12月PMI数据解读：年末脉冲，助力收官

Manufacturing PMI Insights - In December, the Manufacturing PMI rose to 50.1%, an increase of 0.9 percentage points, marking the first return above the growth threshold since April[2][4] - The increase in the Manufacturing PMI ended a continuous contraction of 8 months, with the current level being 1.4 percentage points higher than the average of the past three years[7] - New orders index increased by 1.6 percentage points to 50.8, while the production index rose by 1.7 percentage points, indicating a slight widening of the production-demand gap to 0.9 percentage points[8] Non-Manufacturing PMI Insights - The Non-Manufacturing PMI increased by 0.7 percentage points to 50.2, significantly outperforming the average of 48.1 for the same period in previous years[10] - The construction sector saw a substantial rise, with the PMI increasing by 3.2 percentage points to 52.8, while the service sector PMI rose slightly to 49.7[10][11] - In December, 10 out of 20 non-manufacturing sectors were in a growth phase, an increase from the previous month, with notable performance in postal and telecommunications sectors[6][11] Economic Outlook - The economic data for December suggests a potential recovery compared to November, with Q4 growth expected to be no less than 4.5%[3] - The implementation of 500 billion yuan in policy financial tools and local debt arrangements is believed to have contributed to the recovery in production and construction activities[3] - The manufacturing output price index has risen for two consecutive months, reflecting the effectiveness of policies aimed at reducing competition pressures within industries[3][5]