7月PMI，淡季偏淡

Group 1: Manufacturing Sector Insights - July Manufacturing PMI stands at 49.3%, below the expected 49.7% and previous value of 49.7%[1] - New orders in manufacturing decreased by 0.8 percentage points to 49.4%, while production fell by 0.5 percentage points to 50.5%[1] - Manufacturing new export orders dropped by 0.4 percentage points to 47.1%, slightly below the first half average of 47.3%[2] Group 2: Price and Demand Dynamics - Raw material purchase price index increased by 3.1 percentage points to 51.5%, while factory prices rose by 2.1 percentage points to 48.3%[3] - Procurement volume declined by 0.7 percentage points to 49.5%, indicating insufficient demand constraints[3] - Finished goods inventory decreased by 0.7 percentage points to 47.4%, reflecting a preference for reducing stock rather than increasing production[3] Group 3: Non-Manufacturing Sector Trends - Non-manufacturing PMI recorded at 50.1%, down from 50.5% in the previous month[1] - Construction activity index and new orders both fell by 2.2 percentage points, while service sector indices saw minor declines[4] - Employment indices in construction and manufacturing improved by 1.0 and 0.1 percentage points respectively, indicating a slight recovery in job markets[4] Group 4: Economic Outlook and Market Implications - Overall economic slowdown in July attributed to adverse weather conditions and previous export surges[5] - The composite PMI for July is at 50.2%, matching levels from April and July of the previous year[6] - Market risk appetite may be affected by the July PMI results, leading to potential volatility in stock markets[5]