报 告 正 文 4 月制造业 PMI 回落至线下，供需两端均有走弱。服务业和建筑业商务活动指数均线上回落。 PMI 表现如何？ 4 月 全国制造业 PMI 录得 49.0% ，较上月下降 1.5 个百分点。各分项均较上月下降，其中 需求相对供给继续增强，内需相对外需大幅增强，大中小企业均落至线下运行，原材料价格和产成品价格双双 回落。 为何本月制造业 PMI 大幅下降？ 主要原因有三： 一是 前期"抢出口"影响下，制造业较快增长，导致 前期基数较高； 二是 外部环境急剧变化， 4 月 2 日美国对全球贸易伙伴强加关税压制抢出口； 三是 季节转 淡，存在一定的季节性影响。当前主要经济体制造业景气度普遍位于收缩区间， 3 月份美国制造业 PMI 为 49.0% ， 4 月份欧元区、英国、日本制造业 PMI 初值均低于临界点。 此外，有三点值得关注 ： 一是外部环境变化影响下，行业表现分化。 高技术制造业和部分内销为主的行业表 现相对稳定， 4 月高技术制造业 PMI 为 51.5% ，明显高于制造业总体水平；农副食品、酒饮料茶、医药等行 业的生产和新订单指数均位于 53.0% 及以上；服务业和建筑业商务活动预期指 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - In April, due to the US tariff policy, business production and operation activities slowed down significantly. Although the three major indices (manufacturing PMI, non - manufacturing business activity index, and composite PMI output index) slowed down, China's economy generally remained in an expansionary phase [3]. - On the demand side, external demand slowed down rapidly in the short term, while domestic demand rebounded. Policy support increased, but overall demand was still slowing. In production, industrial production decreased due to the slowdown in domestic and foreign demand, but it was expected to continue growing at a relatively high speed with the support of domestic demand policies. In terms of prices, domestic - demand - type commodity prices were weak, and external - demand - type commodity prices fluctuated [3]. Summary by Relevant Content Overall Economic Situation - In April, the manufacturing PMI was 49% (expected 49.8%, previous value 50.5%), the non - manufacturing business activity index was 50.4% (expected 50.6%, previous value 50.8%), and the composite PMI was 50.2% (previous value 51.4%). All three indices decreased compared to the previous month, but the economy remained in an expansionary range [1][3][4]. - In domestic investment, real - estate sales improved, but investment recovery was slow; infrastructure investment accelerated due to the rapid issuance of special bonds; manufacturing investment maintained high - speed growth, but short - term restocking motivation weakened [3]. - Consumption growth accelerated significantly, strongly driving the economy. Exports decreased significantly due to tariff impacts on overseas demand, and future export growth was expected to slow further [3]. Manufacturing Sector - The manufacturing PMI fell to the contraction range and was lower than market expectations. The new order index was 49.2%, down 2.6 percentage points from the previous month, indicating a decline in market demand. The production index was 49.8%, down 2.8 percentage points, showing a slight slowdown in production [3]. - The new export order index and import index were 44.7% and 43.4% respectively, down 4.3% and 4.1% from the previous month, indicating a significant decline in external demand due to tariffs and a decrease in import demand due to external shocks [3]. - The price index continued to decline. The main raw material purchase price index and the ex - factory price index were 47% and 44.8% respectively, down 2.8 and 3.1 percentage points from the previous month, mainly due to the US tariff policy and global economic uncertainties [3][4]. - Both the finished - product inventory index and the raw - material inventory index decreased. The finished - product inventory index dropped 0.7 percentage points to 47.3%, and the raw - material inventory index decreased 0.2 percentage points to 47% [4]. Non - manufacturing Sector - The non - manufacturing business activity index was 50.4%, down 0.4 percentage points from the previous month, remaining above the critical point. The service industry business activity index was 50.1%, down 0.2 percentage points, and the construction industry business activity index was 51.9%, down 1.5 percentage points [4]. - In the service industry, sectors such as air transportation, telecommunications, and IT services were in a high - prosperity range, while sectors like water transportation and capital market services were below the critical point. In the construction industry, the civil engineering construction business activity index was 60.9%, up 6.4 percentage points [4]. - The service industry business activity expectation index was 56.4%, and the construction industry business activity expectation index was 53.8%, indicating that most enterprises in these two industries were confident about market development [4]. Composite PMI - The composite PMI output index was 50.2%, down 1.2 percentage points from the previous month, remaining above the critical point, indicating that overall business production and operation activities remained in an expansionary phase, although at a slower pace [4].

国家统计局服务业调查中心 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 4月份，制造业采购经理指数（PMI）为49.0%，比上月下降1.5个百分点，制造业景气水平有所回落。 从企业规模看，大、中、小型企业PMI分别为49.2%、48.8%和48.7%，比上月下降2.0、1.1和0.9个百分点，均低于临界点。 从分类指数看，在构成制造业PMI的5个分类指数中，供应商配送时间指数高于临界点，生产指数、新订单指数、原材料库存指数和从业人员指数均低于临 界点。 生产指数为49.8%，比上月下降2.8个百分点，表明制造业企业生产略有放缓。 新订单指数为49.2%，比上月下降2.6个百分点，表明制造业市场需求有所回落。 原材料库存指数为47.0%，比上月下降0.2个百分点，表明制造业主要原材料库存量较上月下降。 从业人员指数为47.9%，比上月下降0.3个百分点，表明制造业企业用工景气度有所回落。 | | | | | | | | | 单位：% | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 新出口 | 进口 | 采购量 | 主要原材 ...

在鼓浪屿、"小三通"航线、湄洲岛等大客流区域，海事部门联合客渡运公司动态监测客流，科学调度运 力，严防船舶超载和旅客滞留。针对平潭"蓝眼泪"、宁德嵛山岛、漳州东山岛等网红景点，执法人员加 大巡航巡查力度，协同地方政府严厉打击非法载客行为。 新京报讯（记者吴梦真）今年"五一"假期，福建沿海将迎来水上出行高峰。据福建海事局预测，假期福 建沿海将有161艘客渡船投入运营，预计发送旅客超105万人次，两岸"小三通"客运航线、鼓浪屿、湄洲 岛等热门区域客流增幅显著，海事部门通过强化安全监管、科学调配运力、严查违规行为等举措，全力 保障群众水上出行安全。 作为福建沿海水上客运的重要通道，厦金、泉金、两马、黄马4条两岸"小三通"客运航线将有15艘客船 投入运营，计划发航180班次，预计发送旅客超2.7万人次，较去年同期增长107.7%。其中，厦金航线作 为两岸往来核心线路，预计发送旅客2.4万人次。 厦门仍是福建水上客流最集中的区域。鼓浪屿客运航线将投入20艘客船，计划发航超2500班次，预计发 送旅客58万人次；莆田湄洲岛客运航线进出岛旅客预计达24万人次，同比增长明显。此外，随着气温回 升，宁德嵛山岛进入旅游旺季，4月 ...

"五一"假期福建沿海将迎来水上客流高峰。据福建海事局预测，假期5天福建沿海有161艘客渡船投入运 营，将发送旅客超105万人次。据介绍，厦门仍然是福建水上出行客流最大的地区，假期期间，鼓浪屿 客运航线将有20艘客船投入运营，预计发航超2500班次，发送旅客58万人次左右。莆田湄洲岛客运航线 客流量较往年继续保持增长趋势，进出岛旅客预计将达24万人次。此外，随着天气逐渐晴好和升温，宁 德嵛山岛逐步迎来旅游旺季，4月25日起福鼎渔井码头、霞浦三沙码头分别每天加开客船4个班次，方便 旅客乘船进出岛。(央视新闻) ...