Manufacturing PMI Insights - In June, China's Manufacturing PMI rose to 49.7% from 49.5%, with new orders and purchasing indices returning above 50%[1] - The new orders index was at 50.2% (previously 49.8%), while the production index remained above 50% at 51.0%[1] - The purchasing quantity index increased to 50.2% from 47.6%, indicating improved supply-side conditions[1] Demand and Supply Dynamics - New export orders index stood at 47.7% (previously 47.5%), and the import index improved to 47.8% from 47.1%[1] - Raw material inventory index was at 48.0% (previously 47.4%), and finished goods inventory index was at 48.1% (previously 46.5%) indicating a decline in inventory levels[1] Price and Employment Trends - The purchasing price index was at 48.4% (previously 46.9%), while the factory price index decreased to 46.2% from 44.7%[1] - The employment index for manufacturing was at 47.9% (previously 48.1%), reflecting a slight decline in workforce levels[2] Non-Manufacturing PMI Overview - June's construction PMI was at 52.8% (previously 51.0%), and the services PMI was at 50.1% (previously 50.2%) indicating stable growth in these sectors[2] - New orders indices for construction and services were at 44.9% and 46.9% respectively, showing slight improvements[2] Industrial Performance Metrics - From January to May, industrial enterprises' revenue growth slowed to 2.7% (previously 3.2%), while profits turned negative at -1.1% (previously 1.4%) for the same period[3] - In May, profits dropped by 9.1% year-on-year, a significant decline compared to the previous year's growth of 3.0%[3] Investment Recommendations - The rebound in new orders and purchasing indices suggests potential recovery, influenced by global uncertainties and preemptive actions by businesses[4] - The performance of price and employment indices may provide more significant signals for macroeconomic recovery[4]

Group 1: PMI Overview - The manufacturing Purchasing Managers' Index (PMI) for June 2025 is at 49.7%, an increase of 0.2 percentage points from the previous month, indicating continued improvement in manufacturing sentiment[4] - The production index and new orders index are both above 50%, suggesting a recovery in both production and demand[4] - The new export orders index has also shown a slight increase, reflecting a positive trend in external demand[4] Group 2: Economic Analysis - The increase in June's PMI is supported by more working days compared to May, which historically correlates positively with PMI readings[4][11] - External uncertainties, particularly regarding U.S. tariff policies, have decreased, alleviating downward pressure on the PMI[5] - Despite the improvements, the PMI remains below the neutral line, indicating ongoing structural risks in the economy[6] Group 3: Sector Performance - The PMI for large, medium, and small enterprises in June are 51.2%, 48.6%, and 47.3% respectively, with small enterprises showing a decline of 2.0 percentage points[6] - Price indices within the PMI have risen but remain below the neutral line, indicating continued pressure on pricing power due to tariff uncertainties[7] - The construction sector's PMI improved to 52.8%, while the services PMI slightly decreased to 50.1%, highlighting a divergence in sector performance[8][22]

智通财经6月23日电，英国6月制造业PMI初值为47.7，预期46.6；6月服务业PMI初值为51.3，预期 51.3。 ...

英国6月服务业PMI初值 51.3，预期51.3，前值50.9。 ...

欧元区6月服务业PMI初值录得50.0，为2个月以来新高。 ...

智通财经6月23日电，欧元区6月制造业PMI初值为49.4，预期49.8；6月服务业PMI初值为50，预期50。 ...

欧元区6月服务业PMI初值 50，预期50，前值49.7。 ...

德国6月服务业PMI初值 49.4，预期47.5，前值47.1。 ...

德国6月制造业PMI创34个月以来新高 金十数据6月23日讯，德国6月制造业PMI初值录得49，为34个月以来新高；服务业PMI初值录得49.4， 为3个月以来新高；综合PMI初值录得50.45，为3个月以来新高。 ...

智通财经6月23日电，德国6月制造业PMI初值为49，预期49；6月服务业PMI初值为49.4，预期47.5。 ...