8月制造业PMI升至49.4%，产需指数均有回升

Core Viewpoint - The manufacturing Purchasing Managers' Index (PMI) in China for August 2025 is reported at 49.4%, indicating a slight improvement from the previous month, with production and demand indices showing recovery [1][5]. Manufacturing PMI Overview - The manufacturing PMI increased by 0.1 percentage points from the previous month, reflecting an overall improvement in manufacturing sentiment [1][5]. - The production index stands at 50.8%, up 0.3 percentage points, indicating accelerated production expansion for four consecutive months [1][5]. - The new orders index is at 49.5%, showing a slight increase of 0.1 percentage points, suggesting a minor improvement in market demand [1][5]. Sector Performance - High-tech manufacturing PMI is at 51.9%, and equipment manufacturing PMI is at 50.5%, both showing increases of 1.3 and 0.2 percentage points respectively, indicating sustained expansion in these sectors [2][7]. - The consumer goods sector PMI is at 49.2%, reflecting a decline of 0.3 percentage points, indicating weak terminal demand [7]. - The high-energy consumption sector PMI is at 48.2%, showing a slight increase of 0.2 percentage points, indicating a continuous recovery in this area [7]. Price Indices - The main raw material purchase price index is at 53.3%, up 1.8 percentage points, indicating a return to expansion territory [7]. - The factory price index is at 49.1%, up 0.8 percentage points, but still below the expansion threshold, indicating a slowing decline [7]. - The difference between raw material purchase prices and factory prices is 4.2 percentage points, suggesting a narrowing profit margin in the manufacturing sector [2][7]. Business Confidence - The production and business activity expectation index is at 53.7%, up 1.1 percentage points, indicating improved confidence among manufacturers [2][8]. - This index has reached its highest level since April, reflecting a recovery in business sentiment [8].