6月PMI数据点评：PMI供需两端景气度双双回落，需关注制造业企业被动补库存

Inflation and Price Indexes - CPI and PPI both declined, indicating inflationary pressures are under control[1] - Major raw material purchase price index fell by 5.2 percentage points to 51.7%[4] - Factory price index decreased by 2.5 percentage points to 47.9%[4] Manufacturing Sector Insights - Manufacturing PMI remained at 49.5%, below the critical threshold for two consecutive months[11] - New orders index fell by 0.1 percentage points to 49.5%, indicating ongoing demand weakness[23] - Production index held steady at 50.6%, but reflects a slower growth rate compared to demand[36] Service and Construction Sector Trends - Service sector business activity index decreased by 0.3 percentage points to 50.2%, indicating a slowdown in expansion[5] - Construction sector PMI dropped to 52.3%, down 2.1 percentage points due to adverse weather conditions[29] - New orders index for construction remained low at 44.1%, reflecting weak demand[29] Economic Outlook - Overall economic recovery remains fragile, with internal demand insufficient to drive growth[14] - Manufacturing sector shows signs of passive inventory accumulation due to demand shortfalls[31] - Future expectations for production activities remain positive, with a slight increase to 54.1%[36]