Core Viewpoints - The manufacturing PMI for May increased marginally to 49.5%, up 0.5 percentage points from the previous month, indicating a slight recovery in manufacturing activity [2][10][52] - The new export index remains low, while domestic demand, particularly in consumer goods and equipment manufacturing, shows significant improvement [2][21] Manufacturing Sector - The manufacturing PMI shows overall improvement, with production and new order indices rising by 0.9 and 0.6 percentage points to 50.7% and 49.8%, respectively [2][52] - The production index has recovered above the expansion threshold, while the new order index remains in contraction territory, indicating faster production but weaker demand [2][10] - Industries with high domestic demand, such as equipment manufacturing and consumer goods, have seen PMIs rise by 1.6 and 0.8 percentage points to 51.2% and 50.2% [2][21] - Conversely, export-dependent sectors like textiles and chemicals have underperformed, with production and new order indices below the critical point [2][21] Non-Manufacturing Sector - The non-manufacturing PMI decreased slightly to 50.3%, with the construction sector experiencing a notable decline due to weak real estate performance [2][67] - The construction PMI fell by 0.9 percentage points to 51%, while civil engineering activities are accelerating, as indicated by a PMI of 62.3% [29][67] - Service sector PMI saw a marginal increase to 50.2%, driven by improved activity in tourism and dining during the holiday period [40][67] Future Outlook - Uncertainties surrounding U.S. tariff policies remain significant, necessitating close monitoring of fiscal policies' impact on domestic demand [45] - The recent court ruling against Trump's tariffs has created a temporary freeze on tariff enforcement, adding to the external uncertainties [45] - Service consumption and infrastructure investment are expected to be key areas for fiscal support, potentially enhancing domestic demand [45]

Group 1: Manufacturing Sector - The manufacturing PMI for May 2025 is reported at 49.5%, a 0.5 percentage point increase from the previous month, aligning with market expectations[2][4] - The production index rose to 50.7%, up 0.9 percentage points from last month, indicating a recovery in production activities[5][14] - New orders index increased to 49.8%, up 0.6 percentage points, reflecting improved demand conditions[5][14] - High-tech manufacturing PMI stands at 50.9%, while energy-intensive industries continue to decline, with a PMI of 47.0%[6][19] Group 2: Service and Construction Sectors - The service sector PMI slightly increased to 50.2%, driven by the "May Day" holiday effect, with significant activity in tourism and hospitality[31][32] - The construction sector PMI is at 51.0%, down 0.9 percentage points, indicating a slowdown in expansion due to housing demand constraints, although infrastructure projects are accelerating[35][36] - Special bonds issuance in May reached 443.2 billion yuan, significantly higher than April's 230.1 billion yuan, supporting investment in infrastructure[35]

Economic Overview - In May, the manufacturing Purchasing Managers' Index (PMI) rose by 0.5 percentage points to 49.5%, indicating an improvement in economic conditions [1][2] - The comprehensive PMI output index increased by 0.2 percentage points, reflecting overall economic expansion [1][4] Manufacturing Sector - The new export orders index increased by 2.8 percentage points to 47.5%, suggesting a slowdown in the decline of manufacturing exports [2] - The new orders index rose by 0.6 percentage points to 49.8%, indicating stable market demand [2] - The manufacturing production index returned to the expansion zone at 50.7%, up by 0.9 percentage points [2] - The raw material purchasing index increased by 1.3 percentage points to 47.6%, showing a recovery in procurement activities [2] Key Industries - High-tech manufacturing PMI stood at 50.9%, remaining in the expansion zone for four consecutive months [3] - Equipment manufacturing PMI rose to 51.2%, and consumer goods PMI increased to 50.2%, reflecting improvements of 1.6 and 0.8 percentage points respectively [3] - Large enterprises' PMI increased by 1.5 percentage points to 50.7%, with production and new orders indices at 51.5% and 52.5% respectively [3] Non-Manufacturing Sector - The non-manufacturing business activity index was at 50.3%, slightly down by 0.1 percentage points but still indicating expansion [4] - The service industry business activity index rose by 0.1 percentage points to 50.2%, while the construction industry index decreased by 0.9 percentage points to 51% [4] - The non-manufacturing business activity expectation index was at 55.9%, indicating optimism among businesses [4]

国家统计局5月31日发布数据显示， 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； 非制造业商务活动指数为50.3%，比上月下降0.1个百分点；综合PMI产出指数为50.4%，比上 月上升0.2个百分点，我国经济总体产出保持扩张。 制造业PMI回升 国家统计局服务业调查中心高级统计 师赵庆河表示，5月份，制造业PMI为49.5%，景气水平 比上月改善。 图片来源：国家统计局 企业生产加快。 5月份，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，制造业生产活 动有所加快。新订单指数为49.8%，比上月上升0.6个百分点。 大型企业PMI升至临界点以上。 5月份，大型企业PMI为50.7%，比上月上升1.5个百分点，重返扩张区 间，其生产指数和新订单指数分别为51.5%和52.5%，比上月上升1.7和3.0个百分点；中型企业PMI为 47.5%，比上月下降1.3个百分点，景气水平回落；小型企业PMI为49.3%，比上月上升0.6个百分点，景 气水平有所改善。 高技术制造业延续扩张。 5月份，从重点行业看，高技术制造业PMI为50.9%，连续4个月保持在扩张区 间， ...

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 ...

Core Insights - The article highlights the transformation of traditional post offices into new urban spaces that integrate cultural experiences and consumer interactions, with the Niujie themed post office in Beijing serving as a prime example of this trend [1][4]. Group 1: Cultural Integration - The Niujie themed post office combines local culinary culture with postal services, creating a vibrant space that attracts young people, tourists, and stamp collectors [1][4]. - A series of plush food toys inspired by traditional Beijing snacks has gained popularity, emphasizing the emotional connection to local food culture and appealing to both younger and older generations [2][5]. Group 2: Interactive Experiences - Stamp collecting has become a key cultural interaction method at the Niujie themed post office, with 16 free stamps available for visitors, enhancing the experience of collecting and sharing memories [3][4]. - The introduction of a "colorful postcard" series allows visitors to create personalized postcards through a unique stamping process, further engaging them in the local culture [3][5]. Group 3: New Consumption Patterns - The themed post office is evolving into a cultural hub that not only sells products but also fosters emotional connections and memories, redefining its role in urban life [4][5]. - The trend of themed post offices is expanding nationwide, with various locations adopting similar models that emphasize cultural engagement and interactive experiences [4][5].

Core Points - The article highlights the significant advancements in China's transportation infrastructure, emphasizing its role as a pioneer in modernizing the country [1] - It showcases the dedication and achievements of various professionals in the transportation sector, including engineers, researchers, and maritime personnel [2][3][4] Group 1: Transportation Infrastructure - China has the world's largest high-speed railway and highway networks, with a comprehensive transportation network exceeding 6 million kilometers [1] - The construction of the world's largest ship lift at the Three Gorges is a major engineering challenge, with successful operational and maintenance systems established [2] - The Tian Shan Victory Tunnel, the longest highway tunnel globally, was completed ahead of schedule, demonstrating the effectiveness of domestic TBM technology [2] Group 2: Technological Advancements - Domestic TBM manufacturing technology has significantly improved, moving from reliance on imports to developing advanced local solutions [3] - The article mentions the evolution of transportation logistics, with improved postal services in remote areas due to better infrastructure [4] - The integration of technology in logistics, such as the potential use of drones for deliveries, is highlighted as a future development [4]

Core Viewpoint - The article highlights the stories of five representatives from the transportation sector who are pioneers in building a strong transportation nation, emphasizing their contributions and innovations in various challenging environments [1][3]. Group 1: Innovations in Transportation - Tian Bo, deputy director of the Basic Research Innovation Center at the Highway Scientific Research Institute, has led a team to overcome key technologies for building roads on permafrost in the Qinghai-Tibet Plateau, resulting in 64 authorized national invention patents and a second-class National Science and Technology Progress Award [3][4]. - Li Ran, director of the Navigation Engineering Technology Center at the Yangtze River Three Gorges Navigation Management Bureau, has developed the first domestic operational specifications for the world's largest ship lift, ensuring its operational efficiency and safety [3][4]. Group 2: Smart Shipping and Safety - Li Ran aims to enhance shipping intelligence by utilizing big data, AI, and smart technologies to improve the efficiency of Yangtze River shipping [4]. - Zhan Chunpei, the first female captain of a public ocean-going vessel in China, emphasizes the increasing richness and intelligence of maritime patrol tasks, contributing to a stable water safety situation [4][5]. Group 3: Community Impact and Future Aspirations - Sang Nancai, a postal worker in Yunnan, has witnessed significant improvements in transportation over 37 years, reducing delivery times from six days to five trips a week, thereby enhancing the quality of life for local residents [6]. - Sang plans to improve operational efficiency by participating in drone operation training, reflecting the industry's shift towards automation and technology [6].

5月21日，北京市邮政公司、邮储银行北京分行与京东集团携手举办京东外卖全职骑手进驻"邮爱驿 站"启动仪式，正式开启关爱户外劳动者合作的崭新篇章。 邮储银行北京分行与京东集团的合作可追溯至早期商务汇款业务，双方秉持 "优势互补、互利共赢" 原 则，在金融科技、供应链金融、普惠金融等领域开展13项深度合作，年融资金额、同业投资及托管规模 均突破百亿元。邮储银行北京分行副行长高 博指出："从金融业务伙伴到社会责任同盟，我们与京东的 合作始终紧跟时代需求。'邮爱驿站'不仅是物理服务空间，更是传递关爱的情感纽带，未来将以此为基 点，联合更多社会力量，构建全方位劳动者服务体系。" 京东外卖全职骑手代表李岩作为一线劳动者发声："和京东签订正式劳动合同，收到五险一金到账通知 的时候，我的心情非常激动，没想到又等来'邮爱驿站'这个暖心保障，我们骑手每天在街头巷尾送单， 能有一个歇脚、喝水的'温暖屋'，让我们真切感受到社会的尊重。我们将继续用心服务，用优质配送回 馈大家的关爱。" 仪式现场，四方代表共同签署合作协议，明确未来将围绕骑手权益保障、职业发展支持、应急服务网络 等领域深化协作。邮储银行北京分行相关负责人表示，将持续优化 ...