宏观研究：10月制造业PMI指数重回扩张区间

Group 1: Manufacturing PMI Overview - The manufacturing PMI for October in China is 50.1%, indicating a return to the expansion zone after five months of contraction, up 0.3 percentage points from September[1] - The production index for October is 52%, an increase of 0.8 percentage points from September[4] - New orders index stands at 50%, reflecting a slight increase of 0.1 percentage points from the previous month, while new export orders decreased to 47.3%, down 0.2 percentage points[7] Group 2: Supply and Demand Indicators - The index representing supply-demand relationship (new orders minus finished goods inventory) is at 3.1%, up 1.6 percentage points from last month, marking a high level for the year[2] - The procurement quantity index is at 49.3%, an increase of 1.7 percentage points, indicating higher purchasing activity among manufacturers[14] - The finished goods inventory index is at 46.9%, down 1.5 percentage points, suggesting effective destocking by manufacturers[14] Group 3: Employment and Business Expectations - The employment index for October is at 48.4%, showing a slight recovery of 0.2 percentage points but remains below the neutral level of 50%[19] - Manufacturing enterprises' expectations for production activities improved to 54%, up 2 percentage points from the previous month[10] - The overall non-manufacturing PMI is at 50.2%, a 0.2 percentage point increase from September, with the service sector at 50.1% and construction at 50.4%[3] Group 4: Performance by Enterprise Size - Large enterprises have a PMI of 51.5%, up 0.9 percentage points, indicating continued expansion[16] - Medium-sized enterprises have a PMI of 49.4%, showing a slight improvement but still in contraction territory[16] - Small enterprises have a PMI of 47.5%, down 1 percentage point, indicating the weakest performance among the three categories[16]