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。 | | PMI | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 生产 | 新订单 | 原材料 | 从非人员 | 供应商 | | | | | | 年仔 | | 酉庆时间 | | 2024年7月 | 49.4 | 50.1 | 49.3 | 47.8 | 48.3 | 49.3 | | 2024年8月 | 49.1 | 49.8 | 48.9 | 47.6 | 48.1 | 49.6 | | 2024年9月 | 49.8 | 51.2 | 49 0 | 47.7 | 48.2 | વેત રે | | 2024年10月 | 50.1 | 52.0 | 50.0 | 48.2 | 48.4 | 49.6 | | 2024年11月 | 50.3 | 52.4 | 50.8 | 48.2 | 48.2 | 50.2 | | 2024年12月 | 50.1 | 52.1 | 51.0 | 48.3 | 48.1 ...

Manufacturing Sector - 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 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 [3] - 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% [4] - The price index showed an upward trend, with the main raw materials purchasing price index rising to 51.5%, marking the first increase above the critical point since March [3][4] - New momentum in the manufacturing sector is evident, with the equipment manufacturing PMI at 50.3% and high-tech manufacturing PMI at 50.6%, both above the critical point [4] Non-Manufacturing Sector - 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 sector's business activity index was stable at 50.0%, with significant growth in transportation and tourism-related industries, while real estate and residential services lagged [5][6] - The construction sector's business activity index fell to 50.6%, influenced by adverse weather conditions, with a corresponding decrease in market expectations [6] Composite PMI - The Composite PMI Output Index decreased to 50.2%, down 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 were recorded at 50.5% and 50.1%, respectively, both indicating continued expansion [7]

Core Insights - The Purchasing Managers' Index (PMI) for China was released on July 31, 2025, indicating improvements in manufacturing market prices due to recent increases in commodity prices [1] Group 1: Price Indices - The main raw material purchasing price index rose to 51.5%, while the factory price index reached 48.3%, marking increases of 3.1 and 2.1 percentage points from the previous month respectively [1] - The main raw material purchasing price index has surpassed the critical point for the first time since March of this year, suggesting an overall improvement in manufacturing market price levels [1] Group 2: Industry Performance - Significant rebounds in the purchasing price index and factory price index were observed in industries such as petroleum, coal, and other fuel processing, as well as black metal smelting and rolling processing [1] - The market prices in related industries have shown notable improvements [1]

Core Insights - The official manufacturing PMI for China in July is reported at 49.3%, indicating a contraction in the manufacturing sector [1] Group 1 - The PMI figure of 49.3% suggests that the manufacturing industry is experiencing a decline, as a PMI below 50 indicates contraction [1]

Core Insights - The "Three New" economy in China achieved a value-added of 242,908 billion yuan in 2024, reflecting a growth rate of 6.7% compared to the previous year, which is 2.5 percentage points higher than the GDP growth rate during the same period [1][3] - The "Three New" economy accounted for 18.01% of the GDP, an increase of 0.43 percentage points from the previous year [1] Group 1: Economic Performance - The value-added of the "Three New" economy is 242,908 billion yuan, with a current price growth rate of 6.7% [3] - The first industry contributed 9,485 billion yuan with a growth rate of 6.7%, representing 3.9% of the total [3] - The second industry contributed 100,459 billion yuan with a growth rate of 5.5%, accounting for 41.4% of the total [3] - The third industry contributed 132,964 billion yuan with a growth rate of 7.7%, making up 54.7% of the total [3] Group 2: Definition and Scope - The "Three New" economy encompasses new industries, new business formats, and new business models, focusing on economic activities driven by technological innovation and modern information technology [4] - New industries are characterized by the application of new technologies and the transformation of traditional industries through modern information technology [4] - New business formats arise from diverse consumer demands and technological innovation, leading to new operational forms and service models [4] - New business models integrate various elements to create efficient and competitive operational frameworks [4] Group 3: Accounting Methodology - The value-added of the "Three New" economy is calculated based on national economic census data, statistical data, and national economic accounting data, employing various methods including value-added rate and related indicator estimation [6] - The classification of the "Three New" economy's value-added follows the guidelines established in the "Statistical Classification of New Industries, New Formats, and New Business Models (2018)" [5]

国家统计局服务业调查中心 中国物流与采购联合会 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。 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。 原材料库存指数为47.7%，比上月下降0.3个百分点，表明制造业主要原材料库存量继续减少。 从业人员指数为48.0%，比上月上升0.1个百分点，表明制造业企业用工景气度略有回升。 供应商配送时间指数为50.3%，比上月上升0.1个百分点，表明制造业原材料供应商交货时间继续加快。 表1 中国制造业PMI及构成指数（经季节调整） 单位：% | | PMI | | | | | | | --- | ...

Core Insights - The cultural enterprises in China experienced stable and rapid growth in production and operations during the first half of 2025, supported by effective policies and an improved market environment [2][3] Revenue Growth - The total revenue of large-scale cultural enterprises reached 71,292 billion yuan, marking a 7.4% increase compared to the same period last year, with a growth rate 1.2 percentage points higher than the first quarter [2] - The core cultural sectors generated 48,445 billion yuan in revenue, reflecting a 10.0% year-on-year growth, which is 2.9 percentage points higher than the first quarter [2] - Three major categories, including content creation, creative design services, and news information services, achieved double-digit revenue growth rates of 11.8%, 11.8%, and 10.8% respectively [2] Cultural Services Sector - The cultural services sector reported a revenue of 39,218 billion yuan, up 10.7% year-on-year, with a growth rate 1.0 percentage points higher than the first quarter [3] - Cultural services accounted for 55.0% of the total revenue of large-scale cultural enterprises, an increase of 1.6 percentage points from the previous year, contributing 77.0% to the overall revenue growth of these enterprises [3] - Cultural manufacturing and cultural wholesale and retail sectors generated revenues of 19,944 billion yuan and 12,130 billion yuan, respectively, with year-on-year growth rates of 3.1% and 4.6% [3] New Business Models - Sixteen sub-sectors characterized by new cultural business models achieved a revenue of 31,564 billion yuan, representing a 13.6% increase year-on-year, which is 6.2 percentage points higher than the overall growth of large-scale cultural enterprises [3] - The new business models contributed 76.8% to the overall revenue growth of large-scale cultural enterprises [3] - Notable growth was observed in five sub-sectors, including the manufacturing of entertainment drones (42.8%), other digital content services (22.9%), other cultural arts (20.3%), internet advertising services (19.5%), and digital publishing (16.3%) [3] Profitability - Large-scale cultural enterprises reported a total profit of 6,298 billion yuan, a 19.3% increase compared to the previous year [4] - The profit margin was 8.83%, which is an increase of 0.88 percentage points from the previous year [4] - Out of 43 industry categories, 38 reported profitability, with significant contributions to total profits from digital content services, internet information services, and information service terminal manufacturing and sales [4]

Core Insights - The cultural enterprises in China achieved a total operating revenue of 71,292 billion yuan in the first half of 2025, reflecting a year-on-year growth of 7.4% [1][2] - The 16 sub-sectors characterized by new cultural business models generated 31,564 billion yuan, growing by 13.6%, which is 6.2 percentage points faster than the overall growth of cultural enterprises [1][2] - The total profit of cultural enterprises reached 6,298 billion yuan, marking a significant increase of 19.3% compared to the previous year [2][6] Revenue Breakdown - By industry type, the cultural manufacturing sector generated 19,944 billion yuan, with a growth of 3.1%; the cultural wholesale and retail sector reached 12,130 billion yuan, growing by 4.6%; and the cultural service sector achieved 39,218 billion yuan, with a growth of 10.7% [1][4] - In terms of core and related cultural fields, the core cultural sector earned 48,445 billion yuan, growing by 10.0%, while the related cultural sector generated 22,847 billion yuan, with a growth of 2.5% [1][5] Industry Performance - The news information services sector reported an operating revenue of 9,867 billion yuan, growing by 10.8%; content creation and production reached 16,572 billion yuan, with an increase of 11.8%; and creative design services also grew by 11.8%, generating 12,533 billion yuan [2][5] - The cultural auxiliary production and intermediary services sector experienced a decline, with revenues of 7,647 billion yuan, down by 1.8% [2][5] Regional Performance - Eastern region cultural enterprises generated 57,022 billion yuan, growing by 7.7%; the central region achieved 7,935 billion yuan, with a growth of 6.0%; the western region reached 5,718 billion yuan, growing by 7.3%; and the northeastern region reported 617 billion yuan, with a growth of 4.8% [2][5] Profitability and Assets - The operating profit margin for cultural enterprises was 8.83%, an increase of 0.88 percentage points year-on-year [2][8] - Total assets of cultural enterprises at the end of the first half of 2025 amounted to 220,239 billion yuan, reflecting an 8.0% increase compared to the previous year [2][6]

Core Insights - The total profit of industrial enterprises above designated size in China for the first half of 2025 was 34,365 billion yuan, a year-on-year decrease of 1.8% [1] - The revenue for these enterprises reached 667,791.9 billion yuan, reflecting a growth of 2.5% compared to the previous year [10] - The overall profit margin decreased to 5.15%, down by 0.22 percentage points year-on-year [2] Profit by Ownership Type - State-owned enterprises reported a profit of 11,091.2 billion yuan, down 7.6% year-on-year [1] - Joint-stock enterprises achieved a profit of 25,330.4 billion yuan, a decline of 3.1% [1] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a profit increase of 2.5%, totaling 8,823.1 billion yuan [1] - Private enterprises reported a profit of 9,389.7 billion yuan, up 1.7% [1] Profit by Industry - The mining industry experienced a significant profit drop of 30.3%, totaling 4,294.1 billion yuan [1] - The manufacturing sector saw a profit increase of 4.5%, amounting to 25,900.6 billion yuan [1] - The electricity, heat, gas, and water production and supply industry reported a profit of 4,170.4 billion yuan, up 3.3% [1] Revenue and Cost Analysis - The total operating costs for industrial enterprises were 571,214.1 billion yuan, an increase of 2.8% year-on-year [10] - The cost per 100 yuan of operating revenue was 85.54 yuan, an increase of 0.26 yuan compared to the previous year [4] - The average revenue per 100 yuan of assets was 73.9 yuan, a decrease of 1.9 yuan year-on-year [4] Accounts Receivable and Inventory - Accounts receivable reached 26.69 trillion yuan, reflecting a year-on-year growth of 7.8% [3] - Finished goods inventory stood at 6.60 trillion yuan, up 3.1% year-on-year [3] Monthly Performance - In June, the profit of industrial enterprises decreased by 4.3% year-on-year [5] - The cumulative profit margin and revenue growth rates showed a declining trend over the months leading to June [6][7]

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories indicates a mixed trend, with 28 products experiencing price increases, 20 seeing declines, and 2 remaining stable in mid-July 2025 compared to early July 2025 [2][3]. Group 1: Price Changes in Major Categories - In the black metal category, notable price increases include rebar at 3160.6 CNY per ton (up 1.7%), wire rod at 3327.5 CNY per ton (up 1.9%), and hot-rolled ordinary plates at 3299.1 CNY per ton (up 2.3%) [4]. - In the non-ferrous metals category, prices for electrolytic copper decreased by 1895.3 CNY per ton (down 2.4%), while aluminum ingots fell by 141.2 CNY per ton (down 0.7%) [4]. - Chemical products showed mixed results, with sulfuric acid increasing by 11.4 CNY per ton (up 1.7%) and methanol decreasing by 36.2 CNY per ton (down 1.6%) [4]. Group 2: Energy and Coal Prices - In the petroleum and natural gas sector, liquefied natural gas (LNG) rose to 4325.5 CNY per ton (up 0.9%), while liquefied petroleum gas (LPG) fell to 4455.6 CNY per ton (down 1.2%) [4]. - Coal prices also saw increases, with anthracite coal at 865.4 CNY per ton (up 4.3%) and coking coal at 1150.0 CNY per ton (up 7.0%) [4]. Group 3: Agricultural Products and Inputs - In agricultural products, cotton prices increased by 226.9 CNY per ton (up 1.6%), while corn prices decreased by 38.6 CNY per ton (down 1.6%) [5]. - Fertilizer prices showed a slight increase, with urea at 1822.4 CNY per ton (up 0.1%) and compound fertilizer at 3149.4 CNY per ton (up 0.9%) [5]. Group 4: Monitoring Methodology - The price monitoring encompasses a wide range of products across 31 provinces, involving nearly 2000 wholesalers and dealers, ensuring comprehensive coverage of the market [8][9]. - The methodology includes on-site price collection, as well as inquiries via phone and electronic communication [9].