中国PMI非制造业全国综述202601：建筑淡季延续，服务回落

Report Industry Investment Rating - No relevant information provided Core View of the Report - In January 2026, the business activity of China's non - manufacturing industry declined by 0.8 percentage points to 49.4%, ending the expansion trend. The new order index dropped by 1.2 to 46.1%, and the demand recovery was still weak. The construction industry was significantly affected by cold weather and the approaching Spring Festival, with a notable decline in the prosperity level, while the service industry was relatively stable. The business activity index of the service industry has been stable at around 49.5% for three consecutive months, and the new order index has been slightly above 47% for two consecutive months. The financial industry, new kinetic energy industries, and some festival - related consumer industries supported the stable operation of the service industry [1][8] Summary by Relevant Catalogs PMI National Indicators - The national business activity status was 49.4, with a month - on - month value of - 0.8 and a year - on - year value of - 0.8, lower than the recent average by 2.4 percentage points. The national new order (business demand) was 46.1, with a month - on - month value of - 1.2 and a year - on - year value of - 0.3, lower than the recent average by 2.7 percentage points. The production - order difference was 3.3, indicating a weakening relationship between production and demand [4] - The national charge price was 48.8, with a month - on - month increase of 0.8 and a year - on - year increase of 0.2, higher than the recent average by 0.2 percentage points. The national intermediate input price was 50, with a month - on - month decrease of 0.2 and a year - on - year decrease of - 0.4, lower than the recent average by 0.5 percentage points [5] - The absolute value of the comprehensive index this month was weaker than the recent average, and the month - on - month value was also weaker than the recent average [6] - Business activity status: 49.4, declining, with an absolute value weaker than recent years; New orders (business demand): 46.1, below 50, production higher than orders; Overseas new orders (business demand): 46.9, declining; Production and operation personnel: 46.1, flat compared to last month, at a low level; Charge price: 48.8, rising, at a medium level; Intermediate input price: 50, declining; Price difference: - 1.2, rising [7] Evaluation of PMI Indicators for Major and Sub - industries - Major industries: The service industry's activity status index declined compared to last month and was lower than the same period in previous years. The construction industry's activity status index also declined compared to last month and was lower than the same period in previous years. After standardizing the data, the construction industry was weaker than the service industry. In the construction industry, the business activity status was 48.8, with a month - on - month value of - 4, lower than the recent average by 4.4 percentage points; new orders (business demand) were 40.1, with a month - on - month value of - 7.3, lower than the recent average by 9.5 percentage points; charge price was 48.2, with a month - on - month value of 0.8, lower than the recent average by 2.1 percentage points. In the service industry, the business activity status was 49.5, with a month - on - month value of - 0.2, lower than the recent average by 2 percentage points; new orders (business demand) were 47.1, with a month - on - month value of - 0.2, lower than the recent average by 1.6 percentage points; charge price was 48.9, with a month - on - month value of 0.8, higher than the recent average by 0.6 percentage points [16][17][18] - Sub - industries: The highest economic status indicator was in the information and business service sub - industry, and the lowest was in the residential service sub - industry. The residential service sub - industry had the largest increase, while the building construction sub - industry had the largest decline [19] Comprehensive Analysis of Intermediate Input Price and Charge Price - The charge price was closely related to the main business income and profit indicators of each industry. This month, the national charge price increased compared to last month, indicating an expected rise in inflation. The national intermediate input price decreased compared to last month, and the difference between the charge price and the intermediate input price increased compared to last month, indicating a narrowing profit margin for enterprises. The national charge price was 48.8, with a month - on - month value of 0.8 and a year - on - year value of 0.2, higher than the recent average by 0.2 percentage points. The highest charge price was in the wholesale industry at 51.6, and the highest month - on - month value was also in the wholesale industry at 4 [20] Main Sub - indicators - New order index: 47.3%, a month - on - month increase of 1.6 percentage points. In the construction industry, it was 47.4%, a month - on - month increase of 1.3 percentage points; in the service industry, it was 47.3%, a month - on - month increase of 1.7 percentage points [23] - Input price index: 50.2%, a month - on - month decrease of 0.2 percentage points. In the construction industry, it was 50.8%, a month - on - month increase of 1.1 percentage points; in the service industry, it was 50.1%, a month - on - month decrease of 0.4 percentage points [23] - Sales price index: 48%, a month - on - month decrease of 1.1 percentage points. In the construction industry, it was 47.4%, a month - on - month decrease of 1 percentage points; in the service industry, it was 48.1%, a month - on - month decrease of 1.1 percentage points [23] - Employee index: 46.1%, a month - on - month increase of 0.8 percentage points. In the construction industry, it was 41%, a month - on - month decrease of 0.8 percentage points; in the service industry, it was 47%, a month - on - month increase of 1.1 percentage points [23] - Business activity expectation index: 56.5%, a month - on - month increase of 0.3 percentage points. In the construction industry, it was 57.4%, a month - on - month decrease of 0.5 percentage points; in the service industry, it was 56.4%, a month - on - month increase of 0.5 percentage points [23]