中国PMI行业分析报告202601：建筑4年新低，电信价格新高

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - In January, China's non-manufacturing business activity index fell by 0.8 percentage points month-on-month and by 0.8 percentage points year-on-year, indicating a decline in overall economic activity [1] - The construction industry reached a four-year low, with a significant drop in new orders and a decrease in the business activity index [1] - The telecommunications sector saw an increase in pricing, reflecting a rise in service charges [1] Summary by Sections Section 1: Overview of China's Non-Manufacturing Industry Index - The report highlights a decline in the non-manufacturing industry index, with specific sectors showing varied performance [4] Section 2: Non-Manufacturing Industry Index Details - The information and business services sector had the highest business activity index at 53.4, down 1.6 percentage points from the previous month but up 0.1 percentage points year-on-year [5] - The residential services sector showed the lowest index at 45.8, with a slight increase of 1.6 percentage points month-on-month but a decrease of 2.3 percentage points year-on-year [11] - The construction sector's business activity index fell to 47.0, down 3.0 percentage points from the previous month and down 3.6 percentage points year-on-year [24]