7月制造业新动能稳健，高技术PMI持续扩张

Core Viewpoint - The manufacturing Purchasing Managers' Index (PMI) in China for July 2025 is reported at 49.3%, indicating a decline of 0.4 percentage points from the previous month, reflecting a downturn in manufacturing activity [1][4]. Manufacturing PMI Overview - The manufacturing PMI has decreased to 49.3%, with production index at 50.5% and new orders index at 49.4%, both showing declines from the previous month [1][4]. - The raw materials inventory index is at 47.7%, indicating a continued reduction in major raw material stocks, while the employment index has slightly increased to 48% [4][5]. - The supplier delivery time index is at 50.3%, suggesting that the delivery times for raw materials are improving [4]. Sector Performance - Key sectors such as railway, shipbuilding, aerospace, and computer communication electronics are showing active production and new orders, while sectors like chemical raw materials and non-metallic mineral products are underperforming [5][6]. - The equipment manufacturing and high-tech manufacturing sectors have PMIs of 50.3% and 50.6%, respectively, remaining above the critical point, indicating ongoing expansion [6][7]. Economic Outlook - There is potential for demand recovery, with expectations that economic stabilization policies may be implemented to boost PMI [5][6]. - The price index for major raw materials has risen, with the purchasing price index at 51.5%, marking the first increase above the critical point since March [6][7]. Inventory and Business Confidence - The finished goods inventory index has decreased to 47.4%, reflecting cautious inventory adjustments by enterprises [7]. - Business confidence is improving, with the production and business activity expectation index rising to 52.6%, indicating a more optimistic outlook among manufacturers [7].