中国制造业 PMI 月刊 （ 2024 年 4 月 ）

Index Seasonally Adjusted Index Index Compared with the Previous Month Direction PMI 50.4 Lower ▼ Expanding Output 52.9 Higher ▲ Expanding New Orders 51.1 Lower ▼ Expanding New Export Orders 50.6 Lower ▼ Expanding Backlogs of Orders 45.6 Lower ▼ Contracting Stocks of Finished Goods 47.3 Lower ▼ Contracting Stocks of Major Inputs 48.1 Unchanged Contracting Purchases of Inputs 50.5 Lower ▼ Expanding Imports 48.1 Lower ▼ Contracting Input Prices 54.0 Higher ▲ Rising Ex-factory Prices 49.1 Higher ▲ Falling Employment 48.0 Lower ▼ Contracting Suppliers’ Delivery Time 50.4 Lower ▼ Quickening Business Expectations 55.2 Lower ▼ Optimistic PMI Report on China Manufacturing 30 April 2024 9 of the 13 sub-indices were lower than their respective levels in the previous month. For example, the new orders index declined by 1.9 pts from March to 51.1 in April, and the new export orders index dropped by 0.7 pts from the previous month to 50.6 in April, indicating a slower expansion in the market demand and external demand. Furthermore, the imports index went down by 2.3 pts to 48.1 in April, returning to the contractionary territory. Meanwhile, the output index increased by 0.7 pts to 52.9 in April, pointing to a faster growth in manufacturing production. The input prices index jumped by 3.5 pts to 54.0 in April, indicating sustained cost pressures on enterprises. Meanwhile, the ex-factory prices index rose by 1.7 pts to 49.1, indicating that ex-factory prices started to stabilize. China Manufacturing PMI, seasonally adjusted China’s manufacturing PMI falls to 50.4 in April, indicating a continued yet slower expansion in the manufacturing sector Helen Chin Vice President E: helenchin@fung1937.com William Kong Senior Research Manager E: williamkong@fung1937.com Fung Business Intelligence 11/F LiFung Tower 868 Cheung Sha Wan Road Kowloon, Hong Kong T: (852) 2300 2271 F: (852) 2635 1598 E: fbicgroup@fung1937.com W: http://www.fbicgroup.com China Manufacturing at a Glance – April 2024 2 PMI Report on China Manufacturing 30 April 2024 By size of enterprises, the PMI of ‘large enterprises’ fell to 50.3 in April from 51.1 in March. The PMI of ‘medium enterprises’ edged up to 50.7 in April from 50.6 in March. The PMI of ‘small enterprises’ stayed flat at 50.3 in April compared with the previous month. The output index increased to 52.9 in April from 52.2 in March. The output indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’ were all above the neutral level of 50, registering 52.8, 53.4 and 52.4 respectively in April. The new orders index decreased to 51.1 in April from 53.0 in March. The new orders indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’ all stayed in the expansionary zone, registering 50.6, 51.9 and 51.2 respectively in April. The new export orders index fell to 50.6 in April from 51.3 in March. The new export orders index of ‘large enterprises’ came in at 50.0 in April. The new export orders index of ‘medium enterprises’ stayed above the critical 50-mark, registering 52.2 in the month. Meanwhile, the export orders index of ‘small enterprises’ remained below 50, registering 49.6 in the month. The backlogs of orders index declined to 45.6 in April from 47.6 in March. The backlogs of orders indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’ all remained below the neutral level of 50, registering 46.1, 46.1 and 43.7 respectively in April. The stocks of finished goods index went down to 47.3 in April from 48.9 in March. The stocks of finished goods indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’ all stayed in the contractionary zone, registering 47.9, 47.5 and 45.6 respectively in April. The stocks of major inputs index came in at 48.1 in April, the same as in March. The stocks of major inputs indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’ all remained below the critical 50-mark, registering 48.4, 47.9 and 47.6 respectively in April. The purchases of inputs index dropped to 50.5 in April from 52.7 in March. The purchases of inputs indices of ‘large enterprises’ and ‘medium enterprises’ stayed in the expansionary zone, registering 50.5 and 50.8 in April. Meanwhile, the purchases of inputs index of ‘small enterprises’ came in at 50.0 in the month. The imports index decreased to 48.1 in April from 50.4 in March. The imports indices of ‘large enterprises’ and ‘small enterprises’ dropped below the neutral level of 50, registering 47.5 and 47.2 respectively in April. Meanwhile, the imports index of ‘medium enterprises’ rose above 50, registering 50.1 in the month. The input prices index climbed to 54.0 in April from 50.5 in March. The input prices indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’ all remained above the critical 50-mark, registerin