3月PMI：装备制造业挑大梁，新动能行业持续活跃

Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) for March recorded at 50.5%, a month-on-month increase of 0.3 percentage points, indicating accelerated expansion in production and demand[1] - The production index and new orders index were 52.6% and 51.8%, respectively, rising by 0.1 and 0.7 percentage points from the previous month[1] - New orders in the equipment manufacturing sector increased by 3.7 percentage points to over 55%, the highest since April 2023[9] Industry Performance - Equipment manufacturing PMI rose to 52.0%, high-tech manufacturing PMI to 52.3%, and consumer goods PMI to 50.0%, all showing month-on-month increases[1] - High-energy-consuming industries saw a PMI of 49.3%, down by 0.5 percentage points from the previous month[1] - The strategic emerging industries PMI surged by 10.6 percentage points to 59.6%, marking a 25-month high, with production volume increasing by 21.6 percentage points to 67.7%[15] Economic Outlook - The overall demand showed marginal improvement, with the new orders index at 51.8%, indicating a recovery trend in the economy[9] - The non-manufacturing business activity index rose to 50.8%, reflecting a slight increase in service sector activity[19] - The comprehensive PMI output index increased to 51.4%, suggesting enhanced production activity across industries[22] Market Dynamics - The report anticipates a potential "bull market" in both stocks and bonds driven by improved risk appetite and easing U.S.-China relations[1] - The government is expected to implement policies to support consumption, including increasing the special bonds for consumer upgrades from 150 billion yuan to 300 billion yuan[10] - The coal consumption for power generation is projected to remain resilient, although non-electric demand is expected to be weak[6]