香港12月PMI降至51.9 連續5個月高於50 (09:41) – 20260106 – 即時財經新聞

報告內容:
2025年尾聲,香港特區私營經濟連續5個月向好。

12月產出量和新增訂單持續升勢,增幅雖比上月收窄,但依然明顯。值得留意的是,企業從本土與海外市場新接的銷售額均見增長,反映客戶需求廣泛轉強。另一方面,積壓訂單一年以來首次擴張,而價格數據則顯示,投入成本進一步顯著上漲,促使產出售價升逾兩年最高。

作為單一綜合指標,標普全球12月香港特區採購經理指數(PMI®)經季節調整後,由上月52.9降至51.9,反映香港特區營商環境中度好轉,並連續5個月錄得增長。

綜合而言,私營企業連續5個月增產,12月升幅雖較上一調查月回落,但整體明顯,也是過去三年的高位之一。調查資料透露,需求持續升溫,推動了近期的產量增長。

受訪公司指出,新訂單於2025年底持續轉升,增幅與產量擴張大致相符,也是2023年5月以來第二高,僅次於上月。調查資料透露,消費者人數增多,加上客戶恢復信心,因此惠及近期銷情。數據也反映,從中國內地和海外市場新接的業務量顯著增加,為整體訂單的升勢提供了支持。

綜觀最近一個調查月,採購活動更趨活躍,但擴張速度比11月放緩。企業通常表示,採購數量增長與需求好轉的程度一致。

與此同時,採購庫存已連續7個月上升,但增幅不大。企業還指出,供應商更加如期交貨,表現自6月以來首次改善。

新增訂單持續轉旺,導致積壓工作於2025年底回復擴張,增幅雖然不大,卻是2024年12月以來最顯著;但企業反而透過員工自然流失,偏向以精簡人手作出應對。

價格方面,12月的整體投入成本持續高企。具體來看,成本升幅多少因原材料價格上漲,繼而推動採購價格飈升所致,惟員工成本亦攀至2024年7月以來最高。面對高昂成本,香港特區私營企業於是提高售價,升幅為26個月最高,以此紓緩利潤壓力。

展望未來一年生產,香港特區私營企業12月的悲觀情緒較上月淡化。值得留意的是,多家公司明言對本地經濟感到樂觀,因此整體負面看法是2023年7月以來最淺;惟企業依然憂慮全球經濟景氣,以及關稅影響。

關於最新調查結果,標普全球市場財智經濟學家Usamah Bhatti 表示,「標普全球香港特區PMI數據顯示,12月營商環境進一步改善,乃 2023年首季以來最佳的季度表現。本土與出口市場的客戶需求廣泛好轉,帶動生產和新增訂單實現可觀增長,鼓勵企業積極採購,相應地配合生產需要」。

Usamah Bhatti 表示,「前瞻指數同樣令人鼓舞,當中反映產能局限走向的積壓工作指數,首次突破一年跌勢,顯示企業在需求與新訂單更趨活躍之際,生產規模可望進一步擴大。此外,業者對未來一年生產的悲觀情緒,已減退至2023年中最淺,尤其是本地經濟前景,更加充滿信心」。
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