国家统计局服务业调查中心首席统计师霍丽慧解读时表示，1月份，部分制造业行业进入传统淡季，加 之市场有效需求仍显不足，制造业PMI为49.3%，景气水平较上月下降。 制造业采购经理指数有所下降 生产继续保持扩张 1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中国采购经理指数。数据显示，1月 份，制造业采购经理指数、非制造业商务活动指数和综合PMI产出指数分别为49.3%、49.4%和49.8%， 比上月下降0.8个、0.8个和0.9个百分点，经济景气水平有所回落。 企业预期保持乐观。生产经营活动预期指数为52.6%，继续高于临界点。从行业看，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连续两个月位于56.0%以上较高景气区间，相关企业对 近期行业发展信心较强。 展望后市，文韬预计，2月份，受春节假期影响，制造业运行或继续有所放缓。随着春节过后经济社会 回归正常运行，在"十五五"规划布局启动、中央经济工作会议部署落实的带动下，制造业将继续稳定扩 张，高质量发展向深向实。 非制造业商务活动指数有所回落 金融市场活跃度较高 1月份，受建筑业等行业景气度下降等因素影响，非制造业商务活动指 ...

Group 1: Manufacturing PMI Overview - In January, the Manufacturing Purchasing Managers' Index (PMI) was 49.3%, a decrease of 0.8 percentage points from the previous month, indicating a decline in manufacturing activity [1][12] - Large enterprises had a PMI of 50.3%, down 0.5 percentage points, remaining above the critical point; small and medium-sized enterprises had PMIs of 48.7% and 47.4%, down 1.1 and 1.2 percentage points respectively, both below the critical point [1][15] - The production index was 50.6%, down 1.1 percentage points but still indicating expansion; the new orders index was 49.2%, down 1.6 percentage points, showing a slowdown in market demand [1][14] - The raw materials inventory index was 47.4%, down 0.4 percentage points, indicating a continued decrease in inventory levels; the employment index was 48.1%, down 0.1 percentage points, suggesting a slight decline in employment levels [1][14] Group 2: Non-Manufacturing PMI Overview - In January, the Non-Manufacturing Business Activity Index was 49.4%, a decrease of 0.8 percentage points from the previous month [2][12] - The construction industry Business Activity Index was 48.8%, down 4.0 percentage points, while the services industry Business Activity Index was 49.5%, down 0.2 percentage points [2][16] - The new orders index was 46.1%, down 1.2 percentage points, indicating a decline in market demand; the construction new orders index was 40.1%, down 7.3 percentage points [2][16] - The input prices index was 50.0%, indicating stability in input prices; the construction input prices index was 52.0%, up 1.2 percentage points, while the services input prices index was 49.7%, down 0.4 percentage points [2][3] Group 3: Price and Employment Trends - The sales price index was 48.8%, up 0.8 percentage points, indicating a narrowing decline in sales prices; the construction sales price index was 48.2%, up 0.8 percentage points, and the services sales price index was 48.9%, also up 0.8 percentage points [3] - The employment index for non-manufacturing was 46.1%, stable from the previous month, indicating stable employment conditions; the construction employment index was 41.1%, up 0.1 percentage points, while the services employment index was 47.0%, unchanged [3][16] - The business activity expectation index was 56.0%, down 0.5 percentage points but still indicating optimism among non-manufacturing enterprises; the construction expectation index was 49.8%, below the critical point, while the services expectation index was 57.1%, up 0.7 percentage points [3][16] Group 4: Comprehensive PMI Overview - The Comprehensive PMI Output Index was 49.8%, down 0.9 percentage points, indicating a slowdown in overall production and business activities compared to the previous month [4][12] - The manufacturing production index was 50.6%, while the non-manufacturing business activity index was 49.4%, contributing to the overall decline in the Comprehensive PMI [17]

Group 1: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) decreased to 49.3% in January, indicating a decline in economic sentiment compared to the previous month [2][3] - The production index remains above the critical point at 50.6%, suggesting continued expansion in manufacturing production, while the new orders index fell to 49.2%, indicating a drop in market demand [3] - Large enterprises maintain a PMI of 50.3%, indicating ongoing expansion, while small and medium enterprises show lower PMIs of 48.7% and 47.4%, respectively, reflecting a decline in economic activity [4] - High-tech manufacturing continues to lead with a PMI of 52.0%, indicating a positive development trend, while consumer goods and high-energy industries show lower PMIs of 48.3% and 47.9% [4] Group 2: Non-Manufacturing Sector - The non-manufacturing business activity index fell to 49.4%, reflecting a decrease in overall economic sentiment in the non-manufacturing sector [7] - The service sector's business activity index is at 49.5%, with financial services and capital market services showing high activity levels above 65.0%, while the real estate sector's index dropped below 40.0% [7] - The construction sector's business activity index decreased to 48.8%, indicating a significant decline in activity due to adverse weather and upcoming holidays [7] Group 3: Overall Economic Indicators - The comprehensive PMI output index is at 49.8%, indicating a slowdown in overall production and business activities compared to the previous month [8] - The manufacturing production index and non-manufacturing business activity index are at 50.6% and 49.4%, respectively, contributing to the overall PMI output index [8]

每经AI快讯，1月31日，国家统计局发布数据显示，1月份，非制造业商务活动指数为49.4%，比上月下 降0.8个百分点。分行业看，建筑业商务活动指数为48.8%，比上月下降4.0个百分点；服务业商务活动 指数为49.5%，比上月下降0.2个百分点。从服务业行业看，货币金融服务、资本市场服务、保险等行业 商务活动指数均高于65.0%；批发、住宿、房地产等行业商务活动指数均低于临界点。 ...

Group 1: Manufacturing PMI Overview - In January, the Manufacturing Purchasing Managers' Index (PMI) was 49.3%, a decrease of 0.8 percentage points from the previous month, indicating a decline in manufacturing activity [1] - Large enterprises had a PMI of 50.3%, down 0.5 percentage points, while medium and small enterprises had PMIs of 48.7% and 47.4%, down 1.1 and 1.2 percentage points respectively, both below the critical point [1] - The production index was 50.6%, down 1.1 percentage points but still above the critical point, indicating continued expansion in manufacturing production [1] - The new orders index was 49.2%, down 1.6 percentage points, suggesting a slowdown in market demand for manufacturing [1] - The raw materials inventory index was 47.4%, down 0.4 percentage points, indicating a continued decrease in major raw material inventories [1] Group 2: Non-Manufacturing PMI Overview - In January, the Non-Manufacturing Business Activity Index was 49.4%, a decrease of 0.8 percentage points from the previous month [2] - The construction industry business activity index was 48.8%, down 4.0 percentage points, while the service industry business activity index was 49.5%, down 0.2 percentage points [2] - The new orders index for non-manufacturing was 46.1%, down 1.2 percentage points, indicating a decline in market demand [2] - The input prices index was 50.0%, down 0.2 percentage points, indicating stable input prices for non-manufacturing activities [3] - The sales prices index was 48.8%, up 0.8 percentage points, indicating a narrowing decline in overall sales prices [3] Group 3: Employment and Expectations - The employment index for manufacturing was 48.1%, down 0.1 percentage points, indicating a slight decline in employment conditions [2] - The employment index for non-manufacturing was 46.1%, stable compared to the previous month, indicating stable employment conditions [3] - The business activity expectation index for non-manufacturing was 56.0%, down 0.5 percentage points but still in a high optimism range [3] Group 4: Composite PMI Overview - The Composite PMI Output Index was 49.8% in January, down 0.9 percentage points, indicating a general slowdown in production and business activities compared to the previous month [5]

1月31日，国家统计局、中国物流与采购联合会发布2026年1月份中国采购经理指数。数据显示，1月 份，非制造业商务活动指数为49.4%，比上月下降0.8个百分点。 分行业看，建筑业商务活动指数为48.8%，比上月下降4.0个百分点；服务业商务活动指数为49.5%，比 上月下降0.2个百分点。从服务业行业看，货币金融服务、资本市场服务、保险等行业商务活动指数均 高于65.0%；批发、住宿、房地产等行业商务活动指数均低于临界点。 新订单指数为46.1%，比上月下降1.2个百分点，表明非制造业市场需求景气度下降。分行业看，建筑业 新订单指数为40.1%，比上月下降7.3个百分点；服务业新订单指数为47.1%，比上月下降0.2个百分点。 销售价格指数为48.8%，比上月上升0.8个百分点，表明非制造业销售价格总体水平降幅收窄。分行业 看，建筑业销售价格指数为48.2%，比上月上升0.8个百分点；服务业销售价格指数为48.9%，比上月上 升0.8个百分点。 从业人员指数为46.1%，与上月持平，表明非制造业企业用工景气度基本稳定。分行业看，建筑业从业 人员指数为41.1%，比上月上升0.1个百分点；服务业从业人员指数为 ...

Group 1: Manufacturing PMI - In January, the Manufacturing Purchasing Managers' Index (PMI) is at 49.3%, a decrease of 0.8 percentage points from the previous month, indicating a decline in manufacturing activity [3][6] - Large enterprises have a PMI of 50.3%, down 0.5 percentage points, remaining above the critical point; while medium and small enterprises have PMIs of 48.7% and 47.4%, down 1.1 and 1.2 percentage points respectively, both below the critical point [6] - The production index is at 50.6%, down 1.1 percentage points but still indicates expansion in manufacturing production [6] - The new orders index is at 49.2%, down 1.6 percentage points, suggesting a slowdown in market demand for manufacturing [6] - The raw materials inventory index is at 47.4%, down 0.4 percentage points, indicating a continued decrease in major raw material inventories [6] - The employment index is at 48.1%, down 0.1 percentage points, reflecting a slight decline in employment conditions in manufacturing [6][7] Group 2: Non-Manufacturing PMI - In January, the Non-Manufacturing Business Activity Index is at 49.4%, a decrease of 0.8 percentage points from the previous month [8] - The construction industry business activity index is at 48.8%, down 4.0 percentage points, while the service industry business activity index is at 49.5%, down 0.2 percentage points [8] - The new orders index for non-manufacturing is at 46.1%, down 1.2 percentage points, indicating a decline in market demand [8] - The input prices index is at 50.0%, down 0.2 percentage points, indicating stable input prices for non-manufacturing activities [8] - The sales prices index is at 48.8%, up 0.8 percentage points, indicating a narrowing decline in overall sales prices [9] - The employment index for non-manufacturing is at 46.1%, remaining stable, with the construction employment index at 41.1%, up 0.1 percentage points [10] Group 3: Composite PMI - The Composite PMI Output Index is at 49.8%, down 0.9 percentage points, indicating a general slowdown in production and business activities compared to the previous month [10]

（五）企业预期保持乐观。生产经营活动预期指数为52.6%，继续高于临界点。从行业看，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连续两个月位于56.0%以上较高景气区间，相关 企业对近期行业发展信心较强。 央视网消息：据国家统计局网站消息，2026年1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。 1月份，制造业采购经理指数、非制造业商务活动指数和综合PMI产出指数分别为49.3%、49.4%和 49.8%，比上月下降0.8个、0.8个和0.9个百分点，经济景气水平有所回落。 一、制造业采购经理指数有所下降，生产继续保持扩张 1月份，部分制造业行业进入传统淡季，加之市场有效需求仍显不足，制造业PMI为49.3%，景气水平较 上月下降。 （一）企业生产继续扩张。生产指数为50.6%，高于临界点，制造业生产保持扩张；新订单指数为 49.2%，市场需求有所回落。从行业看，农副食品加工、铁路船舶航空航天设备等行业生产指数和新订 单指数均高于56.0%，产需释放较快；石油煤炭及其他燃料加工、汽车等行业两个指数均低 ...

1月份，非制造业商务活动指数为49.4%，比上月下降0.8个百分点。分行业看，建筑业商务活动指数为 48.8%，比上月下降4.0个百分点；服务业商务活动指数为49.5%，比上月下降0.2个百分点。从服务业行 业看，货币金融服务、资本市场服务、保险等行业商务活动指数均高于65.0%；批发、住宿、房地产等 行业商务活动指数均低于临界点。 资讯编辑：费斐 021-26093397 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 ...

——国家统计局服务业调查中心首席统计师霍丽慧解读2026年1月中国采购经理指数 2026年1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。 1月份，制造业采购经理指数、非制造业商务活动指数和综合PMI产出指数分别为49.3%、49.4%和 49.8%，比上月下降0.8个、0.8个和0.9个百分点，经济景气水平有所回落。 一、制造业采购经理指数有所下降，生产继续保持扩张 1月份，部分制造业行业进入传统淡季，加之市场有效需求仍显不足，制造业PMI为49.3%，景气水平较 上月下降。 (一)企业生产继续扩张。生产指数为50.6%，高于临界点，制造业生产保持扩张；新订单指数为49.2%， 市场需求有所回落。从行业看，农副食品加工、铁路船舶航空航天设备等行业生产指数和新订单指数均 高于56.0%，产需释放较快；石油煤炭及其他燃料加工、汽车等行业两个指数均低于临界点，相关行业 市场需求放缓，企业生产有所回落。 1月份中国采购经理指数有所回落 (四)高技术制造业持续领跑。高技术制造业PMI为52.0%，连续两个月位于52.0%及以上 ...