中国制造业采购经理人指数月报（2026年2月）

China’s manufacturing PMIfalls to 49.0inFebruary, indicating a contraction in the Helen ChinE: helenchin@ust.hk William KongE: williamkong@ust.hk HKUST LI & FUNGSUPPLY CHAIN INSTITUTELSK Business BuildingThe Hong Kong University of 10of the 13 sub-indices declined compared with the previous month,primarilyattributed to the Chinese New Year, whichdampenedfactory activity inFebruary. Forexample,the new orders index dipped 0.6 pts to 48.6,suggesting a persistentcontraction in market demand. Similarly,the new export orders indexslid2.8pts to45.0,pointing toafasterdecline inexport demand.Against this backdrop,the output By size of enterprises,the PMI of ‘large enterprises’increasedto51.5 in February from50.3 in January. The PMI of ‘medium enterprises’fellto47.5 in February from48.7 in The output indexdecreasedto49.6 in February from50.6 in January.The outputindexof ‘large enterprises’remainedabovetheneutral level of 50,registering53.8inFebruary. The new orders indexwent downto48.6 in February from49.2 in January.The neworders indexof‘large enterprises’remainedinthe expansionary zone, registering 53.3inFebruary. Meanwhile, the new ordersindicesof‘medium enterprises’and ‘small The new export ordersindexplummetedto45.0 in February from47.8 in January.Thenew export ordersindicesof‘largeenterprises’,‘medium enterprises’and‘small The backlogsof orders indexdroppedto44.0 in February from45.1 in January.Thebacklogsof orders indicesof‘large enterprises’, ‘medium enterprises’and ‘smallenterprises’allremainedbelowtheneutral level of 50,registering47.8, 43.1and35.9 The stocks of finished goods indexslumpedto45.8 in February from48.6 in January.Thestocks of finished goods indices of‘largeenterprises’,‘medium enterprises’ and The stocks of major inputs indexinched upto47.5 in February from47.4 in January.Themajor inputsindicesof‘largeenterprises’,‘medium enterprises’and‘small The purchases of inputs indexdeclinedto48.2 in February from48.7 in January.Thepurchases of inputsindexof‘large enterprises’remainedinthe expansionaryzone,registering53.2inFebruary.Meanwhile, the purchases of inputs indicesof‘medium The imports indexfellto45.6 in February from47.3 in January.Theimports indicesof‘large enterprises’,‘mediumenterprises’and‘small enterprises’allstayedbelow the The input prices indexslidto54.8 in February from56.1 in January. Theinput pricesindicesof‘large enterprises’,‘medium enterprises’and‘small enterprises’ allremained Theex-factory prices indexstayed flat at50.6 inFebruary compared with the previousmonth.The ex-factory pricesindicesof‘largeenterprises’and‘mediumenterprises’stayedabove theneutral level of50,registering 51.3 and50.6 respectivelyinFebruary. The employment indexedgeddownto48.0 in February from48.1 in January.Theemployment indicesof‘largeenterprises’,‘medium enterprises’and ‘small enterprises’ The suppliers’ delivery time indexdroppedto49.1 in February from50.1 in January.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 indexroseto53.2 in February from52.6 in January. 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 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-ind