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 - 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] Manufacturing Sector Summary - The manufacturing production index in November was 51.7%, an increase of 1.7 percentage points from the previous month [1] - The new orders index rose to 50.8%, up by 1.6 percentage points [1] - The new export orders index increased by 1.4 percentage points to 49.0% [1] - Large enterprises had a PMI of 50.8%, up by 1.5 percentage points, while medium-sized enterprises had a PMI of 49.8%, up by 0.9 percentage points, and small enterprises had a PMI of 48.6%, down by 0.5 percentage points [1] Future Outlook - Economic factors such as fiscal and credit policies aiming for a "good start" in the new year and resilient exports are expected to keep the PMI at a high level in the first quarter [1] - The manufacturing sector is transitioning from "making the cake" to "cutting the cake," emphasizing the need for technological advancements to enhance competitiveness [3] - Four key factors will influence the PMI trend towards 2026: domestic growth policies, strong market demand in high-tech manufacturing, the impact of high tariffs on global trade, and ongoing adjustments in the real estate market [3][4] - The macroeconomic environment is expected to maintain a "strong supply, weak demand" scenario, with the PMI likely remaining below 50% for most of the time [3] Non-Manufacturing Sector Summary - In December, the non-manufacturing PMI recorded 50.2%, an increase of 0.7 percentage points from the previous month [5] - The construction business activity index was 52.8%, up by 3.2 percentage points, while the services business activity index was 49.7%, up by 0.2 percentage points [6] - Certain service sectors, such as telecommunications and financial services, showed strong activity indices above 60.0%, while retail and catering sectors remained below the critical point [6]

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]

我国经济景气水平总体回升。 12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。 （三）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。 （四）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。从行业看，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。 二、非制造业商务活动指数重回扩张区间 12月份，非制造业商务活动指数为50.2%，比上月上升0.7个百分点，非制造业景气水平改善。 （一）服务业景气度小幅回升。服务业商务活动指数为49.7%，比上月上升0.2个百分点。从行业看，电 信广播电视及卫星传输服务、货币金融服务、 ...

Core Viewpoint - The December manufacturing Purchasing Managers' Index (PMI) in China indicates a recovery in the manufacturing sector, with a rise to 50.1%, reflecting positive market demand and production expansion [1] Group 1: Manufacturing PMI - The manufacturing PMI for December 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%, up 1.6 percentage points, suggesting improved demand and production activity [1] - The production index stands at 51.7%, an increase of 1.7 percentage points, highlighting a positive expansion in production activities [1] Group 2: Sector Performance - The high-tech manufacturing PMI is at 52.5%, rising by 2.4 percentage points, showing a significant acceleration in expansion [1] - The consumer goods manufacturing PMI is reported at 50.4%, which is an increase of 1 percentage point, indicating stable growth in this sector [1] Group 3: Future Outlook - The manufacturing production and business activity expectations index is at 55.5%, up 2.4 percentage points, marking the highest level since April 2024 [1] - For 2025, the overall economic operation is expected to remain stable, with the annual average PMI projected at 49.6%, consistent with the average for 2024 [1] - In 2026, multiple positive factors are anticipated to contribute to a steady increase in the manufacturing sector [1]