2月制造业PMI放缓，服务业数据亮眼

Core Viewpoint - The manufacturing PMI in February decreased to 49.0%, indicating ongoing economic pressure, while the non-manufacturing business activity index rose slightly to 49.5%, reflecting some positive sentiment due to upcoming policy changes [2][5]. Manufacturing Sector Analysis - The manufacturing PMI dropped by 0.3 percentage points from the previous month, primarily due to the impact of the Spring Festival and ongoing economic pressures [2][5]. - The new orders index for manufacturing fell to 48.6%, down 0.6 percentage points, with significant declines in export orders, which dropped to 45%, a decrease of 2.8 percentage points [5][6]. - Production activities slowed, with the production index at 49.6%, down 1 percentage point, particularly affecting high-energy-consuming industries [6][8]. - The purchasing price index for raw materials decreased to 54.8%, down 1.3 percentage points, indicating a slowdown in price increases, while the factory price index remained stable at 50.6% [8]. Non-Manufacturing Sector Analysis - The non-manufacturing business activity index increased by 0.1 percentage points to 49.5%, with the service sector showing resilience despite remaining below the 50% threshold [10][12]. - The construction industry index fell to 48.2%, while the service industry index rose to 49.7%, driven by strong performance in consumer-related services such as retail and hospitality [11][12]. - The retail and new orders indices for the service sector rose above 50%, indicating a recovery in consumer spending post-Spring Festival [12].