国家统计局服务业调查中心 中国物流与采购联合会 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。 从企业规模看，大型企业PMI为50.3%，比上月下降0.9个百分点，高于临界点；中型企业PMI为49.5%，比上月上升0.9个百分点，低于临界点；小型企业PMI 为46.4%，比上月下降0.9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。 新订单指数为49.4%，比上月下降0.8个百分点，表明制造业市场需求有所放缓。 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。 表1 中国制造业PMI及构成指数（经季节调整） 单位：% | | PMI | | | | | | | --- | ...

Core Viewpoint - The latest data from S&P Global indicates that Australia's private sector is experiencing accelerated growth in July 2025, driven by a recovery in manufacturing output and increased activity in the services sector [1][2]. Group 1: Economic Indicators - The S&P Global Flash Australia PMI Composite Output Index rose from 51.6 in June to 53.6 in July, indicating expansion in the private sector [1]. - The manufacturing PMI output index increased from 50.6 in June to 51.6 in July, while the services PMI activity index rose from 51.8 to 53.8 [3]. - New orders in the private sector saw the largest increase in over three years, particularly in manufacturing, which experienced its highest growth in two and a half years [2]. Group 2: Employment and Business Sentiment - Private enterprises increased hiring in response to the growth in new orders, although business optimism has weakened, reaching an eight-month low [2]. - Despite the increase in new orders, manufacturing employment growth has slowed, and procurement activities have decreased, indicating a cautious outlook among manufacturers [2]. Group 3: Inflation and Monetary Policy - Price pressures faced by private enterprises intensified in July, suggesting a potential rise in inflation in the coming months, which adds uncertainty to the monetary policy outlook of the Reserve Bank of Australia [2].

Core Insights - In June, China's manufacturing PMI rose to 49.7%, indicating a recovery in manufacturing demand and overall economic resilience, supported by effective economic policies [1][2] - The non-manufacturing business activity index stood at 50.5%, while the comprehensive PMI output index reached 50.7%, both showing improvements compared to the previous month [1] Manufacturing Sector - The manufacturing PMI indicates that 11 out of 21 surveyed industries are in the expansion zone, an increase of 4 from the previous month, suggesting an overall improvement in manufacturing sentiment [2] - The production index and new orders index were at 51.0% and 50.2%, respectively, both showing month-on-month increases, reflecting accelerated production activities and improved market demand [2] - Large enterprises reported a PMI of 51.2%, up 0.5 percentage points, while medium-sized enterprises saw a PMI of 48.6%, up 1.1 percentage points, indicating a positive trend in business sentiment [2] Non-Manufacturing Sector - The construction business activity index rose to 52.8%, up 1.8 percentage points, driven by a significant recovery in civil engineering projects, which indicates a faster pace of infrastructure construction [4] - The service sector business activity index slightly decreased to 50.1%, attributed to the fading effects of holiday consumption, particularly in retail, transportation, and hospitality [4] Future Outlook - The service and construction sectors maintain optimistic business activity expectations, with indices at 56.0% and 53.9%, respectively, indicating a positive outlook for industry development [4] - Analysts expect that with continued policy support and potential new measures, the manufacturing PMI is likely to improve further in the second half of the year [5]

Group 1: Economic Indicators - In June, China's manufacturing PMI, non-manufacturing business activity index, and comprehensive PMI output index were 49.7%, 50.5%, and 50.7%, respectively, indicating a slight recovery with increases of 0.2, 0.2, and 0.3 percentage points from the previous month, suggesting overall economic expansion [1] - The production index, new orders index, and supplier delivery time index for manufacturing were 51.0%, 50.2%, and 50.2%, all above the critical point, with increases of 0.3, 0.4, and 0.2 percentage points from the previous month [3] - The non-manufacturing business activity index remained at 50.5%, reflecting continued expansion, while the service industry index was at 50.1%, down 0.1 percentage points from the previous month [5] Group 2: Sector Performance - The equipment manufacturing, high-tech manufacturing, and consumer goods industry PMIs were 51.4%, 50.9%, and 50.4%, respectively, all remaining in the expansion zone for two consecutive months [4] - The high-tech manufacturing PMI remained stable at 50.9%, indicating strong growth and resilience in the face of market demand and policy support [4] - The small enterprise PMI fell by 2 percentage points to 47.3%, indicating lower economic sentiment in this sector, which is crucial for employment [3] Group 3: Policy and Future Outlook - Economists suggest accelerating the issuance and use of local government special bonds and new policy financial tools to support domestic demand and stabilize foreign trade [2] - The macroeconomic policy is focusing on promoting service consumption as a key point to boost domestic demand, with various supportive measures being implemented [5] - Future projections indicate that the manufacturing PMI may remain around 49.7% in July, with potential downward risks due to cooling export momentum [6]

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] - Large enterprises had a PMI of 51.2%, up 0.5 percentage points, while medium and small enterprises had PMIs of 48.6% and 47.3%, respectively, indicating a decline for smaller firms [1] - The production index was 51.0%, up 0.3 percentage points, suggesting accelerated production activities in the manufacturing sector [2] Group 2: Manufacturing Sub-Indices - The new orders index was 50.2%, an increase of 0.4 percentage points, indicating improved market demand in manufacturing [3] - The raw materials inventory index was 48.0%, up 0.6 percentage points, indicating a continued narrowing of the decline in major raw material inventories [3] - The employment index was 47.9%, down 0.2 percentage points, reflecting a slight decrease in employment sentiment within manufacturing [3] Group 3: Non-Manufacturing PMI Overview - In June, the Non-Manufacturing Business Activity Index was 50.5%, an increase of 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [6] - The construction industry business activity index was 52.8%, up 1.8 percentage points, while the services sector index was 50.1%, down 0.1 percentage points [8] 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] - The input prices index was 49.9%, up 1.7 percentage points, suggesting stable input prices for non-manufacturing activities [10] - The business activity expectation index was 55.6%, down 0.3 percentage points, indicating a generally optimistic outlook among non-manufacturing enterprises [11] 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 across sectors [14]

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] - Large enterprises had a PMI of 51.2%, up 0.5 percentage points, while medium-sized enterprises had a PMI of 48.6%, up 1.1 percentage points, and small enterprises had a PMI of 47.3%, down 2.0 percentage points [4] - The production index was 51.0%, indicating accelerated production activities, and the new orders index was 50.2%, suggesting improved market demand [4][6] Group 2: Employment and Supplier Conditions - The employment index was 47.9%, a slight decrease of 0.2 percentage points, indicating a minor decline in employment sentiment within the manufacturing sector [5] - The supplier delivery time index was 50.2%, an increase of 0.2 percentage points, suggesting that suppliers' delivery times have improved compared to the previous month [6] Group 3: Non-Manufacturing PMI Overview - In June, the Non-Manufacturing Business Activity Index was 50.5%, an increase of 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [10] - The construction industry had a business activity index of 52.8%, up 1.8 percentage points, while the services industry had a business activity index of 50.1%, down 0.1 percentage points [12] Group 4: Non-Manufacturing Demand and Pricing - The new orders index for non-manufacturing was 46.6%, an increase of 0.5 percentage points, indicating a slight recovery in market demand [16] - The input prices index was 49.9%, slightly below the critical point, indicating stable input prices for non-manufacturing activities [16] Group 5: Comprehensive PMI Output Index - 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 [23]

点 击 蓝 字 关 注 我 们 本文全文共 2461 字，阅读全文约 8 分钟 2025年1—4月份全国规模以上工业企业利润增长1.4% 2025年5月中国采购经理指数运行情况 2025年1—4月份全国规模以上工业企业利润增长1.4% 1—4月份，全国规模以上工业企业实现利润总额21170.2亿元，同比增长1.4%（按可比口径计算）。 1—4月份，规模以上工业企业中，国有控股企业实现利润总额7022.8亿元，同比下降4.4%；股份制企业实 现利润总额15596.4亿元，增长1.1%；外商及港澳台投资企业实现利润总额5429.2亿元，增长2.5%；私营企业 实现利润总额5706.8亿元，增长4.3%。 1—4月份，采矿业实现利润总额2875.0亿元，同比下降26.8%；制造业实现利润总额15549.3亿元，增长 8.6%；电力、热力、燃气及水生产和供应业实现利润总额2745.8亿元，增长4.4%。 1—4月份，主要行业利润情况如下：农副食品加工业利润同比增长45.6%，有色金属冶炼和压延加工业增 长24.5%，电气机械和器材制造业增长15.4%，专用设备制造业增长13.2%，通用设备制造业增长11.7%，计算 ...

Group 1: PMI Data Overview - In May 2025, the manufacturing PMI recorded 49.5%, slightly up from 49% in April[5] - The non-manufacturing business activity index was at 50.3%, down from 50.4%[5] - The composite PMI output index increased to 50.4% from 50.2%[5] Group 2: Sector Performance - In May, the production and new orders PMI were 50.7% and 49.8%, respectively, indicating improvements[5] - High-tech and equipment manufacturing sectors showed PMIs of 50.9% and 51.2%, both in the expansion zone[5] - The raw materials sector PMI was at 47%, indicating insufficient production and demand[5] Group 3: Export and Import Trends - New export orders PMI rose to 47.5% from 44.7%, signaling a key demand recovery[5] - Import PMI also increased to 47.1% from 43.4%, reflecting a significant rebound[5] - Despite improvements, external trade orders are expected to have limited long-term impact due to high tariffs[5] Group 4: Business Size Impact - Large enterprises' PMI was 50.7%, while medium and small enterprises recorded 47.5% and 49.3%, respectively[5] - Large enterprises were crucial for the PMI rebound, with their production and demand indices returning above the neutral line[5] Group 5: Price Stability and Service Sector - The factory price and major raw material purchase price PMIs were 44.7% and 46.9%, indicating price stability[5] - The service sector showed slight recovery with business activity and new orders indices at 50.2% and 46.6%[5]

Group 1 - The Hong Kong Purchasing Managers' Index (PMI) rose from 48.3 in April to 49 in May, indicating the smallest contraction in the business environment in three months, but it has remained in the contraction zone for four consecutive months [1] - Businesses in Hong Kong continued to reduce operating activities for the second consecutive month in May, with the reduction level remaining consistent with April [1] - The manufacturing sector experienced the most significant decline among the four major industry sectors, while the drop in new orders showed a slight monthly improvement [1] Group 2 - Employers in Hong Kong's private sector increased hiring in May, marking the first employment growth in four months and the most significant increase since May of the previous year, primarily driven by the manufacturing and construction sectors [1] - Companies further reduced their purchases of inputs in May, with a moderate decline in procurement quantities and a significant drop in inventory levels, reflecting a more cautious inventory strategy among businesses [1] - Despite a slight easing of pessimism regarding future business prospects in May compared to April, sentiment remains historically high, influenced by uncertainties in U.S. trade policies and weak domestic demand [2]

国家统计局服务业调查中心 中国物流与采购联合会 一、中国制造业采购经理指数运行情况 5月份，制造业采购经理指数（PMI）为49.5%，比上月上升0.5个百分点，制造业景气水平改善。 供应商配送时间指数为50.0%，比上月下降0.2个百分点，位于临界点，表明制造业原材料供应商交货时间与上月基本持平。 表1 中国制造业PMI及构成指数（经季节调整） 单位：% 从企业规模看，大型企业PMI为50.7%，比上月上升1.5个百分点，高于临界点；中型企业PMI为47.5%，比上月下降1.3个百分点，低于临界点；小型企业PMI 为49.3%，比上月上升0.6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，生产指数高于临界点，供应商配送时间指数位于临界点，新订单指数、原材料库存指数和从业人员指 数均低于临界点。 生产指数为50.7%，比上月上升0.9个百分点，升至临界点以上，表明制造业企业生产活动有所加快。 新订单指数为49.8%，比上月上升0.6个百分点，表明制造业市场需求景气度回升。 原材料库存指数为47.4%，比上月上升0.4个百分点，低于临界点，表明制造业主要原材料库存量降幅有所收窄。 从业 ...