9月制造业PMI指数回升至49

Group 1: Manufacturing PMI Overview - The manufacturing PMI for September in China is 49.8%, an increase of 0.7 percentage points from August[1] - The production index for September is 51.2%, rising by 1.4 percentage points, indicating a return to the expansion zone above 50%[3] - New orders in September are at 49.9%, up by 1 percentage point from August, while new export orders decreased to 47.5%, down by 1.2 percentage points[6] Group 2: Supply and Demand Indicators - The supply-demand relationship index, calculated as new orders minus finished goods inventory, is at 1.5%, an increase of 1.1 percentage points from the previous month[8] - The procurement volume minus the backlog of orders indicates production enthusiasm at 3.6%, up by 0.5 percentage points from August[8] - Finished goods inventory index is at 48.4%, a slight increase of 0.1 percentage points, while raw material inventory index is at 47.7%, down by 0.1 percentage points[10] Group 3: Non-Manufacturing PMI Insights - The non-manufacturing PMI index is at 50%, a decrease of 0.3 percentage points from August, indicating a slowdown[6] - The service sector PMI is at 49.9%, marking the first contraction below 50% since 2023, while the construction sector PMI is at 50.7%, up by 0.1 percentage points[6] Group 4: Business Conditions by Company Size - Large enterprises have a PMI of 50.6%, up by 0.2 percentage points, remaining in the expansion zone[12] - Medium-sized enterprises have a PMI of 49.2%, an increase of 0.5 percentage points, while small enterprises show a significant rise to 48.5%, up by 2.1 percentage points[12] - The employment index for September is at 48.2%, a slight increase of 0.1 percentage points, but still below the neutral level of 50%[14]