5月PMI数据点评：关税暂缓推动制造业PMI景气度改善

Group 1: Manufacturing PMI Insights - In May 2025, the Manufacturing PMI improved to 49.5%, showing a month-on-month increase and remaining stable compared to May 2024[8] - The production index rose by 0.9 percentage points to 50.7%, indicating a return to the expansion zone[8] - The new orders index increased by 0.6 percentage points to 49.8%, while the new export orders index rose by 2.8 percentage points to 47.5%[8] - The ex-factory price index has decreased for three consecutive months, recording 44.7% in May, indicating ongoing profit pressure for enterprises[8] Group 2: Non-Manufacturing PMI Trends - The Non-Manufacturing PMI stood at 50.3% in May, a slight decrease of 0.1 percentage points from the previous month, but still indicating expansion[13] - The new orders index for non-manufacturing recorded 46.1%, up by 1.2 percentage points from last month[13] - The service sector PMI slightly increased to 50.2%, driven by improvements in the life service industry, particularly during the "May Day" holiday[17] Group 3: Sector Performance and Economic Activity - The construction PMI decreased by 0.9 percentage points to 51.0%, with new orders and employment indices showing declines[17] - High-frequency data indicated that the operating rates for automotive tires and blast furnaces improved, with rates of 73.1% and 84.1% respectively[20] - The overall market activity in sectors like transportation and hospitality saw significant increases due to holiday effects, enhancing business activity indices[17]