经济透视：中国2月官方综合PMI产出指数维持稳定

Economic Indicators - The official manufacturing PMI for February 2024 is 49.1, a slight decrease of 0.1 percentage points from January, and slightly above the market expectation of 49.0[1] - The non-manufacturing business activity index for February is 51.4, an increase of 0.7 percentage points from January, exceeding the market expectation of 50.7[1] - The composite PMI output index for February remains stable at 50.9, unchanged from January[1] Manufacturing Sector Insights - The decline in manufacturing PMI is attributed to the impact of the Spring Festival holiday and overall weak demand, with over 61% of surveyed enterprises reporting insufficient market demand[10] - The production index for February is 49.8, down 1.5 percentage points from January, indicating contraction in production activities[10] - Large enterprises have a PMI of 50.4, unchanged from January, while small enterprises have a PMI of only 46.4, down 0.8 percentage points, indicating a slowdown in operations[10] Non-Manufacturing Sector Insights - The service sector business activity index for February is 51, up 0.9 percentage points from January, driven by increased service consumption during the Spring Festival[6] - The construction sector business activity index is 53.5, down 0.4 percentage points from January, reflecting a slight slowdown in construction progress due to holiday and weather factors[6] Future Outlook - Manufacturing is expected to rebound in March as enterprises resume full operations post-holiday, supported by new policies encouraging equipment upgrades and consumer goods replacement[3] - The weak real estate sector may continue to hinder improvements in the service and construction industries, necessitating further support policies if the downturn persists[3]