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 ...

国家统计局服务业调查中心 中国物流与采购联合会 一、中国制造业采购经理指数运行情况 1月份，制造业采购经理指数（PMI）为49.3%，比上月下降0.8个百分点，制造业景气水平有所回落。 从企业规模看，大型企业PMI为50.3%，比上月下降0.5个百分点，仍高于临界点；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，低于临界点。 从分类指数看，在构成制造业PMI的5个分类指数中，生产指数和供应商配送时间指数均高于临界点，新订单指数、原材料库存指数和从业人员指数均低于 临界点。 生产指数为50.6%，比上月下降1.1个百分点，仍高于临界点，表明制造业生产活动保持扩张。 新订单指数为49.2%，比上月下降1.6个百分点，表明制造业市场需求有所放缓。 原材料库存指数为47.4%，比上月下降0.4个百分点，表明制造业主要原材料库存量继续减少。 从业人员指数为48.1%，比上月下降0.1个百分点，表明制造业企业用工景气度略有回落。 供应商配送时间指数为50.1%，比上月下降0.1个百分点，仍高于临界点，表明制造业原材料供应商交货时间持续加快。 表1 中国制造业PMI及构成指数（经季节 ...

Core Insights - The report titled "China Listed Company Quality/ESG Index Report No.5 (2025)" provides a comprehensive evaluation framework for the quality and ESG (Environmental, Social, and Governance) performance of listed companies in China, developed by Beijing Normal University [1][7]. Group 1: ESG Index Overview - The ESG index consists of three main dimensions: corporate governance (55% weight), social responsibility (35% weight), and environmental protection (10% weight), with a total of 132 specific indicators [1][11][12]. - The evaluation covers 5,292 A-share listed companies across the Shanghai, Shenzhen, and Beijing stock exchanges, using a relative scoring method based on the highest scores in each dimension [1][13]. Group 2: Evaluation Results - The average ESG index for non-financial companies from 2020 to 2024 shows fluctuations, with a score of 68.14 in 2024, indicating a slight decline of 0.79 from the previous year [2][18]. - State-owned enterprises consistently outperform non-state-owned enterprises, with central enterprises showing the best performance [2][20]. - The financial sector's average ESG index in 2024 is 73.76, reflecting a steady increase, particularly in corporate governance [2][42]. Group 3: Regional and Sectoral Performance - The eastern region leads in ESG performance, with Tianjin, Shanghai, and Anhui ranking as the top provinces in 2024 [2][31]. - The mining industry ranks highest in ESG performance, while the education sector ranks lowest among 17 industries evaluated [2][33]. Group 4: Policy Recommendations - The report suggests enhancing corporate governance by adopting international standards, improving board independence, and ensuring effective information disclosure and executive compensation incentives [2][17]. - It emphasizes the importance of aligning social responsibility and environmental protection efforts with industry realities while safeguarding stakeholder rights [2][17].

Core Insights - The position of the Chinese yuan in global foreign exchange reserves has been gradually increasing, currently estimated to be between 1.9% and 2.88% by 2025, ranking fifth overall [2][4] - The US dollar remains dominant at approximately 58%, followed by the euro at over 20%, the Japanese yen at 5.8%, and the British pound at 4.7% [2] Group 1: Yuan's Growth and Internationalization - The yuan's share in Special Drawing Rights (SDR) started at 1.08% in 2016 and has more than doubled, driven by trade relations and policy support [4] - Emerging market countries are increasingly including the yuan in their reserve baskets to diversify risk and facilitate trade with China [4] - The yuan's payment share in the SWIFT international payment system is projected to fluctuate between 2.9% and 4.6% by 2025, occasionally ranking fourth or fifth globally [7] Group 2: Trade and Economic Factors - Chinese enterprises are conducting business with countries along the Belt and Road Initiative using yuan contracts, which helps avoid dollar-related costs [6] - China's economic scale and trade volume, being the world's largest in goods trade, provide a solid foundation for the yuan's internationalization [10] - The stability of China's foreign trade and its complete supply chain enhance the competitiveness of Chinese manufacturing, encouraging the use of local currency for settlements [10] Group 3: Policy and Global Trends - Policy measures such as joining the SDR, promoting financial market openness, and establishing bilateral currency swap agreements have facilitated the yuan's internationalization [11] - The trend of de-dollarization is gaining traction globally, with the dollar's reserve share declining from a peak of 70% to around 58%, with a notable portion shifting to other currencies, including the yuan [14] - Countries are increasingly seeking to diversify their reserves, especially in light of frequent use of sanctions, leading to a rise in gold reserves as a hedge against single-country control [13] Group 4: Future Outlook - The internationalization of the yuan is progressing steadily, emphasizing market-driven approaches and mutual benefits, with potential for further growth if trade and investment facilitation continues to improve [15] - The choice of central banks to hold yuan reserves reflects confidence in China's stable economic fundamentals and consistent policies [17]

Group 1 - The service industry in China experienced rapid growth in 2025, with a notable contribution to national economic growth, achieving a value-added of 808,879 billion yuan, a 5.4% increase from the previous year [1] - The contribution rate of the service industry to national economic growth reached 61.4%, an increase of 3.7 percentage points year-on-year, and it contributed 3.0 percentage points to GDP growth, up by 0.1 percentage points [1] - The proportion of service industry value-added in GDP rose to 57.7%, an increase of 0.9 percentage points from the previous year [1] Group 2 - Service consumption expanded steadily, with service retail sales increasing by 5.5%, outpacing the growth rate of goods retail sales by 1.7 percentage points [2] - Modern service industries such as information technology, business services, and finance showed robust growth, with value-added in information transmission, software, and IT services growing by 11.1% and business services by 10.3% [2] - Strategic emerging service industries and high-tech service industries saw revenue growth of 9.9% and 8.6% respectively from January to November 2025 [2] Group 3 - The overall business activity index for the service industry averaged 50.1% in 2025, indicating continued expansion, with certain sectors like postal, telecommunications, and financial services maintaining indices above 55.0% [3]

Economic Overview - In 2025, China's GDP surpassed 140 trillion yuan, reaching 1401879 billion yuan, with a year-on-year growth of 5.0% at constant prices [1][3][5] - The economic performance in 2025 indicates a successful conclusion to the "14th Five-Year Plan" [1] Agricultural Sector - The total grain production in China for the year was 71488 million tons, reflecting a year-on-year increase of 1.2% [8] - The total output of pork, beef, mutton, and poultry reached 10072 million tons, marking a 4.2% increase and exceeding 100 million tons for the first time [8] Industrial Sector - The industrial added value for large-scale industries grew by 5.9% year-on-year [9] - The added value of the equipment manufacturing industry increased by 9.2%, while the high-tech manufacturing industry saw a growth of 9.4% [9] Service Sector - The added value of the service industry grew by 5.4% compared to the previous year [11] - Key sectors such as telecommunications, financial services, and capital market services reported business activity indices above 60.0%, indicating a high level of economic activity [11] Retail and Consumption - The total retail sales of consumer goods reached 501202 billion yuan, with a year-on-year growth of 3.7% [13] - Online retail sales increased by 8.6%, and service retail sales grew by 5.5% compared to the previous year [13] Trade Performance - The total value of goods import and export was 454687 billion yuan, reflecting a year-on-year increase of 3.8% [14] - Exports amounted to 269892 billion yuan, growing by 6.1%, while imports reached 184795 billion yuan, with a modest increase of 0.5% [15] Price Stability - The overall consumer price index (CPI) remained stable compared to the previous year, while the core CPI rose by 0.7%, an increase of 0.2 percentage points from the previous year [16] Employment Situation - The average urban survey unemployment rate for the year was 5.2% [18] - The total number of migrant workers reached 30115 million, an increase of 142 million or 0.5% from the previous year [19]

Group 1 - The service industry in 2025 showed a significant growth, with a value added of 808,879 billion yuan, representing a 5.4% increase from the previous year. The contribution rate of the service industry to national economic growth was 61.4%, up by 3.7 percentage points from the previous year [2] - In the fourth quarter of 2025, the service industry added value reached 215,948 billion yuan, with a year-on-year growth of 5.2%, contributing 63.2% to economic growth [2] - The revenue of large-scale service enterprises increased by 7.8% year-on-year from January to November 2025, with notable growth in cultural arts, research and development, and business services [2] Group 2 - Service consumption expanded steadily, with service retail sales growing by 5.5% year-on-year in 2025, outpacing the growth of goods retail sales by 1.7 percentage points. Per capita service consumption expenditure increased by 4.5% [3] - The modern service industry, including information technology and business services, continued to thrive, with value added in information transmission and software services growing by 11.1% and 10.3%, respectively [4] - Emerging service industries showed enhanced leadership, with strategic emerging services and high-tech services seeing revenue growth of 9.9% and 8.6%, respectively, from January to November 2025 [5] Group 3 - The service industry maintained a high level of openness, with service trade imports and exports totaling 72,023.7 billion yuan from January to November 2025, a year-on-year increase of 7.1%. Travel service exports surged by 51.3% [6] - The business activity index for the service industry averaged 50.1 in 2025, indicating continued expansion. The index for postal, telecommunications, and financial services remained above 55.0, reflecting robust growth [7] - Market expectations improved, with the business activity expectation index for December rising to 56.4, indicating increased confidence among service enterprises [7]

Core Viewpoint - As of December 2025, Mongolia's broad money supply (M2) reached 47.1 trillion tugriks (approximately 13.24 billion USD), reflecting a year-on-year growth of 8.7% [1] Group 1: Money Supply - The M2 money supply increased to 47.1 trillion tugriks (about 13.24 billion USD), with a year-on-year growth rate of 8.7% [1] - Narrow money supply (M1) reached 11.2 trillion tugriks (approximately 3.15 billion USD), showing a year-on-year increase of 3.9% [1] - The currency supply in tugriks amounted to 10.2 trillion tugriks (around 2.87 billion USD), while foreign currency supply was about 1 trillion tugriks (approximately 0.28 billion USD) [1] Group 2: Overall Money Circulation - The total money circulation in Mongolia reached 35.8 trillion tugriks (approximately 10.06 billion USD), with a year-on-year growth of 13.4% [1]

Core Insights - The core viewpoint of the article highlights the growth of China's service industry, with a projected increase in value added by 5.4% in 2025 compared to the previous year [1] Group 1: Service Industry Growth - The value added in the information transmission, software, and IT services sector is expected to grow by 11.1% [1] - The leasing and business services sector is projected to increase by 10.3% [1] - The transportation, warehousing, and postal services sector is anticipated to grow by 5.2% [1] - The wholesale and retail sector is expected to see a growth of 5.0% [1] - The accommodation and catering sector is projected to grow by 4.9% [1] Group 2: Production and Business Activity Indices - In December, the service production index increased by 5.0% year-on-year [1] - The production indices for the information transmission, software, and IT services sector, leasing and business services sector, and financial sector grew by 14.8%, 11.3%, and 6.5% respectively [1] - From January to November, the operating revenue of large-scale service enterprises increased by 7.8% year-on-year [1] Group 3: Business Activity Indices - The business activity index for the service industry in December was 49.7%, up by 0.2 percentage points from the previous month [1] - The business activity expectation index for the service industry rose to 56.4%, an increase of 0.5 percentage points [1] - Industries such as telecommunications, broadcasting, television, satellite transmission services, monetary financial services, and capital market services all had business activity indices above 60.0%, indicating a high level of prosperity [1]