> 数据图表你知道中国制造业PMI2025-6-0中国制造业PMI图：中国制造业PMI热力图资料来源：WIND、华联期货研究所2025年5月份，制造业采购经理指数（PMI）为49.5%，比上月上升0.5个百分点，制造业景气水平改善，但总体并未脱离下行趋势。贸易摩擦缓和带动5月中下旬出现抢出口，生产恢复节奏快于需求。具体而言，生产指数为50.7%，较上月上涨0.9个百分点，重新回到扩张区间，中美贸易缓和带动进口水平恢复至3月；新订单指数达到49.8%，较上月上涨0.6个百分点，出口订单指数好于在手订单。供强需弱的直接结果就是物价水平持续低迷，对等关税影响下原油等大宗商品价格共振下跌，出厂价格和原材料购进价格水平均创出年内新低，中下游企业补库意愿较弱，整体仍为被动去库，大型企业因其成本和技术优势，景气度提升较快，中小型企业市占率则持续收缩，景气度连续超5个月下行。从行业维度来看，中游装备制造业和下游消费品行业PMI分别为51.2和50.2，分别比上月上升1.6、0.8个百分点，出口导向型行业反弹明显；而基础原材料行业PMI录得47，较上月下降0.7，依然处于荣枯线下方。生产中国：制造业PMI生产采购量进口新订单需求新出口订单在手订单产成品库存原材料库存出厂价格主要原材料购进价格库存物价2024-0549.550.849.346.849.648.345.346.547.850.456.92024-0649.550.648.146.949.548.34548.347.647.951.72024-0749.450.148.84749.348.545.347.847.846.349.92024-0849.149.847.846.848.948.744.748.547.64243.22024-0949.851.247.646.149.947.54448.447.74445.12024-1050.15249.3475047.345.446.948.249.953.42024-1150.352.45147.350.848.145.647.448.247.749.82024-1250.152.151.549.35148.345.947.948.346.748.22025-0149.149.849.248.149.246.445.646.547.747.449.52025-0250.252.552.149.551.148.64648.34748.550.82025-0350.552.651.847.551.84945.64847.247.949.82025-044949.846.343.449.244.743.247.34744.8472025-0549.550.747.647.149.847.544.846.547.444.746.9近两年走势华联期货综合其他
