2月PMI数据点评：制造业景气度改善，重返扩张区间

Group 1: Manufacturing Sector - The manufacturing PMI increased to 50.2%, up by 1.1 percentage points from the previous month, indicating a return to expansion territory[10] - The new orders index for manufacturing reached 51.1%, rising by 1.9 percentage points, signaling improved demand[12] - The production index recorded 52.5%, an increase of 2.7 percentage points, suggesting enhanced production activity[13] Group 2: Service Sector - The non-manufacturing PMI decreased to 50.4%, down by 0.3 percentage points, indicating a slight decline in service sector activity[10] - The new orders index for services was at 45.9%, below the threshold, reflecting insufficient demand[21] - The employment index in the service sector was recorded at 46.7%, indicating a lack of hiring activity[21] Group 3: Construction Sector - The construction PMI rose to 52.7%, an increase of 2.4 percentage points, indicating a return to expansion in the construction sector[23] - The new orders index for construction was at 46.8%, suggesting demand pressures remain[23] - The employment index in construction was recorded at 45.6%, indicating insufficient hiring in the sector[23] Group 4: Economic Outlook - The overall economic outlook shows a recovery trend, with the composite PMI at 51.1%, up by 1 percentage point, indicating ongoing economic improvement[11] - Risks include potential deviations from expected fundamental recovery, macro policy surprises, and geopolitical risks[28]