3月全国PMI数据解读：需求尚稳，仍需提振

Group 1: Manufacturing PMI Insights - In March 2025, the Manufacturing PMI rose to 50.5%, an increase of 0.3 percentage points from the previous month[4] - The production index and new orders index were at 52.6% and 51.8%, respectively, indicating a recovery in production and demand[14] - Large enterprises' PMI decreased to 51.2%, while medium and small enterprises' PMIs increased to 49.9% and 49.6%, reflecting a mixed performance across different enterprise sizes[11] Group 2: Supply and Demand Dynamics - The recovery in production was primarily seasonal, while demand recovery was stronger than seasonal trends, supported by positive policies[14] - The import index showed a significant decline, indicating that demand still requires further stimulation[14] - The new export orders index was at 49%, up by 0.4 percentage points, suggesting continued support from overseas demand despite uncertainties[16] Group 3: Non-Manufacturing Sector Performance - The non-manufacturing business activity index was 50.3%, up by 0.3 percentage points, indicating stable growth[28] - The construction business activity index rose to 53.4%, reflecting seasonal factors and a potential increase in project progress[31] - Service sectors such as water transport and financial services showed strong performance, while consumer-related sectors like dining and entertainment experienced a decline[28]