显微镜下的中国经济（2025年第41期）：制造业PMI和工业企业效益数据中的反内卷政策效应

Economic Performance - In September, industrial enterprises' profits increased by 21.6% year-on-year, marking the highest level since December 2023[2] - The revenue growth rate for industrial enterprises in September was 2.7%, accelerating by 0.8 percentage points from August[3] - High-tech manufacturing profits grew by 26.8% in September, contributing 6.1 percentage points to the overall profit growth of industrial enterprises[2] Policy Impact - The "anti-involution" policy has led to improved revenue and profit levels for industrial enterprises, with a notable reduction in price wars[3] - The manufacturing PMI for October was 49%, down 0.8 percentage points from the previous month, indicating contraction in several key indices[3] Production and Capacity Utilization - The average operating rate for asphalt enterprises rose to 31.15%, up 0.4 percentage points week-on-week, with a year-on-year increase of 9.8%[8] - The capacity utilization rate for steel mills was 85.21%, up 0.18 percentage points week-on-week, but down 1.6% year-on-year[42] Price Trends - The average price of cement in East China remained stable at 438 RMB/ton, while in Southwest China, it increased by 23 RMB/ton to 516 RMB/ton[100] - The price of rebar increased by 39.4 RMB/ton to 3265.8 RMB/ton, reflecting upward pressure in the steel market[109] Risks and Outlook - Potential risks include geopolitical tensions, domestic policy implementation falling short of expectations, and global economic downturns impacting industrial growth[3]