10月PMI数据点评：10月制造业PMI小幅回升至荣枯线之上

Group 1: Manufacturing PMI Insights - In October, the Manufacturing PMI rose to 50.1%, an increase of 0.3 percentage points from September, marking its return above the critical line after five months[3] - The Production Index was at 52.0%, up 0.8 percentage points from the previous month, indicating accelerated production activities in the manufacturing sector[4] - The New Orders Index remained at 50.0%, showing that overall market demand in manufacturing was stable compared to the previous month[3] Group 2: Non-Manufacturing PMI Insights - The Non-Manufacturing Business Activity Index was 50.2%, a slight increase of 0.2 percentage points from September[5] - The Construction Business Activity Index decreased to 50.4%, down 0.3 percentage points, while the Services Business Activity Index rose to 50.1%, up 0.2 percentage points[7] - The New Orders Index for non-manufacturing improved to 47.2%, an increase of 3.0 percentage points, indicating a recovery in market demand[7] Group 3: Price Indices and Economic Outlook - The Major Raw Material Purchase Price Index rose to 53.4, an increase of 8.3 percentage points from September, while the Factory Price Index was at 49.9, up 5.9 percentage points but still below the critical line[4] - The forecast for November suggests continued improvement in the Manufacturing PMI due to the impact of new policies and the gradual effect of existing policies[9] - Risks include potential unexpected developments in the pandemic, geopolitical tensions, and economic downturns in Europe and the U.S.[9]