Group 1: Manufacturing PMI Insights - In August, the Manufacturing PMI rose to 49.4%, indicating a slight improvement in economic conditions compared to the previous month [3][8]. - The production index reached 50.8%, up by 0.3 percentage points, marking the fourth consecutive month above the critical point, suggesting accelerated manufacturing production [3][11]. - The new orders index increased to 49.5%, reflecting a minor improvement in market demand [3][11]. - Large enterprises showed a PMI of 50.8%, up by 0.5 percentage points, indicating ongoing expansion, while medium and small enterprises reported lower PMIs of 48.9% and 46.6%, respectively [4][10]. Group 2: Non-Manufacturing PMI Insights - The Non-Manufacturing Business Activity Index was 50.3%, up by 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [5][15]. - The service sector's business activity index reached 50.5%, marking a significant recovery and the highest point of the year [5][18]. - The construction sector's business activity index fell to 49.1%, down by 1.5 percentage points, due to adverse weather conditions affecting production [5][16]. Group 3: Comprehensive PMI Insights - The Comprehensive PMI Output Index stood at 50.5%, up by 0.3 percentage points, indicating an overall acceleration in production and business activities across sectors [6][23]. - The manufacturing production index and non-manufacturing business activity index contributed to the comprehensive PMI, with values of 50.8% and 50.3%, respectively [6][23].

Group 1: Manufacturing PMI Insights - In August, the manufacturing PMI rose to 49.4%, indicating an improvement in economic conditions compared to the previous month [2] - The production index reached 50.8%, up by 0.3 percentage points, marking four consecutive months above the critical point, signaling accelerated manufacturing production [2] - The new orders index increased to 49.5%, reflecting a slight rise in demand [2] - Large enterprises showed a PMI of 50.8%, up by 0.5 percentage points, indicating sustained expansion, while medium and small enterprises experienced declines [3] - High-tech manufacturing and equipment manufacturing PMIs were 51.9% and 50.5%, respectively, showing continued strength in these sectors [3] - The production and business activity expectation index rose to 53.7%, suggesting increased confidence among manufacturers regarding future market conditions [3] Group 2: Non-Manufacturing PMI Insights - The non-manufacturing business activity index reached 50.3%, up by 0.2 percentage points, indicating ongoing expansion in the sector [4] - The service industry business activity index rose to 50.5%, the highest point of the year, with significant growth in capital market services and transportation sectors [4] - The construction industry business activity index fell to 49.1%, impacted by adverse weather conditions, indicating a slowdown in construction activities [4] - The business activity expectation index for the service sector increased to 57.0%, reflecting optimism about future market developments [4] Group 3: Comprehensive PMI Insights - The comprehensive PMI output index rose to 50.5%, up by 0.3 percentage points, indicating overall expansion in production and business activities [5] - The manufacturing production index and non-manufacturing business activity index were 50.8% and 50.3%, respectively, contributing to the comprehensive PMI's positive trend [5]

Group 1: Manufacturing PMI Insights - In August, the Manufacturing Purchasing Managers' Index (PMI) rose to 49.4%, indicating an improvement in economic conditions compared to the previous month [2] - The production index reached 50.8%, up by 0.3 percentage points, marking the fourth consecutive month above the critical point, suggesting accelerated manufacturing production [2] - The new orders index increased to 49.5%, reflecting a slight rise in demand [2] - Large enterprises showed a PMI of 50.8%, up by 0.5 percentage points, indicating ongoing expansion, while medium and small enterprises experienced declines [3] - High-tech manufacturing and equipment manufacturing sectors reported PMIs of 51.9% and 50.5%, respectively, indicating sustained growth [3] Group 2: Non-Manufacturing PMI Insights - The Non-Manufacturing Business Activity Index was 50.3% in August, up by 0.2 percentage points, continuing the expansion trend [4] - The service sector's business activity index reached 50.5%, the highest point of the year, with significant growth in capital market services and transportation sectors [4] - The construction sector's business activity index fell to 49.1%, down by 1.5 percentage points, due to adverse weather conditions [4] Group 3: Composite PMI Insights - The Composite PMI Output Index stood at 50.5%, an increase of 0.3 percentage points, indicating an overall acceleration in production and business activities [5][6]

Group 1: Manufacturing PMI Insights - In August, the Manufacturing PMI rose to 49.4%, indicating an improvement in economic conditions compared to the previous month [2] - The production index reached 50.8%, up by 0.3 percentage points, marking four consecutive months above the critical point, suggesting accelerated manufacturing production [2] - The new orders index increased to 49.5%, reflecting a slight rise in demand [2] - Large enterprises showed a PMI of 50.8%, up by 0.5 percentage points, indicating sustained expansion, while medium and small enterprises experienced declines [3] - High-tech manufacturing and equipment manufacturing sectors reported PMIs of 51.9% and 50.5%, respectively, indicating strong performance [3] Group 2: Non-Manufacturing PMI Insights - The Non-Manufacturing Business Activity Index rose to 50.3%, reflecting continued expansion in the sector [4] - The service industry saw a significant increase, with a business activity index of 50.5%, reaching a yearly high [4] - Capital market services and transportation sectors reported business activity indices above 60.0%, indicating robust growth [4] - The construction industry faced a decline in activity, with a business activity index of 49.1%, down by 1.5 percentage points due to adverse weather conditions [4] Group 3: Composite PMI Insights - The Composite PMI Output Index increased to 50.5%, indicating an overall acceleration in production and business activities [5] - The manufacturing production index and non-manufacturing business activity index were reported at 50.8% and 50.3%, respectively, contributing to the composite index's growth [5]

Group 1: Manufacturing PMI Insights - In August, the Manufacturing PMI rose to 49.4%, indicating an improvement in economic conditions compared to the previous month [2] - The production index reached 50.8%, up by 0.3 percentage points, marking four consecutive months above the critical point, suggesting accelerated manufacturing production [2] - The new orders index increased to 49.5%, reflecting a slight rise in demand [2] - Large enterprises showed a PMI of 50.8%, up by 0.5 percentage points, indicating sustained expansion, while medium and small enterprises experienced declines [3] - High-tech manufacturing and equipment manufacturing PMIs were 51.9% and 50.5%, respectively, indicating strong performance in these sectors [3] Group 2: Non-Manufacturing PMI Insights - The Non-Manufacturing Business Activity Index was 50.3%, up by 0.2 percentage points, continuing its expansion [4] - The service sector's business activity index reached 50.5%, the highest point of the year, with significant growth in capital market services and transportation sectors [4] - The construction sector's business activity index fell to 49.1%, down by 1.5 percentage points, due to adverse weather conditions [4] Group 3: Comprehensive PMI Insights - The Comprehensive PMI Output Index stood at 50.5%, up by 0.3 percentage points, indicating overall expansion in production and business activities [5] - The manufacturing production index and non-manufacturing business activity index were 50.8% and 50.3%, respectively, contributing to the comprehensive index's growth [5]

Core Viewpoints - The "anti-involution" policy has boosted prices, but supply and demand performance appears counterintuitive [3][8] - The manufacturing PMI decreased by 0.4 percentage points to 49.3%, exceeding the average decline since 2017 [3][8] - The increase in commodity prices is reflected in the raw material purchase price index (+3.1 percentage points to 51.5%) and the factory price index (+2.1 percentage points to 48.3%) [3][8] Manufacturing Sector - The manufacturing PMI has marginally declined, with production and new order indices both decreasing [5][34] - The production index fell by 0.5 percentage points to 50.5%, while the new order index dropped by 0.8 percentage points to 49.4% [5][34] - The new export order index decreased by 0.6 percentage points to 47.1%, indicating a slowdown in market demand [5][38] Non-Manufacturing Sector - The non-manufacturing PMI fell by 0.4 percentage points to 50.1%, primarily due to a significant decline in the construction PMI [45] - The construction PMI decreased by 2.2 percentage points to 50.6%, with the new order index dropping sharply by 2.2 percentage points to 42.7% [6][61] - The service sector PMI showed a slight decline, with the new order index remaining weak at 46.3% [49] Key Industries - High-energy-consuming industries have shown production strength despite price increases, with the steel industry PMI rising by 4.6 percentage points [4][21] - The equipment manufacturing and consumer goods industries experienced declines in PMI, falling by 1.1 and 0.9 percentage points to 50.3% and 49.5%, respectively [4][21] - Investment demand has weakened significantly, contrasting with the strong production performance in high-energy-consuming sectors [24][72] Future Outlook - The political bureau meeting in July emphasized the need for further implementation of the "anti-involution" policy, particularly focusing on the downstream effects and marginal changes in domestic demand [30][72] - The current situation indicates that the "anti-involution" policy in the upstream sectors still requires further advancement [30][72]

Group 1: Manufacturing Sector - In July, the Manufacturing Purchasing Managers' Index (PMI) dropped to 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a contraction in manufacturing activity [1] - The new orders index for manufacturing was at 49.4%, down 0.8 percentage points from last month, reflecting weakened market demand [1] - Despite the short-term slowdown, the production index remained at 50.5%, indicating expansion for three consecutive months [1] Group 2: Non-Manufacturing Sector - The Non-Manufacturing Business Activity Index was at 50.1%, down 0.4 percentage points from the previous month, but still above the critical point [4] - The construction sector experienced a slowdown, with the business activity index at 50.6%, a decrease of 2.2 percentage points [4] - Service sector activity remained stable, with the business activity index at 50%, a slight decline of 0.1 percentage points [4] Group 3: Price Trends - The main raw materials purchasing price index rose to 51.5%, an increase of 3.1 percentage points, marking the first rise above the critical point since March [2] - The ex-factory price index was at 48.3%, up 2.1 percentage points, indicating an overall improvement in manufacturing market prices [2] Group 4: Business Expectations - Manufacturing enterprises showed optimism for future market conditions, with the production and business activity expectation index at 52.6%, an increase of 0.6 percentage points from last month [3] - Non-manufacturing enterprises maintained a stable optimistic outlook, with the business activity expectation index at 55.8%, up 0.2 percentage points [4]

Economic Overview - The overall economic output in China continues to expand, despite fluctuations due to extreme weather conditions and a weak demand side [2][4]. Manufacturing Sector - In July, the Manufacturing Purchasing Managers' Index (PMI) dropped to 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a contraction in manufacturing activity [2]. - The new orders index for manufacturing was at 49.4%, down 0.8 percentage points, while the production index remained at 50.5%, indicating continued expansion for three consecutive months [2]. - High-tech manufacturing and equipment manufacturing PMIs were 50.6% and 50.3%, respectively, both above the critical point, showing sustained growth in these sectors [2]. Price Trends - The purchasing price index for major raw materials rose to 51.5%, marking the first increase above the critical point since March, while the factory price index was at 48.3% [3]. - Industries such as petroleum, coal, and black metal processing saw significant improvements in their purchasing and factory price indices [3]. Business Activity in Non-Manufacturing Sector - The non-manufacturing business activity index was at 50.1%, down 0.4 percentage points, but still above the critical point [5]. - The construction sector experienced a slowdown, with its business activity index at 50.6%, a decrease of 2.2 percentage points [5]. - Service sector activity remained stable, with a business activity index of 50%, slightly down by 0.1 percentage points [5]. Future Outlook - Manufacturing enterprises maintain a positive outlook, with the production and business activity expectation index rising to 52.6%, an increase of 0.6 percentage points from the previous month [4]. - Non-manufacturing enterprises also show stable optimism, with a business activity expectation index of 55.8%, up 0.2 percentage points [5].

Economic Overview - In July, the manufacturing Purchasing Managers' Index (PMI) dropped to 49.3%, a decrease of 0.4 percentage points from the previous month, influenced by seasonal production slowdowns and extreme weather conditions [1] - The non-manufacturing business activity index and the comprehensive PMI output index were 50.1% and 50.2%, respectively, both down by 0.4 and 0.5 percentage points, yet remaining above the critical point [1] - Despite short-term fluctuations due to extreme weather, production activities maintained expansion, indicating a solid foundation for economic recovery [3] Manufacturing Sector - The manufacturing new orders index fell to 49.4%, down 0.8 percentage points from last month, while the production index was at 50.5%, still in the expansion zone for three consecutive months [1] - The equipment manufacturing PMI and high-tech manufacturing PMI were 50.3% and 50.6%, respectively, both above the critical point, indicating ongoing expansion in high-end equipment manufacturing [1] - The consumer goods industry PMI was 49.5%, down 0.9 percentage points, while the high-energy-consuming industries PMI improved slightly to 48%, up 0.2 percentage points [1] Price Trends - The main raw materials purchasing price index rose to 51.5%, and the factory price index was at 48.3%, increasing by 3.1 and 2.1 percentage points, respectively, indicating an overall improvement in manufacturing market prices [2] - The purchasing price index for major raw materials in sectors like petroleum and coal processing, as well as black metal smelting, showed significant recovery [2] Business Activity by Company Size - In July, the PMI for large enterprises was 50.3%, down 0.9 percentage points, with production and new orders indices at 52.1% and 50.7%, respectively, indicating sustained good operational conditions [2] - The PMI for medium-sized enterprises increased to 49.5%, up 0.9 percentage points, showing continued improvement in business sentiment [2] - The PMI for small enterprises was 46.4%, down 0.9 percentage points, reflecting weaker business conditions [2] Non-Manufacturing Sector - The non-manufacturing business activity index was 50.1%, down 0.4 percentage points, with construction activity slowing due to adverse weather conditions [4] - The business activity index for the service sector was 50%, slightly down by 0.1 percentage points, while sectors related to travel and consumption showed strong performance with indices above 60% [4] - Non-manufacturing enterprises maintained stable optimism, with a business activity expectation index of 55.8%, up 0.2 percentage points, indicating positive outlooks for the second half of the year [4]

国家统计局服务业调查中心、中国物流与采购联合会发布的数据显示，7月份，受制造业进入传统生产 淡季，部分地区高温、暴雨洪涝灾害等因素影响，制造业采购经理指数(PMI)降至49.3%，比上月下降 0.4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50.1%和50.2%，比上月下降0.4个和0.5 个百分点，均持续高于临界点。国家统计局服务业调查中心高级统计师赵庆河表示，我国经济总体产出 保持扩张。 7月份，我国多地遭遇高温热浪、暴雨洪涝以及干旱等极端天气，给户外施工作业、居民日常生活等带 来阻碍，进而影响到市场需求释放。制造业新订单指数为49.4%，较上月下降0.8个百分点。生产指数为 50.5%，虽较上月下降0.5个百分点，仍连续3个月运行在扩张区间。中国物流信息中心专家文韬认为， 虽然制造业生产活动扩张势头短期有所放缓，但稳中有增态势没有改变。 新动能持续增长。7月份，装备制造业和高技术制造业PMI分别为50.3%和50.6%，均持续高于临界点， 高端装备制造业保持扩张；消费品行业PMI为49.5%，比上月下降0.9个百分点；高耗能行业PMI为 48%，比上月上升0.2个百分点，景气度有所改善。 ...