方正富邦基金区德成：7月制造业PMI指数出炉 经济短期波动向好恢复基础仍在 利好债市修复

Group 1 - The core viewpoint of the articles indicates that the manufacturing PMI in China for July 2025 is at 49.3%, a decrease of 0.4 percentage points from the previous month, suggesting a slight contraction in the manufacturing sector [1] - The PMI is a key indicator that reflects the economic conditions in the manufacturing sector, covering aspects such as production, orders, and inventory, and is considered a leading indicator for macroeconomic trends [1] - Large enterprises reported a PMI of 50.3%, down 0.9 percentage points; medium enterprises saw an increase to 49.5%, up 0.9 percentage points; while small enterprises reported a PMI of 46.4%, down 0.9 percentage points [1] Group 2 - Among the 13 sub-indices, several showed increases compared to the previous month, including the purchasing price index, factory price index, employment index, supplier delivery time index, and production activity expectation index, with increases ranging from 0.1 to 3.1 percentage points [1] - Conversely, indices such as production, new orders, new export orders, backlog orders, finished goods inventory, purchasing volume, and raw material inventory all declined, with decreases ranging from 0.3 to 0.8 percentage points [1] - Despite short-term economic fluctuations, the long-term outlook remains stable, supported by steady domestic demand and manageable declines in the business ecosystem [1]