本报北京1月2日电 （记者欧阳洁）国家统计局服务业调查中心、中国物流与采购联合会近日发布的 2025年12月制造业采购经理指数（PMI）为50.1%，比上月上升0.9个百分点，在连续8个月运行在50%以 下后升至扩张区间，其中，12月制造业生产经营活动预期指数为55.5%，较上月上升2.4个百分点，创 2024年4月以来的新高。 （文章来源：人民日报） 制造业结构方面呈现积极变化。高技术制造业扩张势头明显加快，高技术制造业PMI为52.5%，较上月 上升2.4个百分点。消费品行业PMI为50.4%，较上月上升1个百分点，其中生产指数上升至52%以上，新 订单指数上升至51%以上，显示消费品制造业市场供需较好扩张。 同时发布的2025年12月中国非制造业商务活动指数为50.2%，比上月上升0.7个百分点。12月综合PMI产 出指数为50.7%，比上月上升1个百分点。 数据显示，12月我国制造业市场需求有所释放，企业生产较好扩张，市场价格向好运行。2025年12月新 订单指数为50.8%，较上月上升1.6个百分点，在连续5个月运行在50%以下后回到扩张区间。12月制造 业出口稳定发展，新出口订单指数为49%，较上 ...

各单项指数中，新订单指数、存货指数、从业人员指数、供应商配送时间指数和业务活动预期指数较上 月有所上升，升幅在0.1个百分点至1.6个百分点之间；新出口订单指数、在手订单指数、投入品价格指 数和销售价格指数较上月有所下降。 中新社北京12月31日电 (记者 阮煜琳)中国物流与采购联合会2025年12月31日发布数据显示，12月份中 国非制造业商务活动指数为50.2%，环比上升0.7个百分点，显示中国非制造业经营活动增速较上月有所 加快，重回扩张区间。 中国物流与采购联合会副会长何辉认为，12月份，中国非制造业商务活动指数升至50%以上；新订单指 数仍在50%以下，但较上月明显上升，且创出今年以来新高，显示中国非制造业经营活动增速较上月有 所加快，需求侧也出现趋好迹象。在供需向好带动下，市场预期持续升温，业务活动预期指数连续3个 月环比上升。建筑业商务活动指数环比升幅超3个百分点，创下半年以来新高，投资相关活动于年底进 入加速启动阶段，为宏观经济稳中向好注入关键动力。金融业商务活动指数和新订单指数均实现连续两 个月上升，金融支持实体经济力度继续增强，为年末经济收尾提供关键支撑。以信息服务为代表的新动 能行业持续 ...

21世纪经济报道记者冉黎黎北京报道 12月31日，国家统计局发布2025年12月中国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%，为2025年4月份以来首次升至扩张区 间。 国家统计局服务业调查中心首席统计师霍丽慧表示，12月份，生产指数和新订单指数分别为51.7%和50.8%，比上月上升1.7个和1.6个百分点，特别是新订单 指数下半年以来首次升至临界点以上，制造业产需两端均较上月明显扩张。 中泰证券研究所政策团队首席分析师杨畅对21世纪经济报道记者表示，新订单与新出口订单的差值为1.8个百分点（前值为1.6个百分点），表明内需出现修 复。 中国民生银行首席经济学家温彬进一步对21世纪经济报道记者表示，前期稳增长政策继续落地显效，叠加外部不确定性阶段性缓释，带动内外需同步好转。 此外，霍丽慧介绍，在调查的21个行业中有16个行业PMI较上月回升，相关企业生产经营情况有所改善。高技术制造业、装备制造业、消费品行业PMI分别 为52.5%、50.4%、50.4%，分别较上月回升2.4、0.6、1.0个百分点。预期指数也升至较高景气区间。生产经营活动预期指数为55.5%，比上月上升2. ...

Core Insights - The China Warehousing Index for November 2025 is reported at 50.4%, a slight decrease of 0.2 percentage points from October, indicating stable overall industry performance [1] - New order volume continues to grow, and facility utilization rates have increased, reflecting a recovery in market demand and smoother supply chain connections [1] - The business activity expectation index has risen to 55.3%, indicating improved confidence among enterprises regarding future demand [3] Group 1: Warehousing Index and Performance - The Warehousing Index remains above 50%, suggesting a stable industry operation despite a minor decline [1] - The new orders index stands at 50.5%, unchanged from October, with various sectors showing differing performance levels [1] - Facility utilization index increased to 52.4%, indicating higher efficiency in several sectors [1] Group 2: Inventory and Turnover - The ending inventory index is at 50%, up by 0.6 percentage points from October, with certain sectors experiencing higher inventory levels [1] - The average inventory turnover index decreased to 50%, down by 1.2 percentage points, with some sectors performing better than others [2] Group 3: Future Expectations - The business activity expectation index has increased by 4.2 percentage points, reflecting a positive outlook for future demand [3] - Continued policy support is anticipated to further stimulate investment and consumption-related demand, contributing to a favorable development trend in the warehousing industry [3]

Core Insights - The manufacturing Purchasing Managers' Index (PMI) in China for November is reported at 49.2%, reflecting a 0.2 percentage point increase from the previous month, indicating an improvement in economic conditions [1] Group 1: Manufacturing Sector Performance - The new export orders index stands at 47.6%, which is a 1.7 percentage point increase from last month, showing a significant rise in demand [1] - The high-tech manufacturing sector's new export orders index increased by over 3 percentage points compared to last month, while the consumer goods manufacturing sector's new export orders index rose by over 2 percentage points [1] - Overall, the new orders index for manufacturing is at 49.2%, up by 0.4 percentage points from the previous month, suggesting a recovery in market demand [1] Group 2: Business Confidence - The production and business activity expectation index is at 53.1%, which is a 0.3 percentage point increase from last month, indicating enhanced confidence among manufacturing enterprises regarding recent market developments [1]

Core Viewpoint - The manufacturing Purchasing Managers' Index (PMI) in China for November is reported at 49.2%, indicating a slight improvement in the manufacturing sector's performance compared to the previous month [1] Summary by Categories Manufacturing PMI - The manufacturing PMI increased by 0.2 percentage points from the previous month, reflecting an overall improvement in the sector's economic conditions [1] Sub-indices Performance - The new export orders index stands at 47.6%, up by 1.7 percentage points from last month, showing a significant rise [1] - The high-tech manufacturing sector's new export orders index increased by over 3 percentage points compared to the previous month [1] - The consumer goods manufacturing sector's new export orders index rose by more than 2 percentage points from last month [1] Market Demand and Confidence - The overall market demand in the manufacturing sector is recovering, with the new orders index at 49.2%, an increase of 0.4 percentage points from the previous month [1] - The production and business activity expectations index is at 53.1%, which is an increase of 0.3 percentage points, indicating enhanced confidence among manufacturing enterprises regarding recent market developments [1]

Core Insights - The manufacturing Purchasing Managers' Index (PMI) for November increased to 49.2%, reflecting a slight improvement in economic conditions compared to the previous month [1] - The new export orders index rose significantly by 1.7 percentage points, indicating a positive shift in the external trade environment, particularly benefiting small enterprises [1][2] - Most of the 13 sub-indices for manufacturing showed an upward trend, with production, new orders, and purchasing volume indices all improving [1][2] Manufacturing PMI Details - The manufacturing PMI for November stands at 49.2%, up by 0.2 percentage points from the previous month, indicating a recovery in manufacturing activity [1] - The new orders index increased by 0.4 percentage points to 49.2%, while the production index returned to the neutral level of 50% after a brief contraction [2] - The equipment manufacturing, high-tech manufacturing, and consumer goods manufacturing sectors all maintained production indices in the expansion zone [2] Price Trends - The purchasing price index for manufacturing rose to 53.6%, up by 1.1 percentage points, indicating a general increase in raw material prices across major manufacturing sectors [2] - The decline in finished product prices has slowed, influenced by rising raw material costs and stable market demand [2] Future Outlook - Analysts suggest that the manufacturing market demand may continue to stabilize and recover in December, driven by year-end activities, policy implementation, and expected demand increases from the upcoming "15th Five-Year Plan" [2] - Despite the improvements, the manufacturing PMI remains at historically low levels, indicating a growing necessity for macroeconomic policy support [3]

Group 1: Manufacturing PMI Insights - In October, the manufacturing PMI decreased to 49.0%, down 0.8 percentage points from the previous month, indicating a slowdown in production activities [1][2] - Both production index and new orders index fell to 49.7% and 48.8%, respectively, reflecting a decline in manufacturing production and market demand [2] - Large enterprises maintained a PMI above the critical point, with indices at 50.9% for production and 50.1% for new orders, indicating sustained demand in this segment [2][3] Group 2: Non-Manufacturing PMI Insights - The non-manufacturing business activity index rose to 50.1%, up 0.1 percentage points from the previous month, indicating a slight expansion in the sector [4] - The service industry business activity index increased to 50.2%, with significant growth in sectors closely related to consumer travel, such as rail and air transport, which saw indices above 60.0% [4] - The construction industry business activity index slightly decreased to 49.1%, but the business activity expectation index improved to 56.0%, suggesting a positive outlook for future market conditions [4] Group 3: Composite PMI Insights - The composite PMI output index stood at 50.0%, indicating overall stability in production and business activities across sectors [5] - The manufacturing production index and non-manufacturing business activity index were recorded at 49.7% and 50.1%, respectively, contributing to the composite index's position at the critical point [5]

Core Viewpoint - The steel industry is showing signs of recovery in October 2025, with the PMI rising to 49.2%, ending a two-month decline, although challenges such as high raw material prices and inventory pressures remain [1][2]. Demand Recovery - October saw a recovery in steel demand due to the resumption of outdoor construction post-holidays and a lack of adverse weather in northern regions, but the real estate sector remains in deep adjustment, limiting overall market demand [2][3]. - The new orders index increased to 47.6%, up 2.4 percentage points, indicating some improvement in demand, but still within a contraction zone [3]. - Export orders showed significant improvement, with the new export orders index rising to 54.3%, the highest in nearly 20 months, driven by price differentials and overseas demand [3]. Production Trends - Steel production stabilized in October, with the production index rising to 49.8%, up 4.1 percentage points, indicating a recovery in production activities [5]. - Despite improvements in both supply and demand, the recovery in demand is weaker than the increase in supply, leading to continued inventory pressures for steel mills [5]. Raw Material Prices - Raw material prices remain high, with the purchasing price index exceeding 70%, indicating increased cost pressures for steel manufacturers [8]. - Prices for different raw materials are showing divergence, with iron ore prices stabilizing, scrap steel prices declining, and coke prices rising due to supply constraints [8]. Price and Profitability - Steel prices have shown a downward trend, with the Shanghai rebar price index dropping from 3176 CNY/ton to 3122 CNY/ton during October, leading to further compression of profit margins for steel mills [11]. - The overall cost pressure on steel manufacturers has increased compared to September, despite some recovery in demand [11]. Future Outlook - In November, steel demand is expected to show a "first rise then fall" trend, supported by construction activities and export resilience, but constrained by ongoing weakness in the real estate sector and seasonal factors [12]. - Steel production is anticipated to contract due to environmental restrictions in northern regions and a shift from peak to off-peak demand [15].

Core Viewpoint - The manufacturing Purchasing Managers' Index (PMI) in September rose to 49.8%, indicating a continued improvement in the manufacturing sector's economic conditions [1][4]. Group 1: Manufacturing PMI Overview - The manufacturing PMI increased by 0.4 percentage points from the previous month, reflecting a recovery in manufacturing activity [1][4]. - The production index reached 51.9%, up 1.1 percentage points, marking a six-month high, while the new orders index rose to 49.7%, indicating a slight improvement in market demand [1][5]. Group 2: Sector Performance - Key sectors such as equipment manufacturing, high-tech manufacturing, and consumer goods showed strong expansion, with PMIs of 51.9%, 51.6%, and 50.6% respectively, all above the manufacturing average [6]. - The consumer goods sector has returned above the threshold line, achieving its highest level this year [2][6]. Group 3: Employment and Inventory Trends - The employment index improved to 48.5%, indicating a better employment situation in manufacturing, while the raw materials inventory index rose to 48.5%, suggesting a slowdown in inventory reduction [4][7]. - The production expectations index increased by 0.4 percentage points to 54.1%, showing a positive outlook among manufacturers for upcoming market conditions [7]. Group 4: Price Dynamics - The purchasing price index for raw materials was at 53.2%, indicating a slight decrease but still in the expansion zone, while the factory price index fell to 48.2%, suggesting a contraction in output prices [6]. - The gap between raw material purchasing prices and factory prices widened to 5.0 percentage points, indicating a shrinking profit margin for manufacturers [6].