2025年12月PMI数据解读：12月PMI：工业稳增长开启开门红

Group 1: PMI and Economic Activity - The manufacturing Purchasing Managers' Index (PMI) for December is 50.1%, an increase of 0.9 percentage points from the previous month, indicating a return to the expansion zone[1] - The production index for December is 51.7%, up 1.7 percentage points from last month, signaling accelerated manufacturing activity[2] - The composite PMI output index is 50.7%, reflecting overall economic activity improvement compared to the previous month[7] Group 2: Demand and Orders - The new orders index for December is 50.8%, rising 1.6 percentage points, indicating improved market demand in manufacturing[3] - The production expectation index for manufacturing is 55.5%, up 2.4 percentage points, showing increased confidence among manufacturers regarding market development[2] - The new export orders index is 49%, an increase of 1.4 percentage points, suggesting stable development in manufacturing exports[3] Group 3: Price Trends - The purchasing price index for raw materials is 53.1%, down 0.5 percentage points, indicating a slowdown in price increases for raw materials[4] - The factory price index is 48.9%, up 0.7 percentage points, marking a second consecutive month of increase in finished product prices[4] - Price trends are diverging, with high-energy-consuming industries experiencing a decline in purchasing prices, while equipment and high-tech manufacturing maintain a faster price increase[4] Group 4: Non-Manufacturing Sector - The non-manufacturing business activity index is 50.2%, up 0.7 percentage points, indicating improvement in the non-manufacturing sector[7] - The construction industry business activity index is 52.8%, an increase of 3.2 percentage points, reflecting a return to expansion in the construction sector[7]