3月PMI数据点评：制造业景气度连续改善

Group 1: Manufacturing Sector - The manufacturing PMI for March is 50.5%, an increase of 0.3 percentage points from the previous month, indicating marginal improvement and remaining above the expansion threshold[7] - The new orders index for manufacturing recorded 51.8%, up 0.7 percentage points, suggesting continuous improvement in demand[12] - The production index is at 52.6%, indicating an acceleration in manufacturing activities, while the employment index is at 48.2%, showing a need for improvement in labor conditions[14] - Both raw material and finished goods inventory indices are below the critical point, indicating insufficient replenishment activity[16] - The new export orders index is at 49%, reflecting a slight improvement but still below the expansion threshold, indicating challenges in international trade[19] Group 2: Services and Construction Sectors - The services PMI increased to 50.3%, up 0.3 percentage points, indicating a marginal improvement in the service sector's performance[22] - The new orders index for services is at 47.1%, below the critical point, indicating insufficient demand in the services sector[25] - The construction PMI rose to 53.4%, an increase of 0.7 percentage points, indicating a positive trend in the construction sector[28] - The new orders index for construction is at 43.6%, suggesting pressure on demand, while the employment index is at 41.4%, indicating a need for improvement in labor conditions[28] Group 3: Economic Outlook and Risks - The overall economic outlook remains positive with the composite PMI at 51.4%, indicating ongoing recovery and stability in the economy[8] - Risks include potential deviations from expected fundamental recovery, macroeconomic policy surprises, and geopolitical risks[33]