China January PMI Commentary中国1月PMI点评Investment consulting business qualification：SEC License [2012] No. 669Liu DaoyuQualification No.: F3061482 Consulting No.: Z0016422Gui Chenxi Qualification No.: F3023159 Consulting No.: Z0013632JanuaryDecemberNovemberOctoberManufacturing PMI49.2 49.0 49.4 49.5 Non-manufacturing PMI50.750.450.250.6PMI温和回升，显著改善有待节后旺季。1月制造业略有改善，虽然生产改善较为显著，但是需求回升幅度较小，就业指数有所回落，制造业增长动能仍需夯实。1月建筑业施工季节性回落，万亿国债对经济的拉动可能要等到节后旺季。临近春节，居民出行消费意愿增强，带动相关服务业显著改善。PMI rebounded moderately in January and it may improve significantly during the peak season after the Spring Festival. There was a slight improvement in the manufacturing industry in January. Although production improved significantly, the rebound in demand was small, indicating that the growth momentum of manufacturing industry still needs to be strengthened. The construction industry fell seasonally in January, and the 1 trillion treasury bond may pull the economy until the peak season. As the Spring Festival approaches, residents' willingness to travel and consume has increased, driving significant improvements in related service industries. 2024/02/1Sources: Wind, CITICSFImportant Reminder：This report is not a service under the futures trading consulting business, and the opinions and information provided are forreference only and do not constitute investment advice to anyone. CITIC Futures do not consider relevant personnel as client due to their attention, receipt, or reading of the content of this report. 重要提示：本报告难以设置访问权限，若给您造成不便，敬请谅解。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。Disclaimer: Unless otherwise specified, CITIC Futures Co., Ltd. possesses the copyright and/or other related intellectual property rights of this report. Without authorization, no content of this report may be sent or copied. CITIC Futures Co., Ltd. makes no express or implied warranties regarding the accuracy, reliability, timeliness, or completeness of the information, viewpoints, and data contained in this report. This report does not constitute any personal consultation or advice given to you by CITIC Futures Co., Ltd. 免责声明：除非另有说明，中信期货有限公司拥有本报告的版权和/或其他相关知识产权。未经授权，不得发送或复制本报告任何内容。中信期货有限公司对于本报告所载的信息、观点以及数据的准确性、可靠性、时效性以及完整性不作任何明确或隐含的保证。此报告并不构成中信期货有限公司给予阁下的任何私人咨询建议。424446485052545658Jul-20Jul-21Jul-22Jul-23China Manufacturing PMIManufacturing PMINew Order IndexProduction Index40455055606570Jan-20Jan-21Jan-22Jan-23Jan-24Non-manufacturing PMIService Industry PMIConstruction Industry PMI