“反内卷”持续推进有望推动相关行业供需格局改善｜宏观晚6点

Group 1 - The manufacturing PMI in China rose to 49.8% in September, an increase of 0.4 percentage points from the previous month, indicating a recovery in manufacturing sentiment [1] - Factors contributing to the recovery include the easing of adverse weather conditions, the implementation of consumer loan interest subsidies, and the full deployment of the third batch of national subsidies for trade-in programs [1] - Recent outcomes from the China-US Madrid economic and trade talks and a phone call between the leaders of China and the US have also positively influenced market confidence [1] Group 2 - The Ministry of Finance and the Ministry of Commerce have announced a notification to establish an international consumption environment, providing financial subsidies to pilot cities [2] - Each international consumption center city will receive a total subsidy of 200 million yuan, while other cities will receive 100 million yuan, distributed in two batches based on performance evaluations [2] - Pilot cities are encouraged to support eligible businesses through subsidies and rewards according to market principles [2] Group 3 - The fourth batch of national subsidies has been distributed [3]