分析｜7月制造业PMI为49.3%，怎么看？

Group 1 - The non-manufacturing business activity index for July is 50.1%, a decrease of 0.4 percentage points from the previous month, but still above the critical point, indicating continued expansion in the sector [9] - The comprehensive PMI output index for July is 50.2%, down 0.5 percentage points from last month, yet remains above the critical point, suggesting that overall production and business activities in China are maintaining expansion [4] - The manufacturing PMI for July has slightly decreased to 49.3%, remaining below the critical point, indicating ongoing economic downward pressure [7] Group 2 - The new orders index in the manufacturing PMI has dropped by 0.8 percentage points to 49.4%, entering the contraction zone, reflecting a potential weakening in market demand [8] - The production index stands at 50.5%, down 0.5 percentage points, while the supplier delivery time index is at 50.3%, up 0.1 percentage points, indicating mixed signals in manufacturing activity [7] - The construction activity index for July is 50.6%, a decrease of 2.2 percentage points, influenced by adverse weather conditions affecting construction activities [9] Group 3 - Analysts suggest that the decline in manufacturing PMI is primarily due to weakened external demand and a slowdown in domestic consumption growth, particularly in the real estate market [8][10] - The prices of major raw materials have shown improvement, with the purchasing price index rising to 51.5%, marking the first increase above the critical point since March [8] - The overall economic outlook indicates a need for increased macroeconomic policy adjustments to counteract the downward pressure observed in both manufacturing and non-manufacturing sectors [10][11]