Core Viewpoint - The manufacturing PMI for July is 49.3%, a decrease of 0.4 percentage points from the previous month, primarily influenced by seasonal production slowdowns and adverse weather conditions [1][3]. Group 1: Economic Recovery and Manufacturing Performance - The foundation for economic recovery remains solid, with the equipment manufacturing and high-tech manufacturing PMIs continuing to expand, indicating ongoing structural optimization [2][3]. - Large enterprises are maintaining stable expansion, acting as a "ballast" for the economy [2][3]. - The rebound in the major raw material purchasing price index, which rose above the critical point for the first time since March, reflects improved market conditions in certain industries [4]. Group 2: Impact of Anti-Competition Measures - The anti-competition measures have positively influenced corporate expectations, as indicated by rising indices for purchasing prices, output prices, employment, supplier delivery times, and production activity expectations [4][5]. - The purchasing price index for major raw materials increased to 51.5%, while the output price index rose to 48.3%, showing significant recovery in specific sectors like petroleum and black metal processing [4]. Group 3: Consumer Activity and Seasonal Trends - The non-manufacturing business activity index for July is 50.1%, reflecting a slight decline but showing initial signs of summer consumption boosting economic activity [6][7]. - Retail activity is on the rise, with the retail business activity index surpassing the critical point, and new order indices showing significant increases [7]. - Travel and leisure activities are also gaining momentum, with indices for railway and air transport exceeding 60%, indicating strong consumer willingness to travel [7][8]. Group 4: Future Outlook - The summer consumption boost is expected to continue into August, supported by ongoing macroeconomic policies aimed at expanding domestic demand [8].
反内卷改善企业预期!7月份PMI数据出炉
券商中国·2025-07-31 05:59