10月PMI数据点评：经济企稳态势初现

Group 1: Economic Stabilization - The manufacturing PMI for October is 50.1%, up 0.3 percentage points from the previous month, indicating a return to expansion after five months of contraction[2] - The new orders index is at 50%, rising by 0.1 percentage points, reflecting improved demand conditions[6] - The production index increased to 52%, up 0.8 percentage points, signaling accelerated production activities[6] Group 2: Sector Performance - The non-manufacturing PMI is at 50.2%, up 0.2 percentage points, indicating stable expansion in the sector[16] - The construction industry PMI is at 50.4%, down 0.3 percentage points, showing a mixed performance with infrastructure activities improving while real estate remains under pressure[20] - The service industry PMI is at 50.1%, up 0.2 percentage points, benefiting from holiday-related activities[19] Group 3: Price Trends - The raw material purchase price index is at 53.4%, up 8.3 percentage points, indicating a return to expansion in input costs[13] - The factory price index is at 49.9%, up 5.9 percentage points, reflecting rising output prices[13] Group 4: Policy Impact and Outlook - Recent policy measures have positively influenced market confidence, contributing to the stabilization of economic indicators[21] - Ongoing structural issues, such as pressures on small enterprises and declining external demand, remain challenges for sustained recovery[21]