Group 1: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) rose to 49.8% in September, an increase of 0.4 percentage points from the previous month, indicating continued improvement in economic conditions [1] - The production index reached 51.9%, up 1.1 percentage points, marking a six-month high, while the new orders index increased to 49.7%, suggesting improved market demand [1] - Key industries such as food and beverage, automotive, and aerospace showed production and new orders indices above 54.0%, indicating rapid release of production and demand [1] Group 2: Small and Medium Enterprises - The PMI for small enterprises increased to 48.2%, up 1.6 percentage points, indicating an improvement in their economic conditions, while medium enterprises saw a slight decline to 48.8% [2] - Large enterprises maintained a PMI of 51.0%, continuing to show stable expansion [2] Group 3: Key Industries - The PMIs for key sectors such as equipment manufacturing, high-tech manufacturing, and consumer goods were 51.9%, 51.6%, and 50.6% respectively, all significantly above the manufacturing average [2] - High-energy-consuming industries experienced a decline in PMI to 47.5%, down 0.7 percentage points [2] Group 4: Market Expectations - The production and business activity expectation index rose to 54.1%, indicating a positive outlook among manufacturing enterprises for recent market developments [2] - In the service sector, the business activity expectation index remained stable at 56.3%, reflecting optimism among service industry enterprises [3] Group 5: Non-Manufacturing Sector - The non-manufacturing business activity index stood at 50.0%, a decrease of 0.3 percentage points, indicating stability in overall business volume [1][3] - The service sector's business activity index was 50.1%, remaining in the expansion zone, with certain industries like postal and financial services showing indices above 60.0% [3] Group 6: Comprehensive PMI - The comprehensive PMI output index increased to 50.6%, up 0.1 percentage points, indicating a continued acceleration in production and business activities across sectors [4]

Group 1: Manufacturing PMI Insights - In September, the manufacturing PMI rose to 49.8%, an increase of 0.4 percentage points from the previous month, indicating continued improvement in economic conditions [2][3] - The production index reached 51.9%, up 1.1 percentage points, marking a six-month high, while the new orders index increased to 49.7%, suggesting a slight improvement in market demand [3] - Key industries such as food and beverage, automotive, and aerospace showed production and new orders indices above 54.0%, indicating robust activity, while sectors like wood processing and non-metallic mineral products remained below the critical point [3][4] Group 2: Non-Manufacturing Sector Analysis - The non-manufacturing business activity index stood at 50.0%, down 0.3 percentage points, indicating stability in overall business volume [5] - The service sector maintained expansion with a business activity index of 50.1%, while industries like postal and financial services reported indices above 60.0%, reflecting strong growth [5] - The construction sector saw a slight recovery with a business activity index of 49.3%, and the business activity expectation index rose to 52.4%, indicating improved confidence among construction firms [5] Group 3: Comprehensive PMI Overview - The comprehensive PMI output index was 50.6%, up 0.1 percentage points, signaling continued acceleration in production and business activities across sectors [6] - The manufacturing production index and non-manufacturing business activity index contributed to the comprehensive PMI, recorded at 51.9% and 50.0% respectively [6]

Core Viewpoint - The manufacturing purchasing managers' index (PMI) in September 2025 shows a slight recovery, indicating an overall acceleration in economic output in China, while the non-manufacturing business activity index remains stable at the critical point [1][5]. Group 1: Manufacturing PMI Insights - The manufacturing PMI rose to 49.8%, an increase of 0.4 percentage points from the previous month, indicating improved economic conditions [2]. - The production index reached 51.9%, up 1.1 percentage points, marking the highest level in nearly six months, reflecting active manufacturing activities [2]. - The new orders index increased to 49.7%, indicating a slight improvement in market demand, with certain industries like food and beverage, automotive, and aerospace showing strong performance [2][3]. - Small enterprises saw a PMI increase to 48.2%, up 1.6 percentage points, suggesting a recovery in their economic conditions [2]. Group 2: Non-Manufacturing PMI Insights - The non-manufacturing business activity index stood at 50.0%, down 0.3 percentage points, indicating stability at the critical point [4]. - The service sector's business activity index was 50.1%, remaining in the expansion zone, with strong performance in sectors like postal and financial services [4]. - The construction sector's business activity index slightly improved to 49.3%, indicating a minor recovery in construction activities [4]. Group 3: Comprehensive PMI Insights - The comprehensive PMI output index rose to 50.6%, an increase of 0.1 percentage points, indicating continued acceleration in production and business activities across sectors [5].

一、制造业采购经理指数继续回升 2025年9月30日国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。对此， 国家统计局服务业调查中心首席统计师霍丽慧进行了解读。 9月份，制造业采购经理指数为49.8%，比上月上升0.4个百分点；非制造业商务活动指数为50.0%，比上 月下降0.3个百分点；综合PMI产出指数为50.6%，比上月上升0.1个百分点，我国经济总体产出扩张略有 加快。 9月份制造业采购经理指数继续回升 ——国家统计局服务业调查中心首席统计师霍丽慧解读2025年9月中国采购经理指数 9月份，非制造业商务活动指数为50.0%，比上月下降0.3个百分点，位于临界点，非制造业业务总量总 体稳定。 （一）服务业商务活动指数保持扩张。服务业商务活动指数为50.1%，继续位于扩张区间。从行业看， 邮政、电信广播电视及卫星传输服务、货币金融服务等行业商务活动指数均位于60.0%以上高位景气区 间，业务总量保持较快增长；同时，受暑期效应消退影响，与居民出行消费密切相关的餐饮、文化体育 娱乐等行业商务活动指数落至临界点以下。从市场预期看，业务活动预期指数为56.3%，今年以来始终 位于55.0%以 ...

Group 1 - The manufacturing Purchasing Managers' Index (PMI) for August is 49.4%, showing a slight increase of 0.1 percentage points from the previous month, indicating an improvement in manufacturing sentiment [1] - The production index is at 50.8%, up by 0.3 percentage points, signaling accelerated manufacturing production; the new orders index is at 49.5%, increasing by 0.1 percentage points [1] - The prices index has continued to rise, with the main raw materials purchasing price index at 53.3% and the factory price index at 49.1%, increasing by 1.8 and 0.8 percentage points respectively, indicating an overall improvement in market prices [1] Group 2 - Large enterprises' PMI is at 50.8%, indicating an accelerated expansion; medium enterprises' PMI is at 48.9%, showing a decline in sentiment; small enterprises' PMI is at 46.6%, reflecting an improvement in sentiment [1] - Key sectors such as high-tech manufacturing and equipment manufacturing have PMIs of 51.9% and 50.5%, respectively, both showing increases of 1.3 and 0.2 percentage points, while the consumer goods sector PMI is at 49.2%, down by 0.3 percentage points [1] - The production and business activity expectation index is at 53.7%, up by 1.1 percentage points, marking two consecutive months of increase in market expectations [2]

Group 1: Industrial Profit Trends - In the first seven months of 2025, the total profit of industrial enterprises above designated size in China decreased by 1.7% year-on-year, amounting to 40,203.5 billion yuan [3][4] - State-owned enterprises reported a profit of 12,823.4 billion yuan, down 7.5% year-on-year, while private enterprises saw a profit of 11,183.7 billion yuan, an increase of 1.8% [3][4] - The mining industry experienced a significant profit decline of 31.6%, while the manufacturing sector's profit increased by 4.8% [3][4] Group 2: Revenue and Cost Analysis - The total operating revenue for industrial enterprises was 78.07 trillion yuan, reflecting a year-on-year growth of 2.3%, with operating costs rising by 2.5% to 66.80 trillion yuan [4] - The operating profit margin was recorded at 5.15%, a decrease of 0.21 percentage points compared to the previous year [4] - By the end of July, total assets of these enterprises reached 183.67 trillion yuan, a 4.9% increase year-on-year, while total liabilities grew by 5.1% to 106.26 trillion yuan [4][5] Group 3: Purchasing Managers' Index (PMI) Insights - In August 2025, the manufacturing PMI was reported at 49.4%, indicating a slight improvement in manufacturing activity compared to the previous month [7] - Large enterprises had a PMI of 50.8%, while medium and small enterprises reported PMIs of 48.9% and 46.6%, respectively, indicating varying levels of economic health across different enterprise sizes [7][8] - The production index rose to 50.8%, suggesting accelerated manufacturing production, while the new orders index was at 49.5%, indicating slight improvement in market demand [8][9] Group 4: Non-Manufacturing Sector Performance - The non-manufacturing business activity index stood at 50.3%, showing continued expansion in the sector [11] - The construction industry index was at 49.1%, reflecting a decline, while the services sector index improved to 50.5% [11][12] - The new orders index for non-manufacturing was 46.6%, indicating a slight improvement in market demand, particularly in the services sector [11][12]

Group 1: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) rose to 49.4% in August, indicating a slight improvement in economic conditions compared to the previous month [1] - The production index increased to 50.8%, remaining above the critical point for four consecutive months, signaling accelerated manufacturing production [2] - The new orders index reached 49.5%, showing a marginal increase, with notable performance in the pharmaceutical and computer communication sectors [2] - The procurement activities have accelerated, with the procurement volume index rising to 50.4% [2] - The price indices for major raw materials and factory prices increased to 53.3% and 49.1%, respectively, indicating an overall improvement in market price levels [2] Group 2: Non-Manufacturing Sector - The non-manufacturing business activity index rose to 50.3%, continuing to show expansion [4] - The service sector's business activity index reached 50.5%, marking a significant recovery and the highest point of the year [4] - Certain industries, such as capital market services and transportation, reported business activity indices above 60.0%, indicating robust growth [4] - The construction sector's business activity index fell to 49.1% due to adverse weather conditions, reflecting a slowdown in production [4] Group 3: Overall Economic Outlook - The comprehensive PMI output index increased to 50.5%, indicating an overall acceleration in production and business activities across sectors [5] - The production index for manufacturing and the business activity index for non-manufacturing were 50.8% and 50.3%, respectively, contributing to the positive outlook [5] - The production and operational activity expectation index rose to 53.7%, suggesting increased confidence among manufacturing enterprises regarding future market conditions [3]

Group 1: Manufacturing PMI Insights - In August, the Manufacturing PMI rose to 49.4%, indicating an improvement in economic conditions compared to the previous month [2] - The production index reached 50.8%, up 0.3 percentage points, marking the fourth consecutive month above the critical point, suggesting accelerated manufacturing production [2] - The new orders index increased to 49.5%, reflecting a slight rise in demand, with notable performance in the pharmaceutical and computer communication sectors [2] - The purchasing activities have accelerated, with the purchasing volume index rising to 50.4% [2] - The price indices for major raw materials and factory prices increased to 53.3% and 49.1%, respectively, indicating a general improvement in market prices [2] Group 2: Non-Manufacturing PMI Insights - The Non-Manufacturing Business Activity Index reached 50.3%, up 0.2 percentage points, continuing its expansion [4] - The service sector's business activity index rose to 50.5%, the highest point this year, with strong growth in capital market services and transportation sectors [4] - The construction sector's business activity index fell to 49.1% due to adverse weather conditions, indicating a slowdown in production [4] Group 3: Comprehensive PMI Insights - The Comprehensive PMI Output Index increased to 50.5%, indicating an overall acceleration in production and business activities across sectors [5][6] - The manufacturing production index and non-manufacturing business activity index were recorded at 50.8% and 50.3%, respectively, contributing to the overall expansion [6]

Group 1: Manufacturing PMI Insights - In August, the Manufacturing PMI rose to 49.4%, indicating an improvement in economic conditions compared to the previous month [2] - The production index reached 50.8%, up 0.3 percentage points, marking four consecutive months above the critical point, signaling accelerated manufacturing production [2] - The new orders index increased to 49.5%, reflecting a slight rise in demand [2] - Large enterprises showed a PMI of 50.8%, up 0.5 percentage points, indicating sustained expansion, while medium and small enterprises experienced declines [3] - High-tech manufacturing and equipment manufacturing PMIs were 51.9% and 50.5%, respectively, showing continued strength in these sectors [3] - The production and business activity expectation index rose to 53.7%, suggesting increased confidence among manufacturers regarding future market conditions [3] Group 2: Non-Manufacturing PMI Insights - The Non-Manufacturing Business Activity Index reached 50.3%, up 0.2 percentage points, indicating ongoing expansion in the non-manufacturing sector [5] - The service sector's business activity index improved to 50.5%, the highest point of the year, with several industries, including capital market services, showing strong growth [5] - The construction sector's business activity index fell to 49.1%, down 1.5 percentage points, due to adverse weather conditions affecting production [5] Group 3: Comprehensive PMI Insights - The Comprehensive PMI Output Index rose to 50.5%, up 0.3 percentage points, indicating overall expansion in production and business activities [6] - The manufacturing production index and non-manufacturing business activity index were 50.8% and 50.3%, respectively, contributing to the comprehensive PMI's positive trend [6]

Core Viewpoint - The Purchasing Managers' Index (PMI) for China's manufacturing and non-manufacturing sectors showed signs of improvement in August, indicating a recovery in economic activity [1][2]. Manufacturing Sector Summary - The manufacturing PMI for August is reported at 49.4%, an increase of 0.1 percentage points from the previous month, reflecting an improvement in manufacturing sentiment [4]. - The production index for August stands at 50.8%, up by 0.3 percentage points, remaining above the critical point for four consecutive months, indicating accelerated production activities [4]. - Key industries such as high-tech manufacturing and equipment manufacturing saw their PMIs rise to 51.9% and 50.5%, respectively, with increases of 1.3 and 0.2 percentage points compared to the previous month, highlighting the strengthening of new growth drivers [4]. - Large enterprises continue to show expansion in their PMI, with an acceleration in the pace of growth, while small enterprises also experienced an improvement in their economic sentiment [4]. Non-Manufacturing Sector Summary - The non-manufacturing business activity index for August is at 50.3%, up by 0.2 percentage points from the previous month, indicating ongoing expansion in the non-manufacturing sector [5]. - The service industry business activity index reached 50.5%, an increase of 0.5 percentage points, marking the highest point of the year [5].