财新制造业PMI
Search documents
中国4月财新服务业PMI 50.7，新订单增速放缓
Hua Er Jie Jian Wen· 2025-05-06 03:21
Core Viewpoint - The Chinese service sector is experiencing a slowdown in new order growth, reaching a 28-month low, while costs are rising, and service prices are declining, leading to a drop in industry optimism to a historical low point [2][11][14]. Service Sector Performance - In April, the Caixin Services PMI stood at 50.7, down from 51.9, indicating continued expansion but at the slowest pace since September of the previous year [2]. - The composite output index fell from 51.8 in March to 51.1 in April, marking a three-month low in production activity [5][15]. - New business volume growth has slowed, with the rate being the weakest in seven months, and new export orders have also contracted [5][16]. Employment and Cost Trends - The employment index in the service sector has fallen into contraction territory for the second consecutive month, reflecting cost-cutting measures by companies [9][14]. - Average input costs have risen, driven by increasing raw material prices and wages, yet service firms continue to lower selling prices for the third month in a row due to weak market demand [9][14]. Market Sentiment and Future Outlook - Business optimism has declined to the second-lowest level since the survey began in November 2005, primarily due to concerns over trade policy changes [14]. - Despite the pessimistic outlook, companies expect that new marketing strategies and efficiency improvements will help drive growth in the next 12 months [14]. - The overall economic outlook remains cautious, with external trade uncertainties significantly impacting business sentiment [19].
每日债市速递 | 上交所：推动ABS市场扩容增类
Wind万得· 2025-03-03 22:40
Market Overview - The central bank conducted a 970 billion yuan reverse repurchase operation with a fixed interest rate of 1.5% on March 3, resulting in a net withdrawal of 1,955 billion yuan for the day due to 2,925 billion yuan of reverse repos maturing [2][3] - The interbank market saw an overall easing of liquidity on the first trading day of March, with most weighted average rates for repurchase agreements declining [3] - The latest overnight financing rate in the US is reported at 4.36% [4] Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit in the secondary market is around 1.99%, showing a slight decline from the previous day [5] Bond Market - Major interbank bond yields have generally decreased, with mid to short-term bonds performing better [7] - The yields for various government bonds are as follows: - 1Y: 1.5300% (down 7.00 bps) - 3Y: 1.4800% (down 4.00 bps) - 10Y: 1.7080% (down 1.95 bps) [7] - The bond futures market saw all contracts rise, with the 30-year main contract increasing by 0.58% [9] Economic Indicators - China's Caixin Manufacturing PMI rose to 50.8 in February, the highest in three months, exceeding expectations of 50.3 and the previous value of 50.1 [10] - The State-owned Assets Supervision and Administration Commission revised the "Operational Rules for State-owned Asset Transactions," aiming to improve transaction efficiency and protect the rights of all parties involved [10] Bond Issuance - In January, the bond market issued a total of 51,027.5 billion yuan across various types of bonds [14] - Baidu plans to issue offshore RMB bonds worth 10 billion yuan (approximately 1.4 billion USD) [15] - The Shanghai Stock Exchange is promoting the expansion of the ABS market and the normalization of REITs issuance [16]
