Core Insights - The manufacturing Purchasing Managers' Index (PMI) for June 2025 is at 49.7%, indicating a slight improvement but still within a downward trend [1] - The non-manufacturing business activity index stands at 50.5%, showing continued expansion [1] - The central bank's monetary policy committee suggests increasing regulatory intensity to maintain ample liquidity and support key sectors [1] Manufacturing Sector - The production and new orders indices are at 51.0% and 50.2%, respectively, reflecting a rise of 0.3 and 0.4 percentage points [1] - The purchasing volume index increased to 50.2%, up by 2.6 percentage points [1] - Price indices for major raw materials show a rebound, with purchasing and factory gate price indices at 48.4% and 46.2%, rising by 1.5 percentage points [1] Non-Manufacturing Sector - The construction business activity index is at 52.8%, up by 1.8 percentage points, indicating high activity in civil engineering [1] - The service sector business activity index is stable at 50.1%, with some industries experiencing high activity while others see a decline [1] - The business activity expectation index is in a high range, suggesting optimism among enterprises [1] Monetary Policy - The central bank announced a 300 billion MLF operation on June 25, with a net injection of 118 billion, marking four consecutive months of excess renewal [1] - The monetary policy is expected to expand domestic demand and stabilize growth in the second half of the year, with MLF likely to continue increasing [1] - The focus is on supporting private and small enterprises, revitalizing existing resources, and stabilizing the real estate market [1]