December PMI returns, what is unusual about the expansion?

In December, the manufacturing PMI rose to 50.1%, marking a return to expansion against seasonal trends. Compared to historical seasonality, the expected index for production and business activities, the production index, and the purchasing volume are all significantly higher than historical averages, indicating an increased willingness among enterprises to expand production. The later timing of the Spring Festival has prompted companies to produce in advance, while the exit of inefficient capacity has provided market space for high-quality enterprises. Price indicators show a deepening effect of policies, with a decrease in raw material purchase prices and an increase in factory prices, suggesting an improvement in profit margins for downstream industries. The export sector is also conveying unusual signals