Xin Lang Cai Jing·2025-11-01 01:25Core Viewpoint - The manufacturing PMI in October has shown a decline, likely due to the long holiday and price pressures from upstream industries [1] Group 1: Manufacturing Sector - The production, demand, and price indicators have all experienced a certain degree of decline, reflecting the impact of the holiday on supply constraints and demand slowdown [1] - The PMI for specific sub-sectors within manufacturing did not show a broad-based decline, with only a few industries experiencing significant drops due to the influence of anti-involution [1] Group 2: Non-Manufacturing Sector - The non-manufacturing PMI has narrowed its gap compared to historical levels, primarily due to the long holiday improving the service sector's performance [1] Group 3: Overall Economic Outlook - Overall, the combined manufacturing and non-manufacturing sectors indicate a stable economic performance in October, with expectations for achieving annual growth targets as fiscal and monetary policies are implemented in the fourth quarter [1]