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6月PMI数据点评:强在中游
Huachuang Securities· 2025-07-01 07:46
Group 1: PMI Data Overview - The manufacturing PMI for June is 49.7%, up from 49.5% in May[2] - The production index is at 51.0%, an increase of 0.3 percentage points from the previous value of 50.7%[2] - The new orders index stands at 50.2%, rising from 49.8%[2] Group 2: Sector Performance - The equipment manufacturing PMI is the highest at 51.4%, up 1.8 percentage points from April's 49.6%[4] - The construction industry business activity index is at 52.8%, an increase of 1.8 percentage points from the previous month[14] - The service industry business activity index is slightly down at 50.1%, a decrease of 0.1 percentage points[14] Group 3: Price and Inventory Trends - The PMI factory price index is at 46.2%, remaining below the neutral line for 13 consecutive months[4] - The inventory index has improved, with the purchasing index at 50.2%, up from 47.6%[3] - The comprehensive PMI output index is at 50.7%, reflecting a 0.3 percentage point increase from the previous month[15] Group 4: External Trade and Expectations - New export orders index is at 47.7%, a slight increase from 47.5%[3] - The manufacturing production expectation index is at 52.0%, down from 52.5%[14] - The construction industry business activity expectation index is at 53.9%, up from 52.4%[14]