Group 1: Manufacturing PMI Overview - In December, the Manufacturing Purchasing Managers' Index (PMI) was 50.1%, an increase of 0.9 percentage points from the previous month, indicating expansion [1] - Large enterprises had a PMI of 50.8%, up 1.5 percentage points; medium enterprises at 49.8%, up 0.9 percentage points; and small enterprises at 48.6%, down 0.5 percentage points, all below the critical point [3] - The production index was 51.7%, up 1.7 percentage points, indicating accelerated production activities in manufacturing [4] - The new orders index was 50.8%, up 1.6 percentage points, suggesting improved market demand in manufacturing [5] - The raw materials inventory index was 47.8%, up 0.5 percentage points, indicating a narrowing decline in major raw material inventory levels [5] - The employment index was 48.2%, down 0.2 percentage points, reflecting a slight decrease in employment conditions in manufacturing [5] - The supplier delivery time index was 50.2%, up 0.1 percentage points, indicating continued acceleration in supplier delivery times [5] Group 2: Non-Manufacturing PMI Overview - In December, the Non-Manufacturing Business Activity Index was 50.2%, an increase of 0.7 percentage points, returning to the expansion zone [9] - The construction industry business activity index was 52.8%, up 3.2 percentage points; the service industry index was 49.7%, up 0.2 percentage points [10] - The new orders index for non-manufacturing was 47.3%, up 1.6 percentage points, indicating a recovery in market demand [13] - The input price index was 50.2%, down 0.2 percentage points, indicating a rise in overall input prices for non-manufacturing enterprises [13] - The sales price index was 48.0%, down 1.1 percentage points, indicating a decline in overall sales prices in non-manufacturing [13] - The employment index was 46.1%, up 0.8 percentage points, indicating a slight recovery in employment conditions in non-manufacturing [13] - The business activity expectation index was 56.5%, up 0.3 percentage points, reflecting increased confidence among non-manufacturing enterprises [14] Group 3: Comprehensive PMI Overview - In December, the Comprehensive PMI Output Index was 50.7%, an increase of 1.0 percentage points, indicating overall expansion in production and business activities compared to the previous month [17]

Group 1: Manufacturing PMI Overview - In December, the Manufacturing Purchasing Managers' Index (PMI) was reported at 50.1%, an increase of 0.9 percentage points from the previous month, indicating a return to the expansion zone [2][4] - The production index reached 51.7%, up by 1.7 percentage points, suggesting an acceleration in manufacturing activities [4] - The new orders index was at 50.8%, rising by 1.6 percentage points, indicating an improvement in market demand [5] Group 2: Manufacturing Sector Details - Large enterprises reported a PMI of 50.8%, up by 1.5 percentage points, while medium-sized enterprises had a PMI of 49.8%, up by 0.9 percentage points, and small enterprises saw a PMI of 48.6%, down by 0.5 percentage points [4] - The raw materials inventory index was at 47.8%, an increase of 0.5 percentage points, indicating a narrowing decline in inventory levels [6] - The employment index was at 48.2%, down by 0.2 percentage points, reflecting a slight decrease in employment conditions within the manufacturing sector [6] Group 3: Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index was reported at 50.2%, an increase of 0.7 percentage points, returning to the expansion zone [12] - The construction sector's business activity index was at 52.8%, up by 3.2 percentage points, while the service sector's index was at 49.7%, up by 0.2 percentage points [14] Group 4: Non-Manufacturing Sector Details - The new orders index for non-manufacturing was at 47.3%, an increase of 1.6 percentage points, indicating a recovery in market demand [18] - The input prices index was at 50.2%, down by 0.2 percentage points, suggesting a rise in overall input prices for non-manufacturing enterprises [18] - The business activity expectation index was at 56.5%, up by 0.3 percentage points, indicating increased confidence among non-manufacturing enterprises regarding market development [19] Group 5: Comprehensive PMI Output Index - The comprehensive PMI output index was reported at 50.7%, an increase of 1.0 percentage points, indicating overall expansion in production and business activities compared to the previous month [22]

Group 1 - The manufacturing Purchasing Managers' Index (PMI) rose to 50.1% in December, marking the first time it has entered the expansion zone since April, indicating an overall recovery in economic sentiment [2][4] - Among the 21 surveyed industries, 16 reported an increase in PMI compared to the previous month, suggesting improved production and operational conditions [2] - The production index and new orders index were 51.7% and 50.8%, respectively, both showing significant increases, particularly the new orders index, which rose above the critical point for the first time since the second half of the year [2][3] Group 2 - The PMI for large enterprises returned to the expansion zone at 50.8%, while medium-sized enterprises' PMI was at 49.8%, and small enterprises' PMI decreased to 48.6%, indicating varied recovery levels across different enterprise sizes [2][3] - High-tech manufacturing PMI reached 52.5%, showing a positive growth trend, while the high-energy-consuming industries remained below the critical point at 48.9% [3] - The production and business activity expectation index rose to 55.5%, reflecting increased confidence among manufacturing enterprises regarding market development [3] Group 3 - The non-manufacturing business activity index increased to 50.2%, indicating an improvement in the non-manufacturing sector's economic conditions [5] - The service sector's business activity index was at 49.7%, with certain industries like telecommunications and financial services showing strong growth, while retail and catering remained in contraction [6] - The construction sector's business activity index rose significantly to 52.8%, driven by favorable weather conditions and year-end project acceleration [6] Group 4 - The comprehensive PMI output index reached 50.7%, indicating overall expansion in production and business activities across sectors [7] - The manufacturing production index and non-manufacturing business activity index were 51.7% and 50.2%, respectively, contributing to the comprehensive PMI's rise [7]

Group 1: Manufacturing PMI Overview - In December, the Manufacturing Purchasing Managers' Index (PMI) was 50.1%, an increase of 0.9 percentage points from the previous month, indicating expansion [1] - Large enterprises had a PMI of 50.8%, up 1.5 percentage points, while medium-sized enterprises had a PMI of 49.8%, up 0.9 percentage points, and small enterprises had a PMI of 48.6%, down 0.5 percentage points [1] - The production index was 51.7%, an increase of 1.7 percentage points, indicating accelerated production activities in the manufacturing sector [2] - The new orders index was 50.8%, up 1.6 percentage points, suggesting improved market demand in manufacturing [3] - The raw materials inventory index was 47.8%, up 0.5 percentage points, indicating a narrowing decline in major raw material inventories [4] - The employment index was 48.2%, down 0.2 percentage points, reflecting a slight decrease in employment conditions in manufacturing [5] - The supplier delivery time index was 50.2%, up 0.1 percentage points, indicating that supplier delivery times for raw materials continued to accelerate [5] Group 2: Non-Manufacturing PMI Overview - In December, the Non-Manufacturing Business Activity Index was 50.2%, an increase of 0.7 percentage points, returning to the expansion zone [6] - The construction industry business activity index was 52.8%, up 3.2 percentage points, while the service industry business activity index was 49.7%, up 0.2 percentage points [6] - The new orders index was 47.3%, up 1.6 percentage points, indicating a recovery in market demand for non-manufacturing [6] - The input prices index was 50.2%, down 0.2 percentage points, indicating a general increase in input prices for non-manufacturing activities [6] - The sales prices index was 48.0%, down 1.1 percentage points, indicating a decline in overall sales prices in non-manufacturing [7] - The employment index was 46.1%, up 0.8 percentage points, indicating a slight recovery in employment conditions in non-manufacturing [7] - The business activity expectation index was 56.5%, up 0.3 percentage points, reflecting increased confidence in market development among non-manufacturing enterprises [7] Group 3: Composite PMI Overview - In December, the Composite PMI Output Index was 50.7%, an increase of 1.0 percentage points, indicating overall expansion in production and business activities compared to the previous month [9]

Core Insights - In December, China's manufacturing Purchasing Managers' Index (PMI) rose by 0.9 percentage points to 50.1%, marking a return to the expansion zone after eight months [1][21] - The non-manufacturing business activity index also increased to 50.2%, up by 0.7 percentage points, indicating a recovery in the non-manufacturing sector [1][21] - The comprehensive PMI output index reached 50.7%, reflecting overall expansion in production and business activities compared to the previous month [1][21] Manufacturing PMI Summary - The manufacturing PMI stood at 50.1%, with 16 out of 21 surveyed industries showing improvement [21][22] - The production index rose to 51.7%, up by 1.7 percentage points, indicating accelerated production activities [5][22] - The new orders index increased to 50.8%, up by 1.6 percentage points, suggesting improved market demand [5][22] - Large enterprises reported a PMI of 50.8%, up by 1.5 percentage points, while medium and small enterprises reported PMIs of 49.8% and 48.6%, respectively [5][22] Non-Manufacturing PMI Summary - The non-manufacturing business activity index was 50.2%, indicating a return to expansion [1][21] - The construction sector's business activity index rose to 52.8%, up by 3.2 percentage points, reflecting significant improvement [10][24] - The service sector's business activity index was 49.7%, showing a slight increase of 0.2 percentage points, but still below the expansion threshold [10][24] - The new orders index for non-manufacturing rose to 47.3%, indicating a recovery in market demand [14][24] Comprehensive PMI Output Summary - The comprehensive PMI output index reached 50.7%, up by 1.0 percentage points, indicating overall expansion in business activities [1][21][24] - The manufacturing production index and non-manufacturing business activity index contributed to this growth, standing at 51.7% and 50.2%, respectively [24]

Core Viewpoint - The Purchasing Managers' Index (PMI) for December 2025 indicates a recovery in China's economic activity, with both manufacturing and non-manufacturing sectors showing expansion, as all three key indices rose above the critical 50% mark [2][5]. Manufacturing PMI Summary - The manufacturing PMI reached 50.1%, marking its first rise above the expansion threshold since April, with 16 out of 21 surveyed industries reporting improved conditions [2][7]. - Production index and new orders index increased to 51.7% and 50.8%, respectively, indicating significant expansion in both production and demand, with new orders surpassing the critical point for the first time since the second half of the year [3][10]. - Large enterprises reported a PMI of 50.8%, while medium and small enterprises showed PMIs of 49.8% and 48.6%, respectively, indicating a mixed recovery across different enterprise sizes [4][9]. Non-Manufacturing PMI Summary - The non-manufacturing business activity index rose to 50.2%, reflecting an improvement in the non-manufacturing sector's economic conditions [5][12]. - The service sector's business activity index was at 49.7%, with certain industries like telecommunications and financial services showing strong growth, while retail and catering remained in contraction [6][14]. - The construction sector saw a notable increase in its business activity index to 52.8%, driven by favorable weather conditions and pre-holiday construction activities [6][14]. Comprehensive PMI Output Index Summary - The comprehensive PMI output index reached 50.7%, indicating overall expansion in production and business activities compared to the previous month [5][12]. - The manufacturing production index and non-manufacturing business activity index were reported at 51.7% and 50.2%, respectively, contributing to the overall positive trend [5][12].

Group 1: Manufacturing PMI Overview - In December, the Manufacturing Purchasing Managers' Index (PMI) was 50.1%, an increase of 0.9 percentage points from the previous month, indicating a return to the expansion zone [3][5] - The production index was 51.7%, up 1.7 percentage points, suggesting accelerated production activities in the manufacturing sector [5] - The new orders index reached 50.8%, an increase of 1.6 percentage points, indicating improved market demand in manufacturing [5] Group 2: Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index was 50.2%, rising by 0.7 percentage points, signaling a return to the expansion zone [8] - The construction industry business activity index was 52.8%, up 3.2 percentage points, while the service industry index was 49.7%, a slight increase of 0.2 percentage points [9] - The new orders index for non-manufacturing was 47.3%, an increase of 1.6 percentage points, indicating a recovery in market demand [11] Group 3: Comprehensive PMI Output Index - The Comprehensive PMI Output Index was 50.7%, an increase of 1.0 percentage point, indicating overall expansion in production and business activities compared to the previous month [18]

我国经济景气水平总体回升。 12月31日，国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。对此，国家 统计局服务业调查中心首席统计师霍丽慧进行了解读。 （三）重点行业PMI均高于上月。高技术制造业PMI为52.5%，比上月上升2.4个百分点，行业增长态势 向好。装备制造业和消费品行业PMI均为50.4%，分别比上月上升0.6个和1.0个百分点，双双升至扩张区 间。高耗能行业PMI为48.9%，比上月上升0.5个百分点，景气水平继续回升。 （四）预期指数升至较高景气区间。生产经营活动预期指数为55.5%，比上月上升2.4个百分点，制造业 企业对市场发展信心继续增强。从行业看，受节前备货等因素带动，农副食品加工、食品及酒饮料精制 茶等行业生产经营活动预期指数均升至60.0%以上高位景气区间，相关企业对近期行业发展更为乐观。 二、非制造业商务活动指数重回扩张区间 12月份，非制造业商务活动指数为50.2%，比上月上升0.7个百分点，非制造业景气水平改善。 （一）服务业景气度小幅回升。服务业商务活动指数为49.7%，比上月上升0.2个百分点。从行业看，电 信广播电视及卫星传输服务、货币金融服务、 ...

央视网消息：国家统计局12月31日公布2025年12月中国采购经理指数运行情况： 一、中国制造业采购经理指数运行情况 12月份，制造业采购经理指数（PMI）为50.1%，比上月上升0.9个百分点，升至扩张区间。 从企业规模看，大型企业PMI为50.8%，比上月上升1.5个百分点，高于临界点；中型企业PMI为49.8%， 比上月上升0.9个百分点，仍低于临界点；小型企业PMI为48.6%，比上月下降0.5个百分点，低于临界 点。 从分类指数看，在构成制造业PMI的5个分类指数中，生产指数、新订单指数和供应商配送时间指数均 高于临界点，原材料库存指数和从业人员指数均低于临界点。 二、中国非制造业采购经理指数运行情况 12月份，非制造业商务活动指数为50.2%，比上月上升0.7个百分点，重返扩张区间。 分行业看，建筑业商务活动指数为52.8%，比上月上升3.2个百分点；服务业商务活动指数为49.7%，比 上月上升0.2个百分点。从服务业行业看，电信广播电视及卫星传输服务、货币金融服务、资本市场服 务等行业商务活动指数均位于60.0%以上高位景气区间；零售、餐饮等行业商务活动指数均低于临界 点。 新订单指数为47.3 ...

（原标题：国家统计局：12月官方制造业PMI为50.1% 升至扩张区间） 一、中国制造业采购经理指数运行情况 12月份，制造业采购经理指数（PMI）为50.1%，比上月上升0.9个百分点，升至扩张区间。 从分类指数看，在构成制造业PMI的5个分类指数中，生产指数、新订单指数和供应商配送时间指数均 高于临界点，原材料库存指数和从业人员指数均低于临界点。 生产指数为51.7%，比上月上升1.7个百分点，表明制造业企业生产活动加快。 新订单指数为50.8%，比上月上升1.6个百分点，表明制造业市场需求有所改善。 原材料库存指数为47.8%，比上月上升0.5个百分点，表明制造业主要原材料库存量降幅收窄。 从业人员指数为48.2%，比上月下降0.2个百分点，表明制造业企业用工景气度小幅回落。 供应商配送时间指数为50.2%，比上月上升0.1个百分点，表明制造业原材料供应商交货时间继续加快。 分行业看，建筑业商务活动指数为52.8%，比上月上升3.2个百分点；服务业商务活动指数为49.7%，比 上月上升0.2个百分点。从服务业行业看，电信广播电视及卫星传输服务、货币金融服务、资本市场服 务等行业商务活动指数均位于60.0 ...