12月PMI数据点评：政策持续显效，非制造业超预期回升

Economic Indicators - China's December manufacturing PMI stands at 50.1%, slightly below the expected 50.3% and previous value of 50.3%[2] - The non-manufacturing PMI for December is reported at 52.2%, exceeding expectations of 50.2% and the previous month's 50.0%[2] Manufacturing Sector Insights - Manufacturing PMI has been above the expansion threshold for three consecutive months, with December's value at 50.1%, down 0.2 percentage points from the previous month[10] - New orders index increased by 0.2 percentage points to 51.0%, indicating a marginal improvement in demand[10] Non-Manufacturing Sector Performance - The non-manufacturing business activity index rose by 2.2 percentage points to 52.2%, marking a significant rebound and the highest level since April 2024[16] - The service sector's business activity index increased by 1.9 percentage points to 52.0%, reflecting broad-based improvements across 17 out of 21 surveyed industries[17] Price Trends - The raw material purchase price index fell to 48.2%, down 1.6 percentage points, while the factory price index decreased to 46.7%, down 1.0 percentage points, indicating ongoing price pressures[26] Employment and Production Dynamics - The production index for December is at 52.1%, down 0.3 percentage points, while the new orders index shows an increase, suggesting a narrowing gap between supply and demand[21] - The employment index remains below the expansion threshold at 48.1%, indicating continued pressure on job growth in the manufacturing sector[9] Policy Impact - The report highlights that existing policies and new measures have positively influenced domestic demand, supporting overall manufacturing expansion[10] - The construction sector's business activity index surged to 53.2%, up 3.5 percentage points, driven by policy support and seasonal factors[31]