Core Viewpoint - The Purchasing Managers' Index (PMI) for China's non-manufacturing sector shows an acceleration in expansion, particularly in the service industry, while the construction sector experiences a decline due to adverse weather conditions [1] Non-Manufacturing Sector - The non-manufacturing business activity index for August is reported at 50.3%, an increase of 0.2 percentage points from the previous month, indicating continued expansion [1] - The service industry business activity index reached 50.5%, up 0.5 percentage points, marking the highest level for the year [1] Sector Performance - Various sectors related to consumption, supported by summer consumption and "two new" policies, are showing expansion, with financial services playing a more significant role in economic support [1] - Specific sectors such as capital market services, railway transport, air transport, and telecommunications are all above 60%, indicating a high level of business activity and rapid growth [1] Construction Sector - The construction sector's business activity index has fallen into the contraction zone due to recent adverse weather conditions, impacting production and construction activities [1] - Despite this, civil engineering remains in the expansion zone, suggesting that infrastructure-related activities continue to grow at a fast pace [1]

Group 1 - The non-manufacturing sector is experiencing a slowdown in growth but remains in the expansion zone [1][7] - The non-manufacturing business activity index for July is at 50.1%, a decrease of 0.4 percentage points from the previous month [3] - The construction industry is facing a slowdown, with the business activity index at 50.6%, down 2.2 percentage points from last month [5] Group 2 - The service industry business activity index remains stable, with sectors related to travel and consumption showing strong performance, with indices above 60% [3][5] - The business activity expectation index for the service industry is above 55%, indicating optimism among most service enterprises regarding market prospects [5] - The overall expectation for non-manufacturing remains stable, with a business activity expectation index of 55.8%, an increase of 0.2 percentage points from the previous month [7]