12月综合PMI重返扩张区间

Economic Indicators - The December Composite PMI returned to the expansion zone, exceeding 50%, marking a significant turnaround after a quarter of decline[4] - This data serves as a key confidence indicator for the economic performance and credit environment in 2026, the start of the "14th Five-Year Plan"[4] Policy Impact - The improvement in PMI reflects the cumulative effects of proactive macroeconomic policies aimed at stabilizing the market and boosting domestic demand[4] - The data indicates that the internal recovery dynamics are being activated, providing reassurance to the market[4] Sector Performance - High-tech manufacturing and equipment manufacturing are the main drivers of growth, with the December PMI for high-tech manufacturing rising to 52.5%[5] - The equipment manufacturing PMI also returned to the expansion zone, indicating structural improvements in the economy[5] Global Context - In contrast to major economies like the U.S., where manufacturing PMIs have been in contraction, China's PMI rebound highlights its relative economic resilience[6] - China's ample policy space and moderate inflation provide a favorable environment for attracting international capital in 2026[6]