中采PMI点评：如何理解PMI与EPMI背离？

Group 1: PMI and EPMI Overview - In March, the manufacturing PMI increased to 50.5%, up 0.3 percentage points from the previous month, while the non-manufacturing PMI rose to 50.8%, up 0.4 percentage points[1][7]. - The EPMI for strategic emerging industries surged to 59.6%, a significant increase of 10.6 percentage points, indicating a strong recovery in these sectors[2][8]. Group 2: Industry Performance Disparities - The divergence between PMI and EPMI is attributed to the differing focus on emerging versus traditional industries, with EPMI reflecting stronger performance in high-tech and equipment manufacturing[2][11]. - High-tech and equipment manufacturing PMIs rose significantly by 1.4 and 1.2 percentage points to 52.3% and 52%, respectively, while traditional sectors like consumer goods saw only a marginal increase of 0.1 percentage points to 50%[2][13]. Group 3: Production and Demand Indicators - The EPMI production index saw a substantial rise of 21.6 percentage points, contrasting with a minimal increase of 0.1 percentage points in the PMI production index, which reached 52.6%[3][17]. - New orders for EPMI increased by 13.7%, while PMI new orders only rose by 0.7 percentage points to 51.8%, indicating weaker demand in traditional sectors[3][17]. Group 4: Non-Manufacturing Sector Insights - The construction PMI increased by 0.7 percentage points to 53.4%, but this was still below seasonal expectations due to weak real estate investment[5][25]. - The service sector PMI rose by 0.3 percentage points to 50.3%, with certain consumer-related industries experiencing a decline in business activity indices[5][47].