9月PMI数据点评：部分原材料加工业需求有所改善

Group 1: Manufacturing Sector Insights - The manufacturing PMI for September is 49.8%, an increase of 0.7 percentage points from August, indicating a slight rebound but still below the expansion threshold[2] - The new orders index stands at 49.9%, up 1.0 percentage points from August, while the new export orders index decreased by 1.2 percentage points to 47.5%, reflecting divergent domestic and overseas demand trends[2] - The production index rose to 51.2%, a 1.4 percentage point increase from August, marking a return to the expansion zone and serving as the main driver for the manufacturing sector's recovery[2] Group 2: Raw Material Processing Sector - The high-tech manufacturing PMI reached 53.0%, up 1.3 percentage points from the previous month, indicating strong growth in sectors like electrical machinery and computer communication equipment[3] - The equipment manufacturing PMI improved to 52.0%, a rise of 0.8 percentage points, suggesting ongoing demand driven by large-scale equipment upgrades[3] - Despite remaining below 50%, the black metal smelting and non-metal mineral products industries showed significant improvements in production and demand indices, with notable increases in output prices[4] Group 3: Non-Manufacturing Sector Trends - The non-manufacturing PMI fell to 50.0%, down 0.3 percentage points from August, remaining at the threshold of expansion and contraction[6] - The new orders index for the non-manufacturing sector dropped to 44.2%, a decline of 2.1 percentage points, indicating weakening demand[6] - The service sector PMI decreased to 49.9%, reflecting a contraction, with the new orders index falling to 45.0%, down 1.8 percentage points from August[7]