PMI数据点评：制造业景气出现修复

Group 1: Manufacturing PMI Insights - In September, the manufacturing PMI was 49.8%, an increase of 0.7 percentage points from August[1] - The production index rose to 51.2%, up 1.4 percentage points, indicating accelerated production activities[16] - The new orders index improved to 49.9%, an increase of 1 percentage point from the previous month[16] Group 2: Price and Inventory Trends - The main raw materials purchasing price index was 45.1%, up 1.9 percentage points, while the factory price index was 44%, an increase of 2 percentage points, both remaining in contraction territory[2] - The raw materials inventory index was 47.7%, a slight increase of 0.1 percentage points, while the finished goods inventory index decreased to 48.4%, down 0.1 percentage points[2] Group 3: Export and Import Dynamics - The new export orders index fell to 47.5%, down 1.2 percentage points, indicating a decline in export demand[2] - The import index recorded 46.1%, a decrease of 0.7 percentage points from August, reflecting reduced import activities[2] Group 4: Business Expectations and Sector Performance - The manufacturing business activity expectation index remained stable at 52%, marking the first halt in decline since April of this year[24] - The construction PMI rose slightly to 50.7%, an increase of 0.1 percentage points, while the service sector PMI fell to 49.9%, down 0.3 percentage points[6]