PMI数据点评：制造业景气重回扩张区间

Manufacturing PMI Insights - The manufacturing PMI for October is 50.1%, an increase of 0.3 percentage points from September[1] - The composite PMI output index rose to 50.8%, up 0.4 percentage points from September[1] - Production and new orders indices are at 52% and 50%, respectively, indicating expansion with increases of 0.8 and 0.1 percentage points from September[1] Price Index Trends - The main raw materials purchase price index increased to 53.4%, a significant rise of 8.3 percentage points from September[1] - The factory price index is at 49.9%, up 5.9 percentage points from September[1] Inventory and Procurement Dynamics - Finished goods inventory index decreased to 46.9%, down 1.5 percentage points from September[2] - Raw materials inventory index increased to 48.2%, up 0.5 percentage points from September[2] - Procurement volume index recorded at 49.3%, an increase of 1.7 percentage points from September[2] Business Sentiment by Company Size - Large enterprises' PMI is at 51.5%, up 0.9 percentage points from September[3] - Medium enterprises' PMI is at 49.4%, an increase of 0.2 percentage points from September[3] - Small enterprises' PMI decreased to 47.5%, down 1 percentage point from September[3] Future Expectations - The manufacturing business activity expectation index rose to 54%, marking a 2 percentage point increase from September, the largest rise in six months[4] - Non-manufacturing PMI for October is at 50.1%, reflecting a 0.2 percentage point increase from September, indicating a return to expansion[5] Non-Manufacturing Sector Insights - The construction industry PMI is at 50.4%, a slight decrease of 0.3 percentage points from September but remains above the critical point[5] - Service industry business activity index rose to 56.2%, an increase of 1.6 percentage points from September[6] Risk Factors - Potential risks include unexpected macroeconomic changes and significant fluctuations in overseas markets[7]