4月PMI数据解读：三大指数持续扩张但增速减缓，需求持续改善推动生产增速加快

Supply Side - In April, the production index rose to 52.9%, an increase of 0.7 percentage points month-on-month, indicating a continued strengthening of production post-Spring Festival[2] - The industrial added value has shown year-on-year growth for each month in 2024, with a 4.3% increase in profits for industrial enterprises in the first quarter, reflecting robust production activity[2] Demand Side - The new orders index fell to 51.1%, down 1.9 percentage points month-on-month, indicating a slowdown in demand growth[14] - New export orders decreased by 0.7 percentage points to 50.6%, suggesting that external demand is recovering but at a slower pace than domestic demand[14] Price Dynamics - The purchasing price index increased by 3.5 percentage points to 54.0%, while the factory price index rose by 1.7 percentage points to 49.1%, indicating pressure on corporate profit recovery due to shrinking factory prices[16] - The gap between factory prices and purchasing prices widened from -3.1% to -4.9%, suggesting a constriction in profit margins for enterprises[16] Inventory Trends - The raw material inventory index remained at 48.1%, indicating a contraction, while finished goods inventory decreased by 1.6 percentage points to 47.3%, reflecting a faster depletion of finished goods compared to raw materials[5] - The difference between finished goods and raw materials inventory shifted from 0.8% to -0.8%, indicating a proactive destocking approach by enterprises amid rising purchasing prices[5] Business Outlook - The manufacturing PMI stood at 50.4%, down 0.4 percentage points month-on-month, but still within the expansion zone, indicating a stable economic recovery[13] - The non-manufacturing PMI decreased by 1.8 percentage points to 51.2%, still above the expansion threshold, providing momentum for steady economic growth[19]