【数据发布】2025年9月中国采购经理指数运行情况

Group 1: Manufacturing PMI Overview - In September, the Manufacturing Purchasing Managers' Index (PMI) was 49.8%, an increase of 0.4 percentage points from the previous month, indicating continued improvement in manufacturing sentiment [1]. - By enterprise size, large enterprises had a PMI of 51.0% (up 0.2 percentage points), medium enterprises at 48.8% (down 0.1 percentage points), and small enterprises at 48.2% (up 1.6 percentage points) [3]. - Among the five sub-indices of the manufacturing PMI, the production index and supplier delivery time index were above the critical point, while the new orders index, raw material inventory index, and employment index were below the critical point [3]. Group 2: Key Sub-Indices of Manufacturing PMI - The production index was 51.9%, up 1.1 percentage points, indicating accelerated production expansion in the manufacturing sector [4]. - The new orders index was 49.7%, up 0.2 percentage points, suggesting a continued improvement in market demand [5]. - The raw materials inventory index was 48.5%, up 0.5 percentage points, indicating a narrowing decline in the inventory of major raw materials [6]. - The employment index was 48.5%, up 0.6 percentage points, reflecting an improvement in employment sentiment within manufacturing [6]. - The supplier delivery time index was 50.8%, up 0.3 percentage points, indicating a continued acceleration in the delivery times from suppliers [6]. Group 3: Non-Manufacturing PMI Overview - In September, the Non-Manufacturing Business Activity Index was 50.0%, a decrease of 0.3 percentage points, indicating overall stability in non-manufacturing business volume [10]. - By industry, the construction business activity index was 49.3% (up 0.2 percentage points), while the service industry index was 50.1% (down 0.4 percentage points) [11]. Group 4: Non-Manufacturing Sub-Indices - The new orders index for non-manufacturing was 46.0%, down 0.6 percentage points, indicating a decline in market demand [15]. - The input price index was 49.0%, down 1.3 percentage points, suggesting a decrease in the overall level of input prices for non-manufacturing enterprises [15]. - The sales price index was 47.3%, down 1.3 percentage points, indicating a continued decline in the overall level of sales prices in non-manufacturing [15]. - The employment index was 45.0%, down 0.6 percentage points, reflecting a decline in employment sentiment in the non-manufacturing sector [15]. Group 5: Composite PMI Overview - In September, the Composite PMI Output Index was 50.6%, an increase of 0.1 percentage points, indicating that production and business activities in China continued to expand [21].