2025年第二季澳门生产总值修订后的详细结果将于2025年8月15日公布。 采写：南都N视频记者李敏谊 7月31日，南都N视频记者从澳门统计暨普查局获悉，受惠于一系列吸引旅客的措施，今年第二季度访 澳旅客录得近两成的升幅，带动服务出口明显回升，整体服务出口按年上升5.8%，加上当地私人消费 继续保持稳定，令澳门经济恢复正增长。2025年澳门第二季生产总值的初步数值为1003.8亿澳门元，按 年实质增长5.1%，整体经济规模恢复至2019年同期的88.8%。 今年上半年本地生产总值的初步数值为2001.4亿澳门元，按年实质上升1.8%，经济总量恢复至2019年同 期的87.0%。 ...

Economic Overview - The Central Political Bureau emphasized the need to enhance macroeconomic policy effectiveness and stimulate internal economic growth [1] - The State Council reiterated the implementation of personal consumption loan interest subsidy policies to better stimulate consumption potential [1][7] Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) for July was reported at 49.3%, a decrease of 0.4 percentage points from the previous month, marking the fourth consecutive month below the growth threshold [1][4] - The new orders index for manufacturing fell to 49.4%, down 0.8 percentage points, indicating a contraction in market demand [6] - Despite the decline in demand, the production index remained at 50.5%, indicating continued expansion in manufacturing activities [6] Price Trends - The manufacturing raw material purchase price index rose to 51.5%, an increase of 3.1 percentage points, indicating a recovery in raw material prices [6] - The ex-factory price index increased to 48.3%, up 2.1 percentage points, marking the second-highest point this year [6] Business Confidence - The production and business activity expectation index rose to 52.6%, reflecting increased confidence among manufacturing enterprises regarding market development [8] - Large enterprises maintained a PMI of 50.3%, while medium-sized enterprises improved to 49.5%, indicating a mixed outlook across different enterprise sizes [8] Non-Manufacturing Sector - The non-manufacturing business activity index was reported at 50.1%, a decrease of 0.4 percentage points, but still within the expansion range [10] - The construction business activity index fell to 50.6%, influenced by seasonal weather conditions, while infrastructure-related activities continued to show robust growth [10] Consumer Behavior - The summer consumption effect began to show, with retail and postal service indices rising above 50%, indicating strong consumer spending intentions [11] - However, the accommodation and catering sectors remained below 50%, suggesting that summer consumption has not yet significantly impacted these areas [11][12] Policy Implications - The Central Political Bureau's meeting highlighted the importance of releasing internal demand potential and implementing consumption-boosting actions [12] - The focus on service consumption is expected to play a crucial role in meeting public needs and driving consumption industry upgrades [12]

Economic Overview - Zhuhai's GDP for the first half of the year reached 224.365 billion, with a year-on-year growth of 3.8% [1] - The primary industry added value was 3.004 billion, growing by 3.7%; the secondary industry decreased by 1.3% to 91.755 billion; the tertiary industry increased by 7.4% to 129.606 billion [1] Industrial Performance - The industrial output value above designated size grew by 5.5%, with an increase of 0.7 percentage points compared to the first quarter [1] - The "4+3" industries saw a value increase of 7.2%, with high-end equipment manufacturing, integrated circuits, new energy, and new generation information technology growing by 17.9%, 16.4%, 16.0%, and 15.2% respectively [1] Service Sector Growth - The service sector's added value increased by 7.4%, with information transmission software and IT services growing by 12.1% and leasing and business services by 10.7% [2] - From January to May, the revenue of the service sector above designated size reached 69.681 billion, a year-on-year increase of 10.7% [2] Consumer Market - The total retail sales of social consumer goods reached 46.946 billion, with a growth of 5.0% [2] - Retail sales of daily necessities grew by 9.3%, while the "old-for-new" consumption policy boosted home appliances and communication equipment sales by 40.9% and 131.9% respectively [2] Foreign Trade - Zhuhai's total foreign trade import and export volume reached 168.265 billion, marking an 8.9% year-on-year increase, the highest for the same period historically [2] - Exports totaled 115.417 billion, growing by 4.7%, while imports increased by 19.5% to 52.848 billion [2] Investment Trends - Fixed asset investment decreased by 38.4%, with industrial investment down by 28.0% but showing a 10.3% growth in industrial technological transformation investment [3] - Infrastructure investment fell by 40.6%, and real estate development investment decreased by 42.1% [3] Agricultural Developments - The primary industry saw a 4.9% growth, with fisheries output valued at 5.072 billion, accounting for 76.9% of the total agricultural output [3] - Notable projects include the establishment of the first modern marine ranch in the country and the launch of the world's first deep-sea aquaculture vessel [3]

Core Viewpoint - The article emphasizes the Chinese government's commitment to advancing the "Artificial Intelligence +" initiative and implementing personal consumption and service industry loan interest subsidy policies to stimulate economic growth and enhance market vitality [1][3][5]. Group 1: "Artificial Intelligence +" Initiative - The government aims to deeply implement the "Artificial Intelligence +" initiative, promoting large-scale commercial applications of AI across various sectors, fostering a virtuous cycle of innovation and application [2][5]. - The initiative includes optimizing the AI innovation ecosystem by strengthening computing power, algorithms, and data supply, increasing policy support, and enhancing talent development [5]. - The AI industry in China is projected to exceed 700 billion yuan by 2024, maintaining a growth rate of over 20% for several consecutive years [6]. Group 2: Loan Interest Subsidy Policies - The implementation of personal consumption loan and service industry loan interest subsidy policies is expected to lower credit costs for residents and financing costs for service industry entities, thereby stimulating consumption potential and enhancing market vitality [3][9]. - The policies are designed to leverage fiscal and financial collaboration to improve the efficiency of fund utilization and ensure that financial resources are effectively allocated [9][12]. - The Ministry of Finance has indicated that these subsidy policies will have a leveraging effect on consumption, enhancing demand for end products and improving public service supply capabilities [12].

Economic Performance - In the first half of 2025, Baiyun District's GDP reached 153.28 billion, with a year-on-year growth of 5.3%, ranking first in the city [1] - The primary industry added value was 1.53 billion, growing by 4.8%; the secondary industry added value was 29.44 billion, growing by 3.9%; and the tertiary industry added value was 122.31 billion, growing by 5.7% [1] Agricultural Sector - The total output value of agriculture, forestry, animal husbandry, and fishery in Baiyun District was 3.24 billion, a year-on-year increase of 5.1% [1] - Notably, the vegetable and edible fungus sector saw a production of 226,000 tons and an output value of 1.77 billion, both increasing by 6.6% year-on-year [1] Industrial Sector - The total industrial output value in the district grew by 2.9% year-on-year, with traditional industries like furniture manufacturing and electrical machinery showing significant growth of 8.1% and 19.3%, respectively [1] - New production capacities in industrial robots, solar cells, and medical instruments saw remarkable increases of 91.6%, 72.4%, and 33% in production [1] Aviation Industry - Baiyun Airport's passenger and cargo throughput reached 4.09 million tons, with a year-on-year growth of 7.1% [2] - The air cargo turnover increased by 7.0% year-on-year, indicating a steady growth trend in the aviation sector [2] Consumer Market - The total retail sales of consumer goods in Baiyun District amounted to 58.54 billion, with a slight year-on-year increase of 0.1% [2] - Significant growth was observed in essential goods, with daily necessities, hardware, and pharmaceuticals increasing by 33.1%, 10.0%, and 41.8%, respectively [2] Service Industry - From January to May, the revenue of the profitable service industry in Baiyun District grew by 19.0% year-on-year, ranking second in the city [2] - The advertising and application software development sectors showed exceptional growth, with revenues increasing by 90.3% and 44.3%, respectively [2] Fixed Asset Investment - Fixed asset investment in Baiyun District exceeded 64 billion, with a year-on-year growth of 5.1% [3] - Investment in industrial projects grew significantly, reaching 24.51 billion, a year-on-year increase of 16.1% [3] - Industrial investment completed 8.82 billion, growing by 25.7%, while manufacturing investment reached 6.23 billion, increasing by 11.8% [3]

（文章来源：每日经济新闻） 万业企业（SH 600641，收盘价：14.62元）7月31日晚间发布公告称，本次减持股份计划实施前，公司 股东上海国盛资本管理有限公司－上海国盛海通股权投资基金合伙企业（有限合伙）（以下简称"国盛 资本"）持有公司股份46,531,500股，占公司总股本比例为5.00%。上述股份通过协议转让取得，均为无 限售条件流通股。 前期，公司披露了《股东集中竞价减持股份计划公告》。截至本公告披露日，国盛资本通过集中竞价交 易方式合计减持公司股份1,861,200股，合计减持比例为0.20%，本次减持计划已实施完毕。 2024年1至12月份，万业企业的营业收入构成为：房地产业占比48.34%，制造业占比41.44%，服务业占 比8.72%，其他业务占比1.49%。 ...

Group 1: PMI Trends - July manufacturing PMI decreased to 49.3%, down 0.4 percentage points from the previous value, indicating a contraction for the fourth consecutive month[2] - Non-manufacturing PMI fell to 50.1%, a decline of 0.4 percentage points, with service and construction sectors dropping by 0.1 and 2.2 percentage points respectively[2] - Composite PMI output index decreased by 0.5 percentage points to 50.2%, suggesting a slowdown in overall economic expansion[2] Group 2: Supply and Demand Signals - July PMI production index was 50.5%, down 0.5 percentage points, indicating continued expansion but with weakening demand[3] - New orders index fell by 0.8 percentage points to 49.4%, entering contraction territory, with new export orders down by 0.6 percentage points[3] - New export orders index dropped to 47.1%, remaining in contraction, while import orders held steady at 47.8%[3] Group 3: Price and Employment Insights - Price indices rebounded, with raw material and factory price indices rising by 3.1 and 2.1 percentage points respectively, indicating a narrowing decline in PPI[4] - Employment pressure eased slightly, with manufacturing, service, and construction employment indices increasing by 0.1, 0.0, and 1.0 percentage points respectively[4] - Service sector PMI fell to 50.0%, while construction PMI dropped 2.2 percentage points to 50.6%, the second-lowest this year[6] Group 4: Economic Outlook - The July Politburo meeting indicated a focus on policy implementation, with potential new policies expected but not strong stimulus measures[6] - Economic pressures are anticipated to increase in the second half of the year, particularly in August and September, due to prior "export rush" effects and short-term contraction[6] - Continued monitoring of US-China trade negotiations is advised, as potential developments may impact market conditions[6]

Group 1: PMI Overview - In July 2025, the manufacturing PMI decreased to 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing activity[1] - The construction business activity index was at 50.6%, down from 52.8%, while the services business activity index remained stable at 50.0%, slightly down from 50.1%[1] Group 2: Production and Demand Factors - The production index for July was 50.5%, down from 51%, while the new orders index fell to 49.4% from 50.2%, indicating a contraction in new orders[2] - Extreme weather events in July, including heavy rains and heatwaves, impacted outdoor construction activities, contributing to the decline in production and new orders[2] - Passenger car sales dropped by 21.9% month-on-month in July, reflecting weakened consumer demand post the June shopping festival[2] Group 3: Price Indices and Inventory - The PMI output price index rose by 2.1 percentage points to 48.3%, and the raw material purchase price index increased by 3.1 percentage points to 51.5%, indicating rising input costs[3] - The gap between raw material prices and finished product prices widened to 3.2 percentage points, up from 2.2 percentage points, which is detrimental to corporate profit recovery[3] - The inventory indices for finished goods and raw materials both declined, with finished goods at 47.4% and raw materials at 47.7%, indicating a contraction in inventory levels[4] Group 4: Business Sentiment and Future Outlook - Small enterprises faced significant pressure, with their PMI dropping to 46.4%, while large and medium enterprises saw slight increases[4] - The outlook for future demand remains cautious, with businesses responding primarily to short-term orders and maintaining low inventory levels[5] - The political bureau meeting emphasized consolidating economic recovery and addressing prominent issues, with a focus on nurturing emerging industries and avoiding debt-driven growth[5]

Core Viewpoint - The "anti-involution" policy has boosted prices, but supply and demand performance is counterintuitive [2][7][67] - The manufacturing PMI decreased by 0.4 percentage points to 49.3%, exceeding the average decline since 2017 [2][67] - 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%) [2][67] Manufacturing Sector - The manufacturing PMI has marginally declined, with production and new order indices both decreasing [4][70] - 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% [4][70] - The new export order index decreased by 0.6 percentage points to 47.1%, indicating a slowdown in market demand [4][70][35] Key Industries - High-energy-consuming industries are showing production strength despite price increases, with the steel industry PMI rising by 4.6 percentage points to return to the expansion zone [3][18][69] - The equipment manufacturing and consumer goods industries saw PMIs decline by 1.1 and 0.9 percentage points to 50.3% and 49.5%, respectively [3][18][69] - Investment demand weakened significantly, contrasting with the strong production performance in high-energy-consuming sectors [21][69] Non-Manufacturing Sector - The non-manufacturing PMI decreased by 0.4 percentage points to 50.1%, primarily due to a significant drop in the construction PMI [42][70] - The construction PMI fell by 2.2 percentage points to 50.6%, with the new order index dropping sharply by 2.2 percentage points to 42.7% [5][58][70] - The service sector PMI slightly declined, with the new order index remaining weak at 46.3% [5][46][70] Future Outlook - The political bureau meeting in July emphasized the need for further implementation of the "anti-involution" policy, focusing on the effects in downstream sectors and marginal changes in domestic demand [27][69] - The current situation indicates that the "anti-involution" policy in the upper reaches still requires further advancement, while high-energy-consuming industries are undergoing significant transformations [27][69]

Group 1: PMI Data Overview - In July, the manufacturing PMI decreased by 0.4 percentage points to 49.3%, while the non-manufacturing PMI fell by 0.4 percentage points to 50.1%[6][28] - The decline in manufacturing PMI is greater than the average drop of 0.1 percentage points since 2017[7][28] - The purchasing price index for major raw materials rose by 3.1 percentage points to 51.5%, marking the first increase above the critical point since March[7][18] Group 2: Sector Performance - The production index in July remained in the expansion zone at 50.5%, despite a 0.5 percentage point decline[2][13] - The new orders index fell into the contraction zone, decreasing by 0.8 percentage points to 49.4%[2][14] - High-energy-consuming industries, particularly the steel sector, saw a PMI increase of 4.6 percentage points, returning to the expansion zone at 48%[18][21] Group 3: Investment and Demand Trends - Investment demand weakened significantly in July, contrasting with the strong performance of high-energy-consuming industries[21] - The construction PMI dropped by 2.2 percentage points to 50.6%, with new orders falling sharply to 42.7%[21][42] - The business activity expectation index for the construction sector decreased by 2.3 percentage points to 51.6%[21] Group 4: Future Outlook - The political bureau meeting in July emphasized the need for further implementation of "anti-involution" policies, particularly focusing on mid- and downstream sectors[23] - The report suggests that the effectiveness of "anti-involution" policies in stimulating domestic demand will be crucial for future manufacturing performance[23]