1月中观景气结构暂延续前期特征

Group 1: Manufacturing PMI Analysis - In January, the manufacturing PMI decreased by 0.8 points to 49.3, primarily due to seasonal factors and a significant drop in consumer goods and high-energy industries, which fell by 2.1 and 1.0 points respectively[2] - High-tech manufacturing PMI stood at 52.0, down 0.5 points, while equipment manufacturing PMI decreased by 0.3 points to 50.1[2] - The consumer goods and high-energy industries recorded PMIs of 48.3 and 47.9, reflecting declines of 2.1 and 1.0 points respectively[2] Group 2: Industry Performance Insights - The automotive sector saw a significant decline, with retail sales of passenger cars dropping by 37% in January compared to the same period last year[2] - Brent crude oil prices rose from $61 per barrel at the end of 2025 to $71 per barrel by the end of January 2026, impacting the petrochemical and chemical industries negatively[2] - The non-ferrous and black metal sectors experienced increases of 4.0 and 2.0 points respectively, driven by global pricing expectations and pre-season stockpiling[2] Group 3: Emerging Industries and Construction Sector - Emerging industries such as biotechnology, new energy vehicles, and next-generation information technology continue to lead in performance, with biotechnology remaining above 60 in the high prosperity range[5] - The construction sector's PMI fell by 4.0 points to 48.8, exceeding seasonal declines observed in previous years[6] - New orders in the construction sector decreased by 7.3 points, indicating a slowdown in demand[8] Group 4: Service Sector Trends - The service sector PMI slightly decreased by 0.2 points to 49.5, remaining in the contraction zone for three consecutive months[10] - Financial services, including monetary finance and capital market services, maintained high activity levels, with indices above 65[10] - The transportation and information services sectors saw declines in their PMIs, while residential services experienced a slight increase of 1.6 points[10]