香港科技大学：2026年Q2中国制造业PMI季刊（第65期）（英文版）

Our observations Large and medum enterprises are experfiencing growth, while smal enterprises confinue to contract. Manufacturing output expands steadily. Overall market demand is recovering. Manufacturers are lowering ex-factory prices despite rising input costs. Employment in the manufactuing sector is relatively stable. Policy outlook was held an 28 Apill. Itemphasized the need to implement a more proacfive fscalpolicy and an appropriately accommodative monetary paicy.We expect the Chines