10月PMI数据点评：制造业景气度改善，达到荣枯线以上

Group 1: Manufacturing Sector - The manufacturing PMI for October 2024 is 50.1%, an increase of 0.3 percentage points from the previous month, indicating a recovery above the neutral line[1] - The new orders index for manufacturing reached the neutral line at 50%, showing marginal improvement in demand[9] - The production index recorded 52%, up 0.8 percentage points, indicating an acceleration in manufacturing activities[10] Group 2: Services Sector - The non-manufacturing PMI for October 2024 is 50.2%, an increase of 0.2 percentage points, signaling a recovery in the services sector[1] - The services new orders index is at 47.8%, below the neutral line, indicating insufficient demand[15] - The business activity expectation index for services is at 56.2%, suggesting a positive outlook for future activities[15] Group 3: Construction Sector - The construction PMI is recorded at 50.4%, indicating expansion but with a slight decrease of 0.3 percentage points from the previous month[19] - The new orders index for construction is at 43.5%, indicating pressure on demand[19] - The business activity expectation index for construction is at 55.2%, reflecting a positive outlook for future activities[19] Group 4: Economic Outlook and Risks - The overall economic indicators show a recovery trend, with manufacturing, services, and construction PMI all above the neutral line[19] - Risks include potential deviations from expected fundamental recovery, unexpected macroeconomic policies, and geopolitical risks[20]