Group 1: Manufacturing PMI Overview - In August, the Manufacturing Purchasing Managers' Index (PMI) was 49.4%, an increase of 0.1 percentage points from the previous month, indicating a slight improvement in manufacturing activity [1] - Large enterprises had a PMI of 50.8%, up 0.5 percentage points, while medium and small enterprises had PMIs of 48.9% and 46.6%, respectively, indicating a decline for medium and small enterprises [3] - The production index was 50.8%, up 0.3 percentage points, suggesting accelerated manufacturing production expansion [4] Group 2: Manufacturing Sub-indices - The new orders index was 49.5%, indicating a slight improvement in market demand, although still below the critical point [4] - The raw materials inventory index was 48.0%, showing a narrowing decline in inventory levels [4] - The employment index was 47.9%, indicating a slight decrease in employment levels within manufacturing [4] - The supplier delivery time index was 50.5%, reflecting faster delivery times from suppliers [5] Group 3: Non-Manufacturing PMI Overview - In August, the Non-Manufacturing Business Activity Index was 50.3%, an increase of 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [9] - The construction industry index was 49.1%, down 1.5 percentage points, while the services industry index was 50.5%, up 0.5 percentage points [12] Group 4: Non-Manufacturing Sub-indices - The new orders index for non-manufacturing was 46.6%, showing improvement but still below the critical point [14] - The input price index was 50.3%, indicating stable input prices for non-manufacturing activities [14] - The sales price index was 48.6%, suggesting a narrowing decline in sales prices [14] - The employment index for non-manufacturing was 45.6%, indicating weak employment conditions [14] Group 5: Business Activity Expectations - The business activity expectation index was 56.2%, indicating optimism among non-manufacturing enterprises regarding market prospects [15] Group 6: Comprehensive PMI Overview - The comprehensive PMI output index was 50.5%, an increase of 0.3 percentage points, indicating an overall acceleration in production and business activities [21]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - In August 2025, the manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, indicating a slight improvement in manufacturing sentiment [2]. - The non - manufacturing business activity index was 50.3%, up 0.2 percentage points from the previous month, showing that the non - manufacturing sector continued to expand [3]. - The composite PMI output index was 50.5%, up 0.3 percentage points from the previous month, indicating that the overall expansion of Chinese enterprises' production and business activities accelerated [3]. 3. Summary by Category Manufacturing PMI - **Overall Index**: The manufacturing PMI in August was 49.4%, up 0.1 percentage points from July. Large - scale enterprises had a PMI of 50.8% (up 0.5 percentage points), medium - scale enterprises had a PMI of 48.9% (down 0.6 percentage points), and small - scale enterprises had a PMI of 46.6% (up 0.2 percentage points) [2]. - **Sub - indices**: Among the 5 sub - indices, the production index (50.8%, up 0.3 percentage points) and the supplier delivery time index (50.5%, up 0.2 percentage points) were above the critical point, while the new order index (49.5%, up 0.1 percentage points), the raw material inventory index (48.0%, up 0.3 percentage points), and the employment index (47.9%, down 0.1 percentage points) were below the critical point [2]. Non - manufacturing PMI - **Overall Index**: The non - manufacturing business activity index in August was 50.3%, up 0.2 percentage points from July. The construction industry business activity index was 49.1% (down 1.5 percentage points), and the service industry business activity index was 50.5% (up 0.5 percentage points) [3]. - **Industry Performance**: Industries such as railway transportation, water transportation, air transportation, and capital market services were in the high - prosperity range above 60.0%, while the retail and real estate industries were below the critical point [3]. Composite PMI - The composite PMI output index in August was 50.5%, up 0.3 percentage points from July, indicating an acceleration in the overall expansion of enterprises' production and business activities [3].

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - In the second half of 2025, the economic growth rate may not decline significantly, and structural issues such as prices are trending towards improvement. There will be a continued shift in the stock - bond allocation, with bond yields and the stock market expected to rise continuously [9]. Summary by Related Catalogs Manufacturing - In August, the manufacturing PMI was 49.4%, a month - on - month increase of 0.1 pct and a year - on - year increase of 0.3 pct, indicating an improvement in the manufacturing's prosperity level. Except for the consumer goods industry, other industries' PMIs increased month - on - month. With the implementation of consumption - stimulating policies, the consumer goods industry's PMI is expected to stabilize and rebound [4]. - From the perspective of component indices, the production index was 50.8%, a month - on - month increase of 0.3 pct, and it has been in the expansion zone for 4 consecutive months, indicating an accelerated expansion of manufacturing production. The production and operation activity expectation index was 53.7%, a month - on - month increase of 1.1 pct, rising for two consecutive months, showing a positive market expectation [4]. - In terms of enterprise scale, the PMIs of large and small enterprises increased month - on - month, and the PMI of large enterprises has been in the expansion zone for 4 consecutive months [5]. Non - manufacturing - In August, the non - manufacturing PMI was 50.3%, a month - on - month increase of 0.2 pct and a year - on - year flat, remaining in the expansion zone. The construction industry PMI decreased by 1.5 pct to the contraction zone due to adverse factors such as frequent extreme weather, while the service industry PMI increased by 0.5 pct to the highest point of the year, with an obvious improvement in the prosperity level [6]. - From the perspective of major classification indices, the new order index increased by 0.9 pct month - on - month, and the business activity expectation index increased by 0.4 pct month - on - month, indicating that service enterprises are relatively optimistic about the recent market development prospects [6]. Comprehensive - In August, the comprehensive PMI was 50.5%, a month - on - month increase of 0.3 pct and a year - on - year increase of 0.4 pct, remaining in the expansion zone for 32 consecutive months, indicating an accelerated overall expansion of enterprise production and operation activities [7]. Market - This week, the 10Y treasury bond active bond fluctuated in the range of 1.75% - 1.80%, and the 10Y state - owned development active bond fluctuated in the range of 1.83% - 1.89%. The bond market trading remained insensitive to economic data, with overall fragile sentiment and a stronger sensitivity to negative events than positive events [8].

Group 1: Manufacturing PMI Insights - In August, the Manufacturing PMI rose to 49.4%, indicating an improvement in economic conditions compared to the previous month [2] - The production index reached 50.8%, up by 0.3 percentage points, marking four consecutive months above the critical point, suggesting accelerated manufacturing production [2] - The new orders index increased to 49.5%, reflecting a slight rise in demand, with notable performance in the pharmaceutical and electronics sectors [2] - The purchasing activities have accelerated, with the purchasing volume index rising to 50.4% [2] - The prices of major raw materials and factory prices increased, with the raw material purchase price index at 53.3% and factory price index at 49.1%, indicating an overall improvement in market prices [2] Group 2: Enterprise Size and Sector Performance - Large enterprises reported a PMI of 50.8%, up by 0.5 percentage points, indicating sustained expansion [3] - Medium-sized enterprises saw a decline in PMI to 48.9%, reflecting a downturn in economic conditions [3] - Small enterprises experienced a slight improvement with PMI at 46.6%, up by 0.2 percentage points [3] - High-tech manufacturing and equipment manufacturing sectors showed strong performance with PMIs of 51.9% and 50.5%, respectively [3] Group 3: Non-Manufacturing Sector Insights - The Non-Manufacturing Business Activity Index rose to 50.3%, indicating continued expansion in the non-manufacturing sector [5] - The service sector's business activity index reached 50.5%, marking a significant recovery and the highest point of the year [5] - Certain industries, such as capital market services and transportation, reported business activity indices above 60.0%, indicating robust growth [5] - The construction sector's business activity index fell to 49.1% due to adverse weather conditions, reflecting a slowdown [5] Group 4: Comprehensive PMI Overview - The Comprehensive PMI Output Index increased to 50.5%, indicating an overall acceleration in production and business activities across sectors [6] - The manufacturing production index and non-manufacturing business activity index were reported at 50.8% and 50.3%, respectively, contributing to the overall expansion [6]

Group 1: Manufacturing PMI Overview - In August, the Manufacturing Purchasing Managers' Index (PMI) was 49.4%, an increase of 0.1 percentage points from the previous month, indicating a slight improvement in manufacturing sentiment [2][4] - Large enterprises reported a PMI of 50.8%, up 0.5 percentage points, while medium-sized enterprises saw a decline to 48.9%, down 0.6 percentage points, and small enterprises reported a PMI of 46.6%, an increase of 0.2 percentage points [4] - The production index was at 50.8%, up 0.3 percentage points, indicating accelerated manufacturing production expansion [4][5] Group 2: Manufacturing Sub-indices - The new orders index was 49.5%, up 0.1 percentage points, suggesting a slight improvement in market demand [4] - The raw materials inventory index was 48.0%, up 0.3 percentage points, indicating a narrowing decline in major raw material inventory levels [4] - The employment index was 47.9%, down 0.1 percentage points, reflecting a slight decrease in employment sentiment within manufacturing [4] Group 3: Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index was 50.3%, an increase of 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [9] - The construction sector's business activity index was 49.1%, down 1.5 percentage points, while the services sector's index rose to 50.5%, up 0.5 percentage points [12] Group 4: Non-Manufacturing Sub-indices - The new orders index for non-manufacturing was 46.6%, up 0.9 percentage points, indicating improved market demand [13] - The input prices index was 50.3%, unchanged from the previous month, indicating stable input prices for non-manufacturing enterprises [13] - The sales prices index was 48.6%, up 0.7 percentage points, suggesting a narrowing decline in sales prices [13] Group 5: Composite PMI Overview - The Composite PMI Output Index was 50.5%, an increase of 0.3 percentage points, indicating an overall acceleration in production and business activities across sectors [19]

Group 1: Manufacturing PMI Insights - In August, the Manufacturing PMI rose to 49.4%, indicating a slight improvement in economic conditions compared to the previous month [3][8]. - The production index reached 50.8%, up by 0.3 percentage points, marking the fourth consecutive month above the critical point, suggesting accelerated manufacturing production [3][11]. - The new orders index increased to 49.5%, reflecting a minor improvement in market demand [3][11]. - Large enterprises showed a PMI of 50.8%, up by 0.5 percentage points, indicating ongoing expansion, while medium and small enterprises reported lower PMIs of 48.9% and 46.6%, respectively [4][10]. Group 2: Non-Manufacturing PMI Insights - The Non-Manufacturing Business Activity Index was 50.3%, up by 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [5][15]. - The service sector's business activity index reached 50.5%, marking a significant recovery and the highest point of the year [5][18]. - The construction sector's business activity index fell to 49.1%, down by 1.5 percentage points, due to adverse weather conditions affecting production [5][16]. Group 3: Comprehensive PMI Insights - The Comprehensive PMI Output Index stood at 50.5%, up by 0.3 percentage points, indicating an overall acceleration in production and business activities across sectors [6][23]. - The manufacturing production index and non-manufacturing business activity index contributed to the comprehensive PMI, with values of 50.8% and 50.3%, respectively [6][23].

Group 1: Manufacturing PMI Overview - In August 2025, the Manufacturing Purchasing Managers' Index (PMI) was 49.4%, an increase of 0.1 percentage points from the previous month, indicating an improvement in manufacturing sentiment [2][4] - The production index was 50.8%, up 0.3 percentage points, suggesting accelerated manufacturing production [4] - The new orders index was 49.5%, reflecting a slight improvement in market demand for manufacturing [4] Group 2: Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index for August 2025 was 50.3%, rising by 0.2 percentage points and remaining above the critical point, indicating continued expansion in the non-manufacturing sector [9][11] - The service sector's business activity index was 50.5%, up 0.5 percentage points, while the construction sector's index fell to 49.1%, down 1.5 percentage points [11] - The new orders index for non-manufacturing was 46.6%, an increase of 0.9 percentage points, indicating improved market demand [13] Group 3: Comprehensive PMI Output Index - The Comprehensive PMI Output Index for August 2025 was 50.5%, an increase of 0.3 percentage points, indicating a general acceleration in production activities across enterprises [20]

制造业景气水平有所改善。 8月份，制造业采购经理指数（PMI）为49.4%，比上月上升0.1个百分点，制造业景气水平有所改善。 从企业规模看，大型企业PMI为50.8%，比上月上升0.5个百分点，高于临界点；中型企业PMI为48.9%，比上月下降0.6个百分点，低于临界点；小型企业PMI 为46.6%，比上月上升0.2个百分点，低于临界点。 从分类指数看，在构成制造业PMI的5个分类指数中，生产指数和供应商配送时间指数均高于临界点，新订单指数、原材料库存指数和从业人员指数低于临 界点。 生产指数为50.8%，比上月上升0.3个百分点，表明制造业生产扩张加快。 新订单指数为49.5%，比上月上升0.1个百分点，表明制造业市场需求景气水平略有改善。 原材料库存指数为48.0%，比上月上升0.3个百分点，仍低于临界点，表明制造业主要原材料库存量降幅收窄。 8月31日，国家统计局发布2025年8月中国采购经理指数运行情况。 一、中国制造业采购经理指数运行情况 从业人员指数为47.9%，比上月下降0.1个百分点，表明制造业企业用工景气度略有回落。 供应商配送时间指数为50.5%，比上月上升0.2个百分点，表明制造业原材 ...

Manufacturing PMI Overview - In August, the Manufacturing Purchasing Managers' Index (PMI) was 49.4%, an increase of 0.1 percentage points from the previous month, indicating a slight improvement in manufacturing sentiment [1] - Large enterprises reported a PMI of 50.8%, up 0.5 percentage points, while medium-sized enterprises saw a PMI of 48.9%, down 0.6 percentage points, and small enterprises had a PMI of 46.6%, up 0.2 percentage points [1] Manufacturing Index Components - The production index was 50.8%, an increase of 0.3 percentage points, suggesting accelerated production expansion in the manufacturing sector [2] - The new orders index was 49.5%, up 0.1 percentage points, indicating a slight improvement in market demand [3] - The raw materials inventory index was 48.0%, up 0.3 percentage points, showing a narrowing decline in major raw material inventory levels [3] - The employment index was 47.9%, down 0.1 percentage points, reflecting a slight decrease in employment sentiment within manufacturing [4] - The supplier delivery time index was 50.5%, up 0.2 percentage points, indicating faster delivery times from suppliers [5] Non-Manufacturing PMI Overview - In August, the non-manufacturing business activity index was 50.3%, an increase of 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [6] - The construction industry business activity index was 49.1%, down 1.5 percentage points, while the services industry index was 50.5%, up 0.5 percentage points [6] Non-Manufacturing Index Components - The new orders index for non-manufacturing was 46.6%, up 0.9 percentage points, indicating improved market demand [6] - The input prices index was 50.3%, unchanged from the previous month, indicating continued price increases for operating inputs [6] - The sales prices index was 48.6%, up 0.7 percentage points, showing a narrowing decline in overall sales prices [7] - The employment index for non-manufacturing was 45.6%, unchanged, indicating weak employment sentiment [7] - The business activity expectation index was 56.2%, up 0.4 percentage points, suggesting optimism among non-manufacturing enterprises regarding market prospects [7] Composite PMI Overview - The composite PMI output index for August was 50.5%, an increase of 0.3 percentage points, indicating an overall acceleration in production and business activities across enterprises [8]

Group 1: Manufacturing PMI Insights - In August, the Manufacturing PMI rose to 49.4%, indicating an improvement in economic conditions compared to the previous month [2] - The production index reached 50.8%, up by 0.3 percentage points, marking four consecutive months above the critical point, suggesting accelerated manufacturing production [2] - The new orders index increased to 49.5%, reflecting a slight rise in demand [2] - Large enterprises showed a PMI of 50.8%, up by 0.5 percentage points, indicating sustained expansion, while medium and small enterprises experienced declines [3] - High-tech manufacturing and equipment manufacturing sectors reported PMIs of 51.9% and 50.5%, respectively, indicating strong performance [3] Group 2: Non-Manufacturing PMI Insights - The Non-Manufacturing Business Activity Index rose to 50.3%, reflecting continued expansion in the sector [4] - The service industry saw a significant increase, with a business activity index of 50.5%, reaching a yearly high [4] - Capital market services and transportation sectors reported business activity indices above 60.0%, indicating robust growth [4] - The construction industry faced a decline in activity, with a business activity index of 49.1%, down by 1.5 percentage points due to adverse weather conditions [4] Group 3: Composite PMI Insights - The Composite PMI Output Index increased to 50.5%, indicating an overall acceleration in production and business activities [5] - The manufacturing production index and non-manufacturing business activity index were reported at 50.8% and 50.3%, respectively, contributing to the composite index's growth [5]