2月制造业PMI49.0%！这一指标连续13个月扩张

Core Viewpoint - The manufacturing PMI in February dropped to 49.0%, indicating a short-term slowdown in manufacturing activity, while the non-manufacturing business activity index slightly increased to 49.5% due to seasonal factors and holiday consumption [1][2]. Group 1: Manufacturing Sector - The manufacturing PMI decreased by 0.6 percentage points to 49.0%, reflecting a decline in production and demand, with various indices such as production index and new orders index showing decreases between 0.1 to 2.8 percentage points [2]. - The new orders index for manufacturing was at 48.6%, indicating tightening demand primarily due to seasonal factors, including the extended Spring Festival holiday and adverse weather conditions affecting outdoor construction [2]. - High-tech manufacturing PMI remained in the expansion zone at 51.5%, despite a 0.5 percentage point decline, with new orders and production indices indicating stable demand and activity [4]. Group 2: Non-Manufacturing Sector - The non-manufacturing business activity index rose to 49.5%, supported by a recovery in the service sector, particularly in accommodation, dining, and entertainment, which saw indices above 60.0% [6]. - The construction sector showed signs of improvement, with the civil engineering new orders index rising, indicating potential growth in infrastructure demand post-holiday [6]. - The business activity expectation index for civil engineering rose to over 54%, reflecting optimism among construction firms regarding post-holiday recovery [6][7].