7月PMI：反内卷的“悖论”？

Core Viewpoints - The "anti-involution" policy has boosted prices, but supply and demand performance appears counterintuitive [3][8] - The manufacturing PMI decreased by 0.4 percentage points to 49.3%, exceeding the average decline since 2017 [3][8] - The increase in commodity prices is reflected in the raw material purchase price index (+3.1 percentage points to 51.5%) and the factory price index (+2.1 percentage points to 48.3%) [3][8] Manufacturing Sector - The manufacturing PMI has marginally declined, with production and new order indices both decreasing [5][34] - The production index fell by 0.5 percentage points to 50.5%, while the new order index dropped by 0.8 percentage points to 49.4% [5][34] - The new export order index decreased by 0.6 percentage points to 47.1%, indicating a slowdown in market demand [5][38] Non-Manufacturing Sector - The non-manufacturing PMI fell by 0.4 percentage points to 50.1%, primarily due to a significant decline in the construction PMI [45] - The construction PMI decreased by 2.2 percentage points to 50.6%, with the new order index dropping sharply by 2.2 percentage points to 42.7% [6][61] - The service sector PMI showed a slight decline, with the new order index remaining weak at 46.3% [49] Key Industries - High-energy-consuming industries have shown production strength despite price increases, with the steel industry PMI rising by 4.6 percentage points [4][21] - The equipment manufacturing and consumer goods industries experienced declines in PMI, falling by 1.1 and 0.9 percentage points to 50.3% and 49.5%, respectively [4][21] - Investment demand has weakened significantly, contrasting with the strong production performance in high-energy-consuming sectors [24][72] Future Outlook - The political bureau meeting in July emphasized the need for further implementation of the "anti-involution" policy, particularly focusing on the downstream effects and marginal changes in domestic demand [30][72] - The current situation indicates that the "anti-involution" policy in the upstream sectors still requires further advancement [30][72]