智通财经APP获悉，标普全球公布，9月香港采购经理指数(PMI)降至50.4，8月为50.7，仍连续两个月处 于扩张区间，反映香港营商环境持续好转，但景气度稍见回落。 数据显示，期内，香港经济活动增长较8月稍为扩大，是去年12月以来最高，新增订单则连续两个月小 幅缩减。第3季尾从内地和海外市场新接订单量大幅缩减，反映香港出口贸易需求持续走弱。但9月商业 气氛趋稳，即使企业大致上依然看淡，悲观情绪却是2023年12月以来最浅。受访企业表示，美国贸易政 策和全球经济存在不明朗，削弱商业信心，但本地经济好转带来乐观情绪，一定程度抵消了负面看法。 标普全球指，9月香港经济活动量以10个月最快的速度扩张，新增订单跌幅与8月持平，就业人数大致不 变，企业对来年业务前景的悲观情绪大大减退。不过，订单需求跌幅仍然不容忽视，海外市场录得3年 半以来最大跌幅。整体投入成本升幅接近两年最大，因原材料价格和员工成本上涨，反映通胀压力增 加。 ...

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]

Group 1 - The Hong Kong private sector is experiencing a further contraction, with the S&P Global Hong Kong Purchasing Managers' Index (PMI) dropping from 49 in May to 47.8, marking the largest decline since April 2022 [1] - New orders for businesses have decreased for five consecutive months, attributed to tight customer budgets and uncertainty in U.S. trade policies, leading to a significant reduction in business activity [1] - The production output has seen its most notable decline in a year, as both domestic and overseas business volumes have sharply reduced compared to May [1] Group 2 - Companies are cautiously managing employee recruitment due to concerns about business prospects, with pessimism among businesses reaching its highest level since September 2020 [1] - Input costs have risen, but the increase is the smallest since February 2021, with wage inflation slowing down helping to suppress cost increases [1] - The overall business confidence has dropped to its lowest level in nearly five years, raising concerns about the future performance of the sector [2]