10月PMI数据点评：10月制造业PMI升至扩张区间

Manufacturing PMI Overview - The manufacturing Purchasing Managers' Index (PMI) for October is 50.1%, an increase of 0.3 percentage points from the previous month, indicating a recovery in manufacturing sentiment[2] - This marks the second consecutive month of improvement in manufacturing PMI, attributed to ongoing macroeconomic policy support[2] Enterprise Size Analysis - Large enterprises reported a PMI of 51.5%, up 0.9 percentage points, indicating strong support for manufacturing recovery[2] - Medium-sized enterprises saw a PMI of 49.4%, an increase of 0.2 percentage points, showing some improvement in sentiment[2] - Small enterprises experienced a decline in PMI to 47.5%, down 1.0 percentage points, suggesting a need for further stabilization in their economic recovery[2] Production and Demand Indicators - The production index for October is 52.0%, rising 0.8 percentage points, indicating continued expansion in production activities[3] - The new orders index stands at 50.0%, up 0.1 percentage points, reflecting a slight recovery in demand[3] Business Confidence and Future Outlook - The business activity expectation index increased to 54.0%, up 2.0 percentage points, showing heightened confidence among manufacturers regarding market developments[3] - Key sectors such as food and beverage, black metal smelting, and automotive show particularly high confidence, with indices above 57.0%[3] Policy Implications - Ongoing policies aimed at stabilizing the real estate market and expanding domestic demand are expected to further enhance business confidence and market conditions[3] - The introduction of supportive policies for private enterprises is anticipated to gradually improve the sentiment of small and medium-sized enterprises[2]