7月31日，国家统计局发布中国采购经理指数（PMI）。数据显示，7月份，制造业PMI为49.3%，比上 月下降0.4个百分点；非制造业商务活动指数和综合PMI产出指数分别为50.1%和50.2%，比上月下降0.4 和0.5个百分点。 先来插播一个小科普：什么是PMI，这一指数有哪些作用？ PMI是通过对企业采购经理的月度调查结果统计汇总、编制而成的指数，涵盖企业采购、生产、流通等 各个环节，包括制造业和非制造业领域，是国际上通用的监测宏观经济走势的先行性指数之一，具有较 强的预测、预警作用。 当PMI高于50%时，反映经济总体较上月扩张；低于50%，则反映经济总体较上月收缩。 7月三大采购经理指数均较6月下降，怎么看？ 中国物流与采购联合会特约分析师张立群认为，7月份PMI指数在荣枯线下小幅下降，表明经济面临下 行压力。其中，订单类指数不同程度下降，以及受市场供求关系影响，生产指数、采购量指数均有回 落。价格类指数回升，企业生产经营活动预期指数提高，表明反内卷行动对企业预期有积极影响。 暑期假日效应带动相关服务业向好 7月份，非制造业商务活动指数为50.1%，比上月下降0.4个百分点，仍高于临界点。 中国物流 ...

Core Insights - The July Purchasing Managers' Index (PMI) data indicates a slight decline in China's manufacturing and non-manufacturing sectors, reflecting economic pressures [1][3][4] Manufacturing Sector - The manufacturing PMI for July is reported at 49.3%, a decrease of 0.4 percentage points from the previous month, indicating contraction [1][3] - The production index and new orders index are at 50.5% and 49.4%, respectively, showing a decline of 0.5 and 0.8 percentage points, suggesting a slowdown in market demand [5] - Despite the decline, the manufacturing sector shows resilience with high-tech and equipment manufacturing PMIs remaining above the critical point [5] Non-Manufacturing Sector - The non-manufacturing business activity index stands at 50.1%, down 0.4 percentage points from June, but still above the critical threshold [1][6] - The service sector remains stable, with a business activity index of 50.0%, slightly down by 0.1 percentage points [6] - The summer holiday effect positively influences service-related sectors such as transportation and entertainment, with indices exceeding 60.0% [6] Economic Outlook - Experts suggest that the fluctuations in the manufacturing PMI are primarily due to short-term factors, and the foundation for economic recovery remains solid [4] - The construction sector is experiencing a slowdown due to adverse weather conditions, but is expected to rebound as the rainy season ends [6][7]