2024年12月PMI数据点评：国内需求已有回暖迹象

Group 1: Manufacturing Sector Insights - In December, the manufacturing PMI index was 50.1%, a decrease of 0.2 percentage points from November, but still within the expansion range[13] - The new orders index for December was 51.0%, up 0.2 percentage points from November, while the new export orders index rose by 0.2 percentage points to 48.3%[13] - The production index stood at 52.1%, down 0.3 percentage points from the previous month, indicating a slight contraction in production activity[13] Group 2: Demand and Economic Recovery - Domestic demand shows signs of recovery, with new orders and finished goods inventory indices rising by 0.2 and 0.5 percentage points, respectively[15] - The increase in overseas demand is attributed to the Christmas season and companies preemptively increasing export orders due to uncertainties in the upcoming year[15] - The non-manufacturing PMI index rose to 52.2% in December, an increase of 2.2 percentage points from November, indicating a return to expansion[17] Group 3: Sector Performance and Future Outlook - The construction PMI index improved to 53.2%, up 3.5 percentage points from November, reflecting a rebound in construction activity[8] - The new orders index in the construction sector reached 51.4%, a significant increase of 7.9 percentage points from the previous month[8] - High-energy-consuming manufacturing sectors, such as non-metallic and metallic mineral products, showed notable increases in new orders, suggesting a potential improvement in the real estate sector next year[3]