Core Insights - In May 2025, the national industrial producer's ex-factory prices decreased by 3.3% year-on-year and 0.4% month-on-month, while the purchasing prices dropped by 3.6% year-on-year and 0.6% month-on-month [1][4][6] - The average decline for both ex-factory and purchasing prices from January to May was 2.6% compared to the same period last year [1][7] Group 1: Year-on-Year Changes - In May, the prices of production materials fell by 4.0%, contributing approximately 2.98 percentage points to the overall decline in ex-factory prices [3][7] - The mining industry saw a significant price drop of 11.9%, while raw materials and processing industries experienced declines of 5.4% and 2.8%, respectively [3][7] - Consumer goods prices decreased by 1.4%, with food prices also down by 1.4%, while clothing prices remained stable [3][7] Group 2: Month-on-Month Changes - In May, production material prices decreased by 0.6%, impacting the overall ex-factory price level by approximately 0.44 percentage points [6][7] - The mining sector's prices fell by 2.5%, while raw materials and processing industries saw declines of 0.9% and 0.3%, respectively [6][7] - Consumer goods prices remained stable, with food prices down by 0.1% and clothing prices up by 0.2% [6][7] Group 3: Purchasing Prices - The purchasing prices for fuel and power decreased by 2.1%, while chemical raw materials fell by 1.2% and black metal materials by 0.6% [6][9] - Notably, the prices of non-ferrous metal materials and wires increased by 4.6% [9][10] - The average decline in purchasing prices from January to May was 2.6% compared to the same period last year [7][9]

Group 1 - In May 2025, the national consumer price index (CPI) decreased by 0.1% year-on-year, with urban prices remaining stable and rural prices declining by 0.4% [1] - The average CPI from January to May 2025 was down 0.1% compared to the same period last year [1] - Month-on-month, the CPI fell by 0.2% in May, with both urban and rural areas experiencing a decline of 0.2% [1] Group 2 - In May, food and tobacco prices rose by 0.1% year-on-year, contributing approximately 0.02 percentage points to the CPI increase [3] - Fresh fruit prices surged by 5.5%, impacting the CPI by about 0.12 percentage points, while fresh vegetable prices dropped by 8.3%, reducing the CPI by approximately 0.17 percentage points [3] - Among the seven major categories, six saw price increases, with other goods and services, clothing, and education/culture/entertainment rising by 7.3%, 1.5%, and 0.9% respectively [3] Group 3 - Month-on-month, food and tobacco prices decreased by 0.2%, affecting the CPI by approximately 0.05 percentage points [5] - Fresh vegetable prices fell by 5.9%, contributing to a CPI decrease of about 0.12 percentage points, while fresh fruit prices increased by 3.3%, adding approximately 0.07 percentage points to the CPI [5] - Other categories showed mixed results, with clothing prices rising by 0.6% and transportation/communication prices declining by 1.2% [5] Group 4 - The CPI for food and tobacco decreased by 0.2% month-on-month and increased by 0.1% year-on-year [7] - The price of grains fell by 0.2% month-on-month and 1.4% year-on-year, while pork prices increased by 3.1% year-on-year [7] - The transportation and communication category saw a significant year-on-year decline of 4.3% [7]

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories indicates a mixed trend, with 11 products experiencing price increases, 38 seeing declines, and one remaining stable in late May 2025 compared to mid-May 2025 [2]. Group 1: Price Changes in Major Categories - In the black metal category, prices for rebar, wire rod, and ordinary plates decreased by 1.4%, 1.7%, and 1.2% respectively, with rebar priced at 3143.7 yuan per ton [4]. - In the non-ferrous metal category, aluminum ingot saw a price increase of 0.9% to 20330.0 yuan per ton, while electrolytic copper decreased by 0.1% to 78398.6 yuan per ton [4]. - Chemical products showed varied results, with sulfuric acid increasing by 0.7% to 621.8 yuan per ton, while methanol decreased by 4.6% to 2191.9 yuan per ton [4]. Group 2: Energy and Coal Prices - In the petroleum and natural gas sector, liquefied natural gas (LNG) prices fell by 2.1% to 4310.4 yuan per ton, while diesel prices increased by 0.7% to 6968.7 yuan per ton [4]. - Coal prices also experienced declines, with anthracite coal dropping by 1.2% to 948.5 yuan per ton and coking coal decreasing by 3.5% to 1167.9 yuan per ton [4]. Group 3: Agricultural Products and Inputs - Among agricultural products, rice prices increased by 0.8% to 4027.6 yuan per ton, while soybean prices rose by 0.7% to 4321.6 yuan per ton [5]. - Fertilizer prices showed a decline, with urea decreasing by 2.5% to 1890.0 yuan per ton [5]. - The price of pesticides, however, increased by 1.1% to 23771.4 yuan per ton, indicating a rise in agricultural production inputs [5].

Group 1: Manufacturing PMI Insights - In May, the Manufacturing PMI rose to 49.5%, an increase of 0.5 percentage points from the previous month, indicating an improvement in economic conditions [2][3] - The production index reached 50.7%, up by 0.9 percentage points, signaling accelerated manufacturing activity, while the new orders index increased to 49.8%, up by 0.6 percentage points [3] - Large enterprises saw their PMI rise to 50.7%, returning to the expansion zone, with production and new orders indices at 51.5% and 52.5%, respectively [3] Group 2: High-Tech and Export Performance - High-tech manufacturing PMI stood at 50.9%, maintaining expansion for four consecutive months, while equipment manufacturing and consumer goods PMIs were at 51.2% and 50.2%, respectively [4] - New export orders and import indices improved to 47.5% and 47.1%, reflecting a recovery in foreign trade orders, particularly from companies engaged in U.S. trade [4] Group 3: Non-Manufacturing Sector Performance - The Non-Manufacturing Business Activity Index was at 50.3%, slightly down by 0.1 percentage points but still indicating expansion [5] - The service sector's business activity index rose to 50.2%, driven by increased consumer activity in tourism and dining during the May Day holiday [5] - The construction sector maintained expansion with a business activity index of 51.0%, although it showed a slight decline from the previous month [6] Group 4: Composite PMI Overview - The Composite PMI Output Index increased to 50.4%, up by 0.2 percentage points, indicating continued expansion in production and business activities across sectors [7]

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 5月份，制造业采购经理指数（PMI）为49.5%，比上月上升0.5个百分点，制造业景气水平改善。 供应商配送时间指数为50.0%，比上月下降0.2个百分点，位于临界点，表明制造业原材料供应商交货时间与上月基本持平。 表1 中国制造业PMI及构成指数（经季节调整） 单位：% 从企业规模看，大型企业PMI为50.7%，比上月上升1.5个百分点，高于临界点；中型企业PMI为47.5%，比上月下降1.3个百分点，低于临界点；小型企业PMI 为49.3%，比上月上升0.6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，生产指数高于临界点，供应商配送时间指数位于临界点，新订单指数、原材料库存指数和从业人员指 数均低于临界点。 生产指数为50.7%，比上月上升0.9个百分点，升至临界点以上，表明制造业企业生产活动有所加快。 新订单指数为49.8%，比上月上升0.6个百分点，表明制造业市场需求景气度回升。 原材料库存指数为47.4%，比上月上升0.4个百分点，低于临界点，表明制造业主要原材料库存量降幅有所收窄。 从业 ...

1—4月份，黑色金属冶炼和压延加工业利润总额169.2亿元。 1—4月份，全国规模以上工业企业实现利润总额21170.2亿元，同比增长1.4%。 1—4月份，规模以上工业企业中，国有控股企业实现利润总额7022.8亿元，同比下降4.4%；股份制企业实现利润总额15596.4亿元， 增长1.1%；外商及港澳台投资企业实现利润总额5429.2亿元，增长2.5%；私营企业实现利润总额5706.8亿元，增长4.3%。 1—4月份，采矿业实现利润总额2875.0亿元，同比下降26.8%；制造业实现利润总额15549.3亿元，增长8.6%；电力、热力、燃气及水 生产和供应业实现利润总额2745.8亿元，增长4.4%。 1—4月份，主要行业利润情况如下：农副食品加工业利润同比增长45.6%，有色金属冶炼和压延加工业增长24.5%，电气机械和器材 制造业增长15.4%，专用设备制造业增长13.2%，通用设备制造业增长11.7%，计算机、通信和其他电子设备制造业增长11.6%，电 力、热力生产和供应业增长5.6%，纺织业增长3.7%，非金属矿物制品业下降1.6%，化学原料和化学制品制造业下降4.4%，汽车制造 业下降5.1%， ...

1—4月份，全国规模以上工业企业实现利润总额21170.2亿元，同比增长1.4%（按可比口径计算，详见附注二）。 1—4月份，规模以上工业企业中，国有控股企业实现利润总额7022.8亿元，同比下降4.4%；股份制企业实现利润总额15596.4亿元，增长1.1%；外商及港澳 台投资企业实现利润总额5429.2亿元，增长2.5%；私营企业实现利润总额5706.8亿元，增长4.3%。 1—4月份，采矿业实现利润总额2875.0亿元，同比下降26.8%；制造业实现利润总额15549.3亿元，增长8.6%；电力、热力、燃气及水生产和供应业实现利润 总额2745.8亿元，增长4.4%。 1—4月份，主要行业利润情况如下：农副食品加工业利润同比增长45.6%，有色金属冶炼和压延加工业增长24.5%，电气机械和器材制造业增长15.4%，专用 设备制造业增长13.2%，通用设备制造业增长11.7%，计算机、通信和其他电子设备制造业增长11.6%，电力、热力生产和供应业增长5.6%，纺织业增长 3.7%，非金属矿物制品业下降1.6%，化学原料和化学制品制造业下降4.4%，汽车制造业下降5.1%，石油和天然气开采业下降6.9%，煤 ...

Core Insights - The monitoring of prices for 50 key production materials across nine categories indicates that in mid-May 2025, 24 products saw price increases, 24 experienced declines, and 2 remained stable [1]. Group 1: Price Changes in Key Categories - In the black metal category, rebar prices increased by 2.5 yuan per ton (0.1%), while ordinary medium plates decreased by 9.4 yuan per ton (-0.3%) [2]. - In the non-ferrous metals category, aluminum ingot prices rose by 487.9 yuan per ton (2.5%), while zinc ingot prices fell by 75.0 yuan per ton (-0.3%) [2]. - Chemical products showed significant price increases, with pure benzene rising by 520.6 yuan per ton (9.3%) and styrene increasing by 583.3 yuan per ton (8.1%) [2]. - In the petroleum and natural gas sector, liquefied natural gas prices dropped by 49.2 yuan per ton (-1.1%), while diesel prices increased slightly by 7.9 yuan per ton (0.1%) [2]. - Coal prices generally decreased, with ordinary mixed coal dropping by 21.9 yuan per ton (-4.3%) [2]. Group 2: Agricultural Products and Inputs - Among agricultural products, the price of rice increased by 27.9 yuan per ton (0.7%), while the price of soybeans rose by 50.2 yuan per ton (1.2%) [3]. - Fertilizer prices showed mixed results, with urea increasing by 19.9 yuan per ton (1.0%), while compound fertilizer prices fell by 12.1 yuan per ton (-0.4%) [3]. - The price of natural rubber rose by 289.6 yuan per ton (2.0%), indicating a positive trend in the forestry sector [3]. Group 3: Monitoring Methodology and Scope - The price monitoring encompasses over 2,000 wholesalers, agents, and distributors across more than 300 trading markets in 31 provinces [6]. - The methodology includes on-site price collection, as well as inquiries via phone, instant messaging, and email [7]. - The price changes are categorized based on percentage fluctuations, with a total of 50 products monitored across nine categories [8].

国家统计局5月19日发布最新数据显示，我国规上工业电力生产平稳增长。4月份，规上工业发电量7111 亿千瓦时，同比增长0.9%，增速比3月份放缓0.9个百分点；日均发电237.0亿千瓦时。1-4月份，规上工 业发电量29840亿千瓦时，同比增长0.1%，扣除天数原因，日均发电量同比增长0.9%。 分品种看，4月份，规上工业火电降幅持平，水电由增转降，核电增速放缓，风电、太阳能发电增速加 快。其中，规上工业火电同比下降2.3%，降幅与3月份持平；规上工业水电下降6.5%，3月份为增长 9.5%；规上工业核电增长12.4%，增速放缓10.6个百分点；规上工业风电增长12.7%，增速加快4.5个百 分点；规上工业太阳能发电增长16.7%，增速加快7.8个百分点。 具体来看，4月份，全国火力绝对发电量为4491亿千瓦时，同比降低2.3%；水电量786亿千瓦时，同比 降低6.5%；核电量411亿千瓦时，同比增长12.4%；风力发电量975亿千瓦时，同比增长12.7%；太阳能 发电量447亿千瓦时，同比增长16.7%。 1-4月份，规上工业发电量29840亿千瓦时，同比增长0.1%。 分品种看，1-4月份，火力绝对发电量 ...

Group 1 - The consumer market in April continued to show stable growth, driven by consumption-boosting policies and a strong performance in the sales of upgrade and green products [1][6] - From January to April, the total retail sales of consumer goods reached 161,845 billion yuan, with a year-on-year growth of 4.7%, and a real growth of 4.9% after excluding price factors [2] - The retail sales in rural areas outpaced urban areas, with a year-on-year growth of 5.1% for county and township markets, accounting for 39.4% of total retail sales [2] Group 2 - The service retail market showed steady growth, with a year-on-year increase of 5.1% from January to April, outpacing the growth of goods retail by 0.4 percentage points [3] - Travel-related consumption saw significant growth, with various service categories such as transportation and leisure services maintaining rapid growth [3] Group 3 - Sales of upgrade and green products remained strong, with jewelry and cosmetics retail sales growing by 25.3% and 7.2% respectively in April [4] - The sales of household appliances and audio-visual equipment increased by 38.8%, while the retail sales of new energy passenger vehicles reached 905,000 units, growing by 33.9% [4] Group 4 - Online retail sales of physical goods grew by 5.8% from January to April, with a 24.3% share of total retail sales, indicating a steady expansion of online consumption [5] - Physical retail stores also experienced stable growth, with a year-on-year increase of 4.4% in retail sales, supported by innovative business models in membership warehouses and convenience stores [5]