Core Viewpoint - The manufacturing Purchasing Managers' Index (PMI) in China rose to 50.1% in December 2025, marking the first expansion since April 2025, indicating a recovery in both production and demand [1][5]. Group 1: Manufacturing PMI Overview - The manufacturing PMI increased by 0.9 percentage points from the previous month, reaching the expansion zone [5]. - The production index and new orders index were reported at 51.7% and 50.8%, respectively, both showing significant month-on-month increases [6][7]. - In 2025, the monthly manufacturing PMI figures were 49.1%, 50.2%, 50.5%, 49%, 49.5%, 49.7%, 49.3%, 49.4%, 49.8%, 49.0%, 49.2%, and 50.1% [5]. Group 2: Sector Performance - Among the 21 surveyed industries, 16 showed an increase in PMI compared to the previous month, indicating improved business conditions [2][8]. - High-tech manufacturing, equipment manufacturing, and consumer goods sectors reported PMIs of 52.5%, 50.4%, and 50.4%, respectively, all above the expansion threshold [2][8]. - The new export orders index rose to 49.0%, up 1.4 percentage points, although it remains below the expansion threshold [7][9]. Group 3: Economic Indicators - The production activity expectation index reached 55.5%, indicating increased confidence among manufacturing enterprises regarding market development [10]. - The supplier delivery time index was reported at 50.2%, suggesting that the delivery times for raw materials are improving [9]. - The inventory indices for finished products and raw materials showed signs of recovery, with finished product inventory rising to 48.2% and raw materials inventory at 47.8% [9].

Key Points - The manufacturing PMI for December in China is 50.1%, exceeding expectations of 49.2% and the previous value of 49.2% [1][38] - The non-manufacturing PMI for December is 50.2%, above the expected 49.6% and previous 49.5% [1][38] - The composite PMI stands at 50.7%, up from 49.7% previously, indicating an overall recovery in economic sentiment [1][38] Manufacturing Sector - In December, the manufacturing PMI rose by 0.9 percentage points to 50.1%, indicating a better-than-expected recovery in manufacturing sentiment [4][40] - Large enterprises reported a PMI of 50.8%, up 1.5 percentage points, while medium-sized enterprises saw a PMI of 49.8%, up 0.9 percentage points; small enterprises reported a decline to 48.6% [4][40] - Key industries such as high-tech manufacturing saw a significant increase in PMI from 50.1% to 52.5%, indicating strong recovery [4][40] Demand and Supply - The new orders index rose to 50.8%, marking the first increase above the critical point since the second half of the year, indicating improved market demand [12][46] - The production index increased to 51.7%, suggesting accelerated manufacturing activities [12][46] - The new export orders index improved to 49%, indicating a recovery in external demand [12][46] Price and Inventory - The purchasing price index is at 53.1%, while the factory price index is at 48.9%, reflecting a short-term increase in manufacturing prices [23][55] - Finished goods inventory index rose to 48.2%, and raw material inventory index increased to 47.8%, indicating proactive replenishment by manufacturers [23][55] Non-Manufacturing Sector - The non-manufacturing business activity index increased to 50.2%, indicating an improvement in the non-manufacturing sector [26][59] - The construction industry saw a significant rise in its business activity index to 52.8%, reflecting a positive outlook [26][59] - The service sector's business activity index is at 49.7%, showing slight improvement but still in contraction territory [26][59] Composite PMI - The composite PMI output index rose to 50.7%, indicating overall expansion in production and business activities [34][68] - The manufacturing production index and non-manufacturing business activity index are at 51.7% and 50.2%, respectively, reflecting a broad-based recovery [34][68]

Core Viewpoint - The Purchasing Managers' Index (PMI) for China's manufacturing and non-manufacturing sectors showed signs of recovery in December, indicating an overall improvement in economic conditions [1][3]. Manufacturing Sector - The manufacturing PMI rose to 50.1% in December, up 0.9 percentage points from the previous month, marking its first increase above 50% after eight consecutive months below this threshold [3]. - Among 13 sub-indices, production, new orders, and new export orders indices showed increases, with rises ranging from 0.1 to 2.4 percentage points [3]. - High-tech manufacturing PMI reached 52.5%, up 2.4 percentage points, indicating a positive growth trend [4]. - The equipment manufacturing and consumer goods sectors both recorded PMIs of 50.4%, rising by 0.6 and 1.0 percentage points respectively [4]. Non-Manufacturing Sector - The financial sector's business activity index and new orders index both exceeded 60%, indicating enhanced financial support for the real economy [6]. - The construction sector's business activity index rose to 52.8%, up 3.2 percentage points, ending a four-month period below 50% [6]. Business Expectations - The manufacturing production activity expectation index reached 55.5%, up 2.4 percentage points, the highest since April 2024 [8]. - The service sector's business activity expectation index increased to 56.4%, reflecting continued optimism among businesses [8]. - The central economic work conference has laid out clear policies for economic development in 2026, which are expected to provide guidance and momentum for macroeconomic growth [8]. Economic Outlook - The overall economic environment is expected to improve in 2026, supported by a stable trade environment and proactive economic policies [9]. - The "14th Five-Year Plan" is anticipated to guide economic and social development over the next five years, with a focus on enhancing investment and consumption demand [9].

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。 中新社 北京12月31日电 (记者 王恩博)中国国家统计局2025年12月31日公布，12月份，中国制造业采购 经理指数(PMI)为50.1%，4月份以来首次升至扩张区间。在调查的21个行业中有16个行业PMI较上月回 升。 值得注意的是，12月份重点行业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。 12月份，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。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。(完) 【责 ...

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]

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 Insights - The manufacturing PMI, non-manufacturing business activity index, and composite PMI output index for December are 50.1%, 50.2%, and 50.7% respectively, indicating a general recovery in economic sentiment as all three indices rise into the expansion zone [1][2]. Manufacturing Sector - The manufacturing PMI has risen above the critical point for the first time since April, reaching 50.1%, with 16 out of 21 surveyed industries showing improvement [2]. - Production index and new orders index are at 51.7% and 50.8% respectively, both showing significant increases of 1.7 and 1.6 percentage points from the previous month, indicating notable expansion in production and demand [4]. - The purchasing activity has accelerated, with the purchasing volume index rising to 51.1%, reflecting a positive trend in manufacturing [4]. - Large enterprises' PMI has returned to the expansion zone at 50.8%, while medium-sized enterprises' PMI is at 49.8%, and small enterprises' PMI has decreased to 48.6% [4]. Key Industries - High-tech manufacturing PMI is at 52.5%, up 2.4 percentage points, indicating a positive growth trend [4]. - Equipment manufacturing and consumer goods industries both have PMIs of 50.4%, showing increases of 0.6 and 1.0 percentage points respectively, also entering the expansion zone [4]. - High-energy-consuming industries have a PMI of 48.9%, reflecting a continued recovery despite remaining below the expansion threshold [4]. Non-Manufacturing Sector - The non-manufacturing business activity index is at 50.2%, up 0.7 percentage points, indicating an improvement in non-manufacturing sentiment [6]. - The service sector's business activity index is at 49.7%, with a slight increase of 0.2 percentage points, although it remains in the contraction zone [9]. - The construction sector shows significant improvement with a business activity index of 52.8%, up 3.2 percentage points, indicating a strong recovery [9]. Market Expectations - The production and business activity expectation index is at 55.5%, up 2.4 percentage points, reflecting increased confidence among manufacturing enterprises [5]. - The service sector's business activity expectation index is at 56.4%, indicating enhanced confidence in future market developments [9]. - The construction sector's business activity expectation index is at 57.4%, remaining in a high confidence zone [9].

Core Viewpoint - The manufacturing purchasing managers' index (PMI) rose to 50.1% in December, indicating an expansion in the manufacturing sector for the first time since April, reflecting an overall recovery in China's economic climate [4]. Group 1: Manufacturing PMI Insights - The manufacturing PMI reached 50.1%, with 16 out of 21 surveyed industries showing an increase compared to the previous month, indicating improved production and operational conditions [4]. - Both production index and new orders index saw significant increases, with production index at 51.7% (up 1.7 percentage points) and new orders index at 50.8% (up 1.6 percentage points), marking a notable expansion in demand [4]. - Large enterprises' PMI 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 enterprise sizes [4]. Group 2: Key Industry Performance - High-tech manufacturing PMI was at 52.5%, showing a positive growth trend, while equipment manufacturing and consumer goods industries both reached 50.4%, indicating expansion [5]. - The production expectations index rose to 55.5%, reflecting increased confidence among manufacturing enterprises regarding market development, particularly in the agricultural and food processing sectors [5]. Group 3: Non-Manufacturing Sector Insights - The non-manufacturing business activity index increased to 50.2%, indicating an improvement in the non-manufacturing sector's economic conditions [6]. - 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 [7]. - The construction sector's business activity index rose significantly to 52.8%, driven by favorable weather conditions and increased construction activity ahead of the holidays [7]. Group 4: Comprehensive PMI Overview - The comprehensive PMI output index reached 50.7%, indicating overall expansion in production and business activities across sectors, with manufacturing production index at 51.7% and non-manufacturing business activity index at 50.2% [8].

Group 1: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) rose to 50.1% in December, marking the first time it has entered the expansion zone since April [2] - Production index and new orders index increased to 51.7% and 50.8% respectively, indicating significant recovery in both production and demand [2] - Large enterprises' PMI 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% [2] Group 2: Key Industries - High-tech manufacturing PMI reached 52.5%, showing positive growth trends, while equipment manufacturing and consumer goods industries both recorded PMIs of 50.4% [3] - The agricultural and food processing sectors showed strong performance with production and new orders indices above 53.0%, while non-metallic mineral products and black metal industries remained under pressure [2][3] Group 3: Non-Manufacturing Sector - The non-manufacturing business activity index increased to 50.2%, indicating an improvement in the non-manufacturing sector's economic climate [4] - The construction industry saw a significant rise in its business activity index to 52.8%, driven by favorable weather conditions and pre-holiday construction activities [4] Group 4: Overall Economic Outlook - The comprehensive PMI output index rose to 50.7%, reflecting overall expansion in production and business activities across sectors [5] - The production and business activity expectation index for manufacturing reached 55.5%, indicating increased confidence among manufacturers regarding market development [3]

Group 1: Manufacturing PMI Overview - The manufacturing Purchasing Managers' Index (PMI) for December is 50.1%, an increase of 0.9 percentage points from the previous month, indicating a return to the expansion zone [1][21] - The new orders index stands at 50.8%, up 1.6 percentage points, reflecting improved market demand [1][22] - The production index is at 51.7%, an increase of 1.7 percentage points, suggesting accelerated production activities in the manufacturing sector [1][22] Group 2: Sector Performance - High-tech manufacturing PMI is 52.5%, up 2.4 percentage points, showing a significant acceleration in growth [1][23] - The consumer goods manufacturing PMI is at 50.4%, an increase of 1 percentage point, indicating stable expansion [1][23] - Large enterprises have a PMI of 50.8%, up 1.5 percentage points, while medium and small enterprises have PMIs of 49.8% and 48.6%, respectively, indicating varied performance across company sizes [3][22] Group 3: Non-Manufacturing Sector - The non-manufacturing business activity index is 50.2%, an increase of 0.7 percentage points, indicating a return to expansion [6][24] - The construction sector's business activity index is 52.8%, up 3.2 percentage points, reflecting significant improvement in the construction industry [9][24] - The service sector's business activity index is 49.7%, a slight increase of 0.2 percentage points, with some industries like telecommunications showing strong performance [9][24] Group 4: Future Expectations - The production and business activity expectations index for manufacturing is 55.5%, up 2.4 percentage points, indicating increased confidence among manufacturers [1][23] - The business activity expectations index for the non-manufacturing sector is 56.4%, reflecting growing optimism about future market developments [15][24] - Overall, the composite PMI output index is 50.7%, an increase of 1.0 percentage point, indicating overall expansion in business activities [18][25]