Core Viewpoint - The national manufacturing PMI for May recorded at 49.5%, showing a 0.5 percentage point increase from the previous month, indicating a near median level for the same period over the past five years [1][3][4]. Demand and Supply - Both demand and supply sides have improved, with external demand rebounding more strongly than internal demand. The new order index rose to 49.8%, up 0.6 percentage points, while the new export order index increased by 2.8 percentage points to 47.5% [6][12]. - The production index rose by 0.9 percentage points to 50.7%, indicating a recovery in manufacturing production [6][10]. Industry Performance - The equipment manufacturing and high-tech manufacturing sectors showed significant growth in new orders, with indices above 52%. Consumer goods manufacturing also saw a stable increase, with new export orders rising over 6 percentage points into the expansion zone [1][8]. - However, some industries, such as textiles and non-ferrous metal processing, reported new order and production indices below the critical point, indicating insufficient release of production and demand [6][8]. Price Trends - The decline in price indices has narrowed significantly, with raw material prices and factory gate prices both decreasing by only 0.1 percentage points compared to the previous month. This indicates that the ability of companies to pass on costs has not yet recovered [10][12]. Non-Manufacturing Sector - The non-manufacturing business activity index recorded at 50.3%, slightly down by 0.1 percentage points but still above the critical point. The construction sector showed a business activity index of 51%, indicating ongoing expansion [12][13]. - The service sector's business activity index rose to 50.2%, reflecting a slight recovery driven by holiday consumption demand [13].

Group 1: Manufacturing PMI Insights - In May, the Manufacturing PMI rose to 49.5%, an increase of 0.5 percentage points from the previous month, indicating an improvement in economic conditions [2][3] - The production index reached 50.7%, up by 0.9 percentage points, signaling accelerated manufacturing activity, while the new orders index increased to 49.8%, up by 0.6 percentage points [3] - Large enterprises saw their PMI rise to 50.7%, returning to the expansion zone, with production and new orders indices at 51.5% and 52.5%, respectively [3] Group 2: High-Tech and Export Performance - High-tech manufacturing PMI stood at 50.9%, maintaining expansion for four consecutive months, while equipment manufacturing and consumer goods PMIs were at 51.2% and 50.2%, respectively [4] - New export orders and import indices improved to 47.5% and 47.1%, reflecting a recovery in foreign trade orders, particularly from companies engaged in U.S. trade [4] Group 3: Non-Manufacturing Sector Performance - The Non-Manufacturing Business Activity Index was at 50.3%, slightly down by 0.1 percentage points but still indicating expansion [5] - The service sector's business activity index rose to 50.2%, driven by increased consumer activity in tourism and dining during the May Day holiday [5] - The construction sector maintained expansion with a business activity index of 51.0%, although it showed a slight decline from the previous month [6] Group 4: Composite PMI Overview - The Composite PMI Output Index increased to 50.4%, up by 0.2 percentage points, indicating continued expansion in production and business activities across sectors [7]

Group 1: Manufacturing PMI Insights - In May, the manufacturing PMI rose to 49.5%, an increase of 0.5 percentage points from the previous month, indicating an improvement in economic conditions [1][2] - The production index reached 50.7%, up 0.9 percentage points, signaling accelerated manufacturing activity, while the new orders index increased to 49.8%, up 0.6 percentage points [2] - Large enterprises saw their PMI rise to 50.7%, returning to the expansion zone, with production and new orders indices at 51.5% and 52.5%, respectively [2] Group 2: High-Tech and Export Performance - High-tech manufacturing PMI stood at 50.9%, maintaining expansion for four consecutive months, while equipment manufacturing and consumer goods sectors also showed improvement [3] - New export orders and import indices increased to 47.5% and 47.1%, respectively, reflecting a recovery in foreign trade orders, particularly from companies engaged with the U.S. market [3] Group 3: Non-Manufacturing Sector Performance - The non-manufacturing business activity index was 50.3%, slightly down by 0.1 percentage points but still indicating expansion [4] - The service sector's business activity index rose to 50.2%, driven by increased consumer activity during the "May Day" holiday, with significant growth in transportation and hospitality sectors [4] - The construction sector maintained expansion with a business activity index of 51.0%, although it showed a slight decline from the previous month [4] Group 4: Composite PMI Overview - The composite PMI output index increased to 50.4%, up 0.2 percentage points, indicating continued expansion in production and business activities across sectors [5][6] - The manufacturing production index and non-manufacturing business activity index contributed to the composite PMI, standing at 50.7% and 50.3%, respectively [6]

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 5月份，制造业采购经理指数（PMI）为49.5%，比上月上升0.5个百分点，制造业景气水平改善。 供应商配送时间指数为50.0%，比上月下降0.2个百分点，位于临界点，表明制造业原材料供应商交货时间与上月基本持平。 表1 中国制造业PMI及构成指数（经季节调整） 单位：% 从企业规模看，大型企业PMI为50.7%，比上月上升1.5个百分点，高于临界点；中型企业PMI为47.5%，比上月下降1.3个百分点，低于临界点；小型企业PMI 为49.3%，比上月上升0.6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，生产指数高于临界点，供应商配送时间指数位于临界点，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50.7%，比上月上升0.9个百分点，升至临界点以上，表明制造业企业生产活动有所加快。 新订单指数为49.8%，比上月上升0.6个百分点，表明制造业市场需求景气度回升。 原材料库存指数为47.4%，比上月上升0.4个百分点，低于临界点，表明制造业主要原材料库存量降幅有所收窄。 从业 ...

Group 1 - The ongoing review of Trump's tariff policy by the courts is causing market volatility, indicating a turbulent summer for Wall Street [1] - The comprehensive tariff policy announced on April 2 has significantly impacted the technology sector, although major stock indices have rebounded to near historical highs by the end of May [1] - The aggressive tariff policy has shaken the confidence of foreign investors holding trillions in U.S. Treasury bonds, leading to labor shortages in agriculture and construction due to immigration restrictions and government spending cuts [1] Group 2 - Despite companies stockpiling goods in the first quarter to cope with tariffs, weak shipping data in May shows continued caution in the business community [2] - The international trade court ruled multiple tariffs illegal, but the execution of this ruling has been temporarily stayed, leaving industries like pharmaceuticals and semiconductors still facing new tariff threats [2] - With the debt ceiling crisis approaching in August and inflation uncertainties, the Federal Reserve is maintaining a wait-and-see approach, suggesting that investors should seize opportunities in high-yielding Treasury bonds before rates decline [2]

南方财经研究员 喻淑琴 嘿！最近广东"百千万工程"热度拉满！ 这可不是简单的数字组合， 而是藏着城乡蝶变的超燃剧本！ 广东正用它破解区域发展不平衡难题， 交出中国式现代化的时代答卷！ 与浙江"千万工程"经验遥相呼应， 广东"百千万工程"也别样精彩—— 把握历史大势与发展规律 以产业为根本、风貌为基础、改革为关键， 通过发动群众、用好市场、因地制宜等"组合拳"， 在特色化与差异化的发展之路换挡提速。 三年初见成效之际，一起解码—— 看中国第一经济大省， 如何把城乡"短板"， 炼就成未来发展的超强"潜力板"！ 【百县：郡县治则天下安】 古训有言："郡县治 天下安"， 今朝广东以"百县"为支点，重塑山河版图。 "百"字落笔，写的是122个县域的野心与底气！ 沃野藏金 耕海牧渔， 阳西渔业"芯片"（优质种苗）带动3万渔民增收， 90个现代化海洋牧场项目奏响"蓝色牧歌"。 粮食播种面积、总产、单产三连增， 农产品进出口总值全国领跑， 10个千亿级、20个百亿级产业集群（茶叶/花卉/岭南水果/畜牧等）托底， 南粤沃野上演"农业变现"的N种打开方式！ 12个产业转移合作园区拔地而起， 近两年承接项目超1220个， 撑起广东 ...

Core Insights - The Bank of Korea's Governor Lee Chang-yong indicated that the downward revision of economic growth expectations is primarily influenced by the construction industry [1] Group 1: Economic Growth Expectations - The economic growth forecast has been adjusted downward, reflecting challenges faced by the construction sector [1] - The construction industry is identified as a significant factor impacting overall economic performance [1]

Group 1 - Yunnan province is implementing various employment measures, including promoting return-to-hometown entrepreneurship, e-commerce startups, and leveraging特色产业 to create new employment channels and growth points [1][5] - The Yunnan provincial government has issued the "15 Measures" to support employment, focusing on enhancing industrial strength, enterprise growth, and employment stability [1][3] - The employment priority strategy aims to ensure at least 500,000 new urban jobs annually and maintain rural labor transfer employment at over 15 million [3][4] Group 2 - In Q1 2025, Yunnan's employment monitoring showed 365,000 employees in 901 surveyed companies, with the wholesale and retail sector experiencing the highest reduction in employment at 1.16% [2] - The "Unemployment Insurance Policy" allows eligible companies to apply for unemployment insurance refunds, with large enterprises receiving 30% and small to medium enterprises receiving 60% of their contributions back [3][4] - The province plans to conduct over 1 million training sessions annually, with at least 500,000 being subsidized vocational skills training [4] Group 3 - The "Return-to-Hometown Entrepreneurship Measures" encourage young graduates to engage in e-commerce, fostering the development of e-commerce industry clusters and promoting high-quality employment [5][6] - The measures focus on highland特色农业, cultural tourism, and cross-border e-commerce, while also emphasizing the training of e-commerce skills [6] - A project library for e-commerce startups will be established, providing financial support and mentorship for promising projects, with annual selections of exemplary returnee entrepreneurs [6]

Economic Overview - The county aims to double its GDP and tax revenue within five years, focusing on ecological protection and high-quality development [1] - The preliminary estimate for the total GDP reached 29.44 billion yuan, with a year-on-year growth of 5.8% [1] Agricultural Sector - The total agricultural output value reached 11.95 billion yuan, with a year-on-year increase of 5.1% [2] - Total grain production was 644,000 tons, with summer grain at 328,000 tons and autumn grain at 316,000 tons, showing slight growth [2] - Agricultural mechanization has improved, with total power reaching 971,200 kilowatts and rural tap water coverage at 100% [2] Industrial Sector - The industrial economy showed steady progress, with the added value of industrial enterprises above designated size growing by 8.2% [2] - Notable growth in the pharmaceutical manufacturing and textile industries, with increases of 31.9% and 18.6% respectively [2] - Fixed asset investment grew by 7.3%, with first industry investment surging by 50.7% [2] Consumer Market - The total retail sales of social consumer goods reached 15.86 billion yuan, with a year-on-year growth of 7.2% [3] - The wholesale, retail, accommodation, and catering sectors all experienced growth [3] Foreign Trade and Investment - Total import and export value reached 1.206 billion yuan, with a significant year-on-year increase of 30.0% [3] - Actual foreign investment utilization was 3.698 million USD, growing by 81.1% [3] Tourism and Transportation - The county has a total road mileage of 3,037.7 kilometers, with a density of 226.2 kilometers per 100 square kilometers [3] - Tourist reception reached 13.524 million visitors, a year-on-year increase of 19.2%, with tourism revenue growing by 25.4% to 7.84 billion yuan [3] Social Development - Urban employment increased by 5,724 people, with entrepreneurial loans amounting to 183 million yuan [3] - The per capita disposable income for residents was 31,404 yuan, reflecting a growth of 5.6% [3] - Significant improvements in ecological protection, with water quality meeting Class III standards [3]

通过剖析这种"背离"，也给我们带来三重启示：其一，要理性看待电力消费弹性系数的波动，建立更立 体的经济监测指标体系；其二，需警惕部分地区为追求用电数据"匹配"GDP而放松能效约束，防止高耗 能项目回潮；其三，应加快构建新型电力系统，通过虚拟电厂、需求侧响应等手段，将波动性新能源与 柔性负荷高效匹配，为高质量发展提供更灵活的能源支撑。 即便剔除这两个"偶然因素"，用电量增速仍与经济增速有较大差距，其中的缺口与用电结构有关。第二 产业用电量占比大但增速偏低，是导致全社会用电量增速低于经济增速的主要因素。一季度，工业和建 筑业用电量增长缓慢，对用电量增速低于经济增速的贡献较为明显。其中，房地产市场调整导致相关产 业需求减少，进而影响了用电量；光伏市场深度调整，使得电气机械和器材制造业用电量下降；汽车行 业高端化发展，虽然带来了行业增加值快速增长，但用电量增长却相对滞后。在这些叠加因素作用下， 使第二产业从以往推动用电量增速高于经济增速的主要力量，转变为拉低用电量增速的因素。 有人担心，用电量增速放缓是不是经济发展的后劲不足了呢？其实大可不必如此设想。用电增速与经济 增速的温差，不应简单理解为经济"虚胖"或统计失真， ...