Group 1: Report Overview - The report presents the July 2025 China Purchasing Managers' Index (PMI) data released on July 31 by the National Bureau of Statistics Service Survey Center and the China Federation of Logistics and Purchasing [1] Group 2: Manufacturing PMI - In July, the manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing sentiment [2] - Large - scale enterprises had a PMI of 50.3%, down 0.9 percentage points; medium - scale enterprises had a PMI of 49.5%, up 0.9 percentage points; small - scale enterprises had a PMI of 46.4%, down 0.9 percentage points [2] - Among the five sub - indices of manufacturing PMI, the production index and supplier delivery time index were above the critical point, while the new order index, raw material inventory index, and employment index were below it [2] - The production index was 50.5%, down 0.5 percentage points, showing continued expansion in manufacturing production; the new order index was 49.4%, down 0.8 percentage points, indicating a slowdown in market demand; the raw material inventory index was 47.7%, down 0.3 percentage points, meaning a continued decrease in the inventory of major raw materials; the employment index was 48.0%, up 0.1 percentage points, showing a slight improvement in employment sentiment; the supplier delivery time index was 50.3%, up 0.1 percentage points, indicating faster delivery times [2] Group 3: Non - manufacturing PMI - In July, the non - manufacturing business activity index was 50.1%, down 0.4 percentage points from the previous month but still above the critical point [3] - The construction industry business activity index was 50.6%, down 2.2 percentage points; the service industry business activity index was 50.0%, down 0.1 percentage points [3] - Industries such as railway transportation, air transportation, postal services, and culture, sports, and entertainment were in the high - prosperity range above 60.0%, while the real estate and resident service industries were below the critical point [3] Group 4: Comprehensive PMI - In July, the comprehensive PMI output index was 50.2%, down 0.5 percentage points from the previous month, indicating that overall business production and operation activities in China maintained an expansion trend [3]

Group 1: Manufacturing PMI Overview - In June, the Manufacturing Purchasing Managers' Index (PMI) was 49.7%, an increase of 0.2 percentage points from the previous month, indicating continued improvement in manufacturing sentiment [2][22]. - The production index was 51.0%, up 0.3 percentage points, suggesting accelerated production activities in the manufacturing sector [6][23]. - The new orders index reached 50.2%, rising by 0.4 percentage points, reflecting an improvement in market demand for manufactured goods [7][23]. Group 2: Enterprise Size Analysis - Large enterprises reported a PMI of 51.2%, up 0.5 percentage points, remaining above the critical point, indicating robust performance [4][24]. - Medium-sized enterprises had a PMI of 48.6%, an increase of 1.1 percentage points, but still below the critical threshold [4][24]. - Small enterprises saw a decline in PMI to 47.3%, down 2.0 percentage points, indicating weaker performance [4][24]. Group 3: Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index was 50.5%, an increase of 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [11][26]. - The construction sector's business activity index rose to 52.8%, up 1.8 percentage points, reflecting a recovery in construction activities [13][26]. - The service sector's business activity index was 50.1%, slightly down by 0.1 percentage points, indicating stability but with some sectors experiencing reduced activity [13][26]. Group 4: Comprehensive PMI Insights - The Comprehensive PMI Output Index was 50.7%, an increase of 0.3 percentage points, indicating an overall acceleration in production and business activities across sectors [21][27]. - The manufacturing production index and non-manufacturing business activity index contributed to this comprehensive index, standing at 51.0% and 50.5% respectively [27].

Group 1: Manufacturing PMI Overview - In May, the Manufacturing Purchasing Managers' Index (PMI) was 49.5%, an increase of 0.5 percentage points from the previous month, indicating an improvement in manufacturing activity [1] - Large enterprises had a PMI of 50.7%, up 1.5 percentage points, while medium-sized enterprises saw a PMI of 47.5%, down 1.3 percentage points, and small enterprises had a PMI of 49.3%, up 0.6 percentage points [1] - The production index was at 50.7%, rising 0.9 percentage points, indicating an acceleration in production activities [1] Group 2: Manufacturing Sub-Indices - The new orders index was 49.8%, up 0.6 percentage points, suggesting a recovery in market demand [2] - The raw materials inventory index was 47.4%, up 0.4 percentage points, indicating a narrowing decline in inventory levels [2] - The employment index was 48.1%, up 0.2 percentage points, reflecting an improvement in employment conditions within the manufacturing sector [2] - The supplier delivery time index was at 50.0%, down 0.2 percentage points, indicating stable delivery times compared to the previous month [2] Group 3: Non-Manufacturing PMI Overview - In May, the Non-Manufacturing Business Activity Index was 50.3%, a decrease of 0.1 percentage points, but still above the critical point, indicating continued expansion in the non-manufacturing sector [5] - The construction industry business activity index was 51.0%, down 0.9 percentage points, while the service industry index was 50.2%, up 0.1 percentage points [8] Group 4: Non-Manufacturing Sub-Indices - The new orders index for non-manufacturing was 46.1%, up 1.2 percentage points, indicating a rebound in market demand [10] - The input prices index was 48.2%, up 0.4 percentage points, suggesting that input prices remained below the previous month's level [10] - The sales prices index was 47.3%, up 0.7 percentage points, indicating a narrowing decline in sales prices [10] - The employment index for non-manufacturing was 45.5%, stable compared to the previous month, indicating stable employment conditions [10] Group 5: Composite PMI Overview - The Composite PMI Output Index was 50.4% in May, an increase of 0.2 percentage points, indicating that production and business activities continued to expand overall [15]