制造业PMI有所回落 4月制造业PMI比3月下降1.5个百分点，分项数据显示，制造业市场需求有所放缓。4月，新出口订单指 数为44.7%，较3月下降4.3个百分点；新订单指数为49.2%，较3月下降2.6个百分点。 中国物流信息中心分析师文韬表示，国外需求短期收紧拖累了我国制造业整体市场需求。 国家统计局服务业调查中心高级统计师赵庆河表示，从全球范围看，受贸易环境不确定性增大影响，主 要经济体制造业景气度普遍位于收缩区间，美国供应管理协会发布的3月份美国制造业PMI为49.0%，有 关机构发布的4月份欧元区、英国、日本制造业PMI初值均低于临界点。 制造业PMI中生产指数和价格指数也有所下降。4月，制造业生产指数为49.8%，比3月下降2.8个百分 点。主要原材料购进价格指数和出厂价格指数分别为47.0%和44.8%，比3月下降2.8和3.1个百分点，制 造业市场价格总体水平有所下降。 "制造业价格指数有所下降，主要受到市场需求不足和近期部分大宗商品价格持续下行等因素影响。"赵 庆河表示。 国家统计局服务业调查中心和中国物流与采购联合会4月30日发布数据显示，4月，制造业PMI为49%， 比3月下降1.5个百 ...

2025 年 4 月 PMI 点评 4 月 PMI：盘点冲击信号 2025 年 04 月 30 日 邮箱：taochuan@mszq.com 邮箱：zhongyumei@mszq.com 与此同时，4 月进口也受到较大冲击。4 月 PMI 进口指数环比降幅达 4.1pct，这 一降幅为 2020 年 5 月以来的最大降幅，同时也超过了"贸易冲突 1.0"时期 2.6pct 的最大降幅。 ➢ 维度二（间接影响）：供需两端同步放缓。4 月代表内需的 PMI 新订单指数 为 49.2%（环比-2.6pct），代表生产的 PMI 生产指数为 49.8%（环比-2.8pct）。 两个指标同时降至荣枯线之下，成为 4 月制造业 PMI 的两大拖累项，外部风险 的加剧对国内产需也造成一定负面影响。 ➢ 维度三（企业行为影响）：主动去库后的价格下跌。随着需求的走弱，企业 面对未来不确定性，更倾向于通过降价等方式加快对库存的"清理"，4 月 PMI 产成品库存指数下降 0.7pct 至 47.3%、同时 PMI 生产经营预期指数下降 1.7pct 均佐证了这一点。外部冲击下企业的主动去库行为导致 4 月 PMI 出厂价格指数 ...

Group 1: Manufacturing PMI Insights - The manufacturing purchasing managers' index (PMI) decreased to 49.0% in April, down 1.5 percentage points from the previous month, falling below the critical point [2][6] - Both production index and new orders index showed a decline, recorded at 49.8% and 49.2% respectively, down 2.8 and 2.6 percentage points from last month, indicating a slowdown in manufacturing production and market demand [2][3] - High-tech manufacturing PMI remained strong at 51.5%, significantly above the overall manufacturing level, with both production and new orders indices above 52.0% [3] Group 2: Non-Manufacturing PMI Insights - The non-manufacturing business activity index stood at 50.4%, a decrease of 0.4 percentage points from the previous month, but still indicating expansion [4][6] - The service sector's business activity index was 50.1%, down 0.2 percentage points, with certain industries like air transport and telecommunications showing strong growth [4] - The construction sector maintained expansion with a business activity index of 51.9%, despite a decline of 1.5 percentage points, and civil engineering construction saw an increase to 60.9% [4] Group 3: Comprehensive PMI Insights - The comprehensive PMI output index was recorded at 50.2%, down 1.2 percentage points from the previous month, yet still above the critical point, indicating overall expansion in production activities [5][6] - The manufacturing production index and non-manufacturing business activity index contributed to the comprehensive PMI, at 49.8% and 50.4% respectively [6] - The overall economic output has been expanding since January 2023, despite external environmental changes impacting the manufacturing PMI [6]

(二)高技术制造业持续向好。从重点行业看，高技术制造业PMI为51.5%，明显高于制造业总体水平， 其生产指数和新订单指数均位于52.0%及以上，高技术制造业延续较好发展态势。装备制造业、消费品 行业和高耗能行业PMI分别为49.6%、49.4%和47.7%，比上月下降2.4、0.6和1.6个百分点，景气水平不 同程度回落。 (三)价格指数有所下降。受市场需求不足和近期部分大宗商品价格持续下行等因素影响，主要原材料购 进价格指数和出厂价格指数分别为47.0%和44.8%，比上月下降2.8和3.1个百分点，制造业市场价格总体 水平有所下降。 4月份制造业采购经理指数有所回落 非制造业商务活动指数继续保持扩张 ——国家统计局服务业调查中心高级统计师赵庆河解读2025年4月中国采购经理指数 2025年4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。 4月份，制造业采购经理指数为49.0%，比上月下降1.5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50.4%和50.2%，继续保持在扩张区间。 一、制造业采购经理 ...

金十数据4月30日讯，国家统计局服务业调查中心高级统计师赵庆河解读2025年4月中国采购经理指数。 4月份，受前期制造业较快增长形成较高基数叠加外部环境急剧变化等因素影响，制造业PMI为49.0%， 回落至临界点以下。从重点行业看，高技术制造业PMI为51.5%，明显高于制造业总体水平，其生产指 数和新订单指数均位于52.0%及以上，高技术制造业延续较好发展态势。装备制造业、消费品行业和高 耗能行业PMI分别为49.6%、49.4%和47.7%，比上月下降2.4、0.6和1.6个百分点，景气水平不同程度回 落。 受前期制造业较快增长形成较高基数叠加外部环境急剧变化等因素影响，制造业PMI为回落至临界点以 下 相关链接 ...

Economic Overview - The Yangtze River Delta (YRD) region achieved a GDP of 80,388.66 billion yuan in Q1, accounting for 25.22% of the national GDP, with an increase of 6,839.2 billion yuan compared to the same period last year [1] - By province, Jiangsu's GDP was 33,088.6 billion yuan (5.9% growth), Zhejiang's was 22,300 billion yuan (6.0% growth), Shanghai's was 12,735.06 billion yuan (5.1% growth), and Anhui's was 12,265 billion yuan (6.2% growth) [1] Industrial Growth - High-tech manufacturing is a key driver of economic growth in the YRD, with Anhui leading in industrial value-added growth at 9.2%, followed by Zhejiang (8.9%), Jiangsu (8.2%), and Shanghai (3.7%) [5] - In Q1, the high-tech manufacturing sector in Jiangsu saw a significant increase, with high-tech industries accounting for 51.4% of the province's industrial output [6] - Anhui's high-tech manufacturing value-added grew by 20.1%, with notable growth in the automotive sector, particularly in new energy vehicles [8] Foreign Trade Performance - The YRD's total import and export volume reached 38.7 trillion yuan in Q1, representing 37.6% of the national total, with Zhejiang contributing 12.9 trillion yuan and a growth rate of 7.3% [4] - Export growth rates for Anhui, Shanghai, Zhejiang, and Jiangsu were 17.3%, 12.6%, 11.1%, and 9.6%, respectively [4] Consumption Trends - Consumption growth varied across provinces, with Anhui (5.8%) and Jiangsu (5.6%) showing positive growth, while Shanghai experienced a decline of 1.1% in retail sales [10] - The YRD is focusing on boosting consumption in Q2, with various provinces implementing specific measures to stimulate consumer spending [12][13] Strategic Development - Experts suggest that the YRD should leverage its integrated development strategy to enhance regional cooperation and optimize the industrial structure, particularly in high-tech sectors [3][7] - There is a call for strengthening links with RCEP countries and enhancing the domestic unified market to drive further economic growth [3]

Economic Overview - Hangzhou's GDP reached 571.5 billion yuan in Q1, with a year-on-year growth of 5.2% [1] - The primary industry added value was 5.3 billion yuan, growing by 2.5%; the secondary industry added value was 129.1 billion yuan, growing by 5.8%; the tertiary industry added value was 437.1 billion yuan, growing by 5.0% [1] Industrial Performance - The industrial output value above designated size in Hangzhou was 107.3 billion yuan, with a year-on-year increase of 7.0%, accelerating by 3.0 percentage points compared to the previous year [3] - High-tech industries, strategic emerging industries, and equipment manufacturing saw added values grow by 9.0%, 9.4%, and 11.6% respectively, surpassing the overall industrial growth by 2.0, 2.4, and 4.6 percentage points [3] Consumer Market - The total retail sales of consumer goods in Hangzhou reached 207.5 billion yuan, with a year-on-year growth of 6.3%, accelerating by 3.5 percentage points compared to the previous year [3] - Retail sales of automobiles reached 29.8 billion yuan, growing by 16.8%, with new energy vehicles increasing by 69.6%; communication equipment retail sales grew by 134.1%; home appliances and audio-visual equipment retail sales grew by 48.1% [3] Trade and Investment - The total import and export value in Hangzhou was 210.3 billion yuan, with a year-on-year growth of 10.8%, accelerating by 4.4 percentage points compared to the previous year [4] - Private enterprises exported 111.5 billion yuan worth of goods, growing by 19.3%, accounting for 75.8% of total exports; exports of electromechanical products and high-tech products grew by 17.3% and 13.2% respectively [4] - Industrial investment in Hangzhou grew by 14.6% in Q1, with manufacturing investment increasing by 12.9%; key manufacturing sectors such as general equipment manufacturing, electrical machinery, and automotive manufacturing saw investments grow by 38.6%, 45.2%, and 30.1% respectively [4]

Core Insights - In the first quarter of this year, industrial enterprises' profits turned from a decline of 3.3% year-on-year to a growth of 0.8%, marking a significant recovery from the continuous decline since the third quarter of the previous year [1] - The revenue of industrial enterprises also saw an increase, with a year-on-year growth of 3.4% in the first quarter, accelerating by 0.6 percentage points compared to the first two months [1] - The improvement in profits and revenues is attributed to enhanced macroeconomic policies and effective regulation, leading to a stabilization in business conditions and an increase in profitability [1] Industry Performance - Nearly 60% of industries reported profit growth in the first quarter, with 24 out of 41 major industrial sectors showing year-on-year profit increases [2] - Manufacturing sector profits grew by 7.6% year-on-year, accelerating by 2.8 percentage points, significantly supporting the overall industrial profit recovery [2] - The main drivers of profit growth in industrial enterprises were the equipment manufacturing and high-tech manufacturing sectors, benefiting from policies that promote technological and industrial innovation [2][3] Specific Sector Insights - Within the manufacturing sector, equipment manufacturing profits increased by 6.4% year-on-year, accounting for 32.0% of total industrial profits, while high-tech manufacturing profits turned from a decline of 5.8% to a growth of 3.5% [3] - The "Two New" policies have positively impacted profits in specialized and general equipment sectors, with profits growing by 14.2% and 9.5% respectively, significantly above the overall industrial average [3] Challenges and Outlook - Despite the positive trends, the industrial sector faces challenges such as increased turnover days for finished products and a decline in profit margins, with the operating profit margin dropping to 4.7% [4] - The external environment remains complex and uncertain, but the effects of macroeconomic policies are becoming evident, with expectations for continued recovery in industrial performance supported by government bond issuance and a favorable manufacturing PMI [4]

Group 1: Report Title and Macro Event - Report title: "Industrial Enterprises' Profit Recovery - China's Profit Series Ten" [1] - Macro event: On April 27, 2025, the National Bureau of Statistics announced that from January to March, the total profit of industrial enterprises above designated size in China reached 1,509.36 billion yuan, a year - on - year increase of 0.8% [2] Group 2: Core Views Revenue Pressure Still Exists Overall Situation - Profit growth rebounds, but demand - side pressure remains. From January to March 2025, the total profit of industrial enterprises above designated size increased by 0.8% year - on - year, reversing the continuous decline since Q3 2024. In March, the single - month profit growth rate rebounded to 2.6%, a significant improvement from - 0.3% in January - February. This is due to the policy drive and the recovery of overseas orders. However, inventory pressure restricts profit space, and weak infrastructure and real estate demand drag down some upstream industries [3] - Policy drive: The "Two New" policies (large - scale equipment renewal and consumer goods trade - in) drove the profit of the equipment manufacturing industry to increase by 7.6% year - on - year, contributing over 40% to industrial profit growth [3] - Overseas orders: Overseas orders boosted the profit of export - dependent industries. From January to March, the profit of the electronics industry increased by 3.2%, and that of railway and ship transportation equipment increased by 14.2%. The profit of the consumer goods manufacturing industry increased by 7.1%, and industries such as chemical fiber and paper - making saw profit growth of 181% and 155% respectively due to a surge in export orders [3] - Inventory pressure: At the end of March, the year - on - year growth of finished product inventory was 4.2%, the actual inventory growth rate was 6.4%, and the turnover days of finished products increased to 22.3 days, indicating a slow de - stocking process [3] - Weak upstream industries: The profit of the coal mining industry decreased by 47.7% year - on - year, and the ferrous metal smelting industry was still on the verge of profit and loss due to weak infrastructure and real estate demand [3] Structural Situation - New and old kinetic energy differentiation intensifies, and policy dividends tilt towards the middle and lower reaches. The equipment manufacturing industry became the core growth engine, with a 7.6% year - on - year profit increase in Q1. The raw material industry showed obvious internal differentiation, and the consumer goods manufacturing industry showed resilience [4] - Equipment manufacturing industry: The profit of specialized equipment manufacturing (+14.2%) and general equipment manufacturing (+9.5%) was significantly higher than the industrial average. The electronics industry had bright spots in some sub - sectors [4] - Raw material industry: The profit of the non - ferrous metal smelting and rolling processing industry increased by 33.6% year - on - year, while the ferrous metal smelting industry was on the verge of profit and loss, and the coal mining industry's profit decreased by 47.7% [4] - Consumer goods manufacturing industry: Industries such as chemical fiber (+181%) and paper - making (+155%) had explosive growth. However, the automobile manufacturing industry (- 6.2%) was still restricted by the industrial chain adjustment [4] Group 3: Appendix - Interpretation of Industrial Enterprise Profit Data - Profit turns from decline to growth: In Q1 2025, the profit of industrial enterprises above designated size turned from a 3.3% year - on - year decline in the previous year to an 0.8% increase, and in March, it turned from a 0.3% decline in January - February to a 2.6% increase [29] - Revenue growth accelerates: In Q1, the revenue of industrial enterprises above designated size increased by 3.4% year - on - year, 0.6 percentage points faster than in January - February. In March, it grew by 4.2%, 1.4 percentage points faster than in January - February [29] - Nearly 60% of industries see profit growth: Among 41 industrial sectors in Q1, 24 had year - on - year profit growth, and 24 had accelerated profit growth or narrowed declines. The manufacturing industry improved significantly, with a 7.6% profit growth in Q1, 2.8 percentage points faster [30] - Equipment manufacturing supports profit growth: In Q1, the profit of the equipment manufacturing industry increased by 6.4% year - on - year, 1.0 percentage point faster than in January - February, accounting for 32.0% of the total profit of industrial enterprises above designated size, and pulling the total profit growth by 2.0 percentage points [30] - High - tech manufacturing leads high - quality development: In Q1, the profit of high - tech manufacturing turned from a 5.8% decline in January - February to a 3.5% increase. In March, it had double - digit growth, pulling the total profit growth by 2.8 percentage points [31] - "Two New" policies are effective: The "Two New" policies drove the profit growth of relevant industries. The profit of specialized and general equipment industries increased by 14.2% and 9.5% respectively, and consumer goods trade - in policies boosted related industries [32]

Group 1: Economic Performance - Shandong's industrial economy showed strong resilience with an 8.2% growth in the first quarter, maintaining a high level of performance compared to the previous year [1][6] - Among 41 industrial categories, 36 experienced growth, with 14 categories achieving double-digit growth [6] Group 2: Company Innovations - Shengli Oilfield Shengji Petroleum Equipment Co., Ltd. reported a revenue of 246 million yuan, a 13% year-on-year increase, attributed to its self-developed electric cylinder-driven beam pumping unit [2] - The company has developed 20 core technology products with independent patents, filling six gaps in the domestic market [2] Group 3: Automation and Efficiency - China National Heavy Duty Truck Group's Laiwu factory has reduced the workforce from 400 to just 5 workers on its automated production lines, significantly increasing efficiency [3] - The company's intelligent manufacturing platform has optimized production cycles, reducing order delivery time by 14% and improving production collaboration efficiency by 20% [3] Group 4: Market Expansion - The overall wellhead tree product has been sold and applied in over 2,500 sets globally, achieving an 80% market share in Southeast Asia [4] - The company has delivered nearly 100 sets of integrated wellhead trees to overseas markets since the beginning of the year [3]