基本信息

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文档摘要

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目录

1、春节因素叠加政策效应，制造业PMI季节性反弹

2、建筑业及服务业表现分化，非制造业扩张不及预期

守正出奇宁静致远

?中国2月官方制造业PMI50.2，预期49.9，前值49.1。

?中国2月非制造业PMI50.4，预期50.5，前值50.2。

图表1：PMI数据主要分项

项目较前值2025/22025/12024/122024/112024/102024/92024/82024/72024/62024/52024/42024/32024/2

制造业PMI1.150.249.150.150.350.149.849.149.449.549.550.450.849.1

生产2.752.549.852.152.452.051.249.850.150.650.852.952.249.8

新订单1.951.149.251.050.850.049.948.949.349.549.651.153.049.0

新出口订单2.248.646.448.348.147.347.548.748.548.348.350.651.346.3

进口1.449.548.149.347.347.046.146.847.046.946.848.150.446.4

原材料库存-0.747.047.748.348.248.247.747.647.847.647.848.148.147.4

从业人员0.548.648.148.148.248.448.248.148.348.148.148.048.147.5

供应商配送时间0.751.050.350.950.249.649.549.649.349.550.150.450.648.8

采购量2.952.149.251.551.049.347.6