2025年2月PMI数据解读：2月PMI：大型企业重回扩张，关注工业稳增长兑现

Group 1: PMI and Manufacturing Insights - The manufacturing PMI for February 2025 recorded at 50.2%, an increase of 1.1 percentage points month-on-month, indicating a recovery influenced by the post-Spring Festival period[1] - Large enterprises' PMI rose to 52.5%, up 2.6 percentage points from the previous month, while medium and small enterprises' PMIs decreased to 49.2% and 46.3%, respectively[1] - The production index for large enterprises increased nearly 5 percentage points to 56.2%, serving as a core support for the manufacturing sector's recovery in February[1] Group 2: Demand and Economic Outlook - The new orders index for manufacturing improved to 51.1%, up 1.9 percentage points, indicating a return to expansion after briefly falling below 50%[9] - The overall economic growth target for 2025 is expected to be around 5%, with the first quarter GDP growth potentially reaching 5.1%[16] - The composite PMI output index for February was 51.1%, reflecting an overall recovery in economic sentiment[16] Group 3: Sector Performance and Trends - The production index for the equipment manufacturing sector was above 54%, showing a nearly 2 percentage point increase, while high-tech manufacturing reached 53%, up 3 percentage points[3] - The average daily coal consumption of the six major power generation groups increased to 782,500 tons in February, significantly higher than the previous month's 639,700 tons[7] - The EPMI for strategic emerging industries rose to 49%, a 3.4 percentage point increase, ending a four-month decline[12]