宏观周报：制造业景气度回升 工业企业利润有待修复

Economic Indicators - In September 2024, the Manufacturing Purchasing Managers' Index (PMI) was 49.8%, slightly up from 49.5% the previous month, indicating a minor recovery in manufacturing sentiment[6] - The production index rose to 51.2%, a significant increase of 1.4%, returning to the expansion zone, reflecting enhanced production willingness among enterprises[6] - The non-manufacturing business activity index fell to 50.0%, down 0.3% from the previous month, indicating a slight decline in non-manufacturing sentiment[6] Industrial Profitability - From January to August 2024, profits of industrial enterprises above designated size totaled CNY 46,527.3 billion, a year-on-year increase of 0.5%[7] - In August 2024, profits of industrial enterprises decreased by 17.8% year-on-year, influenced by high base effects from the previous year[7] - The mining industry saw profits drop by 9.2%, while the manufacturing sector's profits increased by 1.1%[7] Market Trends and Policies - The third quarter of 2024 witnessed a decline in risk appetite, with the ten-year government bond yield dropping to around 2.0%[8] - The People's Bank of China implemented a series of monetary easing measures, including lowering the reserve requirement ratio and interest rates, to enhance market liquidity[8] - The fiscal revenue in August 2024 was CNY 1.2 trillion, with a year-on-year decline of 2.8%, reflecting weak consumption and adjustments in the real estate market[8]