中国财新制造业采购经理人指数升至50.4，但乐观情绪逐渐消退。

China Caixin PMI manufacturing rises to 50.4, but optimism fades.

ForexLive亚太外汇新闻总结：中国财新制造业采购经理人指数跃升。日元走强，美元/日元跌至143.50左右，反映出市场对日本数据、日本央行短观和6月份最终制造业采购经理人指数相对上行的意外反应。

ForexLive Asia-Pacific FX news wrap: China's Caixin Manufacturing PMI jumps into growth.The yen strengthened, with USD/JPY dipping to around 143.50, reflecting a market reaction to the relative upside surprise in Japanese data, the BoJ Tankan and the final manufacturing PMI for June.

周二，上证综指微涨0.1%，至3448点左右，而深证成指下跌0.3%，至10430点，尽管制造业活动意外反弹，但内地股市缺乏明确方向。财新网最新调查显示，在美国关税上调的情况下，北京方面加大了稳定增长的力度，这支持了中国6月份工厂活动意外恢复扩张。在贸易方面，北京周五宣布，它已与华盛顿敲定了一项新协议。根据该协议，中国将审查受出口管制规则约束的物品的出口申请，而美国已同意撤销针对中国实体的几项限制性措施。各行业的市场表现喜忧参半。涨幅较大的包括北方工业（+3.6%）和安徽江淮（+3.2%），而跌幅较大的包括寒武纪科技（-6.1%）和深圳Forms（-5.8%）。

The Shanghai Composite edged up 0.1% to around 3,448 while the Shenzhen Component lost 0.3% to 10,430 on Tuesday, with mainland stocks lacking clear direction despite a surprise rebound in manufacturing activity. The latest Caixin survey showed that China’s factory activity unexpectedly returned to expansion in June, supported by Beijing’s stepped-up efforts to stabilize growth amid higher US tariffs. On the trade front, Beijing announced on Friday that it had finalized a new agreement with Washington. Under the deal, China will review export applications for items subject to export control rules, while the US has agreed to roll back several restrictive measures targeting Chinese entities. Market performance was mixed across sectors. Notable gainers included North Industries (+3.6%) and Anhui Jianghuai (+3.2%), while major decliners included Cambricon Technologies (-6.1%) and Shenzhen Forms (-5.8%).

财新中国制造业综合采购经理人指数在2025年6月意外升至50.4，高于5月的48.3，这是自2022年9月以来最大的收缩，超过了市场预测的49。在贸易条件和促销活动改善的情况下，新订单再次增加，推动产出以去年11月以来的最快速度增长。然而，外部需求仍然疲软，新出口订单连续第三个月下降，尽管由于美国的额外关税，下降速度明显低于5月份。就业人数继续下降，三个月来首次出现积压订单的轻微累积。在价格方面，由于材料价格下降，投入成本连续第四个月下降。产出价格也出现下跌，这是连续第七个月下跌，也是五个月来最大跌幅。展望未来，商业情绪减弱，仍低于该系列的长期平均水平。

The Caixin China General Manufacturing PMI unexpectedly rose to 50.4 in June 2025, up from 48.3 in May—which had marked the steepest contraction since September 2022—and beating market forecasts of 49. The upturn came as output grew at the fastest pace since last November, driven by a fresh increase in new orders amid improved trade conditions and promotional activities. However, external demand remained muted, with new export orders falling for the third consecutive month, albeit at a noticeably softer pace than in May, due to additional US tariffs. Employment continued to decline, while a slight accumulation of backlogged orders was recorded for the first time in three months. On the price front, input costs fell for the fourth straight month, driven by lower material prices. Output prices also declined, marking the seventh consecutive monthly drop and the steepest fall in five months. Looking ahead, business sentiment weakened and remained below the series' long-run average.