中国制造业PMI月刊（2025年12月）

China’s manufacturing PMIrises to 50.1 in Helen ChinE: helenchin@ust.hk William KongE: williamkong@ust.hk HKUST LI & FUNGSUPPLY CHAIN INSTITUTE LSK Business BuildingThe Hong Kong University of 10of the 13 sub-indicesincreasedcompared withthe previous month. For example,the new orders indexsurgedby1.6pts toanine-month highof50.8inDecember,indicatingthatmarket demand hasrecentlyresumeditsexpansion. Similarly,the newexport orders indexpickedupby1.4pts to49.0,suggestingaslowerdecline inexportdemand.Against this backdrop,the output index climbed by 1.7 pts to 51.7 in By size of enterprises,the PMI of ‘large enterprises’surgedto50.8 in December from49.3 in November. The PMI of ‘medium enterprises’increasedto49.8 in December from The output indexjumpedto51.7 in December from50.0 in November.The outputindicesof ‘large enterprises’and‘medium enterprises’roseabovetheneutral level of 50, The new orders indexclimbedto50.8 in December from49.2 in November.The newordersindexof‘large enterprises’returned tothe expansionaryzone, registering 52.3in The new export ordersindexsurgedto49.0 in December from47.6 in November.Thenew export ordersindicesof‘largeenterprises’,‘medium enterprises’and‘small The backlogs of orders indexwent upto46.0 in December from45.5 in November.Thebacklogsof orders indicesof‘large enterprises’, ‘medium enterprises’and ‘smallenterprises’allremainedbelowtheneutral level of 50,registering47.2, 45.8and43.4 The stocks of finished goods indexjumpedto48.2 in December from47.3 in November.The stocks of finished goods indicesof‘largeenterprises’, ‘medium enterprises’ and The stocks of major inputs indexincreasedto 47.8 in December from47.3 inNovember.Themajor inputsindicesof‘largeenterprises’,‘medium enterprises’and‘small The purchases of inputs indexsurgedto51.1 in December from49.5 in November.Thepurchases of inputsindicesof‘large enterprises’and‘medium enterprises’remainedinthe expansionaryzone,registering52.5and 50.3 respectivelyinDecember.Meanwhile, The imports indexstayed flat at47.0 inDecembercomparedwith thepreviousmonth.Theimports indicesof‘large enterprises’,‘mediumenterprises’and‘small enterprises’all The input prices indexdeclinedto53.1 in December from53.6 in November. Theinputprices indicesof‘large enterprises’,‘medium enterprises’and‘small enterprises’ all Theex-factory prices indexroseto48.9 in December from48.2 in November.1Theex-factory prices indicesof‘largeenterprises’,‘mediumenterprises’and‘small The employment indexedgeddownto48.2 in December from48.4 in November.Theemployment indicesof‘largeenterprises’,‘medium enterprises’and ‘small enterprises’ The suppliers’ delivery time indexinched up to50.2 in December from50.1 in November.A reading above 50 implies faster delivery; below 50, slower delivery. The suppliers’delivery time indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’ The business expectations indexsurgedto55.5 in December from53.1 in November.The business expectations indices of ‘large enterprises’,‘medium enterprises’and ‘small CFLP 中國物流與採購聯合會 China Federation of Logistics & Purchasing (CFLP) is the logistics and purchasing industryassociation approved by the State Council. CFLP’s mission is to push forward the developmentof the logistics industry and the procurement businesses of both government and enterprises, NBS 國家統計局 The National Bureau of Statistics (NBS), an agency directly under the State Council in China, isin charge of the country’s statistics. It is responsible for formulating statistical policies andestablishing the national statistical system, drafting and enforcing the statistical laws and China Manufacturing PMI 中國製造業採購經理指數 China Manufacturing Purchasing Managers’ Index (PMI) provides an early indication eachmonth of economic activities in theChinese manufacturing sector. It is jointly published by Every month questionnaires are sent to 3,000 manufacturing enterprises all over China. Thedata presented herein is compiled fromthe enterprises’ responses about their purchasingactivities and supply situations. CFLP makes no representation regarding the datacollection 3,000 manufacturing enterprises in 31 industries from Eastern, Northeastern, Central andWestern China are surveyed. Thesampling of the enterprises involves the use of ProbabilityProportional to Size Sampling (PPS), which means the selection ofenterprises surveyed is There are 13 sub-indicators in the survey: Output, New Orders, New Export Orders, Backlogs ofOrders, Stocks of Finished Goods,Purchases of Inputs, Imports, Input Prices, Stocks of MajorInputs, Ex-factory Prices, Employment, Suppliers’ Delivery Time andBusiness Expectations. An The PMI is a composite index based on the seasonally adjusted indices for five of the sub-indicators with varying weights: NewOrders—30%; Output—25%; Employment—20%;Suppliers’ Delivery Time—15%; and Stocks of Major Inputs—10%. A PMI readingabove 50 Currently there are more than twenty countries and regions con