冠通期货2025年6月PMI数据

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - In June 2025, China's manufacturing PMI was 49.7%, up 0.2 percentage points from the previous month, indicating continued improvement in the manufacturing boom level [2]. - The non - manufacturing business activity index was 50.5%, up 0.2 percentage points from the previous month, showing that the non - manufacturing sector generally continued to expand [3]. - The composite PMI output index was 50.7%, up 0.3 percentage points from the previous month, suggesting that the overall expansion of Chinese enterprises' production and business activities accelerated [4]. 3. Summary by Related Catalogs Manufacturing PMI - Overall Index: In June, the manufacturing PMI was 49.7%, up 0.2 percentage points from May. Large enterprises' PMI was 51.2% (up 0.5 percentage points), medium - sized enterprises' was 48.6% (up 1.1 percentage points), and small enterprises' was 47.3% (down 2.0 percentage points) [2]. - Sub - indices: Among the 5 sub - indices, the production index (51.0%, up 0.3 percentage points), new order index (50.2%, up 0.4 percentage points), and supplier delivery time index (50.2%, up 0.2 percentage points) were above the critical point. The raw material inventory index (48.0%, up 0.6 percentage points) and the employment index (47.9%, down 0.2 percentage points) were below the critical point [2]. Non - manufacturing PMI - Overall Index: The non - manufacturing business activity index in June was 50.5%, up 0.2 percentage points from the previous month. The construction business activity index was 52.8% (up 1.8 percentage points), and the service business activity index was 50.1% (down 0.1 percentage points) [3]. - Industry Situation: Industries such as postal, telecommunications, and financial services were in a high - boom range (above 55.0%), while retail, transportation, and real estate industries were below the critical point [3]. Composite PMI Output Index - In June, the composite PMI output index was 50.7%, up 0.3 percentage points from the previous month, indicating an acceleration in the overall expansion of enterprises' production and business activities [4].