经观月度观察|经济韧性显现，提高资金向实体传导效率

Core Insights - Economic resilience is evident, but pressures remain, necessitating further expansion of domestic demand policies to effectively stimulate real demand in manufacturing and services while improving the efficiency of fund transmission to the real economy [1] CPI Insights - The CPI for September showed a year-on-year decline of -0.3%, a slight improvement from -0.4% in August, with core CPI rising to 1.0%, the highest in 19 months, indicating sustained recovery in internal demand [2] PPI Insights - The PPI decreased by -2.3% year-on-year in September, a reduction in the decline from -2.9% in the previous month, with expectations of a potential positive turnaround in the first half of next year [3] PMI Insights - The manufacturing PMI increased to 49.8% in September from 49.4% in August, indicating slight improvement in manufacturing activity, although the index remains in contraction territory for six consecutive months, highlighting ongoing economic pressures [4][5] Fixed Asset Investment Insights - Fixed asset investment fell by -7.1% year-on-year in September, with significant declines in infrastructure, manufacturing, and real estate investments, reflecting persistent weakness in investment activity [6] Credit Insights - New RMB loans increased by 1.29 trillion yuan in September, a rise of 700 billion yuan from the previous month, maintaining a steady credit scale despite a year-on-year decrease [7] M2 Insights - The M2 growth rate was 8.4% year-on-year in September, indicating a slight decline in the growth rate, with the efficiency of fund transmission to the real economy still needing improvement [8][9]