9月份制造业采购经理指数继续回升

Core Viewpoint - The Purchasing Managers' Index (PMI) data for September indicates a slight acceleration in overall economic output in China, with the manufacturing PMI showing improvement while the non-manufacturing index remains stable at the critical point of 50.0% [1] Group 1: Manufacturing PMI Insights - The manufacturing PMI rose to 49.8%, an increase of 0.4 percentage points from the previous month, indicating continued improvement in economic conditions [2] - The production index reached 51.9%, up 1.1 percentage points, marking a six-month high, while the new orders index increased to 49.7%, suggesting improved market demand [2] - Key industries such as food and beverage, automotive, and aerospace showed production and new orders indices above 54.0%, indicating robust activity, while sectors like wood processing and non-metallic mineral products fell below the critical threshold [2][3] - Small enterprises saw a PMI increase to 48.2%, up 1.6 percentage points, indicating a slight improvement in their economic conditions [2] Group 2: Non-Manufacturing PMI Insights - The non-manufacturing business activity index stood at 50.0%, a decrease of 0.3 percentage points, indicating stability in overall business volume [4] - The service sector maintained an expansion with a business activity index of 50.1%, supported by strong performance in postal, telecommunications, and financial services [4] - The construction sector's business activity index slightly improved to 49.3%, reflecting a small recovery in construction activity [4] Group 3: Comprehensive PMI Insights - The comprehensive PMI output index increased to 50.6%, up 0.1 percentage points, indicating continued acceleration in production and business activities across sectors [5] - The manufacturing production index and non-manufacturing business activity index contributed to the comprehensive PMI, standing at 51.9% and 50.0% respectively [5]