Core Viewpoint - The manufacturing purchasing managers' index (PMI) in September 2025 shows a slight recovery, indicating an overall acceleration in economic output in China, while the non-manufacturing business activity index remains stable at the critical point [1][5]. Group 1: Manufacturing PMI Insights - The manufacturing PMI rose to 49.8%, an increase of 0.4 percentage points from the previous month, indicating improved economic conditions [2]. - The production index reached 51.9%, up 1.1 percentage points, marking the highest level in nearly six months, reflecting active manufacturing activities [2]. - The new orders index increased to 49.7%, indicating a slight improvement in market demand, with certain industries like food and beverage, automotive, and aerospace showing strong performance [2][3]. - Small enterprises saw a PMI increase to 48.2%, up 1.6 percentage points, suggesting a recovery in their economic conditions [2]. Group 2: Non-Manufacturing PMI Insights - The non-manufacturing business activity index stood at 50.0%, down 0.3 percentage points, indicating stability at the critical point [4]. - The service sector's business activity index was 50.1%, remaining in the expansion zone, with strong performance in sectors like postal and financial services [4]. - The construction sector's business activity index slightly improved to 49.3%, indicating a minor recovery in construction activities [4]. Group 3: Comprehensive PMI Insights - The comprehensive PMI output index rose to 50.6%, an increase of 0.1 percentage points, indicating continued acceleration in production and business activities across sectors [5].

Economic Overview - Guangdong's industrial added value increased by 2.4% year-on-year from January to July, while fixed asset investment decreased by 11.4% [1] - The consumer price index (CPI) fell by 0.4% during the same period, indicating a slight deflationary trend [1] Industrial Performance - Key industries showed stable growth: computer, communication, and other electronic equipment manufacturing increased by 6.9%; electrical machinery and equipment manufacturing by 7.1%; and automotive manufacturing by 8.5% [1] - High-tech product output saw significant increases: wind turbine units up by 51.7%, new energy vehicles by 15.8%, civil drones by 72.1%, industrial robots by 33.3%, and service robots by 21.3% [1] Consumer Market Dynamics - Social retail sales in Guangdong grew by 3.4% year-on-year, with urban consumption rising by 3.6% and rural consumption by 1.4% [2] - The "old-for-new" policy positively impacted retail sales in various categories, with communication equipment up by 23.5%, home appliances by 42.1%, and furniture by 65.4% [2] Investment Trends - Fixed asset investment in Guangdong decreased by 11.4%, with real estate development investment down by 17.3% [3] - Industrial investment accounted for 37.7% of total investment, with automotive manufacturing and clean energy investments growing by 8.4% and 7.3%, respectively [3] Infrastructure and Project Development - Major projects like the ExxonMobil Huizhou ethylene project and Guangzhan high-speed rail are accelerating, contributing to economic stability [3][4] - Infrastructure investment increased by 1.1%, indicating a focus on enhancing economic resilience through large-scale projects [4]

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]