EBSCN·2025-12-31 10:24Group 1: PMI Overview - The manufacturing PMI for December 2025 is reported at 50.1%, up 0.9 percentage points from the previous month and exceeding the market expectation of 49.6%[2] - The non-manufacturing PMI stands at 50.2%, an increase from the previous value of 49.5%[2] Group 2: Economic Drivers - The recovery in PMI indicates effective implementation of incremental policies in Q4, leading to an expansion in investment activities, particularly in the construction sector[4] - A temporary easing of the US-China trade conflict has contributed to a positive trend in exports[4] - Year-end inventory preparations by enterprises have led to a rebound in production and inventory indices[4] Group 3: Sector Performance - In December, the production index rose by 1.7 percentage points to 51.7%, and the new orders index increased by 1.6 percentage points to 50.8%[5] - High-tech manufacturing PMI surged by 2.4 percentage points to 52.5%, while equipment manufacturing and consumer goods sectors also entered the expansion zone[14] - Large enterprises saw a PMI increase of 1.5 percentage points to 50.8%, while small enterprises experienced a decline of 0.5 percentage points to 48.6%[6] Group 4: Trade and Pricing - The new export orders index rose by 1.4 percentage points to 49.0%, indicating sustained export demand[19] - The raw material purchase price index decreased by 0.5 percentage points to 53.1%, while the factory price index increased by 0.7 percentage points to 48.9%[23] Group 5: Construction Sector - The construction PMI increased by 3.2 percentage points to 52.8%, indicating accelerated expansion in construction activities[29] - The new orders index for construction rose by 1.3 percentage points to 47.4%, with a business expectation index of 57.4%[29]