Economic Overview - In July, the manufacturing Purchasing Managers' Index (PMI) was reported at 49.3%, indicating a slight decline of 0.4 percentage points from June, reflecting a decrease in manufacturing activity due to seasonal factors and extreme weather conditions [2][3] - The non-manufacturing business activity index was at 50.1%, and the comprehensive PMI output index was at 50.2%, suggesting overall economic output remains in an expansion phase [1][4] Manufacturing Sector Insights - The production index and new orders index were recorded at 50.5% and 49.4%, respectively, both showing a decline from June, while the new export orders index fell to 47.1% [2] - Large enterprises had a PMI of 50.3%, with key sectors like equipment manufacturing and high-tech manufacturing maintaining PMIs of 50.3% and 50.6%, indicating ongoing expansion [2][3] Price Trends - The price index showed an upward trend, with the main raw material purchase price index at 51.5% and the factory price index at 48.3%, both increasing from June [3] - The rise in prices was attributed to the increase in prices of major commodities such as coal and steel, which significantly impacted the manufacturing PMI [3] Service Sector Performance - The non-manufacturing business activity index remained above 50%, indicating continued expansion despite a slight decline from June [4][5] - The service sector's business activity index was stable, with certain industries related to travel and consumption experiencing high activity levels, while construction activities slowed due to adverse weather [4][5] Future Outlook - Analysts suggest that macroeconomic policies should be adjusted to stimulate demand, particularly through increased government investment in public goods and infrastructure [4] - The upcoming summer consumption is expected to positively influence economic activity in August, supported by ongoing policies aimed at boosting domestic demand [5]

Group 1: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) decreased to 49.3% in July, down 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [1][2] - The production index remained in expansion at 50.5%, while the new orders index fell to 49.4%, reflecting a slowdown in market demand [2] - Large enterprises maintained expansion with a PMI of 50.3%, while medium-sized enterprises improved to 49.5%, and small enterprises decreased to 46.4% [3] Group 2: Non-Manufacturing Sector - The non-manufacturing business activity index was 50.1%, down 0.4 percentage points from last month, but still above the critical point [4] - The service sector's business activity index was stable at 50.0%, with strong performance in transportation and tourism-related industries [4] - The construction sector's business activity index fell to 50.6%, influenced by adverse weather conditions [4] Group 3: Price Indices - The price indices for major raw materials increased, with the purchasing price index at 51.5% and the factory price index at 48.3%, indicating an overall improvement in market prices [2] Group 4: Market Expectations - The production and business activity expectations index rose to 52.6%, showing increased confidence among manufacturing enterprises regarding market development [3] - The business activity expectations index for the service sector increased to 56.6%, indicating optimism among service industry enterprises [4]

Group 1: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) decreased to 49.3% in July, down 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [1][2] - The production index remained in expansion at 50.5%, while the new orders index fell to 49.4%, reflecting a slowdown in market demand [2] - Large enterprises maintained expansion with a PMI of 50.3%, while medium-sized enterprises improved to 49.5%, and small enterprises decreased to 46.4% [3] Group 2: Price Indices - The price index for major raw materials increased, with the purchasing price index at 51.5% and the factory price index at 48.3%, indicating an overall improvement in manufacturing market prices [2] - The purchasing price index for major raw materials rose above the critical point for the first time since March, suggesting a recovery in market conditions [2] Group 3: Non-Manufacturing Sector - The non-manufacturing business activity index was 50.1%, down 0.4 percentage points from the previous month, but still above the critical point, indicating continued expansion [1][4] - The service sector's business activity index remained stable at 50.0%, with certain industries like transportation and entertainment showing strong growth due to seasonal effects [4] - The construction sector's business activity index fell to 50.6%, influenced by adverse weather conditions, while the business activity expectation index for the service sector rose to 56.6%, indicating optimism among service enterprises [4] Group 4: Composite PMI - The composite PMI output index was 50.2%, down 0.5 percentage points from the previous month, but still indicating overall expansion in production and business activities [5][6] - The manufacturing production index and non-manufacturing business activity index contributed to the composite PMI, standing at 50.5% and 50.1% respectively [6]

Group 1: Manufacturing PMI Overview - In July, the Manufacturing Purchasing Managers' Index (PMI) was 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [2][21][22] - The production index was 50.5%, down 0.5 percentage points, while the new orders index was 49.4%, down 0.8 percentage points, suggesting a slowdown in market demand [6][22] - Large enterprises maintained expansion with a PMI of 50.3%, while medium-sized enterprises improved to 49.5%, and small enterprises decreased to 46.4% [5][23][24] Group 2: Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index was 50.1%, a decrease of 0.4 percentage points, but still above the critical point, indicating continued expansion [11][25] - The service sector's business activity index was stable at 50.0%, while the construction sector's index fell to 50.6%, down 2.2 percentage points due to adverse weather conditions [14][25] - The business activity expectation index for non-manufacturing was 55.8%, indicating optimism among most enterprises regarding market development [17][25] Group 3: Comprehensive PMI Overview - The Comprehensive PMI Output Index was 50.2%, a decrease of 0.5 percentage points, but still indicating overall expansion in production and business activities [20][26] - The manufacturing production index and non-manufacturing business activity index were 50.5% and 50.1%, respectively, contributing to the comprehensive index's performance [26]

Group 1: Manufacturing PMI Insights - In July, the manufacturing purchasing managers' index (PMI) decreased to 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [2][3] - The production index remained in expansion at 50.5%, while the new orders index fell to 49.4%, reflecting a slowdown in market demand [3] - Large enterprises maintained expansion with a PMI of 50.3%, although it decreased by 0.9 percentage points, while medium-sized enterprises improved to 49.5% [4] Group 2: Non-Manufacturing PMI Insights - The non-manufacturing business activity index stood at 50.1%, down 0.4 percentage points from the previous month, but still above the critical point [5] - The service industry business activity index was stable at 50.0%, with sectors related to travel and consumption showing strong performance, while real estate and residential services lagged [5][6] - The construction business activity index fell to 50.6%, down 2.2 percentage points, due to adverse weather conditions affecting construction activities [6] Group 3: Comprehensive PMI Insights - The comprehensive PMI output index was 50.2%, a decrease of 0.5 percentage points from the previous month, indicating overall expansion in production and business activities [7] - The manufacturing production index and non-manufacturing business activity index contributed to the comprehensive PMI, standing at 50.5% and 50.1% respectively [7]

Manufacturing Sector - In July, the Manufacturing Purchasing Managers' Index (PMI) decreased to 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing activity due to seasonal factors and adverse weather conditions [2][3] - The production index remained in expansion at 50.5%, while the new orders index fell to 49.4%, reflecting a slowdown in market demand [3] - Large enterprises maintained expansion with a PMI of 50.3%, while medium-sized enterprises improved to 49.5%, and small enterprises decreased to 46.4% [4] - The price index showed an upward trend, with the main raw materials purchasing price index rising to 51.5%, marking the first increase above the critical point since March [3][4] - New momentum in the manufacturing sector is evident, with the equipment manufacturing PMI at 50.3% and high-tech manufacturing PMI at 50.6%, both above the critical point [4] Non-Manufacturing Sector - The Non-Manufacturing Business Activity Index stood at 50.1%, down 0.4 percentage points from the previous month, but still above the critical point [5] - The service sector's business activity index was stable at 50.0%, with significant growth in transportation and tourism-related industries, while real estate and residential services lagged [5][6] - The construction sector's business activity index fell to 50.6%, influenced by adverse weather conditions, with a corresponding decrease in market expectations [6] Composite PMI - The Composite PMI Output Index decreased to 50.2%, down 0.5 percentage points from the previous month, indicating overall expansion in production and business activities [7] - The manufacturing production index and non-manufacturing business activity index were recorded at 50.5% and 50.1%, respectively, both indicating continued expansion [7]

Core Insights - The Purchasing Managers' Index (PMI) for China was released on July 31, 2025, indicating improvements in manufacturing market prices due to recent increases in commodity prices [1] Group 1: Price Indices - The main raw material purchasing price index rose to 51.5%, while the factory price index reached 48.3%, marking increases of 3.1 and 2.1 percentage points from the previous month respectively [1] - The main raw material purchasing price index has surpassed the critical point for the first time since March of this year, suggesting an overall improvement in manufacturing market price levels [1] Group 2: Industry Performance - Significant rebounds in the purchasing price index and factory price index were observed in industries such as petroleum, coal, and other fuel processing, as well as black metal smelting and rolling processing [1] - The market prices in related industries have shown notable improvements [1]

Group 1 - The total electricity consumption in Shanxi Province reached 156.959 billion kWh from January to June, representing a year-on-year growth of 6.3%, with an acceleration of 2.5 percentage points compared to the same period in 2024 [1] - All three industries and residential electricity consumption showed growth, with the primary industry consuming 1.402 billion kWh (up 6.81%), the secondary industry consuming 1,126 billion kWh (up 5.05%), the tertiary industry consuming 25.467 billion kWh (up 12.18%), and residential consumption at 17.49 billion kWh (up 6.29%) [1] - Industrial electricity consumption, a key pillar of the economy, grew by 5.17%, indicating a significant transformation and upgrade in the sector [1] Group 2 - The electricity consumption in traditional industries is shifting towards high-end, intelligent, and green development, with notable increases in the non-ferrous metal mining and selection industry (up 23.97%), petroleum, coal, and other fuel processing industries (up 16.41%), and coal mining and washing industry (up 7.98%) [1] - The high-tech manufacturing sector showed remarkable performance, with electricity consumption in photovoltaic equipment and components manufacturing soaring by 671.83%, and other sectors like new energy vehicle manufacturing, medical instruments manufacturing, urban rail transit equipment manufacturing, and instrumentation manufacturing also experiencing significant growth [1][2]

Core Insights - The manufacturing PMI for June is at 49.7%, indicating a slight expansion in the manufacturing sector, with 11 out of 21 surveyed industries in the expansion zone, an increase of 4 from the previous month [2][3] - The non-manufacturing business activity index is at 50.5%, showing continued expansion in the non-manufacturing sector [4][6] - The comprehensive PMI output index is at 50.7%, reflecting an overall acceleration in production and business activities [6] Manufacturing Sector - The manufacturing PMI increased to 49.7%, with production and new orders indices at 51.0% and 50.2%, respectively, indicating improved production activities and market demand [2][3] - The purchasing volume index rose to 50.2%, up by 2.6 percentage points, suggesting enhanced procurement willingness among enterprises [2] - Price indices for major raw materials and factory prices improved, with indices at 48.4% and 46.2%, respectively, influenced by rising international oil prices [2] Key Industries - Key industries such as equipment manufacturing, high-tech manufacturing, and consumer goods continue to expand, with PMIs at 51.4%, 50.9%, and 50.4%, respectively [3] - The construction sector shows a significant recovery, with the business activity index at 52.8%, indicating robust infrastructure project progress [4][5] Market Expectations - The service sector's business activity expectation index is at 56.0%, indicating optimism among service enterprises regarding future development [5] - The construction industry's business activity expectation index rose to 53.9%, reflecting increased confidence among construction firms [5] Overall Economic Outlook - The overall economic activity is expected to improve as policy effects continue to manifest, with investment and consumption-related demands likely to be released [7]

Group 1: Manufacturing Purchasing Managers Index (PMI) Recovery - In June, the manufacturing PMI rose to 49.7%, with 11 out of 21 surveyed industries in the expansion zone, an increase of 4 industries 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 from the previous month, suggesting accelerated production activities and improved market demand [2] - The purchasing volume index increased to 50.2%, up by 2.6 percentage points, reflecting enhanced procurement willingness among enterprises due to the recovery in production and demand [2] Group 2: Price Index Recovery - The main raw material purchase price index and factory price index were at 48.4% and 46.2%, respectively, both rising by 1.5 percentage points, indicating an overall improvement in manufacturing market prices [3] - The increase in prices was influenced by rising international crude oil prices, particularly affecting the petroleum, coal, and other fuel processing industries, while the black metal smelting and rolling processing industries saw a decline in price indices due to falling iron ore prices and insufficient terminal demand [3] Group 3: Business Activity Index in Non-Manufacturing Sector - The non-manufacturing business activity index was at 50.5%, up by 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [5] - The service industry business activity index was at 50.1%, slightly down by 0.1 percentage points, with certain sectors like telecommunications and financial services showing strong growth, while consumer-related sectors experienced a decline [5] - The construction industry business activity index rose to 52.8%, an increase of 1.8 percentage points, indicating a recovery in construction activities, particularly in civil engineering [5] Group 4: Comprehensive PMI Output Index - The comprehensive PMI output index was at 50.7%, up by 0.3 percentage points, indicating an overall acceleration in production and business activities across enterprises [6] - The manufacturing production index and non-manufacturing business activity index were at 51.0% and 50.5%, respectively, contributing to the overall expansion reflected in the comprehensive PMI output index [6]