Core Viewpoint - The manufacturing sector in China shows signs of improvement as the Purchasing Managers' Index (PMI) for September rises to 49.8%, indicating a continuous upward trend for two consecutive months [1] Group 1: Manufacturing Sector Performance - The manufacturing PMI increased by 0.4 percentage points from the previous month, reflecting an overall improvement in manufacturing activity [1] - The production index has also risen for two consecutive months, indicating accelerated expansion in overall production activities [1] - Market demand is showing improvement, with both the new orders index and new export orders index rising for two consecutive months [1] Group 2: Specific Industry Insights - The equipment manufacturing PMI reached 51.9%, up 1.4 percentage points from the previous month, indicating accelerated expansion and active supply-demand dynamics in the industry [1] - The consumer goods manufacturing PMI has returned to the expansion zone, achieving the highest level this year [1] Group 3: Market Sentiment and Expectations - There is a continuous improvement in market expectations, with the production and business activity expectations index rising for three consecutive months, reflecting strong confidence among manufacturing enterprises regarding recent market developments [1] - Overall, the macroeconomic environment is stabilizing and improving, with multiple positive factors accumulating and an increase in market vitality [1]

Core Insights - In August, the national industrial added value above designated size increased by 5.2% year-on-year and 0.37% month-on-month [1] - The mining industry saw a year-on-year increase of 5.1%, manufacturing grew by 5.7%, and the production and supply of electricity, heat, gas, and water increased by 2.4% [1] - The equipment manufacturing industry increased by 8.1% and high-tech manufacturing grew by 9.3%, outperforming the overall industrial added value by 2.9 and 4.1 percentage points respectively [1] Economic Type Analysis - State-controlled enterprises' added value increased by 4.7% year-on-year; joint-stock enterprises grew by 6.0%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises increased by 2.3%, while private enterprises grew by 4.6% [1] Product Performance - The production of 3D printing equipment, new energy vehicles, and industrial robots increased by 40.4%, 22.7%, and 14.4% year-on-year respectively [1] Overall Industrial Performance - From January to August, the national industrial added value above designated size increased by 6.2% year-on-year [1] - In August, the manufacturing purchasing managers' index was 49.4%, up 0.1 percentage points from the previous month; the business activity expectation index rose to 53.7%, an increase of 1.1 percentage points [1] Profitability - From January to July, the total profit of industrial enterprises above designated size reached 40,204 billion yuan, a year-on-year decrease of 1.7% [1]

Group 1 - In August, the national industrial added value above designated size increased by 5.2% year-on-year and 0.37% month-on-month [1] - By sector, the mining industry added value grew by 5.1%, manufacturing by 5.7%, and the production and supply of electricity, heat, gas, and water by 2.4% [1] - The equipment manufacturing industry saw an 8.1% year-on-year increase, while high-tech manufacturing grew by 9.3%, outperforming the overall industrial added value by 2.9 and 4.1 percentage points respectively [1] Group 2 - By economic type, state-controlled enterprises' added value increased by 4.7%, joint-stock enterprises by 6.0%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 2.3%, and private enterprises by 4.6% [1] - In terms of products, the output of 3D printing equipment, new energy vehicles, and industrial robots increased by 40.4%, 22.7%, and 14.4% year-on-year respectively [1] Group 3 - From January to August, the national industrial added value above designated size increased by 6.2% year-on-year [1] - In August, the manufacturing purchasing managers' index was 49.4%, up 0.1 percentage points from the previous month, while the business activity expectation index rose to 53.7%, an increase of 1.1 percentage points [1] - From January to July, the total profit of national industrial enterprises amounted to 40,204 billion yuan, a year-on-year decrease of 1.7% [1]

Core Viewpoint - The global manufacturing Purchasing Managers' Index (PMI) for August shows a slight recovery, indicating an improvement in the global manufacturing sector, although it remains below the neutral level of 50% for the sixth consecutive month [1] Summary by Category Global Manufacturing PMI - The global manufacturing PMI for August is reported at 49.9%, an increase of 0.6 percentage points from the previous month [1] - The index has been below 50% for six months, indicating a weak recovery trend in global manufacturing [1] Regional Performance - Asian manufacturing continues to stabilize in the expansion zone, contributing significantly to global economic growth [1] - Specific country PMIs for August include: - United States: 48.7 (up 0.7 from July) - Japan: 49.7 (up 0.8 from July) - Germany: 49.8 (up 0.7 from July) - France: 50.4 (up 2.2 from July) - Italy: 50.4 (up 0.6 from July) - Netherlands: 51.9 (unchanged) - Ireland: 51.6 (down 1.6 from July) - Greece: 54.5 (up 2.8 from July) - Spain: 54.3 (up 2.4 from July) - India: 59.8 (up 0.7 from July) - Indonesia: 51.5 (up 2.3 from July) [1]

Report Summary 1. Core View - The report focuses on iron ore, suggesting that carbon elements transfer profits and the ore price will fluctuate at a high level [1]. 2. Fundamental Tracking Futures - The closing price of iron ore futures was 791.5 yuan/ton, up 14.5 yuan/ton or 1.87% [1]. - The position of contract 12601 was 506,983 lots, with an increase of 41,053 lots [1]. Spot Prices - Imported ore: The price of Carajás fines (65%) was 900 yuan/ton, up 10 yuan/ton; PB fines (61.5%) was 785 yuan/ton, up 10 yuan/ton; Jinbuba fines (61%) was 752 yuan/ton, up 13 yuan/ton; Super Special fines (56.5%) was 685 yuan/ton, up 10 yuan/ton [1]. - Domestic ore: The price of Langna ore (66%) was 931 yuan/ton, unchanged; Laiwu ore (65%) was 849 yuan/ton, unchanged [1]. Spreads - The basis of contract 12601 against Super Special fines was 105.2 yuan/ton, down 3.5 yuan/ton; against Jinbuba fines was 42.4 yuan/ton, down 0.5 yuan/ton [1]. - The spread between 12509 - 12601 was 39.5 yuan/ton, up 3.5 yuan/ton; between 12601 - 12605 was 24 yuan/ton, up 1.5 yuan/ton [1]. - The price difference between Carajás fines - PB fines was 115 yuan/ton, unchanged; PB fines - Jinbuba fines was 33 yuan/ton, down 3 yuan/ton; PB fines - Super Special fines was 100 yuan/ton, unchanged [1]. 3. Macro and Industry News - According to the National Bureau of Statistics, China's Manufacturing Purchasing Managers' Index in August was 49.4%, up 0.1 percentage points from the previous month [1]. 4. Trend Intensity - The trend intensity of iron ore is -1, indicating a relatively bearish outlook [1].

Group 1 - The core viewpoint of the news is that various international leaders are meeting in Tianjin for the Shanghai Cooperation Organization summit and the commemoration of the 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the World Anti-Fascist War [1][2][22] - The manufacturing sector in China shows signs of improvement, with the Purchasing Managers' Index (PMI) for August reported at 49.4%, an increase of 0.1 percentage points from the previous month, indicating a better economic outlook [17] Group 2 - Multiple meetings were held between Chinese President Xi Jinping and leaders from Kazakhstan, Maldives, Azerbaijan, Belarus, Kyrgyzstan, Turkey, Armenia, India, and Vietnam, focusing on cooperation and strategic partnerships [4][5][6][7][8][10][11][12][13] - The meeting with Armenian Prime Minister Pashinyan resulted in the announcement of a strategic partnership between China and Armenia [11] - The meeting with Indian Prime Minister Modi was significant, highlighting the importance of India in the context of the Shanghai Cooperation Organization [12][15]

Core Viewpoint - The manufacturing purchasing managers' index (PMI) in China for August is reported at 49.4%, indicating a slight improvement in manufacturing activity compared to the previous month [1] Group 1: Manufacturing Activity - The production index for August stands at 50.8%, which is an increase of 0.3 percentage points from the previous month, marking the fourth consecutive month above the critical point [1] - The PMI for high-tech manufacturing and equipment manufacturing is reported at 51.9% and 50.5% respectively, with increases of 1.3 and 0.2 percentage points compared to last month [1] Group 2: Business Confidence - The manufacturing production and business activity expectation index has risen for two consecutive months, indicating that most manufacturing enterprises are increasingly confident about future market conditions [1] - Large enterprises continue to show expansion in their PMI, with an acceleration in the pace of growth [1]

Group 1 - The manufacturing sector's purchasing managers' index (PMI) improved to 94% in August, an increase of 0.1 percentage points from the previous month, indicating a better manufacturing climate [2] - The non-manufacturing business activity index reached 50.3% in August, rising by 0.2 percentage points compared to the previous month, and remains above the critical point, suggesting continued expansion in the non-manufacturing sector [3] - The comprehensive PMI output index continues to stay above the critical point, reflecting an overall acceleration in production and business activities across enterprises in China [1]

Core Viewpoint - The overall economic climate in China continues to show signs of expansion, with key indices indicating a recovery in both manufacturing and non-manufacturing sectors in August 2025 [1][11]. Manufacturing Sector Summary - The Manufacturing Purchasing Managers' Index (PMI) rose to 49.4%, indicating a slight improvement in economic conditions compared to the previous month [3]. - Production Index reached 50.8%, up by 0.3 percentage points, marking the fourth consecutive month above the critical point, suggesting accelerated manufacturing production [5]. - New Orders Index increased to 49.5%, reflecting a minor rise of 0.1 percentage points, with notable performance in the pharmaceutical and computer communication sectors [5]. - The Purchasing Volume Index climbed to 50.4%, indicating increased procurement activities among enterprises [5]. - Price indices for raw materials and factory output prices rose to 53.3% and 49.1%, respectively, showing a continuous improvement in market price levels [5]. - Large enterprises reported a PMI of 50.8%, up by 0.5 percentage points, while medium and small enterprises showed mixed results [6]. - High-tech manufacturing and equipment manufacturing sectors maintained expansion with PMIs of 51.9% and 50.5%, respectively [6]. - The production and business activity expectation index rose to 53.7%, indicating increased confidence among manufacturing firms regarding future market conditions [6]. Non-Manufacturing Sector Summary - The Non-Manufacturing Business Activity Index increased to 50.3%, reflecting ongoing expansion in the sector [8]. - The Services Business Activity Index reached 50.5%, marking a significant recovery and the highest point of the year, with strong performance in capital market services and transportation sectors [8]. - The Construction Business Activity Index fell to 49.1%, influenced by adverse weather conditions, indicating a slowdown in construction activities [9]. - The business activity expectation index for the service sector rose to 57.0%, suggesting optimism among service industry firms regarding future market developments [8]. Comprehensive PMI Summary - The Comprehensive PMI Output Index rose to 50.5%, indicating an overall acceleration in production and business activities across sectors [11].

Core Viewpoint - In August 2025, China's Purchasing Managers' Index (PMI) showed a slight recovery in the manufacturing sector and an accelerated expansion in the non-manufacturing sector, indicating an overall improvement in economic conditions [2][6]. Manufacturing PMI Summary - The manufacturing PMI rose to 49.4%, an increase of 0.1 percentage points from the previous month, indicating a slight improvement in the manufacturing sector's economic climate [2][7]. - The production index reached 50.8%, up by 0.3 percentage points, marking the fourth consecutive month above the critical point, suggesting accelerated production expansion [3][10]. - The new orders index increased to 49.5%, up by 0.1 percentage points, indicating a slight improvement in market demand [10]. - Large enterprises reported a PMI of 50.8%, up by 0.5 percentage points, while medium and small enterprises showed PMIs of 48.9% and 46.6%, respectively, indicating varying levels of economic activity across different enterprise sizes [3][10]. - The price indices for major raw materials and factory prices were 53.3% and 49.1%, respectively, both showing increases, suggesting an overall improvement in market price levels [3][10]. Non-Manufacturing PMI Summary - The non-manufacturing business activity index was 50.3%, an increase of 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [2][24]. - The service sector's business activity index rose to 50.5%, up by 0.5 percentage points, reaching a yearly high, with sectors like capital market services and transportation showing strong growth [4][17]. - The construction sector's business activity index fell to 49.1%, down by 1.5 percentage points, reflecting a slowdown due to adverse weather conditions [5][17]. - The business activity expectation index for the non-manufacturing sector was 56.2%, indicating optimism among businesses regarding future market conditions [23][24]. Comprehensive PMI Summary - The comprehensive PMI output index was 50.5%, an increase of 0.3 percentage points, indicating an overall acceleration in production and business activities across both manufacturing and non-manufacturing sectors [6][26].