透过6月份经济数据看亮点：49.7%，连升两月！制造业景气水平持续改善

Core Viewpoint - The manufacturing sector in China shows signs of improvement, with the Purchasing Managers' Index (PMI) for June rising to 49.7%, marking a 0.2 percentage point increase from the previous month, indicating a continuous upward trend for two consecutive months [1] Manufacturing Sector Summary - The PMI for the equipment manufacturing industry reached 51.4%, up 0.2 percentage points from last month, with both production and new orders indices above 53% [5] - The high-tech manufacturing PMI stood at 50.9%, remaining stable compared to last month, with production and new orders indices around 52% [5] - The consumer goods manufacturing PMI increased to 50.4%, a rise of 0.2 percentage points, reflecting steady growth [7] - The basic raw materials industry PMI rose by 0.8 percentage points, ending a three-month decline [7] Enterprise Type Analysis - Large enterprises continued to expand, with their PMI at 51.2%, an increase of 0.5 percentage points from last month, indicating significant support for the overall manufacturing sector [9] - The PMI for medium-sized enterprises increased by 1.1 percentage points, ending a two-month downward trend, with new orders index rising over 4 percentage points, showing a notable recovery in demand [11] Non-Manufacturing Sector Summary - The non-manufacturing business activity index for June was 50.5%, a slight increase of 0.2 percentage points, indicating continued expansion [11] - The service industry business activity index was 50.1%, showing stability in the sector [11] - The construction industry business activity index rose to 52.8%, up 1.8 percentage points, indicating a recovery in activity levels [11] - The civil engineering construction index was at 56.7%, remaining above 55% for three consecutive months, suggesting rapid progress in infrastructure projects [11] - Investment-related activities in the construction sector have shown significant recovery, supported by the expansion of special bond investments [11]