Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - In December 2025, the manufacturing PMI unexpectedly rebounded to 50.1%, up 0.9 percentage points from the previous month, returning to the expansion range above the boom - bust line and indicating a positive signal of stabilizing and rising manufacturing prosperity [3][8]. - The supply and demand sides improved synergistically. The production index was 51.7% in December, up 1.7 percentage points from the previous month, and the new order index was 50.8%, up 1.6 percentage points. The new export order index was 49.0%, up 1.4 percentage points. High - tech manufacturing had strong momentum and provided structural support [3][9]. - Inventory is still at the bottom - grinding stage, and the purchase price index declined slightly. The raw material inventory index rose by 0.5 percentage points to 47.8%, and the finished - product inventory index rose by 0.9 percentage points to 48.2%. The purchase price index was 53.1%, down 0.5 percentage points from the previous month [12][13]. - The rebound of PMI is expected to be the starting point for the rebound of the nominal GDP growth rate in 2026. With policy support, improved expectations, and the accumulation of internal momentum, the economy in 2026 is expected to start steadily [4][15]. Group 3: Summary by Related Catalogs Event - On December 31, 2025, the National Bureau of Statistics announced the December PMI. The manufacturing PMI in December was 50.1%, up 0.9 percentage points from the previous month [2][7] 12 - month Manufacturing PMI Rebound - The December PMI of 50.1% was significantly higher than the market expectation of 49.6%, returning to the expansion range for the first time since April 2025. It was a counter - seasonal rebound, and its signal and continuity are worthy of attention [3][8] Supply - Demand Synergy Improvement - In terms of production, the December production index was 51.7%, up 1.7 percentage points. In terms of demand, the new order index was 50.8%, up 1.6 percentage points, and the new export order index was 49.0%, up 1.4 percentage points. High - tech manufacturing, equipment manufacturing, and consumer goods industries showed strong momentum [3][9] Inventory and Purchase Price - The raw material inventory index rose to 47.8%, and the finished - product inventory index rose to 48.2%, still in the passive replenishment stage but showing marginal improvement. The purchase price index was 53.1%, down 0.5 percentage points. The anti - involution policy's price - pulling effect may shift to mid - stream manufacturing [12][13] PMI Rebound and Economic Outlook - The rebound of PMI in December is expected to be the starting point for the marginal improvement of the economy in 2026. With the joint action of policies, expectations, and internal momentum, the economy in 2026 is expected to start steadily [4][15]

Group 1 - The core viewpoint of the article is that Jiangxi Province is making significant strides in its manufacturing sector, aiming to transition from a manufacturing power to a manufacturing stronghold, as highlighted in the "2025 China Manufacturing Power Development Index Report" [1] - Jiangxi's industrial output value and manufacturing output value have consistently exceeded 1 trillion yuan since 2021, with expectations to reach approximately 1.2 trillion yuan this year [1] - The province's manufacturing development comprehensive quality index ranked ninth nationally last year, indicating a strong competitive position in manufacturing [1] Group 2 - Jiangxi has prioritized building a strong manufacturing province as a key task in its 14th Five-Year Plan, leveraging its unique geographical advantages to enhance economic development [2] - The province has adopted a "one chess game" approach to layout, focusing on the digital transformation of manufacturing and technological innovation to strengthen its industrial backbone [2] - Data from the first eleven months of this year shows that the added value of equipment manufacturing and high-tech manufacturing increased by 12.2% and 11.5%, respectively, accounting for 35.3% and 23.2% of the industrial output value [3] Group 3 - The transition from traditional manufacturing to advanced manufacturing in Jiangxi has been significant over the past five years, with a focus on digital technology as a key driver of innovation [7][8] - The province has seen numerous examples of successful innovation and transformation in manufacturing, such as the use of robotic arms and automated production lines to enhance efficiency and product quality [9] - Jiangxi has been recognized as a pilot province for national digital transformation initiatives, with over 1.7 million enterprises completing digital transformation diagnostics and 12,650 key projects achieving digital upgrades [10] Group 4 - The consensus among stakeholders is that accelerating the pace of digital transformation and enhancing the "newness" and "value" of manufacturing is essential for advancing new industrialization [11] - Jiangxi is rapidly constructing a modern industrial system characterized by unique advantages, with a steady and quality-focused approach to new industrialization [12]

作者丨冉黎黎 编辑丨陈洁 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 ...

Group 1: Manufacturing Sector - December Manufacturing PMI recorded at 50.1%, up 0.9 percentage points from the previous month, marking the first entry into the expansion zone since April 2025[2] - Production index rose to 51.7%, an increase of 1.7 percentage points, while new orders index reached 50.8%, up 1.6 percentage points, indicating improved production and demand[12] - Large enterprises' PMI increased to 50.8%, up 1.5 percentage points, supporting the manufacturing recovery, while small enterprises' PMI fell to 48.6%, reflecting ongoing challenges[18] Group 2: Non-Manufacturing Sector - December Non-Manufacturing Business Activity Index rose to 50.2%, returning to the expansion zone, showing improvement from November[3] - Construction PMI recorded at 52.8%, up 3.2 percentage points, driven by favorable weather and accelerated project progress[25] - Service sector Business Activity Index increased to 49.7%, still in contraction, with significant variation across industries, indicating a slow recovery[25] Group 3: Economic Outlook - Overall PMI data for December reflects a phase of economic recovery, confirming the effectiveness of growth stabilization policies[5] - Anticipated economic expansion supported by upcoming consumption peaks and infrastructure projects, alongside a special bond issuance plan of 62.5 billion yuan to stimulate consumption[5] - Risks include potential delays in policy implementation, slow global economic recovery, and insufficient domestic demand[6]

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].

Core Viewpoint - The manufacturing sector in China shows signs of recovery with the Purchasing Managers' Index (PMI) rising to 50.1 in December, indicating expansion in the manufacturing market [1]. Group 1: Manufacturing PMI - The December manufacturing PMI is reported at 50.1, an increase of 0.9 percentage points from the previous month, indicating a shift into the expansion zone [1]. - The new orders index for manufacturing reached 50.8 in December, up by 1.6 percentage points from the previous month, reflecting stable expansion in the sector [3]. Group 2: Sector Performance - High-tech manufacturing PMI stands at 52.5, increasing by 2.4 percentage points, showing a significant acceleration in expansion [3]. - The consumer goods manufacturing PMI is at 50.4, which is an increase of 1 percentage point from the previous month, indicating positive structural changes in the sector [3]. Group 3: Future Outlook - According to the Vice President of the China Logistics and Purchasing Federation, there is a general trend of recovery across industries [6]. - The overall economic situation is expected to remain stable in 2025, with the annual average PMI for manufacturing projected at 49.6, similar to the average for 2024 [6]. - In 2026, multiple positive factors are anticipated to contribute to steady growth in the manufacturing sector [6].

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]