2024年12月PMI数据解读：非制造业年末回暖

Economic Recovery Indicators - The composite PMI output index for China in December 2024 is 52.2%, an increase of 1.4 percentage points from the previous month[6] - The manufacturing production index decreased by 0.3 percentage points to 52.1%, while the services business activity index rose by 1.9 percentage points to 52.0%[12] - The construction business activity index increased by 3.5 percentage points to 53.2%, marking the highest level since June 2024[20] Manufacturing Sector Insights - Manufacturing new orders and new export orders indices both rose by 0.2 percentage points, indicating a synchronized recovery in domestic and foreign demand[14] - Consumer goods manufacturing PMI improved by 0.6 percentage points to 51.4%, driven by policies encouraging consumption and year-end demand peaks[14] - The manufacturing price index declined, with raw material purchase prices and factory gate prices falling by 1.6 and 1.0 percentage points, respectively[15] Service Sector Performance - The services business activity index reached its highest point since April 2024, with a 1.9 percentage point increase to 52.0%[21] - The transportation sector showed significant improvement, with indices for railway, air transport, and postal services all rising above 55%[21] - Service sector sales prices have been improving, with the sales price index rising by 0.3 percentage points to 49.1%, indicating a potential stabilization in core CPI[21] Construction Sector Developments - The construction new orders index rose to 51.4%, the first time it has exceeded the threshold since January 2024[20] - The business activity expectation index for construction increased by 1.5 percentage points to 57.1%, indicating positive sentiment in the sector[20] - High-frequency data shows improved activity in construction, with increased funding availability and higher consumption of building materials[22]