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].

Core Insights - The manufacturing purchasing managers' index (PMI) rose to 49.8% in September, indicating a slight improvement in economic activity, while the non-manufacturing business activity index remained stable at 50.0% [1][2][5] Manufacturing Sector - Manufacturing production activities accelerated, with the production index reaching 51.9%, the highest in nearly six months, and the new orders index increased to 49.7%, reflecting improved market demand [2] - Key industries such as food and beverage, automotive, and aerospace showed production and new orders indices above 54.0%, indicating robust demand, while sectors like wood processing and non-metallic mineral products fell below the critical point [2] - Small enterprises saw a PMI increase to 48.2%, while large enterprises maintained a PMI of 51.0%, indicating stable expansion [2] Key Industries - The equipment manufacturing, high-tech manufacturing, and consumer goods sectors reported PMIs of 51.9%, 51.6%, and 50.6%, respectively, all above the manufacturing average, suggesting active supply and demand [3] - The high-energy-consuming industries experienced a decline in PMI to 47.5% [3] Market Expectations - The production and business activity expectation index rose to 54.1%, indicating a positive outlook among manufacturing firms for market development [3] - Industries such as agricultural processing and automotive maintained high expectation indices above 57.0%, reflecting strong confidence in future growth [3] Non-Manufacturing Sector - The non-manufacturing business activity index stood at 50.0%, indicating stability, with the service sector index at 50.1%, showing continued expansion [4] - The construction sector's business activity index slightly improved to 49.3%, with a business activity expectation index of 52.4%, suggesting increased confidence among construction firms [4] Composite PMI - The composite PMI output index rose to 50.6%, indicating continued acceleration in production and business activities across sectors [5]

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] - Large enterprises reported a PMI of 51.0%, up 0.2 percentage points, while medium-sized enterprises had a PMI of 48.8%, down 0.1 percentage points, and small enterprises reported a PMI of 48.2%, an increase of 1.6 percentage points, but still below the critical point [4] - 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 [5] Sub-Indices Performance - The production index was 51.9%, up 1.1 percentage points, indicating accelerated production expansion in the manufacturing sector [5] - The new orders index was 49.7%, up 0.2 percentage points, suggesting a continued improvement in market demand [5] - The raw material inventory index was 48.5%, up 0.5 percentage points, indicating a narrowing decline in the inventory of major raw materials [5] - The employment index was 48.5%, up 0.6 percentage points, reflecting an improvement in employment sentiment within manufacturing [5] - The supplier delivery time index was 50.8%, up 0.3 percentage points, indicating faster delivery times from raw material suppliers [5] Non-Manufacturing PMI Overview - In September, the Non-Manufacturing Business Activity Index was 50.0%, a decrease of 0.3 percentage points from the previous month, indicating overall stability in non-manufacturing business volume [9] - The construction industry business activity index was 49.3%, up 0.2 percentage points, while the service industry business activity index was 50.1%, down 0.4 percentage points [11] Non-Manufacturing Sub-Indices Performance - 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 price level of inputs used by non-manufacturing enterprises [15] - The sales price index was 47.3%, down 1.3 percentage points, indicating a continued decline in the overall sales price level [15] - The employment index for non-manufacturing was 45.0%, down 0.6 percentage points, reflecting a decrease in employment sentiment [17] - The business activity expectation index was 55.7%, down 0.5 percentage points, but still indicating optimism among most non-manufacturing enterprises [17] Comprehensive PMI Overview - The Comprehensive PMI Output Index was 50.6%, an increase of 0.1 percentage points from the previous month, indicating a continued acceleration in production and business activities across enterprises [21]

Core Insights - The manufacturing Purchasing Managers' Index (PMI) for September is reported at 49.8%, an increase of 0.4 percentage points from the previous month, indicating continued improvement in manufacturing sentiment [1] Manufacturing Sector - Large enterprises have a PMI of 51.0%, up 0.2 percentage points from last month, remaining above the critical point [1] - Medium-sized enterprises show a PMI of 48.8%, down 0.1 percentage points from last month, below the critical point [1] - Small enterprises report a PMI of 48.2%, an increase of 1.6 percentage points from last month, still below the critical point [1] - Among the five sub-indices that comprise the manufacturing PMI, the production index and supplier delivery time index are above the critical point, while the new orders index, raw material inventory index, and employment index are below the critical point [1] Non-Manufacturing Sector - The non-manufacturing business activity index stands at 50.0%, a decrease of 0.3 percentage points from the previous month, indicating overall stability in non-manufacturing business volume [1] Composite PMI - The composite PMI output index is at 50.6%, an increase of 0.1 percentage points from last month, indicating that production and operational activities in enterprises are continuing to expand [1]

Group 1: Manufacturing PMI Insights - The manufacturing purchasing managers' index (PMI) for September is 49.8%, an increase of 0.4 percentage points from the previous month, indicating continued improvement in manufacturing sentiment [1][4] - The production index reached 51.9%, up 1.1 percentage points, marking a six-month high, while the new orders index rose to 49.7%, suggesting improved market demand [4] - Small enterprises showed a PMI increase to 48.2%, up 1.6 percentage points, indicating a slight improvement in their economic conditions [4][5] Group 2: Non-Manufacturing Sector Performance - The non-manufacturing business activity index stands at 50.0%, down 0.3 percentage points, indicating stability in the overall business volume of the non-manufacturing sector [6] - The service sector's business activity index is at 50.1%, remaining in the expansion zone, with certain industries like postal and financial services showing strong growth [6] - The construction sector's business activity index slightly increased to 49.3%, reflecting a minor recovery in construction activity [6] Group 3: Comprehensive PMI Analysis - The comprehensive PMI output index is at 50.6%, up 0.1 percentage points, indicating a continued acceleration in overall production and business activities [7] - The manufacturing production index and non-manufacturing business activity index contribute to the comprehensive PMI, standing at 51.9% and 50.0% respectively [7]

从企业规模看，大型企业PMI为51.0%，比上月上升0.2个百分点，高于临界点；中型企业PMI为48.8%，比上月下降0.1个百分点，低于临界点；小型企业PMI 为48.2%，比上月上升1.6个百分点，仍低于临界点。 从分类指数看，在构成制造业PMI的5个分类指数中，生产指数和供应商配送时间指数均高于临界点，新订单指数、原材料库存指数和从业人员指数低于临 界点。 制造业景气水平继续改善。 9月30日，国家统计局发布2025年9月中国采购经理指数运行情况。 一、中国制造业采购经理指数运行情况 9月份，制造业采购经理指数（PMI）为49.8%，比上月上升0.4个百分点，制造业景气水平继续改善。 图3 建筑业商务活动 生产指数为51.9%，比上月上升1.1个百分点，表明制造业生产扩张加快。 新订单指数为49.7%，比上月上升0.2个百分点，表明制造业市场需求景气水平继续改善。 原材料库存指数为48.5%，比上月上升0.5个百分点，表明制造业主要原材料库存量降幅继续收窄。 从业人员指数为48.5%，比上月上升0.6个百分点，表明制造业企业用工景气度改善。 供应商配送时间指数为50.8%，比上月上升0.3个百分点，表明 ...

Group 1: Manufacturing PMI Overview - In September, the Manufacturing Purchasing Managers' Index (PMI) reached 49.8%, an increase of 0.4 percentage points from the previous month, indicating continued improvement in manufacturing activity [1][23][24] - The production index rose to 51.9%, up 1.1 percentage points, signaling accelerated production expansion in the manufacturing sector [3][24] - The new orders index increased to 49.7%, up 0.2 percentage points, reflecting an improvement in market demand [3][24] Group 2: Enterprise Size Analysis - Large enterprises reported a PMI of 51.0%, up 0.2 percentage points, remaining above the critical point and indicating stable expansion [3][24] - Medium-sized enterprises had a PMI of 48.8%, down 0.1 percentage points, indicating stable conditions [3][24] - Small enterprises saw a PMI of 48.2%, an increase of 1.6 percentage points, showing some improvement in conditions [3][24] Group 3: Sector Performance - Key sectors such as equipment manufacturing, high-tech manufacturing, and consumer goods reported PMIs of 51.9%, 51.6%, and 50.6% respectively, all significantly above the manufacturing average [25] - High-energy-consuming industries had a PMI of 47.5%, down 0.7 percentage points, indicating a decline in activity [25] Group 4: Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index stood at 50.0%, a decrease of 0.3 percentage points, indicating overall stability in non-manufacturing business volume [8][26] - The service sector's business activity index was 50.1%, remaining in the expansion zone, while the construction sector's index was 49.3%, showing a slight recovery [11][26] Group 5: Composite PMI Insights - The Composite PMI Output Index was 50.6%, an increase of 0.1 percentage points, indicating a continued acceleration in overall production and business activities [20][27] - The manufacturing production index and non-manufacturing business activity index were 51.9% and 50.0% respectively, contributing to the composite index's growth [27]

Group 1: Manufacturing PMI Overview - The manufacturing Purchasing Managers' Index (PMI) for September is 49.8%, an increase of 0.4 percentage points from the previous month, indicating continued improvement in manufacturing sentiment [1] - Large enterprises have a PMI of 51.0%, up 0.2 percentage points, indicating expansion; medium enterprises have a PMI of 48.8%, down 0.1 percentage points; small enterprises have a PMI of 48.2%, up 1.6 percentage points, but still below the critical point [1] - The production index is at 51.9%, an increase of 1.1 percentage points, suggesting accelerated production expansion in the manufacturing sector [2] Group 2: New Orders and Employment - The new orders index is at 49.7%, up 0.2 percentage points, indicating a continued improvement in market demand within the manufacturing sector [3] - The employment index is at 48.5%, up 0.6 percentage points, suggesting an improvement in employment sentiment among manufacturing enterprises [5] Group 3: Non-Manufacturing PMI Overview - The non-manufacturing business activity index for September is 50.0%, a decrease of 0.3 percentage points, indicating overall stability in non-manufacturing business volume [7] - The construction industry business activity index is at 49.3%, up 0.2 percentage points; the services industry business activity index is at 50.1%, down 0.4 percentage points [7] Group 4: Price Indices and Market Demand - The new orders index for non-manufacturing is at 46.0%, down 0.6 percentage points, indicating a decline in market demand [7] - The input prices index is at 49.0%, down 1.3 percentage points, indicating a decrease in the overall level of input prices for non-manufacturing enterprises [7] - The sales prices index is at 47.3%, down 1.3 percentage points, indicating a continued decline in sales prices in the non-manufacturing sector [8] Group 5: Composite PMI Overview - The composite PMI output index for September is 50.6%, an increase of 0.1 percentage points, indicating continued acceleration in overall production and business activities across all sectors [10]

一、中国制造业采购经理指数运行情况 9月份，制造业采购经理指数（PMI）为49.8%，比上月上升0.4个百分点，制造业景气水平继续改善。 从企业规模看，大型企业PMI为51.0%，比上月上升0.2个百分点，高于临界点；中型企业PMI为48.8%，比上月下降0.1个百分点，低于临界点；小型企业PMI 为48.2%，比上月上升1.6个百分点，仍低于临界点。 从分类指数看，在构成制造业PMI的5个分类指数中，生产指数和供应商配送时间指数均高于临界点，新订单指数、原材料库存指数和从业人员指数低于临 界点。 生产指数为51.9%，比上月上升1.1个百分点，表明制造业生产扩张加快。 新订单指数为49.7%，比上月上升0.2个百分点，表明制造业市场需求景气水平继续改善。 原材料库存指数为48.5%，比上月上升0.5个百分点，表明制造业主要原材料库存量降幅继续收窄。 从业人员指数为48.5%，比上月上升0.6个百分点，表明制造业企业用工景气度改善。 供应商配送时间指数为50.8%，比上月上升0.3个百分点，表明制造业原材料供应商交货时间持续加快。 | | | | | | | = 17 . 10 | | --- | --- | ...

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，制造业生产活 动加快，PMI升至49.8%，景气水平继续改善。装备制造业、高技术制造业和消费品行业PMI分别为 51.9%、51.6%和50.6%，均明显高于制造业总体，同时上述重点行业生产指数和新订单指数均位于扩张 区间，企业供需两端较为活跃；高耗能行业PMI为47.5%，比上月下降0.7个百分点。 （文章来源：国家统计局） ...