Manufacturing PMI

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中国 -RatingDog:中国 8 月制造业采购经理指数(PMI)显著上升-China_ RatingDog China manufacturing PMI rose notably in August
2025-09-02 14:24
Summary of the Conference Call Transcript Industry Overview - The report focuses on the **China manufacturing sector**, specifically the **RatingDog China manufacturing PMI** which is a key indicator of manufacturing activity in the country. Key Points 1. **PMI Increase**: The RatingDog China manufacturing PMI rose to **50.5 in August** from **49.5 in July**, significantly exceeding market expectations. This indicates a shift from contraction to expansion in the manufacturing sector [3][9]. 2. **Sub-Indexes Performance**: - The **output sub-index** increased sharply to **50.5** from **48.5**. - The **new order sub-index** rose to **50.7** from **50.1**. - The **employment sub-index** inched up to **49.3** from **49.1**. - The **suppliers' delivery times sub-index** edged up to **49.9** from **49.7** [3][4]. 3. **Demand Conditions**: Surveyed companies reported that improved underlying demand conditions and successful promotional efforts contributed to the rise in new orders, which in turn supported a renewed expansion of manufacturing output in August [3][4]. 4. **Trade-Related Sub-Indexes**: - The **new export orders sub-index** increased to **49.4** from **47.9**. - The **raw materials inventory sub-index** rose to **52.3** from **50.1**. - The **finished goods inventory sub-index** increased to **50.7** from **49.1**. Companies noted that the increase in finished goods was due to both production growth and delays in outbound shipments [4][9]. 5. **Price Indicators**: - The **input price index** rose to **51.5** (up from **50.9** in July). - The **output price index** increased to **50.0** (up from **48.6** in July). - These indicators suggest that disinflationary pressures eased in August, with some manufacturers raising output charges to cope with rising costs, while others faced constraints due to intense competition [4][9]. Additional Insights - The **NBS manufacturing PMI** also increased from July to August but remained below 50, indicating a divergence in the performance of the two PMIs, potentially due to the RatingDog survey covering more export-oriented sectors [3][9]. - The report emphasizes that investors should consider this data as one of many factors in their investment decisions [5]. This summary encapsulates the critical insights from the conference call regarding the current state of the manufacturing sector in China, highlighting key performance indicators and underlying economic conditions.