12月全国PMI数据解读：制造稳定，非制造回升

Group 1: PMI Data Overview - In December 2024, the Manufacturing PMI was reported at 50.1%, a decrease of 0.2 percentage points from the previous month[23] - The Production Index for December was 52.1%, down 0.3 percentage points, while the New Orders Index rose to 51.0%, an increase of 0.2 percentage points[29] - The Non-Manufacturing Business Activity Index reached 52.0%, up 1.9 percentage points, marking the highest level since April[35] Group 2: Sector Performance - In the construction sector, the Business Activity Index increased to 53.2%, up 3.5 percentage points, driven by pre-holiday construction activity and supportive fiscal policies[58] - Among the 21 surveyed industries, 17 reported marginal improvements in their business activity indices, with sectors like air transport and financial services showing strong growth[35] - The New Export Orders Index was at 48.3%, reflecting a slight increase of 0.2 percentage points, indicating stable overseas demand[30] Group 3: Price and Inventory Trends - The Purchasing Price Index and the Factory Price Index were reported at 48.2% and 46.7%, respectively, both showing declines of 1.6 and 1.0 percentage points[33] - The Procurement Index rose to 51.5%, an increase of 0.5 percentage points, as companies prepared for the upcoming holiday season[34] - The Raw Material Inventory Index was at 48.3%, up 0.1 percentage points, while the Finished Goods Inventory Index improved to 47.9%, an increase of 0.5 percentage points[34]