在市场需求和企业原材料采购活动同步扩张的支撑下，主要原材料购进价格指数和出厂价格指数均较上月明显回升。制造业市场价格总体 水平有所改善。从不同规模企业看，制造业大中型企业景气度均有所提高，特别是大型企业扩张势头有所加快，对制造业整体支撑作用显著。 央视网消息：国家统计局、中国物流与采购联合会6月30日联合发布的数据显示，6月份中国制造业采购经理指数（PMI）为49.7%，比上 月上升0.2个百分点，制造业景气水平继续改善。 6月份制造业采购经理指数升至49.7%，在调查的21个行业中有11个位于扩张区间，比上月增加4个，制造业景气面有所扩大。从产需两端 看，生产指数和新订单指数分别为51%和50.2%，比上月上升0.3和0.4个百分点，新出口订单指数也连续2个月上升。制造业生产活动加快，市 场需求有所改善。在产需回升的带动下，企业采购意愿也有所增强，采购量指数为50.2%，较上月上升2.6个百分点。 国家统计局服务业调查中心企业景气处处长霍丽慧称："从重点行业来看，装备制造业、高技术制造业和消费品行业的PMI都是连续两个 月位于扩张区间，其中装备制造业的生产指数和新订单指数本月均高于53%，相关行业产需两端还 ...

今年二季度，受到美国关税政策变化的影响，制造业运行短期有所波动，但我国经济展现出了较强的韧 性，在短期放缓后迅速回稳。 国家统计局6月30日发布的6月份制造业采购经理指数（PMI）为49.7%，比上月上升0.2个百分点，连续 两个月回升，制造业景气水平继续改善。非制造业商务活动指数为50.5%，比上月上升0.2个百分点。 中国物流与采购联合会特约分析师张立群表示，6月份PMI指数小幅回升，表明一系列增量政策的效果 继续显现。订单类指数回升反映扩大内需政策效果有所显现；生产指数、采购量指数上升反映企业生产 经营活动有回暖趋势。同时应注意到PMI指数仍处荣枯线下，生产经营活动预期指数仍在下降，反映需 求不足的企业占比仍在扩大，市场引导的需求收缩对制造业生产投资的制约仍然突出。 张立群强调，当前宏观经济政策逆周期调节与市场引导的需求收缩正处相互角力的关键阶段，必须坚持 不懈持续加大扩内需各项政策力度，特别要显著加强政府公共产品投资力度，扩大投资规模，有效有力 带动制造业企业订单显著增加，带动制造业生产投资持续活跃。 6月份PMI指数小幅回升，表明一系列增量政策的效果继续显现。 大型企业扩张势头加快 从企业规模看，大 ...

【导读】国家统计局最新公布，6月份 PMI为49.7% 来源：统计微讯 【数据发布】2025年6月中国采购经理指数运行情况 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 国家统计局服务业调查中心 6 月份， 制造业采购经理指数（ PMI ）为 49.7% ，比上月上升 0.2 个百分点，制造业景气 水平继续改善。 从企业规模看，大型企业 PMI 为 51.2% ，比上月上升 0.5 个百分点，高于临界点；中型企 业 PMI 为 48.6% ，比上月上升 1.1 个百分点，低于临界点；小型企业 PMI 为 47.3% ，比 上月下降 2.0 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、新订单指数和供应商配送 时间指数均高于临界点，原材料库存指数和从业人员指数低于临界点。 生产指数为 51.0% ，比上月上升 0.3 个百分点，表明制造业企业生产活动加快。 新订单指数为 50.2% ，比上月上升 0.4 个百分点，表明制造业市场需求有所改善。 原材料库存指数为 48.0% ，比上月上升 0.6 个百分点，低于临界点，表明制造业主要原材 料库存量降幅继续收 ...

SHMET 网讯： 一、中国制造业采购经理指数运行情况 6月份，制造业采购经理指数（PMI）为49.7%，比上月上升0.2个百分点，制造业景气水平继续改善。 新订单指数为50.2%，比上月上升0.4个百分点，表明制造业市场需求有所改善。 原材料库存指数为48.0%，比上月上升0.6个百分点，低于临界点，表明制造业主要原材料库存量降幅继续收窄。 从业人员指数为47.9%，比上月下降0.2个百分点，表明制造业企业用工景气度小幅回落。 供应商配送时间指数为50.2%，比上月上升0.2个百分点，表明制造业原材料供应商交货时间较上月加快。 表1 中国制造业PMI及构成指数（经季节调整） 单位：% | | | | | | 原材 | | | 商 | 供应 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | PMI | 生产 单 | 新订 料 | | 人员 | 从业 | | | | | | | | | 库存 | | | 时间 | 配送 | | 6月 | 2024年 | 49.5 | 50.6 | 49.5 | 47.6 | | 48.1 ...

Group 1: Manufacturing Purchasing Managers Index (PMI) - In June, the manufacturing PMI rose to 49.7%, with 11 out of 21 surveyed industries in the expansion zone, an increase of 4 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, suggesting accelerated production activities and improved market demand [2] - Large enterprises reported a PMI of 51.2%, up 0.5 percentage points, indicating significant support for the manufacturing sector, while small enterprises saw a decline in PMI to 47.3%, down 2.0 percentage points [3] Group 2: Non-Manufacturing Business Activity Index - The non-manufacturing business activity index reached 50.5%, an increase of 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [4] - The construction industry showed a notable increase with a business activity index of 52.8%, up 1.8 percentage points, reflecting a recovery in construction activities, particularly in civil engineering [4] - The business activity expectation index for the non-manufacturing sector was at 56.0%, indicating optimism among service industry enterprises regarding future developments [4] Group 3: Comprehensive PMI Output Index - The comprehensive PMI output index rose to 50.7%, an increase of 0.3 percentage points, indicating an acceleration in overall production and business activities across enterprises [5] - The manufacturing production index and non-manufacturing business activity index contributed to the comprehensive PMI output index, standing at 51.0% and 50.5%, respectively [5]

6月份，制造业PMI升至49.7%，在调查的21个行业中有11个位于扩张区间，比上月增加4个，制造业景 气面有所扩大。 6月份制造业采购经理指数继续回升 非制造业商务活动指数扩张有所加快 ——国家统计局服务业调查中心高级统计师赵庆河解读2025年6月中国采购经理指数 2025年6月30日国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。对此， 国家统计局服务业调查中心高级统计师赵庆河进行了解读。 6月份，制造业采购经理指数、非制造业商务活动指数和综合PMI产出指数分别为49.7%、50.5%和 50.7%，比上月上升0.2、0.2和0.3个百分点，三大指数均有所回升，我国经济景气水平总体保持扩张。 一、制造业采购经理指数继续回升 二、非制造业商务活动指数扩张有所加快 6月份，非制造业商务活动指数为50.5%，比上月上升0.2个百分点，非制造业总体继续保持扩张。 (一)服务业景气度基本稳定。服务业商务活动指数为50.1%，比上月略降0.1个百分点。从行业看，电信 广播电视及卫星传输服务、货币金融服务、资本市场服务、保险等行业商务活动指数均位于60.0%以上 高位景气区间，业务总量增长较快。随 ...

Group 1 - The industrial production and investment in Guangxi have maintained rapid growth in 2023, with the industrial economy showing stable improvement and acceleration [1] - From January to May, the industrial added value of large-scale enterprises in Guangxi increased by 8.1% year-on-year, while the total industrial output value rose by 7.6% [1] - Industrial tax revenue grew by 5.9%, which is 5.5 percentage points higher than the overall tax revenue growth rate in the region, indicating the industrial sector's significant contribution to the local economy [1] Group 2 - The "new three items" in Guangxi, including lithium-ion batteries for vehicles, new energy vehicles, and ultra-white glass for solar industry, have shown substantial growth, with battery production increasing by 69% and new energy vehicles by 47% from January to May [2] - The implementation of the "Artificial Intelligence + Manufacturing" initiative has led to rapid growth in AI products and applications, with service robot production up by 31.5% and intelligent connected vehicles by 29.6% [2] - The industrial economic operation index for Guangxi in May was reported at 101.4, indicating a positive market expectation and stable production operations among industrial enterprises [2]

Stats by year ] Total Crned Number of sales all William. 855 :40% ESS ...... e is 2000 ... .. .. .. 1500 22 1000 2020 不要 6 Number of sales and amount by year o 159 SPER SEASE 8 Stats by month ol sake ned Number by county 17.6 LaTS Od -2010 6-0-2019 a Uf Aug-2019 Number of sales and an y 2010 Jun-2019 May-2010 0 9/0 60 6月27日，国家统计局公布2025年1—5月份全国规模以上工业企业利润情况。 数据显示，1—5月，规模以上工业企业利润累计同比下跌1.1%，增速较4月下跌2.5个百分点。5月份，当月规模以上工业企业利润同比下降9.1%，较4月下降 12.1个百分点，为去年10月以来最大跌幅，表明工业企业经营压力有所增大。 从主要分项看，"两重两新"政策推动装备制造业和高技术制造业企业利润增长，1— ...

Core Viewpoint - The article discusses the recent economic data in China, highlighting the growth in consumer spending supported by policies like "trade-in for new" and the stabilization of the real estate market. It raises questions about sustaining this growth amid potential pressures from declining export growth and real estate price fluctuations. Group 1: Consumer Spending - In May, China's total retail sales reached 41,326 billion yuan, growing by 6.4% year-on-year, with accelerated growth in consumer goods, particularly in home appliances and mobile phones, driven by the "trade-in for new" policy [1][3] - The "trade-in for new" policy has significantly supported consumption, contributing 1.3 percentage points to the retail sales growth in the first five months of the year [4] - The internal growth momentum for consumer spending has improved due to a decrease in unemployment rates and an increase in disposable income [4][5] Group 2: Economic Growth Forecast - The GDP growth rate for the second quarter is expected to be around 5.3%-5.4%, with retail sales growth also projected at approximately 5.4% [6] - However, there are concerns that internal consumption growth may face pressures from declining export growth and fluctuations in real estate prices in the second half of the year [6] Group 3: Export and Trade - China's total import and export value in the first five months was 17.94 trillion yuan, with a year-on-year growth of 2.5%. Exports to ASEAN and the EU increased, while exports to the US declined [8] - The diversification of export destinations has effectively mitigated geopolitical risks, with ASEAN becoming China's largest export market [8][9] Group 4: Real Estate Market - The real estate market is still in an adjustment phase, with new housing sales showing significant variation across cities. First-tier cities have shown resilience, while second-hand housing prices continue to decline [12][15] - Policies aimed at increasing the supply of quality housing are seen as crucial for stabilizing the real estate market, with expectations for further relaxation of restrictive policies in major cities [15]

作 者丨郑玮 编 辑丨周上祺 近日，1—5月国民经济运行数据发布，消费、工业、出口等板块表现受到市场关注。 从数据表现上看，5月消费强势领跑，工业、出口则呈现韧性中放缓趋势。其中，5月社会消费 品零售总额同比增长6.4%，实现今年以来月度最高增速，增幅跑赢出口、投资。与"高歌猛 进"的消费相对的是，5月规上工业增加值、货物出口总额同比增速均有所放缓。 表现亮眼的消费主要受到什么因素驱动？"国补"政策效应能否长期持续？下半年中国出口市场 将呈现何种走势？还有哪些潜在风险需要注意？围绕市场关注议题，21世纪经济报道专访广发 证券首席经济学家郭磊。 郭磊认为，在"两新"政策带动下，目前消费仍处于政策红利期，未来除财政补贴外，促消费政 策在收入端、金融端、社会端等方面也仍然存在很多政策空间，预计下半年"两新"和服务类消 费带动下的消费仍将保持相对活跃状态。 同时，郭磊分析表示，受逆全球化关税政策、建筑业降幅扩大等影响，下半年出口-制造业条 线或将有所放缓，对冲方式包括推动建筑业逆周期，加快基建开工和实物工作量，以及推动消 费和服务业发展，用消费动能部分替代出口动能，以内需的确定性应对外需的不确定性。 （广发证券首席经 ...