9月PMI数据点评：制造业PMI回升，景气度或逐步改善

Group 1: Manufacturing Sector Insights - The manufacturing PMI increased to 49.8% in September from 49.1% in August, indicating an improvement in economic sentiment[1] - New orders index rose by 1 percentage point to 49.9%, ending a five-month decline[4] - High-tech manufacturing PMI reached 53.0%, up 1.3 percentage points, while equipment manufacturing PMI rose to 52.0%, up 0.8 percentage points[4] Group 2: Non-Manufacturing Sector Insights - The non-manufacturing PMI fell to 50.0%, down 0.3 percentage points from the previous month, remaining at the critical threshold[1] - Construction PMI slightly increased to 50.7%, while service sector PMI decreased to 49.9%[11] - New orders index for non-manufacturing dropped to 44.2%, down 2.1 percentage points from August[11] Group 3: Economic Risks and Trends - Risks include potential delays in policy implementation, slow global economic recovery, and insufficient effective domestic demand[1] - The production index in manufacturing rose to 51.2%, indicating a positive outlook for production activities[4] - Employment index in non-manufacturing decreased to 44.7%, reflecting a continuous decline in hiring sentiment[11]