二是大型企业PMI重返扩张区间。大型企业PMI为50.8%，比上月上升1.5个百分点。 三是重点行业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。 四是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。 中化新网讯2025年12月31日，国家统计局发布2025年12月中国采购经理指数。2025年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，我国经济景气水平总体回升。 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。 一是产需两端明显回升。生产指数和新订单指数分别为51.7%和50.8%，制造业产需两端均较上月明显 扩张。 ...

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 ...

报 告 正 文 PMI表现如何？ 12月全国制造业PMI显著回升，4月以来首度升至扩张区间，持平于过去五年同期中位数水 平，构成制造业PMI指数的五大分指数中，新订单、生产、原材料库存指数上升，从业人员指数下降，作为逆 指数的供应商配送时间指数上升。趋势变动情况看，供需同步改善，内需相对外需走强，需求端库存有所积 累，下游利润有所恢复。企业类型看，大、中型企业景气明显改善，小型企业景气回落。 此外，有三点值得关注 ： 一是产需同步修复。 一方面是中美吉隆坡经贸磋商后11-12月新出口订单指数连续 大幅回升，虽然新出口订单指数尚在荣枯线下，但新订单指数升至扩张区间；另一方面是生产指数环比改善幅 度超近十年同期，产需同步修复带动制造业PMI显著改善。 二是出厂价格相对购进价格改善。 11-12月出厂价 格指数连续上升，或指向下游利润分配出现改善迹象。 三是生产经营活动预期指数大幅上升。 制造业生产经 营活动预期指数环比升幅在近十年同期中仅低于2022年，创下年内新高，在外部扰动暂时缓和、内部政策定 调明确、以及清理欠款、反内卷等持续推进下，企业经营状态或在逐步改善，后续资本开支意愿或有提振。 制造业PMI显著上升 ...

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. ...

Group 1: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) for November is reported at 49.2%, showing a 0.2 percentage point increase from the previous month, indicating an improvement in manufacturing sentiment [1] - Both the production index and new orders index have rebounded compared to last month, with the production index reaching the critical point, suggesting improvements in both production and demand [1] - High-tech manufacturing PMI has remained above the critical point for 10 consecutive months, indicating continued growth in related industries [1] Group 2: Small and Medium Enterprises - The PMI for small and medium-sized enterprises has shown varying degrees of recovery, with the small enterprise PMI reaching a six-month high, reflecting a notable improvement in their business conditions [1] Group 3: Market Expectations - The production and business activity expectation index has increased from the previous month, indicating enhanced confidence among manufacturing enterprises regarding recent market developments [3] - Industries such as non-ferrous metal smelting and processing, as well as railway, shipbuilding, and aerospace equipment, have business activity expectation indices above 57%, reflecting optimism in these sectors [3] Group 4: Non-Manufacturing Sector - The non-manufacturing business activity index for November is reported at 49.5%, with a slowdown in overall business activity due to seasonal declines in consumer-related services [5] - Financial activities have shown robust performance, and new momentum industries are operating steadily, with stable optimistic expectations among enterprises [4][9] - The non-manufacturing business activity expectation index is at 56.2%, marking a 0.1 percentage point increase from the previous month and remaining above 56% for two consecutive months [8] Group 5: Economic Outlook - The data indicates that enterprises maintain stable optimistic expectations for future non-manufacturing development, supported by ongoing policy measures and a year-end push in supply and demand, which is expected to release investment and consumption-related demand [9]

Core Viewpoint - The manufacturing sector in China showed signs of improvement in November, with the Purchasing Managers' Index (PMI) rising to 49.2%, an increase of 0.2 percentage points from the previous month, driven by policy support, seasonal production peaks, and a marginal recovery in external demand [2] Group 1: Manufacturing Sector Insights - The production and business activity expectation index rose to 53.1%, indicating increased confidence among manufacturing enterprises regarding market developments [2] - The high-tech manufacturing PMI decreased by 0.4 percentage points to 50.1%, yet it remains in the expansion zone, reflecting strong growth and resilience against shocks [2] - The PMI for small enterprises significantly improved to 49.1%, up by 2.0 percentage points, marking a six-month high and indicating a notable enhancement in economic conditions for these businesses [2][3] Group 2: Small Enterprises Analysis - The recovery in small enterprise PMI is attributed to effective policy support such as tax reductions and financing preferences, alongside a rebound in downstream consumer demand [3] - The rise in small enterprise PMI suggests that inclusive financial policies and tax cuts are effectively stimulating market vitality, which could improve employment and enhance economic momentum [3] - Despite the improvement, small enterprises still face challenges such as insufficient demand and financing difficulties, necessitating ongoing policy support to sustain positive trends [4] Group 3: Construction Sector Insights - The construction sector's business activity index rose to 49.6%, an increase of 0.5 percentage points, indicating a recovery in the industry [4] - The business activity expectation index for the construction sector reached 57.9%, reflecting improved confidence among construction enterprises regarding future industry trends [4] - The marginal improvement in construction PMI is driven by increased infrastructure investment and a slight easing of real estate policies, coupled with seasonal demand increases during winter [4][5]

Group 1 - The manufacturing Purchasing Managers' Index (PMI) in China for November is reported at 49.2%, showing a 0.2 percentage point increase from the previous month, indicating an improvement in economic conditions [1] - The production index and new orders index for the manufacturing sector are at 50% and 49.2% respectively, with increases of 0.3 and 0.4 percentage points from last month, suggesting improvements in both production and demand [1] - The PMI for small enterprises is at 49.1%, up by 2 percentage points, marking a six-month high and a significant recovery in economic conditions [1] Group 2 - The production indices for equipment manufacturing, high-tech manufacturing, and consumer goods manufacturing remain in the expansion zone, while the basic raw materials sector shows an upward trend, indicating stable recovery in manufacturing activities [2] - The production and business activity expectation index is at 53.1%, reflecting a 0.3 percentage point increase from the previous month, suggesting enhanced confidence among manufacturing enterprises regarding market development [2] - Industries such as non-ferrous metal smelting and processing, as well as railway, shipbuilding, and aerospace equipment, have production expectation indices above 57%, indicating a high level of optimism among related enterprises [2]

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]

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]