2026年3月PMI分析：需求回暖强于生产，价格波动明显放大

Economic Indicators - The manufacturing PMI for March 2026 is 50.4%, up 1.4 percentage points from the previous month, indicating expansion[1] - The production index recorded 51.4%, an increase of 1.8 percentage points, while the new orders index reached 51.6%, up 3.0 percentage points, marking the first time in 23 months that new orders exceeded production[3] Demand and Supply Dynamics - Demand recovery is stronger than production, with new orders showing significant improvement driven by high-tech manufacturing, equipment manufacturing, and consumer goods[1][4] - New export orders increased by 4.1 percentage points to 49.1%, the highest since May 2024, indicating resilient external demand despite geopolitical tensions[3] Price Trends - The main raw materials purchase price index rose to 63.9%, a significant increase of 9.1 percentage points, while the factory price index increased to 55.4%, up 4.6 percentage points[4][6] - Brent crude oil averaged $98.71 per barrel in March, up 42% month-on-month, contributing to rising costs in logistics and raw materials[6] Inventory and Procurement - The procurement index rose to 50.9%, indicating a return to expansion, while raw materials inventory index remained at 47.7%, indicating a cautious approach to inventory replenishment[7] - Finished goods inventory index decreased to 46.7%, reflecting limited recovery in stock levels despite improved procurement activities[7] Sector Performance - The PMI for high-tech manufacturing reached 52.1%, while equipment manufacturing and consumer goods sectors recorded PMIs of 51.5% and 50.8%, respectively, indicating broad-based sectoral recovery[4][8] - Small and medium enterprises showed marginal improvement, with PMIs of 49.3% and 49.0%, respectively, still below the expansion threshold[8]