Core Insights - The July Purchasing Managers' Index (PMI) data indicates a slight decline in China's manufacturing and non-manufacturing sectors, reflecting economic pressures [1][3][4] Manufacturing Sector - The manufacturing PMI for July is reported at 49.3%, a decrease of 0.4 percentage points from the previous month, indicating contraction [1][3] - The production index and new orders index are at 50.5% and 49.4%, respectively, showing a decline of 0.5 and 0.8 percentage points, suggesting a slowdown in market demand [5] - Despite the decline, the manufacturing sector shows resilience with high-tech and equipment manufacturing PMIs remaining above the critical point [5] Non-Manufacturing Sector - The non-manufacturing business activity index stands at 50.1%, down 0.4 percentage points from June, but still above the critical threshold [1][6] - The service sector remains stable, with a business activity index of 50.0%, slightly down by 0.1 percentage points [6] - The summer holiday effect positively influences service-related sectors such as transportation and entertainment, with indices exceeding 60.0% [6] Economic Outlook - Experts suggest that the fluctuations in the manufacturing PMI are primarily due to short-term factors, and the foundation for economic recovery remains solid [4] - The construction sector is experiencing a slowdown due to adverse weather conditions, but is expected to rebound as the rainy season ends [6][7]

Group 1: Manufacturing PMI Insights - In July 2025, China's manufacturing PMI decreased to 49.3%, down 0.4 percentage points from June[1] - The new orders index fell by 0.8 percentage points to 49.4%, indicating a return to contraction territory[2] - The production index was at 50.5%, down 0.5 percentage points, still in the expansion zone but affected by weak demand[2] Group 2: External and Internal Demand Factors - Weak external demand was reflected in the new export orders index, which dropped by 0.6 percentage points[2] - Domestic consumption growth has slowed, influenced by the real estate market adjustments and reduced effectiveness of previous growth-stimulating policies[2] - The service sector PMI was at 50.0%, down 0.1 percentage points, with tourism-related sectors performing well but overall service sector affected by real estate cooling[4] Group 3: Economic Outlook and Policy Implications - The overall economic pressure is increasing, with manufacturing PMI indicating a downturn after two months of recovery[5] - The central political bureau meeting emphasized the need for sustained macroeconomic policy support in the second half of the year[5] - Potential policy measures may include interest rate cuts and increased fiscal spending to boost domestic demand and counteract external demand slowdown[5]

Group 1: Manufacturing PMI Overview - In July, the Manufacturing Purchasing Managers' Index (PMI) was 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [2][12][14] - Large enterprises had a PMI of 50.3%, down 0.9 percentage points, while medium-sized enterprises saw an increase to 49.5%, up 0.9 percentage points, and small enterprises dropped to 46.4%, down 0.9 percentage points [2][15] - The production index was 50.5%, down 0.5 percentage points, indicating continued expansion in manufacturing production [3][14] Group 2: Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index was 50.1%, a decrease of 0.4 percentage points, but still above the critical point [8][12][17] - The service sector's business activity index was stable at 50.0%, while the construction sector's index fell to 50.6%, down 2.2 percentage points [8][17] - The new orders index for non-manufacturing was 45.7%, down 0.9 percentage points, indicating a decline in market demand [8][12] Group 3: Price and Employment Indices - The input price index for non-manufacturing rose to 50.3%, up 0.4 percentage points, indicating an increase in overall input prices [8] - The sales price index for non-manufacturing was 47.9%, down 0.9 percentage points, suggesting a decrease in overall sales prices [9] - The employment index for non-manufacturing was 45.6%, slightly up by 0.1 percentage points, indicating a slight improvement in employment conditions [10] Group 4: Comprehensive PMI Insights - The Comprehensive PMI Output Index was 50.2%, down 0.5 percentage points, indicating overall expansion in production and business activities [11][18] - The manufacturing production index and non-manufacturing business activity index were 50.5% and 50.1%, respectively, contributing to the overall PMI output index [18]

Group 1: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) decreased to 49.3% in July, down 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [1][2] - The production index remained in expansion at 50.5%, while the new orders index fell to 49.4%, reflecting a slowdown in market demand [2] - Large enterprises maintained expansion with a PMI of 50.3%, while medium-sized enterprises improved to 49.5%, and small enterprises decreased to 46.4% [3] Group 2: Price Indices - The price index for major raw materials increased, with the purchasing price index at 51.5% and the factory price index at 48.3%, indicating an overall improvement in manufacturing market prices [2] - The purchasing price index for major raw materials rose above the critical point for the first time since March, suggesting a recovery in market conditions [2] Group 3: Non-Manufacturing Sector - The non-manufacturing business activity index was 50.1%, down 0.4 percentage points from the previous month, but still above the critical point, indicating continued expansion [1][4] - The service sector's business activity index remained stable at 50.0%, with certain industries like transportation and entertainment showing strong growth due to seasonal effects [4] - The construction sector's business activity index fell to 50.6%, influenced by adverse weather conditions, while the business activity expectation index for the service sector rose to 56.6%, indicating optimism among service enterprises [4] Group 4: Composite PMI - The composite PMI output index was 50.2%, down 0.5 percentage points from the previous month, but still indicating overall expansion in production and business activities [5][6] - The manufacturing production index and non-manufacturing business activity index contributed to the composite PMI, standing at 50.5% and 50.1% respectively [6]

Group 1: Manufacturing PMI Overview - In July, the Manufacturing Purchasing Managers' Index (PMI) was 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [2][21][22] - The production index was 50.5%, down 0.5 percentage points, while the new orders index was 49.4%, down 0.8 percentage points, suggesting a slowdown in market demand [6][22] - Large enterprises maintained expansion with a PMI of 50.3%, while medium-sized enterprises improved to 49.5%, and small enterprises decreased to 46.4% [5][23][24] Group 2: Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index was 50.1%, a decrease of 0.4 percentage points, but still above the critical point, indicating continued expansion [11][25] - The service sector's business activity index was stable at 50.0%, while the construction sector's index fell to 50.6%, down 2.2 percentage points due to adverse weather conditions [14][25] - The business activity expectation index for non-manufacturing was 55.8%, indicating optimism among most enterprises regarding market development [17][25] Group 3: Comprehensive PMI Overview - The Comprehensive PMI Output Index was 50.2%, a decrease of 0.5 percentage points, but still indicating overall expansion in production and business activities [20][26] - The manufacturing production index and non-manufacturing business activity index were 50.5% and 50.1%, respectively, contributing to the comprehensive index's performance [26]

央视网消息：国家统计局发布2025年7月中国采购经理指数运行情况。 一、中国制造业采购经理指数运行情况 7月份，制造业采购经理指数（PMI）为49.3%，比上月下降0.4个百分点，制造业景气水平有所回落。 新订单指数为45.7%，比上月下降0.9个百分点，表明非制造业市场需求回落。分行业看，建筑业新订单 指数为42.7%，比上月下降2.2个百分点；服务业新订单指数为46.3%，比上月下降0.6个百分点。 原材料库存指数为47.7%，比上月下降0.3个百分点，表明制造业主要原材料库存量继续减少。 从业人员指数为48.0%，比上月上升0.1个百分点，表明制造业企业用工景气度略有回升。 供应商配送时间指数为50.3%，比上月上升0.1个百分点，表明制造业原材料供应商交货时间继续加快。 二、中国非制造业采购经理指数运行情况 7月份，非制造业商务活动指数为50.1%，比上月下降0.4个百分点，仍高于临界点。 分行业看，建筑业商务活动指数为50.6%，比上月下降2.2个百分点；服务业商务活动指数为50.0%，比 上月下降0.1个百分点。从行业看，铁路运输、航空运输、邮政、文化体育娱乐等行业商务活动指数位 于60.0%以上 ...

中国物流与采购联合会、国家统计局服务业调查中心今天(31日)发布7月份中国采购经理指数。受季节 性因素影响，制造业采购经理指数有所波动，制造业景气水平较上月有所回落。 制造业景气水平较上月有所回落 7月份中国制造业采购经理指数为49.3%，较上月下降0.4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：7月份受制造业进入传统生产淡季，以及部分地区 高温暴雨洪涝灾害等因素影响，采购经理指数是在连续两个月回升之后有所回落，制造业景气水平有所 下降。 从主要分项指数看，制造业新订单指数回落到收缩区间，运行偏弱。制造业企业生产保持扩张，延续稳 中有增的态势。7月份生产指数为50.5%，连续3个月运行在扩张区间。铁路船舶航空航天设备、计算机 通信电子设备等行业的生产指数和新订单指数持续位于扩张区间，相关行业产需两端较为活跃。 国家统计局服务业调查中心企业景气处处长 霍丽慧：从市场预期来看，服务业业务活动预期指数是有 所回升，继续位于55%以上的较高景气区间，表明多数服务业企业对近期市场发展前景还是比较乐观 的。 另外，7月份，装备制造业采购经理指数为50.3%，较上月下降1.1个百分点，仍保持在扩张区间。高 ...

Group 1: Manufacturing PMI Insights - In July, the manufacturing purchasing managers' index (PMI) decreased to 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [2][3] - The production index remained in expansion at 50.5%, while the new orders index fell to 49.4%, reflecting a slowdown in market demand [3] - Large enterprises maintained expansion with a PMI of 50.3%, although it decreased by 0.9 percentage points, while medium-sized enterprises improved to 49.5% [4] Group 2: Non-Manufacturing PMI Insights - The non-manufacturing business activity index stood at 50.1%, down 0.4 percentage points from the previous month, but still above the critical point [5] - The service industry business activity index was stable at 50.0%, with sectors related to travel and consumption showing strong performance, while real estate and residential services lagged [5][6] - The construction business activity index fell to 50.6%, down 2.2 percentage points, due to adverse weather conditions affecting construction activities [6] Group 3: Comprehensive PMI Insights - The comprehensive PMI output index was 50.2%, a decrease of 0.5 percentage points from the previous month, indicating overall expansion in production and business activities [7] - The manufacturing production index and non-manufacturing business activity index contributed to the comprehensive PMI, standing at 50.5% and 50.1% respectively [7]

智通财经APP获悉，7月31日，国家统计局公布2025年7月中国采购经理指数运行情况。7月份，制造业采购经理指数（PMI）为49.3%，比上月下降0.4个百分 点，制造业景气水平有所回落。从企业规模看，大型企业PMI为50.3%，比上月下降0.9个百分点，高于临界点；中型企业PMI为49.5%，比上月上升0.9个百 分点，低于临界点；小型企业PMI为46.4%，比上月下降0.9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，生产指数和供应商 配送时间指数均高于临界点，新订单指数、原材料库存指数和从业人员指数低于临界点。 原文如下： 2025年7月中国采购经理指数运行情况 一、中国制造业采购经理指数运行情况 7月份，制造业采购经理指数（PMI）为49.3%，比上月下降0.4个百分点，制造业景气水平有所回落。 从企业规模看，大型企业PMI为50.3%，比上月下降0.9个百分点，高于临界点；中型企业PMI为49.5%，比上月上升0.9个百分点，低于临界点；小型企业PMI 为46.4%，比上月下降0.9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，生产指数和供应商配 ...

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 7月份，制造业采购经理指数（PMI）为49.3%，比上月下降0.4个百分点，制造业景气水平有所回落。 从企业规模看，大型企业PMI为50.3%，比上月下降0.9个百分点，高于临界点；中型企业PMI为49.5%，比上月上升0.9个百分点，低于临界点；小型企业PMI 为46.4%，比上月下降0.9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，生产指数和供应商配送时间指数均高于临界点，新订单指数、原材料库存指数和从业人员指数低于临 界点。 新订单指数为49.4%，比上月下降0.8个百分点，表明制造业市场需求有所放缓。 原材料库存指数为47.7%，比上月下降0.3个百分点，表明制造业主要原材料库存量继续减少。 从业人员指数为48.0%，比上月上升0.1个百分点，表明制造业企业用工景气度略有回升。 供应商配送时间指数为50.3%，比上月上升0.1个百分点，表明制造业原材料供应商交货时间继续加快。 表1 中国制造业PMI及构成指数（经季节调整） 单位：% | | PMI | | | | | | | --- | ...