Core Viewpoint - The manufacturing PMI in May shows signs of recovery, indicating the effectiveness of proactive macro policies, while the non-manufacturing sector continues to expand, laying a solid foundation for economic recovery [1][3][9]. Manufacturing Sector - The manufacturing PMI for May is reported at 49.5%, an increase of 0.5 percentage points from the previous month, while the comprehensive PMI output index is at 50.4%, up by 0.2 percentage points [1]. - Key sub-indices such as production, new orders, and procurement have shown improvement, with increases ranging from 0.2 to 3.7 percentage points [3]. - High-tech manufacturing PMI remains in the expansion zone at 50.9%, marking four consecutive months of growth [2][3]. Non-Manufacturing Sector - The non-manufacturing business activity index stands at 50.3%, maintaining above the expansion threshold for five consecutive months [9]. - Significant growth in new orders and export orders in the equipment manufacturing and high-tech sectors, with new export orders rising over 5 and 3 percentage points respectively [4][10]. Price Indices - The purchasing price index for manufacturing is at 46.9%, and the factory price index is at 44.7%, both showing a slight decrease but with a narrowing decline compared to the previous month [6]. - The overall market price decline has slowed, indicating a potential stabilization in demand and production [6]. Employment and Investment - Production investment is showing signs of recovery, contributing to an improving employment situation [7]. - The focus is on activating the domestic market and achieving the goal of expanding domestic demand to support economic circulation [7]. Economic Outlook - The overall economic operation shows a foundation for continued recovery, supported by stable non-manufacturing activities and positive performance in investment, consumption, and exports [8][10].

Group 1: Manufacturing Sector - The manufacturing production index increased by over 4 percentage points, reaching above 54%, maintaining above 50% for 10 consecutive months [1] - The manufacturing PMI for May was reported at 49.5%, up 0.5 percentage points from the previous month, indicating a recovery in manufacturing activity [1] - The new export orders index rose to 47.5%, an increase of 2.8 percentage points, suggesting a slowdown in the decline of manufacturing exports [4] - The production index for manufacturing returned to the expansion zone at 50.7%, up 0.9 percentage points from the previous month [5] - Large enterprises reported a PMI of 50.7%, with a production index increase of 1.7 percentage points, indicating a strong recovery in supply and demand [5] Group 2: Non-Manufacturing Sector - The non-manufacturing business activity index was at 50.3%, a slight decrease of 0.1 percentage points, but still indicating expansion [10] - The civil engineering construction industry saw a significant increase in new export orders, with the business activity index rising to over 60% [10] - The telecommunications services business activity index rose to over 60%, reflecting strong demand in the sector [10][11] - The information services sector continues to show growth potential, supported by policy measures and sustained market demand [11]