6月PMI：积极和担忧都有哪些？

Group 1: PMI Overview - The manufacturing PMI for June 2025 is 49.7%, indicating continued improvement in manufacturing sentiment compared to the previous value of 49.5%[1] - The construction business activity index rose to 52.8% from 51%, while the services business activity index decreased slightly to 50.1%[1] - The new orders index entered the expansion zone at 50.2%, reflecting the effectiveness of domestic demand policies[2] Group 2: Economic Indicators - The production index increased to 51% from 50.7%, showing strong production momentum[2] - The purchasing quantity index surged by 2.6 percentage points to 50.2%, indicating increased procurement activity[3] - The employment indices for manufacturing and services fell to 47.9% and 46.4%, respectively, highlighting employment pressures[3] Group 3: Price and Inventory Trends - The PMI factory price index rose by 1.5 percentage points to 46.2%, while the raw material purchase price index increased to 48.4%[2] - The raw material inventory index rose to 48%, and finished goods inventory decreased to 48.1%[3] - The Brent crude oil price peaked at $80.46 per barrel, contributing to a 4.96% year-on-year increase in the CRB index[2] Group 4: Sector Performance - The construction sector showed significant recovery, with the index rising to 52.8%, driven by new orders and business activity[5] - Small enterprises recorded a decline in sentiment, with their index dropping to 47.3% from 49.3%[5] - The overall economic resilience is supported by the combination of tariff pauses and proactive policies, with the second quarter showing better performance than the previous year[6]