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经济总体产出扩张略有加快
Ren Min Ri Bao·2025-09-30 20:15

Core Insights - The manufacturing Purchasing Managers' Index (PMI) for September is at 49.8%, showing a 0.4 percentage point increase from the previous month, indicating a slight improvement in economic output [1] - The non-manufacturing business activity index stands at 50.0%, down 0.3 percentage points from last month, suggesting stability in the non-manufacturing sector [2] - The comprehensive PMI output index is at 50.6%, reflecting a 0.1 percentage point increase, indicating a slight acceleration in overall economic output [1] Manufacturing Sector - Manufacturing production activities have accelerated, with the production index reaching 51.9%, up 1.1 percentage points, marking a six-month high [1] - The new orders index is at 49.7%, a 0.2 percentage point increase, indicating improved market demand [1] - Key industries such as equipment manufacturing, high-tech manufacturing, and consumer goods are expanding, with PMIs of 51.9%, 51.6%, and 50.6% respectively, all above the manufacturing average [1] Non-Manufacturing Sector - The non-manufacturing business activity index is at 50.0%, indicating stability, while the service sector index is slightly higher at 50.1%, remaining in the expansion zone [2] - Certain industries, including postal, telecommunications, and financial services, have business activity indices above 60.0%, indicating strong growth [2] - However, sectors closely related to consumer spending, such as dining and entertainment, have seen indices drop below the critical point due to the end of the summer season [2] Economic Outlook - The production and operation activity expectation index for manufacturing is at 54.1%, indicating positive market expectations for the near term [2] - Analysts predict that the "year-end effect" and "holiday effect" will boost investment and consumption-related demand, particularly in construction and service sectors [2] - Overall, the macroeconomic environment is expected to continue improving in the fourth quarter, supported by potential policy measures and market confidence [3]