Group 1: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) for January is 49.3%, indicating a decline from the previous month [1][2] - The production index remains above the critical point at 50.6%, showing continued expansion in manufacturing production [2] - New orders index is at 49.2%, reflecting a decrease in market demand [2] - Certain industries, such as agricultural processing and aerospace, show strong production and new orders indices above 56.0%, while sectors like automotive and fuel processing are below the critical point [2] - Price indices for raw materials and factory output have risen, with the raw material purchase price index at 56.1% and the factory price index at 50.6%, marking an improvement in overall market prices [2] Group 2: Large vs. Small Enterprises - Large enterprises have a PMI of 50.3%, indicating continued expansion, while medium and small enterprises have PMIs of 48.7% and 47.4%, respectively, showing a decline [3] - High-tech manufacturing leads with a PMI of 52.0%, indicating a positive development trend [3] - Consumer goods and high-energy industries show lower PMIs of 48.3% and 47.9%, respectively, indicating a downturn in these sectors [3] Group 3: Non-Manufacturing Sector - The non-manufacturing business activity index is at 49.4%, reflecting a decrease from the previous month [4] - The service sector's business activity index is at 49.5%, with financial services showing high activity levels above 65.0%, while the real estate sector is below 40.0% [4] - The construction sector's business activity index has dropped to 48.8%, indicating a significant decline in activity due to seasonal factors [4] Group 4: Composite PMI - The composite PMI output index is at 49.8%, indicating a slowdown in overall business activities compared to the previous month [5] - The manufacturing production index is at 50.6%, while the non-manufacturing business activity index is at 49.4%, contributing to the composite index's decline [5]

分企业类型看，大型企业PMI为50.3%，仍位于扩张区间，大型企业支撑作用持续显现；中、小型企业 PMI分别为48.7%和47.4%，比上月下降1.1个和1.2个百分点。 中新社北京1月31日电 (记者 王恩博)中国国家统计局1月31日公布，由于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，1月份中国制造业采购经理指数(PMI)回落至49.3%，但企业预期仍保 持乐观。 1月份，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。(完) 具体而言，1月份，生产指数为50.6%，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。 受近期部分大宗商品价格上涨等因素影响，1月份，主要原材料购进价格指数和出厂价格指数分别为 56.1%和50.6%，比上月 ...

数据显示，1月份，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。 霍丽慧分析，受近期部分大宗商品价格上涨等因素影响，主要原材料购进价格指数和出厂价格指数分别 为56.1%和50.6%，比上月上升3.0个和1.7个百分点，其中出厂价格指数近20个月来首次升至临界点以 上，制造业市场价格总体水平改善。 数据显示，1月份，大型企业PMI为50.3%，仍位于扩张区间，大型企业支撑作用持续显现；中、小型企 业PMI分别为48.7%和47.4%，比上月下降1.1个和1.2个百分点，景气水平有所回落。 此外，高技术制造业持续领跑。1月份，高技术制造业PMI为52.0%，连续两个月位于52.0%及以上较高 水平，相关行业发展态势持续向好。装备制造业PMI为50.1%，保持在扩张区间。消费品行业和高耗能 行业PMI分别为48.3%和47.9%，景气水平有所回落。 "生产经营活动 ...

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]

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] - 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 [2] - Large enterprises maintain a PMI of 50.3%, indicating ongoing expansion, while small and medium-sized enterprises saw PMIs of 48.7% and 47.4%, respectively, reflecting a decline in economic activity [3] - 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% [3] - The price indices for major raw materials and factory prices increased to 56.1% and 50.6%, respectively, indicating an overall improvement in manufacturing market prices [2] Group 2: Non-Manufacturing Sector - The non-manufacturing business activity index fell to 49.4% in January, reflecting a decrease in overall economic sentiment [4] - The service sector's business activity index decreased slightly to 49.5%, with financial services and capital market services showing high activity levels above 65.0%, while the real estate sector dropped below 40.0% [4] - The construction sector's business activity index fell significantly to 48.8%, influenced by adverse weather and the upcoming holiday, indicating a notable decline in construction activity [4] Group 3: Composite PMI - The composite PMI output index is at 49.8%, down 0.9 percentage points from the previous month, indicating a slowdown in overall business activities [5] - The manufacturing production index and non-manufacturing business activity index are reported at 50.6% and 49.4%, respectively, contributing to the composite PMI's decline [5]

——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 ...

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]

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]

Group 1: Manufacturing PMI Insights - The manufacturing Purchasing Managers' Index (PMI) for November is reported at 49.2%, a slight increase of 0.2 percentage points from October, indicating improved market confidence [1] - The production index and new orders index are at 50.0% and 49.2%, respectively, both showing improvements of 0.3 and 0.4 percentage points from October, with the production index reaching the critical point [1] - The new export orders index rose to 47.6%, an increase of 1.7 percentage points from October, reflecting a stabilization in manufacturing exports due to improved external trade conditions [1][2] Group 2: Enterprise Size and Industry Performance - Large enterprises' PMI decreased to 49.3%, down 0.6 percentage points from October, indicating a decline in economic sentiment, while medium-sized enterprises' PMI increased to 48.9%, up 0.2 percentage points [2] - Small enterprises' PMI rose significantly to 49.1%, an increase of 2.0 percentage points, marking the highest level in six months [2] - High-tech manufacturing PMI remains above the critical point at 50.1%, while equipment manufacturing and consumer goods industries saw declines in their PMIs to 49.8% and 49.4%, respectively [2] Group 3: Future Expectations and Economic Outlook - The production and business activity expectation index is at 53.1%, up 0.3 percentage points from October, indicating increased confidence among manufacturing enterprises regarding market developments [2] - December is anticipated to be a crucial month for policy implementation and capital investment, with expectations of stable recovery in manufacturing market demand driven by the "14th Five-Year Plan" and improved foreign trade conditions [3] - Non-manufacturing PMI for November is at 49.5%, a decrease of 0.6 percentage points from October, reflecting a slowdown in service-related activities, although positive factors such as financial activities and construction recovery are noted [4]