Core Insights - The monitoring of prices for 50 important production materials across 9 categories in the national circulation market indicates a mixed trend in prices for July 2025, with 36 products experiencing price increases, 8 products seeing price decreases, and 6 products remaining stable [1] Price Trends - The price of live pigs (external three yuan) is reported at 14.1 yuan per kilogram, reflecting a month-on-month decrease of 2.1% [1]

Core Insights - The monitoring of prices for 50 important production materials across 9 categories in the national circulation market indicates a mixed trend in pricing for July 2025, with 36 products experiencing price increases, 8 products seeing declines, and 6 products remaining stable [1] Price Changes - Cotton (specifically, white cotton grade three) recorded a price of 14,916.3 yuan per ton, which represents an increase of 132.1 yuan per ton, equating to a growth rate of 0.9% compared to the mid-July period [1]

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories indicates a general upward trend, with 36 products experiencing price increases, while 8 saw declines, and 6 remained stable in late July 2025 compared to mid-July 2025 [1]. Price Changes Summary 1. Black Metals - Rebar (Φ20mm, HRB400E) increased by 143.5 CNY to 3304.1 CNY, a rise of 4.5% - Wire rod (Φ8-10mm, HPB300) rose by 141.5 CNY to 3469.0 CNY, an increase of 4.3% - Ordinary medium plate (20mm, Q235) increased by 123.6 CNY to 3526.3 CNY, a rise of 3.6% - Hot-rolled ordinary plate (4.75-11.5mm, Q235) increased by 175.2 CNY to 3474.3 CNY, a rise of 5.3% [3]. 2. Non-ferrous Metals - Electrolytic copper (1) rose by 1161.1 CNY to 79474.4 CNY, an increase of 1.5% - Aluminum ingot (A00) increased by 175.8 CNY to 20767.5 CNY, a rise of 0.9% - Lead ingot (1) decreased by 53.1 CNY to 16734.4 CNY, a decline of 0.3% - Zinc ingot (0) increased by 528.0 CNY to 22746.3 CNY, a rise of 2.4% [3]. 3. Chemical Products - Sulfuric acid (98%) increased by 10.2 CNY to 704.3 CNY, a rise of 1.5% - Caustic soda (liquid, 32%) decreased by 0.8 CNY to 871.7 CNY, a decline of 0.1% - Methanol (first grade) increased by 34.1 CNY to 2255.5 CNY, a rise of 1.5% - Polyvinyl chloride (SG5) increased by 197.7 CNY to 5056.7 CNY, a rise of 4.1% [3]. 4. Oil and Natural Gas - Liquefied natural gas (LNG) decreased by 1.8 CNY to 4323.7 CNY, remaining stable - Gasoline (95 National VI) increased by 20.7 CNY to 8590.4 CNY, a rise of 0.2% - Diesel (0 National VI) decreased by 2.1 CNY to 7182.9 CNY, remaining stable [3]. 5. Coal - Anthracite (washed lump) decreased by 29.6 CNY to 835.8 CNY, a decline of 3.4% - Ordinary mixed coal (4500 kcal) increased by 16.7 CNY to 518.1 CNY, a rise of 3.3% - Coking coal (main coking coal) increased by 225.0 CNY to 1375.0 CNY, a rise of 19.6% [3]. 6. Non-metallic Building Materials - Ordinary Portland cement (P.O 42.5 bagged) decreased by 6.7 CNY to 355.7 CNY, a decline of 1.8% - Float glass (4.8/5mm) increased by 56.5 CNY to 1268.9 CNY, a rise of 4.7% [3]. 7. Agricultural Products - Rice (glutinous rice) decreased by 1.7 CNY to 4042.3 CNY, remaining stable - Wheat (national standard grade three) remained stable at 2422.9 CNY [4]. 8. Agricultural Production Materials - Urea (medium and small particles) decreased by 10.6 CNY to 1811.8 CNY, a decline of 0.6% - Compound fertilizer (sulfur potassium compound fertilizer) increased by 28.5 CNY to 3177.9 CNY, a rise of 0.9% [4]. 9. Forest Products - Natural rubber (standard rubber SCRWF) increased by 548.0 CNY to 14906.3 CNY, a rise of 3.8% - Pulp (imported needle pulp) increased by 32.4 CNY to 5869.0 CNY, a rise of 0.6% [4].

Core Viewpoint - In July, the manufacturing Purchasing Managers' Index (PMI) decreased to 49.3%, indicating a decline in manufacturing activity compared to the previous month [1] Summary by Category Overall PMI - The manufacturing PMI for July is 49.3%, down 0.4 percentage points from the previous month, reflecting a downturn in manufacturing sentiment [1] By Enterprise Size - Large enterprises' PMI stands at 50.3%, a decrease of 0.9 percentage points from last month, remaining above the critical point [1] - Medium enterprises' PMI is at 49.5%, an increase of 0.9 percentage points from last month, but still below the critical point [1] - Small enterprises' PMI is at 46.4%, a decrease of 0.9 percentage points from last month, remaining below the critical point [1] Component Indices - Among the five component indices of the manufacturing PMI, the production index and supplier delivery time index are above the critical point, while the new orders index, raw material inventory index, and employment index are below the critical point [1] - The production index is at 50.5%, down 0.5 percentage points from last month, indicating continued expansion in manufacturing production [1] - The new orders index is at 49.4%, down 0.8 percentage points from last month, suggesting a slowdown in market demand for manufacturing [1] - The raw material inventory index is at 47.7%, down 0.3 percentage points from last month, indicating a continued decrease in major raw material inventories in manufacturing [1] - The employment index is at 48.0%, up 0.1 percentage points from last month, indicating a slight recovery in employment conditions within manufacturing [1] - The supplier delivery time index is at 50.3%, up 0.1 percentage points from last month, indicating that the delivery times from raw material suppliers continue to accelerate [1]

一、中国制造业采购经理指数运行情况 7月份，制造业采购经理指数(PMI)为49.3%，比上月下降0.4个百分点，制造业景气水平有所回落。 从企业规模看，大型企业PMI为50.3%，比上月下降0.9个百分点，高于临界点；中型企业PMI为49.5%，比上月上升0.9个百分点，低于临界点；小型企业 PMI为46.4%，比上月下降0.9个百分点，低于临界点。 从分类指数看，在构成制造业PMI的5个分类指数中，生产指数和供应商配送时间指数均高于临界点，新订单指数、原材料库存指数和从业人员指数低于临 界点。 生产指数为50.5%，比上月下降0.5个百分点，仍高于临界点，表明制造业生产延续扩张。 新订单指数为49.4%，比上月下降0.8个百分点，表明制造业市场需求有所放缓。 投入品价格指数为50.3%，比上月上升0.4个百分点，表明非制造业企业用于经营活动的投入品价格总体水平有所上涨。分行业看，建筑业投入品价格指数 为54.5%，比上月上升6.2个百分点；服务业投入品价格指数为49.6%，比上月下降0.6个百分点。 销售价格指数为47.9%，比上月下降0.9个百分点，表明非制造业销售价格总体水平较上月下降。分行业看，建筑业 ...

Group 1: Manufacturing PMI Overview - In July, the Manufacturing Purchasing Managers' Index (PMI) was 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [1][21][22] - The production index was 50.5%, down 0.5 percentage points, indicating continued expansion in manufacturing production [4][22] - The new orders index fell to 49.4%, down 0.8 percentage points, suggesting a slowdown in market demand [4][22] Group 2: Enterprise Size Analysis - Large enterprises had a PMI of 50.3%, down 0.9 percentage points, remaining above the critical point [4][23] - Medium-sized enterprises saw a PMI of 49.5%, an increase of 0.9 percentage points, indicating improved conditions [4][23] - Small enterprises reported a PMI of 46.4%, down 0.9 percentage points, remaining below the critical point [4][23] Group 3: Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index was 50.1%, a decrease of 0.4 percentage points, but still above the critical point [7][26] - The service sector's business activity index was stable at 50.0%, with some industries like transportation and entertainment showing strong performance [9][26] - The construction sector's business activity index fell to 50.6%, down 2.2 percentage points, reflecting a slowdown due to adverse weather conditions [9][26] Group 4: Price Indices and Market Expectations - The input price index for non-manufacturing rose to 50.3%, up 0.4 percentage points, indicating an increase in operating costs [14] - The sales price index decreased to 47.9%, down 0.9 percentage points, suggesting a decline in sales prices [14] - The business activity expectation index for non-manufacturing was 55.8%, up 0.2 percentage points, indicating optimism among businesses [15] Group 5: Comprehensive PMI Analysis - The Comprehensive PMI Output Index was 50.2%, down 0.5 percentage points, indicating overall expansion in production activities [19][27] - The manufacturing production index and non-manufacturing business activity index were 50.5% and 50.1%, respectively, both indicating continued expansion [27]

Group 1: Manufacturing PMI Analysis - In July, the manufacturing PMI decreased to 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing activity due to seasonal factors and adverse weather conditions [2][3] - The production index remained in expansion at 50.5%, while the new orders index fell to 49.4%, reflecting a slowdown in market demand [2] - Large enterprises maintained expansion with a PMI of 50.3%, while medium-sized enterprises improved to 49.5%, and small enterprises decreased to 46.4% [3] Group 2: Price Index and Market Conditions - The price index showed an upward trend, with the main raw materials purchasing price index at 51.5%, marking the first rise above the critical point since March [2] - The production and new orders indices for high-tech manufacturing and equipment manufacturing remained above the critical point, indicating sustained growth in these sectors [3] Group 3: Non-Manufacturing PMI Insights - The non-manufacturing business activity index was at 50.1%, down 0.4 percentage points, but still above the critical point, indicating continued expansion [4] - The service sector showed stability, with a business activity index of 50.0%, while sectors related to travel and consumption experienced high activity levels [4] - The construction sector's business activity index fell to 50.6% due to adverse weather conditions affecting construction activities [4] Group 4: Comprehensive PMI Output Index - The comprehensive PMI output index was at 50.2%, down 0.5 percentage points, indicating overall expansion in production and business activities across sectors [6]

Group 1: Manufacturing PMI Insights - In July, the manufacturing purchasing managers' index (PMI) decreased to 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [2][3] - The production index remained in expansion at 50.5%, while the new orders index fell to 49.4%, reflecting a slowdown in market demand [3] - Large enterprises maintained expansion with a PMI of 50.3%, although it decreased by 0.9 percentage points, while medium-sized enterprises improved to 49.5% [4] Group 2: Non-Manufacturing PMI Insights - The non-manufacturing business activity index stood at 50.1%, down 0.4 percentage points from the previous month, but still above the critical point [5] - The service industry business activity index was stable at 50.0%, with sectors related to travel and consumption showing strong performance, while real estate and residential services lagged [5][6] - The construction business activity index fell to 50.6%, down 2.2 percentage points, due to adverse weather conditions affecting construction activities [6] Group 3: Comprehensive PMI Insights - The comprehensive PMI output index was 50.2%, a decrease of 0.5 percentage points from the previous month, indicating overall expansion in production and business activities [7] - The manufacturing production index and non-manufacturing business activity index contributed to the comprehensive PMI, standing at 50.5% and 50.1% respectively [7]

2025年7月31日国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。对此， 国家统计局服务业调查中心高级统计师赵庆河进行了解读。 7月份，制造业采购经理指数为49.3%，比上月下降0.4个百分点；非制造业商务活动指数和综合PMI产 出指数分别为50.1%和50.2%，比上月下降0.4和0.5个百分点，均持续高于临界点，我国经济总体产出保 持扩张。 一、制造业采购经理指数有所回落 7月份，受制造业进入传统生产淡季，部分地区高温、暴雨洪涝灾害等因素影响，PMI降至49.3%，制造 业景气水平较上月回落。 （四）新动能持续增长。从重点行业看，装备制造业和高技术制造业PMI分别为50.3%和50.6%，均持续 高于临界点，高端装备制造业保持扩张；消费品行业PMI为49.5%，比上月下降0.9个百分点；高耗能行 业PMI为48.0%，比上月上升0.2个百分点，景气度有所改善。 （五）市场预期回升。生产经营活动预期指数为52.6%，比上月上升0.6个百分点，制造业企业对近期市 场发展信心有所增强。从行业看，汽车、铁路船舶航空航天设备、电气机械器材等行业生产经营活动预 期指数均位于55.0%以上较高景 ...

一、中国制造业采购经理指数运行情况 7月份，制造业采购经理指数(PMI)为49.3%，比上月下降0.4个百分点，制造业景气水平有所回落。 从企业规模看，大型企业PMI为50.3%，比上月下降0.9个百分点，高于临界点；中型企业PMI为49.5%， 比上月上升0.9个百分点，低于临界点；小型企业PMI为46.4%，比上月下降0.9个百分点，低于临界点。 从分类指数看，在构成制造业PMI的5个分类指数中，生产指数和供应商配送时间指数均高于临界点， 新订单指数、原材料库存指数和从业人员指数低于临界点。 生产指数为50.5%，比上月下降0.5个百分点，仍高于临界点，表明制造业生产延续扩张。 二、中国非制造业采购经理指数运行情况 7月份，非制造业商务活动指数为50.1%，比上月下降0.4个百分点，仍高于临界点。 分行业看，建筑业商务活动指数为50.6%，比上月下降2.2个百分点；服务业商务活动指数为50.0%，比 上月下降0.1个百分点。从行业看，铁路运输、航空运输、邮政、文化体育娱乐等行业商务活动指数位 于60.0%以上高位景气区间；房地产、居民服务等行业商务活动指数均低于临界点。 新订单指数为45.7%，比上月下降 ...