中国制造业PMI月刊（2026年1月）

China’s manufacturing PMIdrops to 49.3inJanuary,indicating a contraction in the Helen ChinE: helenchin@ust.hk William KongE: williamkong@ust.hk HKUST LI & FUNGSUPPLY CHAIN INSTITUTE LSK Business Building Nineof the 13 sub-indicesdeclinedcompared withthe previous month, partlydue totheapproach of the Chinese New Year,which dampened factory activity in lateJanuary. For example,the new orders indexfellby1.6pts to49.2inJanuary,indicatingarenewed contraction in market demand. Similarly,the new export orders indexdecreasedby1.2pts to47.8,suggestingafasterdecline inexport demand.Against By size of enterprises,the PMI of ‘large enterprises’went downto50.3 in January from50.8 in December. The PMI of ‘medium enterprises’droppedto48.7 in January from The output indexfellto50.6 inJanuary from51.7 in December.The outputindexof‘large enterprises’remainedabovetheneutral level of 50,registering52.4inJanuary.Meanwhile, theoutputindicesof‘medium enterprises’and‘small enterprises’stayed The new orders indexdeclinedto 49.2 in January from50.8 in December.The neworders indexof‘large enterprises’stayed inthe expansionary zone, registering 50.9inJanuary. Meanwhile, the new ordersindicesof‘medium enterprises’and ‘small The new export ordersindexdroppedto47.8 in January from49.0 in December.Thenew export ordersindicesof‘largeenterprises’and‘medium enterprises’remainedbelowthecritical 50-mark,registering47.6and 46.9respectively inJanuary.Meanwhile, The backlogs of orders indexwent downto45.1 in January from46.0 in December.Thebacklogsof orders indicesof‘large enterprises’, ‘medium enterprises’and ‘smallenterprises’allremainedbelowtheneutral level of 50,registering45.7, 45.8and42.6 The stocks of finished goods indexroseto48.6 in January from48.2 in December.Thestocks of finished goods indexof‘largeenterprises’returned to the expansionary zone,registering 50.4 in January.Meanwhile, the stocks of finished goods indicesof‘medium The stocks of major inputs indexfellto47.4 in January from47.8 in December. Themajor inputsindicesof‘largeenterprises’,‘medium enterprises’and‘smallenterprises’ The purchases of inputs indexdecreasedto48.7 in January from51.1 in December.Thepurchases of inputsindexof‘large enterprises’remainedinthe expansionaryzone,registering50.5inJanuary.Meanwhile, the purchases of inputs indicesof‘medium The imports indexinched upto 47.3 in January from47.0 inDecember.Theimportsindicesof‘large enterprises’and‘small enterprises’stayedbelow theneutral level of50,registering46.1and45.8respectivelyinJanuary.Meanwhile, theimports indexof The input prices indexsurgedto 56.1 in January from53.1 in December. Theinputprices indicesof‘large enterprises’,‘medium enterprises’and‘small enterprises’ all Theex-factory prices indexroseto50.6 in January from48.9 in December.Theex-factory prices indexof‘largeenterprises’rose abovetheneutral level of50,registering51.5 in January. Meanwhile,theex-factory prices indicesof‘medium The employment indexedgeddownto48.1 in January from48.2 in December.Theemployment indicesof‘largeenterprises’,‘medium enterprises’and ‘small enterprises’ The suppliers’ delivery time indexdeclinedto50.1 in January from50.2 in December.Areading 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 indexfellto52.6 in January from55.5 in December.Thebusiness 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 Finish