AI Data Insight
China's April manufacturing PMI YoY growth narrowed to 1.01% from 2.65% in the previous month. Although the absolute value was higher than market expectations, recovery momentum has slowed. Details show robust production and a rebound in new export orders, but weak domestic demand and high raw material costs have formed a double squeeze. In the short term, vigilance is needed regarding the risk of profit compression; whether the expansion continues in the medium term depends on the implementation strength of fiscal stimulus policies.