【导读】国家统计局最新公布，6月份 PMI为49.7% 来源：统计微讯 【数据发布】2025年6月中国采购经理指数运行情况 中国物流与采购联合会 一、中国制造业采购经理指数运行情况 国家统计局服务业调查中心 6 月份， 制造业采购经理指数（ PMI ）为 49.7% ，比上月上升 0.2 个百分点，制造业景气 水平继续改善。 从企业规模看，大型企业 PMI 为 51.2% ，比上月上升 0.5 个百分点，高于临界点；中型企 业 PMI 为 48.6% ，比上月上升 1.1 个百分点，低于临界点；小型企业 PMI 为 47.3% ，比 上月下降 2.0 个百分点，低于临界点。 从分类指数看，在构成制造业 PMI 的 5 个分类指数中，生产指数、新订单指数和供应商配送 时间指数均高于临界点，原材料库存指数和从业人员指数低于临界点。 生产指数为 51.0% ，比上月上升 0.3 个百分点，表明制造业企业生产活动加快。 新订单指数为 50.2% ，比上月上升 0.4 个百分点，表明制造业市场需求有所改善。 原材料库存指数为 48.0% ，比上月上升 0.6 个百分点，低于临界点，表明制造业主要原材 料库存量降幅继续收 ...

Group 1: Manufacturing Purchasing Managers Index (PMI) - In June, the manufacturing PMI rose to 49.7%, with 11 out of 21 surveyed industries in the expansion zone, an increase of 4 from the previous month, indicating an overall expansion in manufacturing sentiment [2] - The production index and new orders index were at 51.0% and 50.2%, respectively, both showing improvements of 0.3 and 0.4 percentage points, suggesting accelerated production activities and improved market demand [2] - Large enterprises reported a PMI of 51.2%, up 0.5 percentage points, indicating significant support for the manufacturing sector, while small enterprises saw a decline in PMI to 47.3%, down 2.0 percentage points [3] Group 2: Non-Manufacturing Business Activity Index - The non-manufacturing business activity index reached 50.5%, an increase of 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [4] - The construction industry showed a notable increase with a business activity index of 52.8%, up 1.8 percentage points, reflecting a recovery in construction activities, particularly in civil engineering [4] - The business activity expectation index for the non-manufacturing sector was at 56.0%, indicating optimism among service industry enterprises regarding future developments [4] Group 3: Comprehensive PMI Output Index - The comprehensive PMI output index rose to 50.7%, an increase of 0.3 percentage points, indicating an acceleration in overall production and business activities across enterprises [5] - The manufacturing production index and non-manufacturing business activity index contributed to the comprehensive PMI output index, standing at 51.0% and 50.5%, respectively [5]

6月份，制造业PMI升至49.7%，在调查的21个行业中有11个位于扩张区间，比上月增加4个，制造业景 气面有所扩大。 6月份制造业采购经理指数继续回升 非制造业商务活动指数扩张有所加快 ——国家统计局服务业调查中心高级统计师赵庆河解读2025年6月中国采购经理指数 2025年6月30日国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。对此， 国家统计局服务业调查中心高级统计师赵庆河进行了解读。 6月份，制造业采购经理指数、非制造业商务活动指数和综合PMI产出指数分别为49.7%、50.5%和 50.7%，比上月上升0.2、0.2和0.3个百分点，三大指数均有所回升，我国经济景气水平总体保持扩张。 一、制造业采购经理指数继续回升 二、非制造业商务活动指数扩张有所加快 6月份，非制造业商务活动指数为50.5%，比上月上升0.2个百分点，非制造业总体继续保持扩张。 (一)服务业景气度基本稳定。服务业商务活动指数为50.1%，比上月略降0.1个百分点。从行业看，电信 广播电视及卫星传输服务、货币金融服务、资本市场服务、保险等行业商务活动指数均位于60.0%以上 高位景气区间，业务总量增长较快。随 ...

Core Insights - The profits of industrial enterprises above designated size in China decreased by 1.1% year-on-year from January to May 2025, with a significant drop of 9.1% in May alone, marking the largest decline since October of the previous year [2][3] Group 1: Profit Trends - The manufacturing sector's profit growth rate increased by 5.4% year-on-year from January to May, outperforming the overall profit growth rate of industrial enterprises by 6.5 percentage points [2] - State-owned enterprises experienced a profit decline of 7.4%, while private enterprises saw a profit increase of 3.4% during the same period [4] Group 2: Factors Influencing Profitability - The decline in profits is attributed to external environmental shocks, continuous decreases in the Producer Price Index (PPI), and insufficient domestic demand [3] - The average collection period for accounts receivable exceeded 70 days, indicating significant asset turnover pressure within the industrial sector [3] Group 3: Impact of Tariffs - State-owned enterprises were more adversely affected by tariffs compared to private enterprises, with state-owned profits declining by 18.1% in May [3][4] - The rising costs due to tariffs have eroded profits, as some enterprises bear the tariff costs themselves, while others face supply chain adjustment costs [6] Group 4: Sector-Specific Performance - The profits of the large equipment manufacturing sector surged by 60%-120%, driven by new production capabilities and supportive policies [2] - Downstream industries such as entertainment products, textiles, and food manufacturing faced significant profit declines of -27.0%, -18.3%, and -7.0% respectively in May [6]

Economic Performance in the Yangtze River Delta - The fixed asset investment in Shanghai, Zhejiang, and Anhui showed positive year-on-year growth from January to May, although Jiangsu's investment decreased by 1.4% due to a decline in real estate development investment [1][8] - In terms of industrial performance, Anhui led the Yangtze River Delta with the highest growth rate in industrial added value in May, driven by the high-end and digital transformation of manufacturing [1][10] - The retail sales of consumer goods in Jiangsu, Zhejiang, and Anhui all grew by over 5% from January to May, while Shanghai's retail sales only increased by 1.4%, primarily due to a decline in restaurant income [1][2][3] Fixed Asset Investment - Shanghai's fixed asset investment grew by 6.2%, while Zhejiang and Anhui saw increases of 1.9% and 0.2%, respectively [6][7] - Jiangsu's fixed asset investment decline was mainly attributed to a 15.3% drop in real estate development investment, despite an 8.7% increase in infrastructure investment [8][7] Industrial Growth - The industrial added value for large-scale industries in Anhui, Jiangsu, and Zhejiang grew by 8.4%, 7.7%, and 7.6%, respectively, with Shanghai's industrial output increasing by 4.8% [9][10] - High-tech manufacturing significantly contributed to Anhui's industrial growth, with a 29.3% increase in May, accounting for 17.6% of the province's industrial added value [10] Consumer Market Dynamics - The consumer market in Jiangsu benefited from the "old-for-new" policy, with significant growth in retail sales of home appliances and other categories [5] - Shanghai's retail sales saw a turnaround in cumulative growth for the first time in a year, indicating a potential recovery in consumer spending [4][3]

新能源汽车产业链持续高速增长。5月份，全省汽车制造业、电气机械和器材制造业增加值分别增长 26.7%和20.3%，分别高于全省规上工业增加值增速19.3个百分点和12.9个百分点；全省锂离子电池、新 能源汽车产量分别增长99.1%和20.0%。 投资方面，数据显示，河南工业投资增势强劲。1-5月，河南工业投资增长29.5%，比1-4月加快2.9个百 分点，增速创2022年4月以来新高。其中，制造业投资增长30.8%，比1-4月加快2.8个百分点。 此外，两新政策效应持续释放。5月份，在大规模设备更新等政策措施带动下，河南限额以上单位机电 产品及设备类商品零售额增长46.1%；在消费品以旧换新等政策措施带动下，全省限额以上单位计算机 及其配套产品、智能手机、可穿戴智能设备、家用电器和音像器材类、新能源汽车零售额分别增长1.7 倍、1.6倍、86.1%、47.3%和27.0%。 近日，河南省统计局公布5月份河南省经济运行情况，全省经济延续稳中向好发展态势，工业生产保持 较快增长，投资、消费增速略有加快，主要指标增速均持续高于全国平均水平。 数据显示，5月份，河南全省规上工业增加值同比增长7.4%，高于全国1.6个 ...

(活力中国调研行)广东科技上市军团领跑全国 中新网广州6月23日电(记者 郭军 程景伟)2025年"活力中国调研行"广东主题采访情况介绍会23日在广州 举行。据广东省委金融办二级巡视员刘凯文介绍，截至今年一季度，广东高技术制造业、先进制造业中 长期贷款余额分别为1.3万亿元、1.6万亿元；科技保险保额1.43万亿元，同比增长63.9%；科创板、创业 板上市公司408家，首发募集资金累计3312亿元，稳居全国第一。 近年来，广东金融系统通过实施金融"三大工程"(金融固本强基工程、科技金融矩阵工程、金融生态常 青工程)，坚持引导金融要素服务科技"四个面向"，推动广东形成"科技—产业—金融"良性循环，为广 东加快建设现代化产业体系注入金融动能，全力支撑科技创新引领新质生产力发展。 刘凯文表示，近两年，广东系统化完善金融支持科技创新政策，先后以省政府名义出台发展科技金融的 《关于加快推进科技金融深度融合助力科技型企业创新发展的实施意见》(科金15条)和《关于高质量发 展资本市场助力广东现代化建设的若干措施》。其中，《若干措施》出台7大方面28条举措，提出构建 和科技创新相适应的科技金融体系，加速培育新质生产力。 目前 ...

Core Insights - Industrial production in May showed a robust growth trend, with a year-on-year increase of 5.8% in the added value of large-scale industries, and a month-on-month increase of 0.61% after seasonal adjustments [1] - The equipment manufacturing sector significantly contributed to industrial growth, with a year-on-year increase of 9.0%, accounting for 54.3% of the total industrial production growth [2] - High-tech manufacturing continued to drive quality development, with a year-on-year increase of 8.6% in added value, contributing 1.4 percentage points to overall industrial growth [3] Industrial Production Overview - In May, 35 out of 41 major industrial sectors reported year-on-year growth, resulting in a growth coverage of 85.4% [1] - Cumulatively, from January to May, the added value of large-scale industries increased by 6.3% year-on-year [1] Equipment Manufacturing Sector - The equipment manufacturing sector's added value growth of 9.0% was higher than the overall industrial growth by 3.2 percentage points, maintaining a share of 36.7% of total industrial output [2] - The automotive industry experienced a significant increase of 11.6% in added value, with other sectors like aerospace and electrical machinery also showing strong growth [2] Consumer Goods Manufacturing - The consumer goods manufacturing sector saw a year-on-year increase of 2.5%, with 10 out of 13 major categories reporting growth [2] - Notable growth was observed in sectors such as cultural and educational products, chemical fibers, and agricultural by-products, with respective increases of 10.1%, 6.1%, and 7.6% [2] High-Tech and Intelligent Manufacturing - High-tech manufacturing's added value increased by 8.6%, with significant contributions from sectors like aircraft manufacturing and electronic components [3] - The digital product manufacturing sector also showed strong growth, with a 9.1% increase in added value, driven by smart devices and electronic components [3] Green Manufacturing Trends - The production of new energy vehicles and related products saw remarkable growth, with increases of 31.7% for vehicles and 52.5% for lithium-ion batteries [3] - The supply of green materials also improved, with high-performance chemical fibers increasing by 92.2% [3] Policy Impact - The "two new" policies have effectively stimulated consumption, leading to significant growth in sectors such as motor manufacturing and shipbuilding [4] - The implementation of vehicle replacement subsidies contributed to an 11.3% increase in automotive production [4]

Economic Overview - The overall economy of the province has stabilized and shown progress, with key indicators such as consumer market, industrial production, and new productivity performing well, indicating a trend towards high-quality development [1] Consumer Market - The consumer market in the province continues to show a steady upward trend, with the total retail sales of social consumer goods in May increasing by 6.3% year-on-year, accelerating by 1.3 percentage points compared to April [1] - From January to May, the total retail sales of social consumer goods grew by 5.6% year-on-year, with a slight acceleration of 0.1 percentage points compared to the previous four months [1] - The "old-for-new" policy has effectively stimulated consumption, with related goods in categories such as automobiles, home appliances, 3C digital products, and home goods achieving a total retail sales of 67.22 billion yuan in May, a year-on-year increase of 18.6% [2] - Green and smart products are experiencing rapid growth, with year-on-year increases in sales of new energy vehicles, smartphones, and energy-efficient appliances ranging from 28.8% to 147.0% [2] Industrial Production - The industrial economy of the province has maintained a relatively fast growth rate, with the added value of industrial enterprises above designated size increasing by 6.2% year-on-year in May [2] - Among the 40 industrial categories, 30 reported year-on-year growth, resulting in a growth coverage of 75% [2] - Key industries such as electronics, automobiles, and aerospace have shown significant growth rates of 13.5%, 11.6%, and 12.7% respectively [2] - High-tech manufacturing and digital product manufacturing have outpaced overall industrial growth, with increases of 9.8% and 9.7% year-on-year [3] Investment Trends - Infrastructure investment has maintained a rapid growth rate, with a year-on-year increase of 8.7% from January to May, contributing 1.3 percentage points to overall investment growth [3] - Significant growth in infrastructure projects with planned total investments of 500 million yuan and above, with increases of 7.2% and 8.8% respectively [3] - Key sectors such as electricity and heat production, water transportation, and internet services have seen investment growth rates of 58.9%, 32.3%, and 49.4% respectively [3]

Economic Performance - Yunnan Province's industrial added value above designated size increased by 4.7% year-on-year from January to May 2025, with high-tech manufacturing growing by 10%, surpassing the overall industrial growth by 5.3 percentage points [1] - The mining industry saw a year-on-year increase of 10.3%, manufacturing grew by 4.3%, and the electricity, heat, gas, and water production and supply industry increased by 4.2% [1] - In May, the industrial added value above designated size grew by 3.5% [1] High-end Manufacturing - The equipment manufacturing industry experienced an 11.8% year-on-year increase, exceeding the overall industrial growth by 7.1 percentage points [1] - The electronics sector's added value rose by 13.8%, continuing its rapid growth trend [1] Traditional Industries - The energy industry added value increased by 4.9%, with the petroleum sector growing by 3.1% and the coal industry by 11.3% [1] - The non-ferrous metals industry maintained a robust growth rate of 15.3%, consistently achieving double-digit growth this year [1] Energy Production - Yunnan's industrial electricity generation reached 158.113 billion kilowatt-hours, marking a 7.9% year-on-year increase [1] Consumer Market - From January to May, the total retail sales of consumer goods in Yunnan reached 517.362 billion yuan, reflecting a 3.9% year-on-year growth, with a slight acceleration of 0.1 percentage points compared to the previous four months [2] - Fixed asset investment in Yunnan increased by 0.3% year-on-year, with the primary industry investment declining by 14%, the secondary industry growing by 5%, and the tertiary industry decreasing by 0.1% [2] Inflation and Economic Stability - The Consumer Price Index (CPI) in Yunnan decreased by 0.3% year-on-year and month-on-month in May [2] - The overall economic performance of Yunnan is stable, with ongoing policy effects expected to support growth, though external uncertainties and insufficient demand remain challenges [2]