by +1.9 percentage points[3] Group 3: Price Indicators - Main raw material purchase price index fell to 48.2%, down by -1.6 percentage points, while the factory price index dropped to 46.7%, down by -1.0 percentage points[11] - Price signals continue to weaken, indicating that demand stabilization still requires policy support[22] Group 4: Supply and Demand Dynamics - Supply-demand gap continues to narrow, with the production index decreasing by 0.3 percentage points to 52.1% and the new orders index increasing by 0.2 percentage points to 51.0%[27] - Import index rose significantly by 2 percentage points to 49.3%, marking the first time since February that it exceeded the new export orders index[27]