2026.03. 04 作者 | 第一财经 祝嫣然 受春节假期等因素影响，2月份制造业PMI回落，而非制造业商务活动指数上升。 国家统计局3月4日发布的数据显示，制造业采购经理指数为49.0%，比上月下降0.3个百分点；非制 造业商务活动指数为49.5%，比上月上升0.1个百分点；综合PMI产出指数为49.5%，比上月下降0.3 个百分点。 中国物流与采购联合会特约分析师张立群认为，2月份制造业PMI指数继续下降，既有春节因素影 响，也表明经济仍存下行压力。订单类指数均在荣枯线下继续下降，其中出口订单指数下降幅度较 大。当前两会召开在即，政策因素对企业信心的积极影响有所显现，生产经营活动预期指数有所提 高。 张立群认为，当前经济正处蓄力回升关键期，必须显著加大政府公共产品投资力度，显著扩大需求、 增加企业订单，通过力度足够的宏观经济政策逆周期跨周期调节，有力有效扭转市场引导的需求收 缩，充分发挥政府宏观经济治理效能，大力提振企业信心，努力实现十五五良好开局。 制造业季节性放缓 2月份，制造业PMI为49.0%，景气水平较上月下降。从历史数据看，春节所在月份的PMI大多会出现 一些波动，尤其今年春节假期有所延长 ...

2025年朝阳区全年经济指标数据出炉 一系列亮眼数据勾勒出区域发展韧性与活力，让我们透过关键指标，感受朝阳经济向新向好的蓬勃态 势。 ↓↓↓ 01 经济基本盘保持稳固 1-4季度 朝阳区实现地区生产总值（GDP）9668.5亿元 按不变价计算，同比增长5.2% 从生产领域看 规模以上工业企业 实现工业总产值突破两千亿（2005.2亿元） 1-11月，交通运输业、租赁和商务服务业 科技服务业等生产性服务业规上企业 收入分别同比增长22.0%、6.4%和10.5% 增速高于全市 从需求领域看 社会消费品零售总额2600.3亿元 其中，限额以上批发和零售业 住宿和餐饮业网上零售额771.2亿元 同比增长15.5% 完成高技术产业投资同比增长6.9% 02 重点行业与支柱企业引领发展 重点行业支撑作用更加凸显 1-4季度 金融业实现增加值1813.3亿元 同比增长14.3%，占全区GDP比重近两成 科技服务业、交通运输业前十企业 收入增速远超全市对应行业增速 分别是全市增速的5.0、1.3、3.1、8.8倍 对全区对应行业收入贡献率 分别达到95.3%、84.8%、91.4%、123.6% 增长贡献率过半，稳居各行业 ...

Manufacturing Sector - December manufacturing PMI increased to 50.1, up 0.9 from the previous month, indicating a significant recovery above the seasonal level[1] - The production index rose to 51.7, an increase of 1.7, while the new orders index improved to 50.8, up 1.6[1] - The increase in manufacturing PMI is attributed to the implementation of the "two 500 billion" growth stabilization policies and year-end demand release[1] Service Sector - December service PMI recorded at 49.7, a slight increase of 0.2, but still below the neutral level of 50[1] - Consumer-related services remain weak due to seasonal effects, with retail, accommodation, and entertainment sectors below 50[1] - Financial activities continue to be robust, providing essential support for year-end economic performance[1] Construction Sector - December construction PMI rose to 52.8, an increase of 3.2 percentage points, marking a significant recovery after four months below 50[1] - The acceleration in construction activity is linked to increased investment in affordable housing and infrastructure projects[1] - Construction firms maintain optimistic market expectations, with the business expectation index remaining above 57 for two consecutive months[1] Overall Economic Outlook - The overall economic environment is characterized by a year-end push across sectors, supported by policy implementation and capital investment[1] - The manufacturing sector's recovery in December is seen as a corrective rebound after a weaker performance in November[1] - Anticipated consumer demand during the upcoming New Year and Spring Festival is expected to boost service sector performance in early next year[1]

Core Viewpoint - Yaoji Technology (SZ 002605) announced the appointment of Ms. Ji Wenjun as a non-independent director in its sixth board meeting, reflecting ongoing governance changes within the company [1] Company Summary - Yaoji Technology's revenue composition for the first half of 2025 is as follows: Internet marketing accounts for 36.19%, entertainment for 33.44%, cultural and sports entertainment for 29.8%, and other businesses for 0.58% [1] - As of the report, Yaoji Technology has a market capitalization of 10.6 billion yuan [1]

Group 1 - The core point of the article is that Yaoji Technology (SZ 002605) announced the completion of a share reduction plan by its controlling shareholder, Yao Shoubin, who, along with his associates, reduced their holdings by 2 million shares, accounting for 0.48% of the company's total shares [1] - As of the announcement date, the market capitalization of Yaoji Technology is 10.6 billion yuan [1] - The revenue composition of Yaoji Technology for the first half of 2025 is as follows: Internet marketing accounts for 36.19%, entertainment for 33.44%, cultural and sports entertainment for 29.8%, and other businesses for 0.58% [1]

Manufacturing Sector - The manufacturing PMI for October 2025 is reported at 49.0%, a significant decrease of 0.8 percentage points from the previous month, which is notably higher than the seasonal average decline of 0.4 percentage points observed from 2020 to 2024[2][5] - The production index fell by 2.2 percentage points to 49.7%, while the new orders index decreased by 0.9 percentage points to 48.8%[5][15] - The new export orders index dropped to 45.9%, down 1.9 percentage points, marking the second-lowest level since the introduction of high tariffs in April 2025[5][20] - Small enterprises experienced a notable decline in PMI, falling 1.1 percentage points to 47.1%, while large enterprises' PMI decreased to 49.9%[6] Non-Manufacturing Sector - The non-manufacturing PMI for October 2025 is at 50.1%, slightly up from 50.0% in the previous month, driven by holiday consumption[2][28] - The service sector showed improvement, with indices for transportation, retail, and entertainment exceeding 60%, indicating strong performance in consumer-related services[28] - The construction PMI fell to 49.1%, but new orders and business activity expectations increased, suggesting a potential recovery in infrastructure activities[34] Economic Outlook - The report highlights that the construction sector may benefit from the introduction of 500 billion yuan in new policy financial tools and an additional 200 billion yuan in special bond issuance, which could support infrastructure investment[4][34] - The overall economic environment remains cautious due to external trade uncertainties and domestic demand stability, particularly in high-energy-consuming industries[16][20]

Core Insights - The Purchasing Managers' Index (PMI) for China's manufacturing sector in October is reported at 49%, a decrease of 0.8 percentage points from the previous month, influenced by seasonal factors and external conditions [1][2] - Despite the decline in PMI, new momentum and consumer goods manufacturing are showing steady growth, with key sectors like equipment manufacturing and high-tech manufacturing remaining in the expansion zone [2][4] Manufacturing Sector - The equipment manufacturing price index reached a new high since June 2024, while the high-tech manufacturing price index hit a new high since 2025, indicating positive price changes in the manufacturing sector [4] - The production index and new orders index for key manufacturing sectors are operating around 51%, reflecting a stable expansion [2] Non-Manufacturing Sector - The non-manufacturing business activity index for October is at 50.1%, a slight increase of 0.1 percentage points from the previous month, maintaining levels above 50 since 2025 [7] - The service sector shows strong performance, particularly in contact-based services related to travel, shopping, and entertainment, with indices for railway and air transport exceeding 60% [6] Investment and Economic Outlook - There are signs of accelerated construction activities related to infrastructure investment, with the civil engineering business activity index rising above 55%, and new orders index increasing to over 49% [9] - The business activity expectation index for non-manufacturing is at 56.1%, indicating a positive outlook for the sector, supported by fiscal and monetary policy collaboration [9]

Group 1: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) decreased to 49% in October, down 0.8 percentage points from the previous month, indicating a slowdown in production activities [1][2] - Various sub-indices, including production, new orders, and export orders, showed declines ranging from 0.1 to 2.6 percentage points, reflecting weakened demand and production activities across enterprises of all sizes [2][3] - The overall economic imbalance of supply exceeding demand continues to develop, leading to increased downward pressure on the economy, necessitating stronger macroeconomic policy adjustments [3] Group 2: Non-Manufacturing Sector - The non-manufacturing business activity index rose slightly to 50.1%, with several sub-indices, such as inventory and input prices, showing increases between 0.2 and 1.1 percentage points [1][4] - The new orders index remained stable compared to the previous month, indicating steady operational activities in the non-manufacturing sector, supported by holiday consumption [4][5] - Significant increases were observed in sectors like transportation, retail, and construction, with business activity indices exceeding 60%, suggesting a positive trend in investment and consumption-related activities [5]

Core Insights - China's non-manufacturing business activity continues to stabilize, with demand remaining relatively steady, driven by holiday consumption and an acceleration in infrastructure investment activities [1][2] Group 1: Business Activity Index - In October, the non-manufacturing business activity index was 50.1%, a slight increase of 0.1 percentage points from the previous month, maintaining above 50% for the year [1] - The service industry, particularly contact-based services related to travel, shopping, and entertainment, performed well, with indices for railway transport, air transport, and cultural entertainment exceeding 60% [1] Group 2: Market Expectations - The service industry business activity expectation index remained above 55%, indicating strong confidence among service enterprises regarding industry development [1] - The non-manufacturing business activity expectation index rose to 56.1%, an increase of 0.4 percentage points from the previous month, reflecting positive changes in investment and consumption-related activities [2] Group 3: Infrastructure Investment - There are signs of accelerated activity in construction related to infrastructure investment at the beginning of the fourth quarter, with the civil engineering business activity index rising above 55%, an increase of over 5 percentage points [1] - The new orders index for construction activities rose to over 49%, with a nearly 2 percentage point increase [1]

Group 1 - The company, Yaoji Technology, held its 24th meeting of the 6th board of directors on October 29, 2025, via telecommunication voting, discussing proposals related to the formulation and revision of certain company systems [1] - For the first half of 2025, Yaoji Technology's revenue composition was as follows: Internet marketing accounted for 36.19%, entertainment for 33.44%, cultural and sports entertainment for 29.8%, and other businesses for 0.58% [1]