9月PMI：新动能接力旧动能：中采PMI点评（25.09）

Group 1: PMI Overview - In September, the manufacturing PMI improved to 49.8%, up 0.4 percentage points from 49.4% in August[1][7] - The non-manufacturing PMI decreased to 50.0%, down from 50.3% in the previous month[1][7] Group 2: Manufacturing Sector Insights - The production index rose to 51.9%, marking a 1.1 percentage point increase, the highest in nearly six months[2][8] - The new orders index increased by only 0.2 percentage points to 49.7%, indicating weaker demand recovery compared to production[2][8] - New export orders improved by 0.6 percentage points to 47.8%, outpacing the increase in domestic orders[2][3] Group 3: Industry Performance - The equipment manufacturing PMI rose by 1.1 percentage points to 51.6%, while high-tech manufacturing PMI remained in the expansion zone at 51.9%[3][16] - High-energy consumption industries saw a decline in PMI by 0.7 percentage points to 47.5%, reflecting ongoing weakness in real estate and infrastructure[3][16] Group 4: Non-Manufacturing Sector Trends - The construction PMI slightly improved by 0.2 percentage points to 49.3%, while the service sector PMI fell by 0.4 percentage points to 50.1%[4][20] - The service sector's new orders index dropped significantly by 1.0 percentage point to 46.7%, indicating reduced consumer activity[4][34]