5月PMI点评：短期进出口情况有所改善

Group 1: PMI Data Overview - In May 2025, the manufacturing PMI recorded 49.5%, slightly up from 49% in April[5] - The non-manufacturing business activity index was at 50.3%, down from 50.4%[5] - The composite PMI output index increased to 50.4% from 50.2%[5] Group 2: Sector Performance - In May, the production and new orders PMI were 50.7% and 49.8%, respectively, indicating improvements[5] - High-tech and equipment manufacturing sectors showed PMIs of 50.9% and 51.2%, both in the expansion zone[5] - The raw materials sector PMI was at 47%, indicating insufficient production and demand[5] Group 3: Export and Import Trends - New export orders PMI rose to 47.5% from 44.7%, signaling a key demand recovery[5] - Import PMI also increased to 47.1% from 43.4%, reflecting a significant rebound[5] - Despite improvements, external trade orders are expected to have limited long-term impact due to high tariffs[5] Group 4: Business Size Impact - Large enterprises' PMI was 50.7%, while medium and small enterprises recorded 47.5% and 49.3%, respectively[5] - Large enterprises were crucial for the PMI rebound, with their production and demand indices returning above the neutral line[5] Group 5: Price Stability and Service Sector - The factory price and major raw material purchase price PMIs were 44.7% and 46.9%, indicating price stability[5] - The service sector showed slight recovery with business activity and new orders indices at 50.2% and 46.6%[5]