5月全国PMI数据解读：外需反弹，内需待提振

Group 1: Manufacturing PMI Insights - In May 2025, the Manufacturing PMI was 49.5%, an increase of 0.5 percentage points from the previous month[8] - The production index and new orders index rose to 50.7% and 49.8%, respectively, indicating marginal improvements in supply and demand[17] - High-tech manufacturing, equipment manufacturing, and consumer goods sectors showed PMI increases, while high-energy-consuming industries remained less active[14] Group 2: External and Internal Demand Dynamics - External demand improved, with the new export orders index rising to 47.5%, up by 2.8 percentage points[18] - Internal demand remains weak, as indicated by the slight decline in major raw material purchase prices and factory gate prices, which were 46.9% and 44.7% respectively[22] - The construction sector's business activity index was 51.0%, down 0.9 percentage points, highlighting a need for internal demand stimulation[28] Group 3: Policy and Economic Outlook - The report emphasizes the importance of addressing low inflation internally, as external factors are expected to have a diminishing impact[32] - Monetary policy is expected to maintain a steady and loose rhythm, with fiscal measures likely to accelerate in response to economic needs[32] - Risks include potential external disturbances and fluctuations in real estate demand, which could affect overall economic stability[33]