9月制造业PMI升至49.8%，消费品行业回到荣枯线之上

Core Viewpoint - The manufacturing Purchasing Managers' Index (PMI) in China for September is reported at 49.8%, indicating a 0.4 percentage point increase from the previous month, suggesting continued improvement in manufacturing activity [1][3]. Manufacturing Activity - The production index reached 51.9%, up 1.1 percentage points from last month, marking a six-month high, indicating active manufacturing production [1][4]. - The new orders index is at 49.7%, reflecting a slight improvement in market demand, increasing by 0.2 percentage points from the previous month [1][4]. Industry Performance - Key industries such as equipment manufacturing, high-tech manufacturing, and consumer goods have PMIs of 51.9%, 51.6%, and 50.6% respectively, all above the manufacturing average, indicating robust activity in these sectors [1][4][5]. - The consumer goods sector has returned above the threshold, reaching its highest level this year [2][5]. Employment and Supply Chain - The employment index stands at 48.5%, up 0.6 percentage points, indicating improved hiring conditions in the manufacturing sector [3][5]. - The supplier delivery time index is at 50.8%, suggesting that the delivery times for raw materials are improving [3]. Price Trends - The purchasing price index for raw materials is at 53.2%, down 0.1 percentage points, indicating that upstream prices are still rising but at a slower pace [5]. - The factory price index is at 48.2%, down 0.9 percentage points, indicating that factory prices remain below the threshold, with a faster decline [5]. Business Confidence - The production and business activity expectations index has risen for three consecutive months, now at 54.1%, indicating a positive outlook among manufacturers [5][6]. - Industries such as agricultural processing, automotive, and aerospace have high confidence levels, with expectation indices above 57.0% [6].