Manufacturing Sector - In July, the Manufacturing Purchasing Managers' Index (PMI) decreased to 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing activity due to seasonal factors and adverse weather conditions [2][3] - The production index remained in expansion at 50.5%, while the new orders index fell to 49.4%, reflecting a slowdown in market demand [3] - 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% [4] - The price index showed an upward trend, with the main raw materials purchasing price index rising to 51.5%, marking the first increase above the critical point since March [3][4] - New momentum in the manufacturing sector is evident, with the equipment manufacturing PMI at 50.3% and high-tech manufacturing PMI at 50.6%, both above the critical point [4] Non-Manufacturing Sector - The Non-Manufacturing Business Activity Index stood at 50.1%, down 0.4 percentage points from the previous month, but still above the critical point [5] - The service sector's business activity index was stable at 50.0%, with significant growth in transportation and tourism-related industries, while real estate and residential services lagged [5][6] - The construction sector's business activity index fell to 50.6%, influenced by adverse weather conditions, with a corresponding decrease in market expectations [6] Composite PMI - The Composite PMI Output Index decreased to 50.2%, down 0.5 percentage points from the previous month, indicating overall expansion in production and business activities [7] - The manufacturing production index and non-manufacturing business activity index were recorded at 50.5% and 50.1%, respectively, both indicating continued expansion [7]

Core Insights - The Purchasing Managers' Index (PMI) for China was released on July 31, 2025, indicating improvements in manufacturing market prices due to recent increases in commodity prices [1] Group 1: Price Indices - The main raw material purchasing price index rose to 51.5%, while the factory price index reached 48.3%, marking increases of 3.1 and 2.1 percentage points from the previous month respectively [1] - The main raw material purchasing price index has surpassed the critical point for the first time since March of this year, suggesting an overall improvement in manufacturing market price levels [1] Group 2: Industry Performance - Significant rebounds in the purchasing price index and factory price index were observed in industries such as petroleum, coal, and other fuel processing, as well as black metal smelting and rolling processing [1] - The market prices in related industries have shown notable improvements [1]

Core Insights - S&P Global's latest report indicates that Australia's Manufacturing PMI fell to 50.6 in June 2025, the lowest level since February of the same year, down from 51 in the previous month, marking the sixth consecutive month above the neutral line, indicating continued but weakening expansion in the manufacturing sector [1][2] Manufacturing Sector Performance - The report highlights a negative growth in new orders for the Australian manufacturing sector in June, with a significant decrease in new export orders, leading to a slight decline in factory output, procurement activities, and inventory levels during the month [1] - Despite the decline in output and orders, manufacturing firms continued to increase employment, although optimism regarding growth prospects has diminished [1][2] Pricing and Cost Pressures - Although cost pressures have intensified, the rate at which Australian manufacturers are raising selling prices has slowed down, which may provide support for market sales and could benefit the Reserve Bank of Australia in potentially lowering interest rates in the second half of the year [2] External Influences - Respondents in the survey indicated that U.S. trade policies have negatively impacted global demand for manufacturing products, including those from Australia [1]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - In June 2025, China's manufacturing PMI was 49.7%, up 0.2 percentage points from the previous month, indicating continued improvement in the manufacturing boom level [2]. - The non - manufacturing business activity index was 50.5%, up 0.2 percentage points from the previous month, showing that the non - manufacturing sector generally continued to expand [3]. - The composite PMI output index was 50.7%, up 0.3 percentage points from the previous month, suggesting that the overall expansion of Chinese enterprises' production and business activities accelerated [4]. 3. Summary by Related Catalogs Manufacturing PMI - **Overall Index**: In June, the manufacturing PMI was 49.7%, up 0.2 percentage points from May. Large enterprises' PMI was 51.2% (up 0.5 percentage points), medium - sized enterprises' was 48.6% (up 1.1 percentage points), and small enterprises' was 47.3% (down 2.0 percentage points) [2]. - **Sub - indices**: Among the 5 sub - indices, the production index (51.0%, up 0.3 percentage points), new order index (50.2%, up 0.4 percentage points), and supplier delivery time index (50.2%, up 0.2 percentage points) were above the critical point. The raw material inventory index (48.0%, up 0.6 percentage points) and the employment index (47.9%, down 0.2 percentage points) were below the critical point [2]. Non - manufacturing PMI - **Overall Index**: The non - manufacturing business activity index in June was 50.5%, up 0.2 percentage points from the previous month. The construction business activity index was 52.8% (up 1.8 percentage points), and the service business activity index was 50.1% (down 0.1 percentage points) [3]. - **Industry Situation**: Industries such as postal, telecommunications, and financial services were in a high - boom range (above 55.0%), while retail, transportation, and real estate industries were below the critical point [3]. Composite PMI Output Index - In June, the composite PMI output index was 50.7%, up 0.3 percentage points from the previous month, indicating an acceleration in the overall expansion of enterprises' production and business activities [4].

Group 1: Manufacturing Purchasing Managers Index (PMI) Recovery - In June, the manufacturing PMI rose to 49.7%, with 11 out of 21 surveyed industries in the expansion zone, an increase of 4 industries from the previous month, indicating an overall expansion in manufacturing sentiment [2] - The production index and new orders index were at 51.0% and 50.2%, respectively, both showing improvements of 0.3 and 0.4 percentage points from the previous month, suggesting accelerated production activities and improved market demand [2] - The purchasing volume index increased to 50.2%, up by 2.6 percentage points, reflecting enhanced procurement willingness among enterprises due to the recovery in production and demand [2] Group 2: Price Index Recovery - The main raw material purchase price index and factory price index were at 48.4% and 46.2%, respectively, both rising by 1.5 percentage points, indicating an overall improvement in manufacturing market prices [3] - The increase in prices was influenced by rising international crude oil prices, particularly affecting the petroleum, coal, and other fuel processing industries, while the black metal smelting and rolling processing industries saw a decline in price indices due to falling iron ore prices and insufficient terminal demand [3] Group 3: Business Activity Index in Non-Manufacturing Sector - The non-manufacturing business activity index was at 50.5%, up by 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [5] - The service industry business activity index was at 50.1%, slightly down by 0.1 percentage points, with certain sectors like telecommunications and financial services showing strong growth, while consumer-related sectors experienced a decline [5] - The construction industry business activity index rose to 52.8%, an increase of 1.8 percentage points, indicating a recovery in construction activities, particularly in civil engineering [5] Group 4: Comprehensive PMI Output Index - The comprehensive PMI output index was at 50.7%, up by 0.3 percentage points, indicating an overall acceleration in production and business activities across enterprises [6] - The manufacturing production index and non-manufacturing business activity index were at 51.0% and 50.5%, respectively, contributing to the overall expansion reflected in the comprehensive PMI output index [6]

Group 1 - The manufacturing Purchasing Managers' Index (PMI) in China rose for two consecutive months, indicating a continuous improvement in manufacturing sentiment [2][4] - In June, the manufacturing PMI reached 49.7%, an increase of 0.2 percentage points from the previous month, signaling a stable expansion in production activities [2][4] - The new orders index returned to the expansion zone at 50.2%, reflecting a stable expansion in both supply and demand within the manufacturing sector [4][6] Group 2 - The non-manufacturing sector continued to expand, with the business activity index showing a slight increase while remaining in the expansion zone [8] - Key industries such as telecommunications, financial services, and insurance reported business activity indices above 60%, indicating robust growth in these sectors [8] - The construction industry, particularly civil engineering, maintained a high business activity index above 55% for three consecutive months, driven by increased investment activities [10] Group 3 - The resilience of the Chinese economy is highlighted by the strong internal momentum and stable production operations, with the PMI serving as a crucial leading indicator [12][14] - Despite short-term fluctuations due to external factors, the overall economic growth remains stable, supported by ongoing policies aimed at boosting investment and consumption [14]

Core Viewpoint - The manufacturing sector in China shows signs of improvement, with the Purchasing Managers' Index (PMI) for June rising to 49.7%, marking a 0.2 percentage point increase from the previous month, indicating a continuous upward trend for two consecutive months [1] Manufacturing Sector Summary - The PMI for the equipment manufacturing industry reached 51.4%, up 0.2 percentage points from last month, with both production and new orders indices above 53% [5] - The high-tech manufacturing PMI stood at 50.9%, remaining stable compared to last month, with production and new orders indices around 52% [5] - The consumer goods manufacturing PMI increased to 50.4%, a rise of 0.2 percentage points, reflecting steady growth [7] - The basic raw materials industry PMI rose by 0.8 percentage points, ending a three-month decline [7] Enterprise Type Analysis - Large enterprises continued to expand, with their PMI at 51.2%, an increase of 0.5 percentage points from last month, indicating significant support for the overall manufacturing sector [9] - The PMI for medium-sized enterprises increased by 1.1 percentage points, ending a two-month downward trend, with new orders index rising over 4 percentage points, showing a notable recovery in demand [11] Non-Manufacturing Sector Summary - The non-manufacturing business activity index for June was 50.5%, a slight increase of 0.2 percentage points, indicating continued expansion [11] - The service industry business activity index was 50.1%, showing stability in the sector [11] - The construction industry business activity index rose to 52.8%, up 1.8 percentage points, indicating a recovery in activity levels [11] - The civil engineering construction index was at 56.7%, remaining above 55% for three consecutive months, suggesting rapid progress in infrastructure projects [11] - Investment-related activities in the construction sector have shown significant recovery, supported by the expansion of special bond investments [11]

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][18] - The production index was 51.0%, up 0.3 percentage points, suggesting accelerated production activities in manufacturing [2][19] - The new orders index rose to 50.2%, an increase of 0.4 percentage points, indicating improved market demand [3][19] Group 2: Manufacturing Sub-indices - The raw materials inventory index was 48.0%, up 0.6 percentage points, indicating a continued narrowing of the decline in raw material inventory levels [3][19] - The employment index decreased to 47.9%, down 0.2 percentage points, reflecting a slight decline in employment sentiment within manufacturing [3][19] - The supplier delivery time index was 50.2%, an increase of 0.2 percentage points, indicating faster delivery times from suppliers [3][19] Group 3: Non-Manufacturing PMI Overview - The non-manufacturing business activity index was 50.5%, up 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [6][22] - The construction industry business activity index rose to 52.8%, an increase of 1.8 percentage points, indicating accelerated expansion in construction activities [7][23] - The service industry business activity index was 50.1%, a slight decrease of 0.1 percentage points, indicating stability in the service sector [7][23] 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][22] - The input prices index was 49.9%, up 1.7 percentage points, indicating stable input prices for non-manufacturing activities [10][22] - The business activity expectation index was 55.6%, down 0.3 percentage points, indicating continued optimism among non-manufacturing enterprises [11][22] 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 [16][24] - The manufacturing production index and non-manufacturing business activity index were 51.0% and 50.5%, respectively, contributing to the overall expansion [24][18]

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 [2][22]. - The production index was 51.0%, up 0.3 percentage points, suggesting accelerated production activities in the manufacturing sector [6][23]. - The new orders index reached 50.2%, rising by 0.4 percentage points, reflecting an improvement in market demand for manufactured goods [7][23]. Group 2: Enterprise Size Analysis - Large enterprises reported a PMI of 51.2%, up 0.5 percentage points, remaining above the critical point, indicating robust performance [4][24]. - Medium-sized enterprises had a PMI of 48.6%, an increase of 1.1 percentage points, but still below the critical threshold [4][24]. - Small enterprises saw a decline in PMI to 47.3%, down 2.0 percentage points, indicating weaker performance [4][24]. Group 3: Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index was 50.5%, an increase of 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [11][26]. - The construction sector's business activity index rose to 52.8%, up 1.8 percentage points, reflecting a recovery in construction activities [13][26]. - The service sector's business activity index was 50.1%, slightly down by 0.1 percentage points, indicating stability but with some sectors experiencing reduced activity [13][26]. Group 4: Comprehensive PMI Insights - 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 [21][27]. - The manufacturing production index and non-manufacturing business activity index contributed to this comprehensive index, standing at 51.0% and 50.5% respectively [27].

Group 1: Manufacturing Purchasing Managers Index (PMI) - In June, the manufacturing PMI rose to 49.7%, with 11 out of 21 surveyed industries in the expansion zone, an increase of 4 from the previous month, indicating an overall expansion in manufacturing sentiment [2] - The production index and new orders index were at 51.0% and 50.2%, respectively, both showing improvements of 0.3 and 0.4 percentage points, suggesting accelerated production activities and improved market demand [2] - Large enterprises reported a PMI of 51.2%, up 0.5 percentage points, indicating significant support for the manufacturing sector, while small enterprises saw a decline in PMI to 47.3%, down 2.0 percentage points [3] Group 2: Non-Manufacturing Business Activity Index - The non-manufacturing business activity index reached 50.5%, an increase of 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [4] - The construction industry showed a notable increase with a business activity index of 52.8%, up 1.8 percentage points, reflecting a recovery in construction activities, particularly in civil engineering [4] - The business activity expectation index for the non-manufacturing sector was at 56.0%, indicating optimism among service industry enterprises regarding future developments [4] Group 3: Comprehensive PMI Output Index - The comprehensive PMI output index rose to 50.7%, an increase of 0.3 percentage points, indicating an acceleration in overall production and business activities across enterprises [5] - The manufacturing production index and non-manufacturing business activity index contributed to the comprehensive PMI output index, standing at 51.0% and 50.5%, respectively [5]