Manufacturing Sector Insights - In April 2025, the Manufacturing PMI index dropped to 49.0%, a decrease of 1.5 percentage points from March, indicating a contraction in manufacturing activity[2] - The new orders index fell to 49.2%, down 2.6 percentage points, while the new export orders index significantly declined by 4.3 percentage points to 44.7%, the lowest level since January 2023[2][6] - The production index decreased to 49.8%, down 2.8 percentage points, and the purchasing index fell to 46.3%, a drop of 5.5 percentage points, marking the lowest level since January 2023[2][7] Price and Demand Trends - The manufacturing price index continued to decline, with major raw material purchase prices and factory prices dropping by 2.8 and 3.1 percentage points, respectively[3][10] - The decline in factory prices was more pronounced than that of raw material purchase prices, suggesting a stronger impact of demand on manufacturing market prices[3][10] - In specific sectors, the export orders index for electrical machinery, general equipment, and specialized equipment saw declines exceeding 10%[3][10] Economic Policy and Future Outlook - The Politburo meeting on April 25 emphasized increasing investment to stimulate domestic demand, with a focus on major strategic projects expected to receive enhanced funding support[4][11] - The real estate investment sector is anticipated to stabilize gradually, supported by increased supply of high-quality housing[4][11] - The non-manufacturing PMI index fell to 50.4%, down 0.4 percentage points, but remained in the expansion zone, with new orders index at 44.9%, down 1.7 percentage points[5][13]

Core Viewpoint - The chemical construction industry is urged to leverage the "Two New" opportunities in 2025, focusing on high-end, intelligent, and green development to achieve high-quality growth [2][3]. Group 1: Industry Opportunities - The chemical construction industry is expected to benefit from significant equipment updates and the "Two New" policy, which emphasizes energy conservation and carbon reduction [2]. - The industry is encouraged to transition from product sales to service-oriented models, emphasizing technological innovation and ecological collaboration [3]. Group 2: Financial Performance - In 2024, the total revenue of national companies with qualifications in petroleum and chemical design and construction is projected to reach 655.99 billion yuan, a year-on-year increase of 4.99% [3]. - Profit is expected to grow by 6.35%, with new contracts signed amounting to 998.18 billion yuan, reflecting a 6.41% increase, of which 38.29% are overseas contracts [3]. Group 3: Strategic Directions - The industry should focus on key common technologies, cutting-edge technologies, modern engineering technologies, and original disruptive technologies to foster new development momentum [3]. - Chemical construction enterprises are advised to collaborate with equipment suppliers and design institutes to convert the wave of equipment updates into a growth engine [4]. Group 4: Research and Development - The China Chemical Construction Enterprises Association plans to conduct in-depth research on carbon emissions in construction and the development scale of petroleum chemical construction [4]. - The association has released several reports and guidelines to support quality control and carbon emission management in chemical construction projects [4].