12月制造业PMI重回扩张区间，持续关注机床+工业机器人投资机会

Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Insights - The manufacturing PMI for December 2025 is reported at 50.1%, indicating a return to the expansion zone with a month-on-month increase of 0.9 percentage points. Large enterprises show a PMI of 50.8%, up 1.5 percentage points, while medium and small enterprises exhibit PMIs of 49.8% and 48.6%, respectively, indicating varying levels of improvement and pressure [6] - The production index within the manufacturing PMI is at 51.7%, reflecting a significant acceleration in production activities. The new orders index is at 50.8%, indicating improved market demand and increased order volumes [6] - The machine tool industry in China achieved a cumulative revenue of 942.1 billion yuan from January to November 2025, with a year-on-year growth of 1.3%. Notably, the metal cutting machine segment saw a revenue increase of 10.5% [9] - Industrial robots maintained a rapid growth trajectory, with a cumulative production of 673,800 units from January to November 2025, representing a year-on-year increase of 29.2% [9] Summary by Sections Manufacturing PMI - December 2025 manufacturing PMI is 50.1%, up 0.9 percentage points from the previous month, indicating expansion [6] - Large enterprises' PMI is 50.8%, medium enterprises at 49.8%, and small enterprises at 48.6%, showing varying levels of operational improvement [6] - The production index is 51.7%, and the new orders index is 50.8%, both indicating positive trends in manufacturing activity [6] Machine Tool Industry - Cumulative revenue from January to November 2025 is 942.1 billion yuan, with a 1.3% year-on-year growth [9] - Metal cutting machine revenue increased by 10.5%, with production reaching 783,000 units, a 12.7% year-on-year growth [9] - New orders for metal processing machines grew by 6.3% year-on-year, while the total import and export value reached 30.31 billion USD, a 5.4% increase [9] Industrial Robots - Cumulative production of industrial robots from January to November 2025 is 673,800 units, a 29.2% year-on-year increase [9] - Cumulative sales reached 723,000 units, with a year-on-year growth of 46.04% [9] - Export quantity increased by 81.65%, with a total export value of 494 million USD, reflecting a 60.55% year-on-year growth [9]