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。 生产指数为50.5%，比上月下降0.5个百分点，仍高于临界点，表明制造业生产延续扩张。 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。 投入品价格指数为50.3%，比上月上升0.4个百分点，表明非制造业企业用于经营活动的投入品价格总体水平有所上涨。分行业看，建筑业投入品价格指数 为54.5%，比上月上升6.2个百分点；服务业投入品价格指数为49.6%，比上月下降0.6个百分点。 销售价格指数为47.9%，比上月下降0.9个百分点，表明非制造业销售价格总体水平较上月下降。分行业看，建筑业 ...

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。 7月31日，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。 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。 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%以上高位景气区间；房地产、居民服务等行业商务活动指数均低于临界点。 图3 建筑业商务活动指数（经 生产指数为50.5%，比上月下降0.5个百分点 ...

相关链接 金十数据7月31日讯，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。生产指数为50.5%， 比上月下降0.5个百分点，仍高于临界点，表明制造业生产延续扩张。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。 国家统计局：7月中国制造业采购经理指数为49.3% 制造业景气水平有所回落 ...

国家统计局：7月份，受制造业进入传统生产淡季，部分地区高温、暴雨洪涝灾害等因素影响，PMI降 至49.3%，制造业景气水平较上月回落。生产指数保持扩张。生产指数和新订单指数分别为50.5%和 49.4%，比上月下降0.5和0.8个百分点，制造业生产活动继续保持扩张，市场需求有所放缓。 ...

人民财讯7月31日电，国家统计局发布的数据显示，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。 ...

每经AI快讯，7月31日，国家统计局数据显示，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。 ...

国家统计局：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。 ...

Report Industry Investment Rating No relevant content provided. Core View - The fundamentals of copper are neutral as smelting enterprises are reducing production, the scrap copper policy has been relaxed, and the manufacturing PMI in June was 49.5%, indicating stable manufacturing sentiment. The basis shows a premium of the spot price over the futures price, also neutral. The inventory has increased, with the copper inventory on July 18 rising by 25 to 122,175 tons and the SHFE copper inventory increasing by 3,094 tons to 84,556 tons last week, which is neutral. The closing price is below the 20 - day moving average with the 20 - day moving average trending downward, suggesting a bearish signal. The main positions are net long and the long positions are increasing, which is bullish. Considering factors such as the slowdown of the Fed's rate - cuts, rising inventory, geopolitical disturbances, and weak consumption during the off - season, copper prices are expected to fluctuate and adjust. [3] Summary by Related Catalogs Daily View - Fundamentals: Neutral, with smelting enterprise production cuts, relaxed scrap copper policy, and stable manufacturing PMI at 49.5% in June [3] - Basis: Neutral, with a spot price of 78,635 and a basis of 225, indicating a premium of the spot over the futures [3] - Inventory: Neutral, with an increase in copper inventory on July 18 and an increase in SHFE copper inventory last week [3] - Disk: Bearish, as the closing price is below the 20 - day moving average and the 20 - day moving average is trending downward [3] - Main positions: Bullish, with net long main positions and an increase in long positions [3] - Expectation: Copper prices will fluctuate and adjust due to factors like the slowdown of the Fed's rate - cuts, rising inventory, geopolitical disturbances, and weak off - season consumption [3] Recent利多利空Analysis - The logic involves domestic policy easing and the escalation of the trade war, but specific利多 and利空 factors are not elaborated [4] Supply - Demand Balance - In 2024, there is a slight surplus, and in 2025, it is in a tight balance [21] - The Chinese annual supply - demand balance table shows details of production, import, export, apparent consumption, actual consumption, and supply - demand balance from 2018 - 2024 [23] Other Information - The bonded area inventory has rebounded from a low level [15] - The processing fee has declined [17]

Report Industry Investment Rating No information provided. Core View of the Report - The copper market has a neutral fundamental situation, with smelting enterprises reducing production and the scrap copper policy being relaxed. The manufacturing PMI in June was 49.5%, indicating stable manufacturing sentiment. The basis shows a slight premium for spot over futures, and inventory data presents a mixed picture. The price is affected by factors such as the slowdown of the Fed's interest - rate cuts, rising inventory, geopolitical disturbances, and weak consumption in the off - season, leading to a decline and adjustment in copper prices [2]. Summary by Related Catalogs Daily View - **Fundamentals**: Smelting enterprises are reducing production, and the scrap copper policy has been relaxed. The June manufacturing PMI was 49.5%, showing stable manufacturing sentiment; neutral [2]. - **Basis**: The spot price is 78040, with a basis of 60, indicating a premium for spot over futures; neutral [2]. - **Inventory**: On July 16, copper inventory increased by 10525 tons to 121000 tons, and the SHFE copper inventory decreased by 3127 tons to 81462 tons compared to last week; neutral [2]. - **Market Trend**: The closing price is below the 20 - day moving average, and the 20 - day moving average is moving downward; bearish [2]. - **Main Position**: The main net position is long, and the long position is increasing; bullish [2]. - **Expectation**: With the slowdown of the Fed's interest - rate cuts, rising inventory, geopolitical disturbances, and weak consumption in the off - season, copper prices will decline and adjust [2]. Recent利多利空Analysis - **Leverage Factors**: Domestic policy easing and trade - war escalation are mentioned, but specific impacts are not detailed [3]. Inventory - **Exchange Inventory**: Information on LME and SHFE inventories is presented, including inventory quantity and changes [6][12]. - **Bonded Area Inventory**: The bonded area inventory has rebounded from a low level [14]. Processing Fee - The processing fee has declined [16]. Supply - Demand Balance - In 2024, there is a slight surplus, and in 2025, the market will be in a tight - balance state. The China annual supply - demand balance table shows production, import, export, apparent consumption, actual consumption, and supply - demand balance data from 2018 to 2024 [20][22].

Group 1 - The global manufacturing Purchasing Managers' Index (PMI) for June is reported at 49.5%, an increase of 0.3 percentage points from the previous month, indicating a slight recovery trend but still below the expansion threshold of 50% [1] - The manufacturing sector in Asia is operating in the expansion zone with a PMI of 50.7%, up 0.3 percentage points from last month, contributing positively to global economic recovery [1] - The Americas, Africa, and Europe are all in the contraction zone, with PMIs of 48.6%, 49.7%, and 48.8% respectively, although all regions show varying degrees of improvement compared to the previous month [1] Group 2 - The analysis suggests that the global economic recovery continues to face downward pressure, with uncertainty being a common theme among countries discussing recovery paths [2] - Strengthening multilateral cooperation and solidifying the foundation of global market demand is identified as a key direction for ensuring stable global economic recovery [2]