2026年1月PMI数据点评

Group 1: PMI Overview - The comprehensive PMI index for January 2026 is 49.8%, a decrease of 0.9 percentage points from the previous month[3] - The manufacturing PMI is at 49.3%, down 0.8 percentage points, indicating a contraction in the sector[3] - The service sector PMI is 49.5%, reflecting a slight decline of 0.2 percentage points[3] Group 2: Price Trends - The manufacturing raw material purchase price index increased by 3.0 percentage points to 56.1%, indicating accelerated expansion[3] - The factory price index rose by 1.7 percentage points to 50.6%, marking the first time in 20 months it has exceeded the critical point[3] - The service sector sales price index improved by 0.8 percentage points to 48.9%[3] Group 3: Sector Performance - High-tech and equipment manufacturing PMIs are at 52.0% and 50.1%, respectively, remaining above the expansion threshold[3] - The construction sector PMI fell to 48.8%, a decrease of 4 percentage points, influenced by low temperatures and the upcoming Spring Festival[3] - The construction sector's new orders and business activity expectation indices dropped by 7.3 and 7.6 percentage points, respectively[3]