9月PMI出炉！制造业连升两月，金融业成亮点

Core Viewpoint - The manufacturing PMI in September was 49.8%, indicating a 0.4 percentage point increase from August, marking two consecutive months of recovery, while the non-manufacturing business activity index remained stable at 50% [1][3][6]. Group 1: Manufacturing Sector - The manufacturing PMI has shown a slight recovery, reflecting the effectiveness of various growth-stabilizing policies [3]. - Among the 13 sub-indices, production index, new orders index, and procurement volume index all increased, indicating a recovery in production activities [3]. - However, order indices remain below the threshold, highlighting persistent demand issues [3][4]. Group 2: Non-Manufacturing Sector - The non-manufacturing business activity index was stable at 50%, with the financial sector showing a notable increase above 60%, indicating a favorable financial environment for economic recovery [5][6]. - New momentum industries, such as telecommunications and software services, have shown strong performance, contributing positively to economic vitality [6]. Group 3: Economic Outlook - The macroeconomic environment is expected to improve in the fourth quarter, driven by increased macro policies, holiday consumption, and optimistic corporate expectations [1][8]. - The manufacturing sector is anticipated to see continued growth in production activities, supported by favorable market prices and completion of annual business targets [10][11]. - The construction and service sectors are expected to experience a rebound in activity, particularly during the holiday season [7][10].