——2026年2月PMI点评：春节效应拖累制造业景气度

Manufacturing Sector - The manufacturing PMI for February 2026 is reported at 49.0%, down 0.3 percentage points from January and below the expected 49.7%[2][5] - The production index decreased by 1.0 percentage points to 49.6%, and the new orders index fell by 0.6 percentage points to 48.6%[5][14] - Large enterprises saw an increase in PMI by 1.2 percentage points to 51.5%, while small enterprises dropped by 2.6 percentage points to 44.8%, the lowest level since 2023[6] Price Trends - The purchasing price index for raw materials decreased by 1.3 percentage points to 54.8%, indicating a slowdown in price increases[24] - The factory price index remained stable at 50.6%, suggesting a reduction in cost pressure for enterprises[24] Service Sector - The service sector PMI rose by 0.2 percentage points to 49.7%, driven by increased consumer spending during the Spring Festival[29] - Despite the increase, the service sector PMI has remained below the expansion threshold for four consecutive months[31] Construction Sector - The construction PMI fell by 0.6 percentage points to 48.2%, influenced by the return of workers during the Spring Festival[32] - The new orders index for construction increased by 2.1 percentage points to 42.2%, but still indicates low activity levels[32]