Group 1: PMI Trends - In July, the manufacturing PMI index fell by 0.4 percentage points to 49.3%, marking the fourth consecutive month below the threshold and the lowest in nearly six months[1] - The new orders index dropped significantly by 0.8 percentage points to 49.4%, with the consumer goods sector declining by 0.9 percentage points to 49.5% due to ongoing downturns in the real estate market[1] - The production index also decreased by 0.5 percentage points to 50.5%, influenced by extreme weather and weakened internal and external demand[1] Group 2: Export and Inventory Insights - The new export orders index fell by 0.6 percentage points to 47.1%, with high-tech and equipment manufacturing sectors declining by 0.3 and 1.1 percentage points respectively, reflecting short-term impacts from delayed tariff negotiations[1] - The finished goods inventory index dropped by 0.7 percentage points to 47.4%, indicating a cautious outlook among enterprises amid weak demand[2] - Industrial enterprises are expected to maintain a moderate pace of inventory replenishment due to ongoing challenges in the real estate market and limited traditional infrastructure investment[2] Group 3: Service and Construction Sector Performance - The service sector PMI slightly decreased by 0.1 percentage points to 50.0%, remaining near the threshold, indicating stable growth in service consumption[2] - The construction sector PMI fell significantly by 2.2 percentage points to 50.6%, impacted by extreme weather conditions and limited traditional infrastructure investment due to debt concerns[2] - The political bureau meeting emphasized the importance of expanding consumer goods consumption, but did not extend the previous policies aimed at enhancing durable goods subsidies, suggesting a need for ongoing observation[3]