3月PMI数据点评：制造业景气度延续回升，经济增长动能持续修复

Manufacturing Sector - In March, China's manufacturing PMI rose to 50.5%, up 0.3 percentage points from the previous month, indicating continued expansion for two consecutive months[4] - The production index and new orders index for March were recorded at 52.6% and 51.8%, respectively, showing improvements of 0.1 and 0.7 percentage points month-on-month[4] - Industries such as railway, shipbuilding, and aerospace equipment saw production and new orders indices exceed 55.0%, indicating strong growth in supply and demand[4] Price and Business Activity - The main raw material purchase price index and factory price index fell to 49.8% and 47.9%, respectively, indicating a decrease in overall market prices[4] - Large enterprises' PMI was at 51.2%, down 1.3 percentage points, while small and medium-sized enterprises recorded PMIs of 49.9% and 49.6%, reflecting improvements of 0.7 and 3.3 percentage points[4] Service and Construction Sectors - The non-manufacturing business activity index for March was 50.8%, up 0.4 percentage points, indicating a faster pace of expansion[4] - The construction business activity index rose to 53.4%, with a 0.7 percentage point increase, suggesting accelerated production activities in the construction sector[4] - The business activity expectation index for the service sector was 57.5%, indicating stable confidence among service enterprises regarding market prospects[4] Economic Outlook - The comprehensive PMI output index increased to 51.4%, up 0.3 percentage points, reflecting enhanced production activity and a positive economic outlook[4] - The government has set a GDP growth target of around 5% for 2025, with various policies expected to support consumption and stabilize economic growth[6]