2024年10月PMI分析：政策带来的改变开始显现

Group 1: PMI Analysis - The manufacturing PMI for October 2024 is reported at 50.1%, up from 49.8% in the previous month, indicating a return to expansion territory[1] - The production index rose to 52% in October, up from 51.2%, driven by demand[1] - The new orders index increased to 50.0%, up from 49.9%, marking a significant recovery in domestic demand[1] Group 2: Supply Chain and Pricing - The factory price index surged to 49.9%, while the raw material purchase price index rose to 53.4%, reflecting a significant increase of 5.9 percentage points and 8.3 percentage points respectively[1] - The raw material inventory index increased by 0.5 percentage points to 48.2%, while the finished goods inventory index decreased by 1.5 percentage points to 46.9%[1] Group 3: Sector Performance - Large and medium enterprises showed improved sentiment with PMIs of 51.5% and 49.4% respectively, while small enterprises declined to 47.5%[1] - The service sector PMI rose to 50.1%, entering the expansion zone, driven by the holiday season[1] Group 4: External Demand and Economic Outlook - External demand is showing signs of weakness, with new export orders declining by 0.2 percentage points to 47.3%[1] - The report suggests that the industrial economy is transitioning from policy-driven to demand-driven growth, with expectations for continued fiscal support to boost demand[1]