Core Insights - The Hong Kong Purchasing Managers' Index (PMI) rose from 47.8 to 49.2 in July, indicating a continued deterioration in the business environment for six consecutive months, but the decline has slowed to the smallest extent during this period [1] - The PMI remains below the neutral level of 50, primarily due to a persistent contraction in new orders, influenced by weakening local and global economies [1] - Employment in the private sector has decreased for the first time in three months, as companies are less inclined to hire amid easing capacity pressures [1] Economic Conditions - The overall order volume has contracted for six months, although the rate of decline is considered moderate [1] - Companies express a pessimistic outlook for the future, although the overall negative sentiment has lessened compared to the previous month [1] - Factors such as weakening demand and output due to local and global economic downturns, as well as increased trade barriers, pose additional challenges [1]

Group 1: Manufacturing PMI Overview - In July, the Manufacturing Purchasing Managers' Index (PMI) was 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [3] - Large enterprises had a PMI of 50.3%, down 0.9 percentage points, while medium-sized enterprises saw an increase to 49.5%, up 0.9 percentage points, and small enterprises dropped to 46.4%, down 0.9 percentage points [3] - The production index was 50.5%, a decrease of 0.5 percentage points, indicating continued expansion in manufacturing production, while the new orders index fell to 49.4%, down 0.8 percentage points, suggesting a slowdown in market demand [3][5] Group 2: Non-Manufacturing PMI Overview - In July, the Non-Manufacturing Business Activity Index was 50.1%, a decrease of 0.4 percentage points, remaining above the critical point [5] - The construction industry index was 50.6%, down 2.2 percentage points, and the service industry index was 50.0%, down 0.1 percentage points [5] - The new orders index for non-manufacturing fell to 45.7%, down 0.9 percentage points, indicating a decline in market demand, particularly in the construction sector, which saw a new orders index of 42.7% [5] Group 3: Composite PMI Overview - The Composite PMI Output Index for July was 50.2%, a decrease of 0.5 percentage points, indicating overall expansion in business activities [7] Group 4: Service Trade Performance - In the first half of 2025, China's service trade totaled 38,872.6 billion yuan, a year-on-year increase of 8.0%, with exports at 16,883 billion yuan, up 15.0%, and imports at 21,989.6 billion yuan, up 3.2% [4][9] - Knowledge-intensive service trade grew to 15,025.4 billion yuan, an increase of 6.0%, with significant contributions from other business services and telecommunications [9] - Travel services experienced the fastest growth, reaching 10,802.9 billion yuan, up 12.3%, with exports growing by 68.7% [9]

Core Insights - The S&P Global Australia Composite PMI rose from 51.6 in June to 53.8 in July 2025, marking the highest level since April 2022, indicating a continuous increase in the private sector output for the tenth consecutive month [1][2] Economic Performance - The acceleration in Australia's private sector output in July was driven by increased business activity in the services sector and a recovery in manufacturing output [2] - The services sector business activity index increased from 51.8 in June to 54.1 in July, indicating sustained expansion above the neutral 50-point mark for the past 18 months [2] - The manufacturing PMI rose to 51.3 in July from 50.6 in June, remaining above the 50-point threshold for the seventh consecutive month, with overall new orders in manufacturing recovering despite a decline in new export orders [2] Employment and Pricing - Private enterprises accelerated hiring in July to address backlog orders, while facing ongoing cost pressures, leading to the largest price increase in nearly two years due to strong demand [2] - Business confidence in the manufacturing sector reached its highest level in over three years, reflecting optimism despite challenges [2] Future Outlook - While there are positive growth signs in the services sector, future activity indicators suggest a slight weakening in business optimism for the coming months [3] - The Reserve Bank of Australia is expected to implement further interest rate cuts, but inflationary pressures in the services sector have intensified, warranting close monitoring of future price trends [3]

由于生产需求下降，所以7月的采购规模缩小，而且跌幅明显。经营活动紧缩，也令采购库存连续两月 增加。供应商持续推延付货期，而多家企业在船期延误的情况下，表示有意增持库存。 标普全球市场财智经济学家Usamah Bhatti表示，最新PMI数据显示，香港特区私营企业在踏入2025下半 年之际表现低迷。需求仍然偏弱，而即使整体新订单的跌幅已收窄至适度，但来自海外和中国内地的销 售却显著大减。产能压力纾缓，降低了企业增聘人手的积极性，整体就业3个月以来首次下降。 Usamah Bhatti称，7月的投入成本通胀在原材料价格攀升的助燃下，跃登4个月高位，可见成本压力未有 减退。不过，企业为刺激销售，于是维持售价不变。企业依然看淡未来一年前景，但整体悲观情绪比上 月淡化。企业不但提到本地和全球经济走弱，对需求和产出的后续发展不利，还有贸易壁垒的门槛加 高，也形成了另一道潜在冲击。 标普全球公布，7月香港特区采购经理指数(PMI)经季节调整后，由上月的47.8升至49.2，显示营商环境 连续6个月转差，但倒退幅度已缩减至期内最小。 7 月PMI指数维持于50持平线之下，主因在于新增订单量持续萎缩。随着本土和全球经济走弱，影 ...

新华财经伊斯坦布尔8月4日电（记者许万虎）受需求疲软影响，土耳其制造业7月动能进一步减弱，新 订单和产出大幅放缓。 伊斯坦布尔工业商会近日发布的调查数据显示，土耳其制造业采购经理指数（PMI）从6月的46.7下降 至7月的45.9，连续第三个月下滑，为2024年10月以来降幅最显著的一次。 PMI指数高于50表明制造业活动处于扩张状态，低于50则表示制造业活动收缩。土耳其制造业商业状况 已连续16个月恶化，显示该行业面临持续挑战。 调查显示，原材料库存降幅为2024年10月以来最大，而成品库存则在6月小幅上升后出现明显下降。分 析认为，国内客户需求持续低迷，导致新订单数量出现自3月以来的最大降幅，国际需求亦持续疲软。 因此，制造商缩减了产出规模，减少就业和采购活动并努力控制库存水平。 标普全球市场情报经济学家安德鲁·哈克表示，土耳其7月PMI数据几乎没有带来任何利好消息，企业获 取新订单的困难在增加，制造商们希望下半年需求状况能够有所改善。 （文章来源：新华财经） ...

Group 1: Manufacturing PMI Overview - In July, the Manufacturing Purchasing Managers' Index (PMI) was 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [1][3] - Large enterprises had a PMI of 50.3%, down 0.9 percentage points, while medium-sized enterprises saw a PMI of 49.5%, up 0.9 percentage points, and small enterprises had a PMI of 46.4%, down 0.9 percentage points [3][4] - The production index was at 50.5%, a decrease of 0.5 percentage points, indicating continued expansion in manufacturing production [3][4] Group 2: Demand and Inventory Indicators - The new orders index was 49.4%, down 0.8 percentage points, suggesting a slowdown in market demand for manufacturing [4] - The raw materials inventory index was 47.7%, down 0.3 percentage points, indicating a continued reduction in major raw material inventories [4] - The employment index was 48.0%, up 0.1 percentage points, showing a slight improvement in employment conditions within the manufacturing sector [4] Group 3: Non-Manufacturing PMI Overview - In July, the Non-Manufacturing Business Activity Index was 50.1%, a decrease of 0.4 percentage points, remaining above the critical point [7] - The construction industry business activity index was 50.6%, down 2.2 percentage points, while the service industry index was 50.0%, down 0.1 percentage points [9] - The new orders index for non-manufacturing was 45.7%, down 0.9 percentage points, indicating a decline in market demand [11] Group 4: Price and Employment Trends in Non-Manufacturing - The input price index was 50.3%, up 0.4 percentage points, indicating an overall increase in input prices for non-manufacturing enterprises [11] - The sales price index was 47.9%, down 0.9 percentage points, suggesting a decrease in overall sales prices [11] - The employment index for non-manufacturing was 45.6%, up 0.1 percentage points, indicating a slight improvement in employment conditions [11] Group 5: Composite PMI Overview - The Composite PMI Output Index was 50.2%, a decrease of 0.5 percentage points, but still above the critical point, indicating overall expansion in production and business activities [15]

Core Insights - The Purchasing Managers' Index (PMI) for July indicates a slight decline in China's manufacturing and non-manufacturing sectors, reflecting economic pressures [1][2][4] Manufacturing Sector - The manufacturing PMI for July is reported at 49.3%, a decrease of 0.4 percentage points from the previous month, indicating contraction [1][2] - Factors contributing to the decline include seasonal production slowdowns and extreme weather conditions such as heatwaves and floods, which have impacted market demand [4] - The production index and new orders index are at 50.5% and 49.4%, respectively, showing a decrease of 0.5 and 0.8 percentage points, while the overall production activity remains in expansion territory [4] - Despite challenges, the high-tech manufacturing and equipment manufacturing sectors continue to show resilience, with PMIs remaining above the critical point [4] Non-Manufacturing Sector - The non-manufacturing business activity index stands at 50.1%, down 0.4 percentage points from the previous month, but still above the critical threshold [5] - The construction sector has experienced a slowdown due to rainy season impacts, although it remains in expansion territory with a business activity index of 50.6% [5][6] - The summer holiday effect has positively influenced service-related sectors, with indices for transportation and entertainment exceeding 60.0%, indicating robust growth [5] Economic Outlook - Analysts suggest that the July PMI fluctuations are primarily influenced by short-term factors, and the foundation for economic recovery remains solid [3] - There is an expectation for construction activities to rebound as the rainy season concludes, with infrastructure-related demands anticipated to grow in the second half of the year [6]

Group 1: Manufacturing PMI Overview - In July, the Manufacturing Purchasing Managers' Index (PMI) was 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [2][12][14] - Large enterprises had a PMI of 50.3%, down 0.9 percentage points, while medium-sized enterprises saw an increase to 49.5%, up 0.9 percentage points, and small enterprises dropped to 46.4%, down 0.9 percentage points [2][15] - The production index was 50.5%, down 0.5 percentage points, indicating continued expansion in manufacturing production [3][14] Group 2: Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index was 50.1%, a decrease of 0.4 percentage points, but still above the critical point [8][12][17] - The service sector's business activity index was stable at 50.0%, while the construction sector's index fell to 50.6%, down 2.2 percentage points [8][17] - The new orders index for non-manufacturing was 45.7%, down 0.9 percentage points, indicating a decline in market demand [8][12] Group 3: Price and Employment Indices - The input price index for non-manufacturing rose to 50.3%, up 0.4 percentage points, indicating an increase in overall input prices [8] - The sales price index for non-manufacturing was 47.9%, down 0.9 percentage points, suggesting a decrease in overall sales prices [9] - The employment index for non-manufacturing was 45.6%, slightly up by 0.1 percentage points, indicating a slight improvement in employment conditions [10] Group 4: Comprehensive PMI Insights - The Comprehensive PMI Output Index was 50.2%, down 0.5 percentage points, indicating overall expansion in production and business activities [11][18] - The manufacturing production index and non-manufacturing business activity index were 50.5% and 50.1%, respectively, contributing to the overall PMI output index [18]

Group 1: Manufacturing PMI Overview - In July, the Manufacturing Purchasing Managers' Index (PMI) was 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [2][21][22] - The production index was 50.5%, down 0.5 percentage points, while the new orders index was 49.4%, down 0.8 percentage points, suggesting a slowdown in market demand [6][22] - 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% [5][23][24] Group 2: Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index was 50.1%, a decrease of 0.4 percentage points, but still above the critical point, indicating continued expansion [11][25] - The service sector's business activity index was stable at 50.0%, while the construction sector's index fell to 50.6%, down 2.2 percentage points due to adverse weather conditions [14][25] - The business activity expectation index for non-manufacturing was 55.8%, indicating optimism among most enterprises regarding market development [17][25] Group 3: Comprehensive PMI Overview - The Comprehensive PMI Output Index was 50.2%, a decrease of 0.5 percentage points, but still indicating overall expansion in production and business activities [20][26] - The manufacturing production index and non-manufacturing business activity index were 50.5% and 50.1%, respectively, contributing to the comprehensive index's performance [26]

央视网消息：国家统计局发布2025年7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 7月份，制造业采购经理指数（PMI）为49.3%，比上月下降0.4个百分点，制造业景气水平有所回落。 新订单指数为45.7%，比上月下降0.9个百分点，表明非制造业市场需求回落。分行业看，建筑业新订单 指数为42.7%，比上月下降2.2个百分点；服务业新订单指数为46.3%，比上月下降0.6个百分点。 原材料库存指数为47.7%，比上月下降0.3个百分点，表明制造业主要原材料库存量继续减少。 从业人员指数为48.0%，比上月上升0.1个百分点，表明制造业企业用工景气度略有回升。 供应商配送时间指数为50.3%，比上月上升0.1个百分点，表明制造业原材料供应商交货时间继续加快。 二、中国非制造业采购经理指数运行情况 7月份，非制造业商务活动指数为50.1%，比上月下降0.4个百分点，仍高于临界点。 分行业看，建筑业商务活动指数为50.6%，比上月下降2.2个百分点；服务业商务活动指数为50.0%，比 上月下降0.1个百分点。从行业看，铁路运输、航空运输、邮政、文化体育娱乐等行业商务活动指数位 于60.0%以上 ...