Group 1: Manufacturing PMI Overview - In July, the Manufacturing Purchasing Managers' Index (PMI) was 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [3] - Large enterprises had a PMI of 50.3%, down 0.9 percentage points, while medium-sized enterprises saw an increase to 49.5%, up 0.9 percentage points, and small enterprises dropped to 46.4%, down 0.9 percentage points [3] - The production index was 50.5%, a decrease of 0.5 percentage points, indicating continued expansion in manufacturing production, while the new orders index fell to 49.4%, down 0.8 percentage points, suggesting a slowdown in market demand [3][5] Group 2: Non-Manufacturing PMI Overview - In July, the Non-Manufacturing Business Activity Index was 50.1%, a decrease of 0.4 percentage points, remaining above the critical point [5] - The construction industry index was 50.6%, down 2.2 percentage points, and the service industry index was 50.0%, down 0.1 percentage points [5] - The new orders index for non-manufacturing fell to 45.7%, down 0.9 percentage points, indicating a decline in market demand, particularly in the construction sector, which saw a new orders index of 42.7% [5] Group 3: Composite PMI Overview - The Composite PMI Output Index for July was 50.2%, a decrease of 0.5 percentage points, indicating overall expansion in business activities [7] Group 4: Service Trade Performance - In the first half of 2025, China's service trade totaled 38,872.6 billion yuan, a year-on-year increase of 8.0%, with exports at 16,883 billion yuan, up 15.0%, and imports at 21,989.6 billion yuan, up 3.2% [4][9] - Knowledge-intensive service trade grew to 15,025.4 billion yuan, an increase of 6.0%, with significant contributions from other business services and telecommunications [9] - Travel services experienced the fastest growth, reaching 10,802.9 billion yuan, up 12.3%, with exports growing by 68.7% [9]

Group 1: Manufacturing PMI Overview - In July, the Manufacturing Purchasing Managers' Index (PMI) was 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [1][3] - Large enterprises had a PMI of 50.3%, down 0.9 percentage points, while medium-sized enterprises saw a PMI of 49.5%, up 0.9 percentage points, and small enterprises had a PMI of 46.4%, down 0.9 percentage points [3][4] - The production index was at 50.5%, a decrease of 0.5 percentage points, indicating continued expansion in manufacturing production [3][4] Group 2: Demand and Inventory Indicators - The new orders index was 49.4%, down 0.8 percentage points, suggesting a slowdown in market demand for manufacturing [4] - The raw materials inventory index was 47.7%, down 0.3 percentage points, indicating a continued reduction in major raw material inventories [4] - The employment index was 48.0%, up 0.1 percentage points, showing a slight improvement in employment conditions within the manufacturing sector [4] Group 3: Non-Manufacturing PMI Overview - In July, the Non-Manufacturing Business Activity Index was 50.1%, a decrease of 0.4 percentage points, remaining above the critical point [7] - The construction industry business activity index was 50.6%, down 2.2 percentage points, while the service industry index was 50.0%, down 0.1 percentage points [9] - The new orders index for non-manufacturing was 45.7%, down 0.9 percentage points, indicating a decline in market demand [11] Group 4: Price and Employment Trends in Non-Manufacturing - The input price index was 50.3%, up 0.4 percentage points, indicating an overall increase in input prices for non-manufacturing enterprises [11] - The sales price index was 47.9%, down 0.9 percentage points, suggesting a decrease in overall sales prices [11] - The employment index for non-manufacturing was 45.6%, up 0.1 percentage points, indicating a slight improvement in employment conditions [11] Group 5: Composite PMI Overview - The Composite PMI Output Index was 50.2%, a decrease of 0.5 percentage points, but still above the critical point, indicating overall expansion in production and business activities [15]

Group 1: Manufacturing PMI Overview - In July, the Manufacturing Purchasing Managers' Index (PMI) was 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [2][12][14] - Large enterprises had a PMI of 50.3%, down 0.9 percentage points, while medium-sized enterprises saw an increase to 49.5%, up 0.9 percentage points, and small enterprises dropped to 46.4%, down 0.9 percentage points [2][15] - The production index was 50.5%, down 0.5 percentage points, indicating continued expansion in manufacturing production [3][14] Group 2: Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index was 50.1%, a decrease of 0.4 percentage points, but still above the critical point [8][12][17] - The service sector's business activity index was stable at 50.0%, while the construction sector's index fell to 50.6%, down 2.2 percentage points [8][17] - The new orders index for non-manufacturing was 45.7%, down 0.9 percentage points, indicating a decline in market demand [8][12] Group 3: Price and Employment Indices - The input price index for non-manufacturing rose to 50.3%, up 0.4 percentage points, indicating an increase in overall input prices [8] - The sales price index for non-manufacturing was 47.9%, down 0.9 percentage points, suggesting a decrease in overall sales prices [9] - The employment index for non-manufacturing was 45.6%, slightly up by 0.1 percentage points, indicating a slight improvement in employment conditions [10] Group 4: Comprehensive PMI Insights - The Comprehensive PMI Output Index was 50.2%, down 0.5 percentage points, indicating overall expansion in production and business activities [11][18] - The manufacturing production index and non-manufacturing business activity index were 50.5% and 50.1%, respectively, contributing to the overall PMI output index [18]

Group 1: Manufacturing PMI Overview - In July, the Manufacturing Purchasing Managers' Index (PMI) was 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [2][21][22] - The production index was 50.5%, down 0.5 percentage points, while the new orders index was 49.4%, down 0.8 percentage points, suggesting a slowdown in market demand [6][22] - Large enterprises maintained expansion with a PMI of 50.3%, while medium-sized enterprises improved to 49.5%, and small enterprises decreased to 46.4% [5][23][24] Group 2: Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index was 50.1%, a decrease of 0.4 percentage points, but still above the critical point, indicating continued expansion [11][25] - The service sector's business activity index was stable at 50.0%, while the construction sector's index fell to 50.6%, down 2.2 percentage points due to adverse weather conditions [14][25] - The business activity expectation index for non-manufacturing was 55.8%, indicating optimism among most enterprises regarding market development [17][25] Group 3: Comprehensive PMI Overview - The Comprehensive PMI Output Index was 50.2%, a decrease of 0.5 percentage points, but still indicating overall expansion in production and business activities [20][26] - The manufacturing production index and non-manufacturing business activity index were 50.5% and 50.1%, respectively, contributing to the comprehensive index's performance [26]

Group 1: Report Overview - The report presents the July 2025 China Purchasing Managers' Index (PMI) data released on July 31 by the National Bureau of Statistics Service Survey Center and the China Federation of Logistics and Purchasing [1] Group 2: Manufacturing PMI - In July, the manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing sentiment [2] - Large - scale enterprises had a PMI of 50.3%, down 0.9 percentage points; medium - scale enterprises had a PMI of 49.5%, up 0.9 percentage points; small - scale enterprises had a PMI of 46.4%, down 0.9 percentage points [2] - Among the five sub - indices of manufacturing PMI, the production index and supplier delivery time index were above the critical point, while the new order index, raw material inventory index, and employment index were below it [2] - The production index was 50.5%, down 0.5 percentage points, showing continued expansion in manufacturing production; the new order index was 49.4%, down 0.8 percentage points, indicating a slowdown in market demand; the raw material inventory index was 47.7%, down 0.3 percentage points, meaning a continued decrease in the inventory of major raw materials; the employment index was 48.0%, up 0.1 percentage points, showing a slight improvement in employment sentiment; the supplier delivery time index was 50.3%, up 0.1 percentage points, indicating faster delivery times [2] Group 3: Non - manufacturing PMI - In July, the non - manufacturing business activity index was 50.1%, down 0.4 percentage points from the previous month but still above the critical point [3] - The construction industry business activity index was 50.6%, down 2.2 percentage points; the service industry business activity index was 50.0%, down 0.1 percentage points [3] - Industries such as railway transportation, air transportation, postal services, and culture, sports, and entertainment were in the high - prosperity range above 60.0%, while the real estate and resident service industries were below the critical point [3] Group 4: Comprehensive PMI - In July, the comprehensive PMI output index was 50.2%, down 0.5 percentage points from the previous month, indicating that overall business production and operation activities in China maintained an expansion trend [3]

Core Viewpoint - The latest data from S&P Global indicates that Australia's private sector is experiencing accelerated growth in July 2025, driven by a recovery in manufacturing output and increased activity in the services sector [1][2]. Group 1: Economic Indicators - The S&P Global Flash Australia PMI Composite Output Index rose from 51.6 in June to 53.6 in July, indicating expansion in the private sector [1]. - The manufacturing PMI output index increased from 50.6 in June to 51.6 in July, while the services PMI activity index rose from 51.8 to 53.8 [3]. - New orders in the private sector saw the largest increase in over three years, particularly in manufacturing, which experienced its highest growth in two and a half years [2]. Group 2: Employment and Business Sentiment - Private enterprises increased hiring in response to the growth in new orders, although business optimism has weakened, reaching an eight-month low [2]. - Despite the increase in new orders, manufacturing employment growth has slowed, and procurement activities have decreased, indicating a cautious outlook among manufacturers [2]. Group 3: Inflation and Monetary Policy - Price pressures faced by private enterprises intensified in July, suggesting a potential rise in inflation in the coming months, which adds uncertainty to the monetary policy outlook of the Reserve Bank of Australia [2].

Core Insights - In June, China's manufacturing PMI rose to 49.7%, indicating a recovery in manufacturing demand and overall economic resilience, supported by effective economic policies [1][2] - The non-manufacturing business activity index stood at 50.5%, while the comprehensive PMI output index reached 50.7%, both showing improvements compared to the previous month [1] Manufacturing Sector - The manufacturing PMI indicates that 11 out of 21 surveyed industries are in the expansion zone, an increase of 4 from the previous month, suggesting an overall improvement in manufacturing sentiment [2] - The production index and new orders index were at 51.0% and 50.2%, respectively, both showing month-on-month increases, reflecting accelerated production activities and improved market demand [2] - Large enterprises reported a PMI of 51.2%, up 0.5 percentage points, while medium-sized enterprises saw a PMI of 48.6%, up 1.1 percentage points, indicating a positive trend in business sentiment [2] Non-Manufacturing Sector - The construction business activity index rose to 52.8%, up 1.8 percentage points, driven by a significant recovery in civil engineering projects, which indicates a faster pace of infrastructure construction [4] - The service sector business activity index slightly decreased to 50.1%, attributed to the fading effects of holiday consumption, particularly in retail, transportation, and hospitality [4] Future Outlook - The service and construction sectors maintain optimistic business activity expectations, with indices at 56.0% and 53.9%, respectively, indicating a positive outlook for industry development [4] - Analysts expect that with continued policy support and potential new measures, the manufacturing PMI is likely to improve further in the second half of the year [5]

Group 1: Economic Indicators - In June, China's manufacturing PMI, non-manufacturing business activity index, and comprehensive PMI output index were 49.7%, 50.5%, and 50.7%, respectively, indicating a slight recovery with increases of 0.2, 0.2, and 0.3 percentage points from the previous month, suggesting overall economic expansion [1] - The production index, new orders index, and supplier delivery time index for manufacturing were 51.0%, 50.2%, and 50.2%, all above the critical point, with increases of 0.3, 0.4, and 0.2 percentage points from the previous month [3] - The non-manufacturing business activity index remained at 50.5%, reflecting continued expansion, while the service industry index was at 50.1%, down 0.1 percentage points from the previous month [5] Group 2: Sector Performance - The equipment manufacturing, high-tech manufacturing, and consumer goods industry PMIs were 51.4%, 50.9%, and 50.4%, respectively, all remaining in the expansion zone for two consecutive months [4] - The high-tech manufacturing PMI remained stable at 50.9%, indicating strong growth and resilience in the face of market demand and policy support [4] - The small enterprise PMI fell by 2 percentage points to 47.3%, indicating lower economic sentiment in this sector, which is crucial for employment [3] Group 3: Policy and Future Outlook - Economists suggest accelerating the issuance and use of local government special bonds and new policy financial tools to support domestic demand and stabilize foreign trade [2] - The macroeconomic policy is focusing on promoting service consumption as a key point to boost domestic demand, with various supportive measures being implemented [5] - Future projections indicate that the manufacturing PMI may remain around 49.7% in July, with potential downward risks due to cooling export momentum [6]

Group 1: Manufacturing PMI Overview - In June, the Manufacturing Purchasing Managers' Index (PMI) was 49.7%, an increase of 0.2 percentage points from the previous month, indicating continued improvement in manufacturing sentiment [1] - Large enterprises had a PMI of 51.2%, up 0.5 percentage points, while medium and small enterprises had PMIs of 48.6% and 47.3%, respectively, indicating a decline for smaller firms [1] - The production index was 51.0%, up 0.3 percentage points, suggesting accelerated production activities in the manufacturing sector [2] Group 2: Manufacturing Sub-Indices - The new orders index was 50.2%, an increase of 0.4 percentage points, indicating improved market demand in manufacturing [3] - The raw materials inventory index was 48.0%, up 0.6 percentage points, indicating a continued narrowing of the decline in major raw material inventories [3] - The employment index was 47.9%, down 0.2 percentage points, reflecting a slight decrease in employment sentiment within manufacturing [3] Group 3: Non-Manufacturing PMI Overview - In June, the Non-Manufacturing Business Activity Index was 50.5%, an increase of 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [6] - The construction industry business activity index was 52.8%, up 1.8 percentage points, while the services sector index was 50.1%, down 0.1 percentage points [8] Group 4: Non-Manufacturing Sub-Indices - The new orders index for non-manufacturing was 46.6%, up 0.5 percentage points, indicating a slight recovery in market demand [10] - The input prices index was 49.9%, up 1.7 percentage points, suggesting stable input prices for non-manufacturing activities [10] - The business activity expectation index was 55.6%, down 0.3 percentage points, indicating a generally optimistic outlook among non-manufacturing enterprises [11] Group 5: Comprehensive PMI Overview - The Comprehensive PMI Output Index was 50.7%, an increase of 0.3 percentage points, indicating an overall acceleration in production and business activities across sectors [14]

Group 1: Manufacturing PMI Overview - In June, the Manufacturing Purchasing Managers' Index (PMI) was 49.7%, an increase of 0.2 percentage points from the previous month, indicating continued improvement in manufacturing sentiment [1] - Large enterprises had a PMI of 51.2%, up 0.5 percentage points, while medium-sized enterprises had a PMI of 48.6%, up 1.1 percentage points, and small enterprises had a PMI of 47.3%, down 2.0 percentage points [4] - The production index was 51.0%, indicating accelerated production activities, and the new orders index was 50.2%, suggesting improved market demand [4][6] Group 2: Employment and Supplier Conditions - The employment index was 47.9%, a slight decrease of 0.2 percentage points, indicating a minor decline in employment sentiment within the manufacturing sector [5] - The supplier delivery time index was 50.2%, an increase of 0.2 percentage points, suggesting that suppliers' delivery times have improved compared to the previous month [6] Group 3: Non-Manufacturing PMI Overview - In June, the Non-Manufacturing Business Activity Index was 50.5%, an increase of 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [10] - The construction industry had a business activity index of 52.8%, up 1.8 percentage points, while the services industry had a business activity index of 50.1%, down 0.1 percentage points [12] Group 4: Non-Manufacturing Demand and Pricing - The new orders index for non-manufacturing was 46.6%, an increase of 0.5 percentage points, indicating a slight recovery in market demand [16] - The input prices index was 49.9%, slightly below the critical point, indicating stable input prices for non-manufacturing activities [16] Group 5: Comprehensive PMI Output Index - The Comprehensive PMI Output Index was 50.7%, an increase of 0.3 percentage points, indicating an overall acceleration in production and business activities across sectors [23]