中国制造业PMI月刊（2026年3月）

China’s manufacturing PMIrises to 50.4inMarch, indicatingthat the manufacturing sectorrecovers after the Chinese New Year holiday Helen ChinE: helenchin@ust.hk William KongE: williamkong@ust.hk HKUST LI & FUNGSUPPLY CHAIN INSTITUTELSK Business BuildingThe Hong Kong University ofScience & TechnologyClear Water BayKowloon,Hong KongE:ustlfsci@ust.hk All 13 sub-indicessaw anincreasecompared withFebruary, whenthe Chinese NewYearhaddampenedfactory activity.For example, the new orders indexjumped3.0ptsto aone-yearhigh of 51.6inMarch,signalling a recent resurgence inmarket demand.Similarly, the new export orders indexsurgedby4.1pts to 49.1,itshighestlevel sinceApril2024,indicatinga slower decline in export demand. Against this backdrop, theoutput index climbed by 1.8pts to 51.4inMarch, pointing to growth in manufacturingproduction. The purchase of inputs index alsoincreasedby2.7pts to 50.9, returning toexpansionary territory.Material pricescontinued to rise,andat anotably fasterpace:Theinput prices indexsoaredby9.1pts toa four-year high of63.9inMarch,indicatinghighcost pressures on enterprises.The ex-factory prices index alsowent upby 4.8 ptsto 55.4, the highest level since March 2022. By size of enterprises,the PMI of ‘large enterprises’edged upto51.6 in March from51.5in February. The PMI of ‘medium enterprises’rebounded to 49.0 in March from47.5 inFebruary.The PMI of ‘smallenterprises’surgedto49.3 in March from44.8inFebruary. The output indexclimbedto51.4 in March from49.6 in February.The outputindexof‘large enterprises’remainedabovetheneutral level of 50,registering53.4inMarch.Meanwhile, theoutputindicesof‘medium enterprises’and‘small enterprises’stayedbelow50,bothregistering49.4in the month. The new orders indexsurgedto51.6 in March from48.6 in February.The new ordersindexof‘large enterprises’remainedinthe expansionary zone, registering 53.5inMarch.Meanwhile, the new ordersindicesof‘medium enterprises’and ‘small enterprises’stayedinthecontractionaryzone,registering49.5and 49.8respectivelyinthe month. The new export ordersindexsoaredto49.1 in March from45.0 in February.The newexport ordersindicesof‘largeenterprises’,‘medium enterprises’and‘small enterprises’allremainedbelowthecritical 50-mark,registering49.6,47.6and49.9respectivelyinMarch. The backlogs of orders indexincreasedto47.1 in March from44.0 in February.Thebacklogsof orders indicesof‘large enterprises’, ‘medium enterprises’and ‘smallenterprises’allremainedbelowtheneutral level of 50,registering47.3, 46.2and48.0respectivelyinMarch. The stocks of finished goods indexpicked upto46.7 in March from45.8 in February.Thestocks of finished goods indices of‘largeenterprises’,‘medium enterprises’ and‘smallenterprises’allstayed inthecontractionaryzone,registering46.9,46.6and46.3respectivelyinMarch. The stocks of major inputs indexinched upto47.7 in March from47.5 in February.Themajor inputsindicesof‘largeenterprises’,‘medium enterprises’and‘smallenterprises’allremainedbelowthecritical 50-mark,registering47.5,47.9and47.9respectively inMarch. The purchases of inputs indexroseto50.9 in March from48.2 in February.Thepurchases of inputsindicesof‘large enterprises’and ‘small enterprises’stayedintheexpansionaryzone,registering51.6 and 50.6 respectivelyinMarch.Meanwhile, thepurchases of inputs indexof‘medium enterprises’registered50.0inthe month. The imports indexjumpedto49.8 in March from45.6 in February.Theimports indicesof‘large enterprises’and‘mediumenterprises’remainedbelow theneutral level of50,registering49.8and49.3respectivelyinMarch.Meanwhile, the imports index of ‘smallenterprises’rose above 50,registering51.3inthe month. The input prices indexshot upto63.9 in March from54.8 in February. Theinput pricesindicesof‘large enterprises’,‘medium enterprises’and‘small enterprises’ allremainedabovethecritical 50-mark, registering64.1,64.1and63.1respectivelyinMarch. Theex-factory prices indexclimbed to 55.4 in March from50.6 inFebruary.Theex-factory pricesindicesof‘largeenterprises’,‘mediumenterprises’and‘smallenterprises’allremainedabove theneutral level of50,registering56.2,55.6and53.4respectivelyinMarch. The employment indexwent upto48.6 in March from48.0 in February.Theemploymentindicesof‘largeenterprises’,‘medium enterprises’and ‘small enterprises’all stayedinthecontractionaryzone, registering49.5, 46.9and48.6respectivelyinMarch. The suppliers’ delivery time indexincreasedto49.5 in March from49.1 in February.Areading above 50 implies faster delivery; below 50, slower delivery. The suppliers’delivery time indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’registered49.6,48.9and50.2respectively inMarch. The business expectations indexedged upto53.4 in March from53.2 in February. Thebusiness expectations indices of ‘large enterprises’,‘medium enterprises’and ‘smallenterprises’registered52.3, 54.2and55.0respectively inMarch. CFLP 中國物流與採購聯合會 China Federation of Logistics & Purchasing (CFLP) is the logistics and purchasing indus