Core Viewpoint - The overall economic climate in China is showing signs of expansion, with key indices such as the manufacturing PMI, non-manufacturing business activity index, and composite PMI output index all experiencing a rebound in June, indicating a positive trend in economic activity [1][2]. Manufacturing Sector - In June, the manufacturing PMI rose to 49.7%, marking a 0.2 percentage point increase from the previous month, continuing a two-month upward trend despite remaining below the critical 50% threshold [3]. - The production index for enterprises was at 51%, indicating stable expansion, while the new orders index returned to the expansion zone at 50.2%, up 0.4 percentage points from the previous month [4]. - The easing of external disturbances due to a temporary thaw in US-China trade relations has allowed the manufacturing sector to stabilize, with market demand showing signs of recovery [5][6]. Construction Sector - The construction industry business activity index reached 52.8% in June, up 1.8 percentage points from the previous month, indicating a rise in investment-related construction activities [7]. - The rapid progress in infrastructure project construction is highlighted by the ongoing implementation of special bonds for land acquisition and government investment funds, which are expected to stimulate further demand for infrastructure [9]. Financial Sector - The financial industry business activity index and new orders index both increased to over 60%, reflecting heightened supply and demand activities as the quarter ends, with financial support for the real economy continuing to strengthen [10]. Non-Manufacturing Sector - The non-manufacturing business activity index was at 50.5% in June, showing a slight increase, although sectors related to consumer travel experienced a decline in activity [11]. - Despite some short-term pullbacks, there is optimism regarding the upcoming summer consumption peak, with financial policies aimed at supporting service sectors expected to provide new momentum for growth [13].

2025 年 6 月 PMI 数据点评 PMI 稳住了吗？ 2025 年 06 月 30 日 [Table_Author] 分析师：陶川 研究助理：钟渝梅 邮箱：taochuan@mszq.com 邮箱：zhongyumei@mszq.com 执业证号：S0100524060005 执业证号：S0100124080017 ➢ 事件：6 月 30 日，据国家统计局，6 月份，制造业采购经理指数（PMI）为 49.7%，比上月上升 0.2 个百分点，制造业景气水平继续改善。 ➢ 在经历中美贸易摩擦的阶段性缓释后，制造业 PMI 成功迎来了"两连升"。 6 月制造业产需两端均在持续复苏，尤其是 PMI 生产指数与 PMI 新订单指数均 在 50%以上，同时 PMI 新出口订单指数也在小幅提升。然而这一趋势是否可持 续？下半年制造业 PMI 是否能站回荣枯线以上，还是会重新挑战"关税风波" 下的 4 月 PMI 低点？我们可以结合工作日天数、海外其他主要经济体 PMI、我 国自身 PMI 的细项数据表现这三个视角，对 6 月 PMI 进行剖析： ➢ 以工作日天数来看，6 月"工作量"更占优势。根据以往制造业 PMI ...

Core Viewpoint - In June, China's manufacturing sector showed resilience despite entering a traditional off-season, with the Manufacturing Purchasing Managers' Index (PMI) rising to 49.7%, the highest level in three months, indicating an expansion in manufacturing activity [1][2]. Manufacturing PMI Overview - The manufacturing PMI increased by 0.2 percentage points from the previous month, with 11 out of 21 surveyed industries in the expansion zone, reflecting a broader improvement in manufacturing sentiment [1][3]. - The continuous rise in PMI over the past two months suggests that macroeconomic recovery is underway, supported by recent policy measures [3][4]. Supply and Demand Dynamics - In June, the production index and new orders index were recorded at 51.0% and 50.2%, respectively, indicating accelerated manufacturing activity and improved market demand [4][5]. - The easing of external pressures, particularly in US-China trade relations, has contributed to a stabilization in manufacturing operations and a rebound in market demand [4][5]. Export and Inventory Trends - The new export orders index rose to 47.7%, showing improvement, although it remains below the expansion threshold, indicating that domestic demand is slightly outperforming external demand [5][6]. - The finished goods inventory index increased by 1.6 percentage points to 48.1%, while raw materials inventory rose by 0.6 percentage points to 48.0%, suggesting a growing willingness among enterprises to replenish stocks [5][6]. Price Trends in Manufacturing - The indices for major raw material purchase prices and factory gate prices both increased by 1.5 percentage points to 48.4% and 46.2%, respectively, indicating an overall improvement in manufacturing market prices [5][6]. Sector Performance - Key sectors such as equipment manufacturing, high-tech manufacturing, and consumer goods all maintained PMIs above 50, indicating continued expansion, while high-energy-consuming industries showed slight improvement with a PMI of 47.8% [5][6]. Enterprise-Level Insights - Large enterprises reported a PMI of 51.2%, indicating continued expansion, while medium-sized enterprises saw a recovery with a PMI of 48.6%. However, small enterprises experienced a decline with a PMI of 47.3% [6]. - The overall economic resilience suggests that, barring significant external shocks, China's manufacturing sector is expected to maintain a stable growth trajectory in the second half of the year [6].

Core Viewpoint - The Anhui Provincial Government Office has issued implementation opinions to promote the deep integration of advanced manufacturing and modern productive services, focusing on the synergy between manufacturing and modern logistics [1] Group 1: Integration of Manufacturing and Logistics - The initiative encourages enterprises to build intelligent logistics equipment and storage facilities [1] - It emphasizes the establishment of intelligent supply chain management systems to enhance process control and improve the efficiency of supply chain management [1] - The plan includes the introduction and cultivation of supply chain innovation service platforms aimed at small and medium-sized enterprises [1] Group 2: New Logistics Models - The government aims to explore new logistics organization models such as shared cloud warehouses, joint distribution, and unified warehousing and distribution [1] - There is a focus on strengthening the connection between logistics companies and foreign trade as well as manufacturing enterprises to facilitate product exports [1]

重点行业PMI稳中有升 产需指数同步扩张 国家统计局数据显示，从分类指数看，在构成制造业PMI的5个分类指数中，生产指数、新订单指数和供应商配送时间指数均高于临界点，原材料库存指数 和从业人员指数低于临界点。 6月30日，国家统计局发布最新数据，6月份，制造业采购经理指数(PMI)为49.7%，比上月上升0.2个百分点，制造业景气水平继续改善。据了解，4月份，制 造业PMI为49%，比上月下降1.5个百分点。5月份，制造业PMI为49.5%，比上月上升0.5个百分点。6月份，制造业PMI继续上升至49.7%。 国家统计局服务业调查中心高级统计师赵庆河解读表示，6月份，制造业PMI升至49.7%，在调查的21个行业中有11个位于扩张区间，比上月增加4个，制造 业景气面有所扩大。 中国民生银行首席经济学家温彬对21世纪经济报道记者表示，6月制造业PMI较上月回升0.2个百分点，好于季节性。其中，6月生产指数较上月回升0.3个百 分点，6月是传统生产淡季，但今年"淡季不淡"，企业生产仍在加快扩张。 前海开源基金首席经济学家、基金经理杨德龙对21世纪经济报道记者表示，我国制造业PMI连续两个月出现回升，这反映出当前随 ...

智通财经6月30日午间新闻精选 2、央行今日开展3315亿元7天逆回购操作，操作利率持平在1.40%，实现净投放1110亿元。 3、加拿大财政部在一份声明中表示，加拿大已取消数字服务税，以推进与美国的贸易谈判。加拿大总 理卡尼和美国总统特朗普将恢复贸易谈判，以期在7月21日之前达成协议。 1、6月份中国制造业采购经理指数为49.7%，较上月上升0.2个百分点，连续2个月上升。 4、截至午间收盘，沪指涨0.2%，深成指涨0.54%，创业板指涨0.93%。恒生指数跌0.42%，恒生科技指 数涨0.12%。 ...

本文字数：2337，阅读时长大约4分钟 作者 | 第一财经 祝嫣然 今年二季度，受到美国关税政策变化的影响，制造业运行短期有所波动，但我国经济展现出了较强的 韧性，在短期放缓后迅速回稳。 国家统计局6月30日发布的6月份制造业采购经理指数（PMI）为49.7%，比上月上升0.2个百分点， 连续两个月回升，制造业景气水平继续改善。非制造业商务活动指数为50.5%，比上月上升0.2个百 分点。 中国物流与采购联合会特约分析师张立群表示，6月份PMI指数小幅回升，表明一系列增量政策的效 果继续显现。订单类指数回升反映扩大内需政策效果有所显现；生产指数、采购量指数上升反映企业 生产经营活动有回暖趋势。同时应注意到PMI指数仍处荣枯线下，生产经营活动预期指数仍在下降， 反映需求不足的企业占比仍在扩大，市场引导的需求收缩对制造业生产投资的制约仍然突出。 2025.06. 30 张立群强调，当前宏观经济政策逆周期调节与市场引导的需求收缩正处相互角力的关键阶段，必须坚 持不懈持续加大扩内需各项政策力度，特别要显著加强政府公共产品投资力度，扩大投资规模，有效 有力带动制造业企业订单显著增加，带动制造业生产投资持续活跃。 产需指 ...

在市场需求和企业原材料采购活动同步扩张的支撑下，主要原材料购进价格指数和出厂价格指数均较上月明显回升。制造业市场价格总体 水平有所改善。从不同规模企业看，制造业大中型企业景气度均有所提高，特别是大型企业扩张势头有所加快，对制造业整体支撑作用显著。 央视网消息：国家统计局、中国物流与采购联合会6月30日联合发布的数据显示，6月份中国制造业采购经理指数（PMI）为49.7%，比上 月上升0.2个百分点，制造业景气水平继续改善。 6月份制造业采购经理指数升至49.7%，在调查的21个行业中有11个位于扩张区间，比上月增加4个，制造业景气面有所扩大。从产需两端 看，生产指数和新订单指数分别为51%和50.2%，比上月上升0.3和0.4个百分点，新出口订单指数也连续2个月上升。制造业生产活动加快，市 场需求有所改善。在产需回升的带动下，企业采购意愿也有所增强，采购量指数为50.2%，较上月上升2.6个百分点。 国家统计局服务业调查中心企业景气处处长霍丽慧称："从重点行业来看，装备制造业、高技术制造业和消费品行业的PMI都是连续两个 月位于扩张区间，其中装备制造业的生产指数和新订单指数本月均高于53%，相关行业产需两端还 ...

Group 1 - The 2025 Nanjing Artificial Intelligence Industry Development Matching Event focuses on the integration of AI technology, particularly large models, with the manufacturing industry to drive digital transformation and intelligent upgrades in traditional industries [1][2] - Nanjing has over 400 AI companies, with core output value exceeding 10 billion yuan, establishing itself as a leading AI park in the Yangtze River Delta region [2] - The Nanjing Economic and Technological Development Zone has launched a public service platform for large model aggregation, providing comprehensive industry services including technology support, evaluation testing, and innovation incubation [3] Group 2 - A total investment of 2 billion yuan has been committed to four key projects, including the establishment of the headquarters for Minglue Technology, a leading data application software service provider, and projects from Nanjing Panda and Tuyang Technology [4] - The event also saw the signing of agreements to establish several key laboratories in collaboration with Nanjing University of Posts and Telecommunications, enhancing research capabilities in AI and related fields [2][3]

Core Viewpoint - The manufacturing PMI index in June shows a slight recovery, indicating the effectiveness of a series of incremental policies, despite ongoing challenges in demand and production activities [1][4][11]. Manufacturing Sector - The manufacturing PMI for June is reported at 49.7%, up 0.2 percentage points from the previous month, marking two consecutive months of improvement [1]. - The new orders index has returned to the expansion zone at 50.2%, increasing by 0.4 percentage points after two months below 50% [4]. - The production index stands at 51%, reflecting stable expansion in production activities, with a 0.3 percentage point increase from last month [5]. - The procurement volume index has also returned to the expansion zone at 50.2%, up 2.6 percentage points [5]. - Large enterprises show a PMI of 51.2%, indicating accelerated expansion, while medium and small enterprises remain below the critical point at 48.6% and 47.3%, respectively [7]. Price Trends - In June, both the purchasing price index and the factory price index have stabilized, with the purchasing price index at 48.4% and the factory price index at 46.2%, both up 1.5 percentage points from the previous month [6]. Non-Manufacturing Sector - The non-manufacturing business activity index is at 50.5%, reflecting continued expansion, with a 0.2 percentage point increase [11]. - The construction industry shows a business activity index of 52.8%, up 1.8 percentage points, indicating a recovery in construction activities [12]. Future Outlook - The manufacturing sector is expected to maintain a steady growth trend in the second half of the year, supported by ongoing policy measures aimed at boosting domestic demand and stabilizing external trade [8].