5月PMI数据点评：供需修复，经济回稳.pptx

1、制造业PMI温和改善2、非制造业延续平稳扩张态势请务必阅读正文之后的免责条款部分守正出奇宁静致远目录

资料来源：iFinD，太平洋证券中国5月官方制造业PMI49.5，预期49.5，前值49.0。中国5月非制造业PMI50.3，预期50.5，前值50.4。图表1：PMI数据主要分项项目 较前值 2025/52025/42025/32025/22025/12024/122024/112024/102024/92024/82024/72024/62024/5制造业PMI50.249.150.150.349.849.149.449.549.549.049.852.549.852.152.450.152.051.250.150.650.849.251.149.251.050.850.049.949.848.949.349.549.650.552.651.849.048.646.448.348.147.347.548.748.548.348.347.549.548.149.347.347.046.146.847.046.946.847.247.047.748.348.248.247.747.647.847.647.844.743.447.047.948.148.148.248.448.248.148.348.148.1生产新订单新出口订单进口原材料库存从业人员供应商配送时间50.248.250.350.350.950.249.649.549.649.349.546.351.848.651.052.151.551.049.347.647.848.848.150.149.347.049.850.848.249.853.445.149.951.744.847.948.549.249.547.446.747.749.944.043.242.046.347.956.950.447.348.048.346.547.947.446.948.448.548.346.543.245.646.045.645.945.644.044.747.845.345.045.3采购量主要原材料购进价格出厂价格产成品库存在手订单生产经营活动预期52.153.854.555.353.354.745.454.052.052.053.154.454.3非制造业PMI50.450.850.450.252.250.050.250.050.350.250.551.151.953.452.749.353.249.750.450.750.651.252.354.4建筑业服务业0.5 49.50.9 50.70.6 49.82.8 47.53.7 47.10.4 47.40.2 48.1-0.2 50.01.3 47.6-0.1 46.9-0.1 44.7-0.8 46.51.6 44.80.4 52.5-0.1 50.3-0.9 51.00.1 50.250.150.350.050.352.050.150.149.950.250.050.250.5请务必阅读正文之后的免责条款部分守正出奇宁静致远

1、制造业PMI温和改善制造业PMI边际小幅修复。5月制造业采购经理指数为49.5，比上月上升0.5个百分点，符合市场预期，表现好于季节性。经济有所回稳，如期实现温和修复，这一方面得益于国内积极政策的加紧实施，另一方面也与5月中美日内瓦经贸会谈达成协议、关税冲击有所缓和有关。多数分项较前值有所反弹。从主要分项指数的边际变化来看，本月除产成品库存指数、购进价格指数、出厂价格指数和供应商配送时间指数较前值下降外，其余分项（生产指数、新订单指数、新出口订单指数、积压订单指数、采购量指数、进口指数、原材料库存指数、从业人员指数和生产经营活动预期指数）均出现不同程度的上行，上升幅度在0.2至3.7个百分点之间。图表2：制造业PMI 图表3：制造业PMI分项484949505051512023/062023/072023/082023/092023/102023/112023/122024/012024/022024/032024/042024/052024/062024/072024/082024/092024/102024/112024/122025/012025/022025/032025/042025/05PMI新订单原材料库存供货商配送时间从业人员05生04资料来源：Wind，太平洋证券资料来源：Wind，太平洋证券请务必阅读正文之后的免责条款部分守正出奇宁静致远

1、制造业PMI温和改善54525048464442402023/062023/072023/082023/092023/102023/1120