49.3%！

Core Insights - The Purchasing Managers' Index (PMI) for July indicates a slight decline in China's manufacturing and non-manufacturing sectors, reflecting economic pressures [1][2][4] Manufacturing Sector - The manufacturing PMI for July is reported at 49.3%, a decrease of 0.4 percentage points from the previous month, indicating contraction [1][2] - Factors contributing to the decline include seasonal production slowdowns and extreme weather conditions such as heatwaves and floods, which have impacted market demand [4] - The production index and new orders index are at 50.5% and 49.4%, respectively, showing a decrease of 0.5 and 0.8 percentage points, while the overall production activity remains in expansion territory [4] - Despite challenges, the high-tech manufacturing and equipment manufacturing sectors continue to show resilience, with PMIs remaining above the critical point [4] Non-Manufacturing Sector - The non-manufacturing business activity index stands at 50.1%, down 0.4 percentage points from the previous month, but still above the critical threshold [5] - The construction sector has experienced a slowdown due to rainy season impacts, although it remains in expansion territory with a business activity index of 50.6% [5][6] - The summer holiday effect has positively influenced service-related sectors, with indices for transportation and entertainment exceeding 60.0%, indicating robust growth [5] Economic Outlook - Analysts suggest that the July PMI fluctuations are primarily influenced by short-term factors, and the foundation for economic recovery remains solid [3] - There is an expectation for construction activities to rebound as the rainy season concludes, with infrastructure-related demands anticipated to grow in the second half of the year [6]