中国物流与采购联合会6日发布数据显示，2025年10月份，亚洲制造业采购经理人指数(PMI)为 50.7%，较上月小幅下降0.2个百分点，连续6个月在50%以上。 综合来看，亚洲制造业整体继续保持平稳扩张态势，恢复韧性较好。国际货币基金组织最新报告预 计2025年亚太地区经济增速为4.5%，比4月预测值提高了0.6个百分点，且认为亚洲对全球经济增长的贡 献率约为60%。坚持开放理念、持续深化区域经贸合作、注重产业链和供应链的稳定是亚洲地区主要国 家保持经济恢复韧性的重要基础。 10月份，全球制造业PMI为49.7%，与上月持平。 从主要国家来看，中国制造业PMI较上月有所下降；印度制造业PMI较上月上升，升至59%以上； 东盟国家中，泰国、印度尼西亚、菲律宾和越南制造业PMI较上月有不同程度上升，指数均在50%以 上，马来西亚制造业PMI较上月有所下降，且在50%以下；日本和韩国制造业PMI较上月均有不同程度 下降，且均在50%以下。 ...

Core Insights - The report from the Institute for Supply Management indicates that U.S. manufacturing activity continued to decline in October, marking the eighth consecutive month of contraction [1] - The Purchasing Managers' Index (PMI) for October fell to 48.7 from 49.1 in the previous month, with a reading below 50 indicating a contraction in the manufacturing sector [1] Manufacturing Sector Performance - Only 2 out of the surveyed industries reported expansion in October, while 12 industries experienced contraction [1] - The chemical products sector reported that uncertainty in the global economic environment and fluctuating tariff policies led to order cancellations or reductions, putting continued pressure on business [1] - The machinery manufacturing sector indicated that ongoing tariff impacts and a lack of domestic alternatives for imported products hindered plans for reshoring manufacturing [1] Economic Outlook - The chair of the manufacturing survey committee, Susan Spence, noted that the pace of contraction in U.S. manufacturing activity accelerated in October, particularly in production and inventory metrics [1] - Despite some improvements in August and September, short-term growth has not translated into sustained growth in manufacturing, reflecting ongoing economic uncertainty [1]

Group 1 - The core point of the article indicates that the Russian manufacturing sector is experiencing a significant decline, with the Purchasing Managers' Index (PMI) dropping to 48 in October, down from 48.2 in September, marking the largest decline since July [1] - The data shows that manufacturing activity has been decreasing for five consecutive months, with employment levels and procurement of inputs also declining further in October [1] - The speed of decline in manufacturing procurement activities has accelerated, reaching the fastest level in three months, indicating a worsening economic situation [1] Group 2 - The report highlights a reduction in new orders, which has alleviated some capacity pressure for manufacturers, leading to a faster decrease in backlogged orders and inventory levels [1] - Additionally, companies noted that in October, due to shortened supplier delivery times, there is an occurrence of overcapacity in the industry [2]

Core Insights - The Netherlands' manufacturing Purchasing Managers' Index (PMI) fell to 51.8 in October, down from 53.7 in September, marking the lowest level since June 2024 [1] - Despite remaining above the neutral 50 mark, the manufacturing sector is experiencing a significant slowdown in expansion [1] Manufacturing Activity - New orders continue to be the main driver of manufacturing activity, with increased demand from European and Asia-Pacific customers leading to a rise in export demand [1] - Manufacturing output has maintained a continuous growth trend since March 2024 [1] Employment Trends - The number of manufacturing jobs decreased for the first time since May 2024, influenced by voluntary resignations, corporate restructuring, and a reduction in temporary staff [1] Cost Pressures - Input costs have slightly increased due to rising prices of food, energy, and raw materials [1] - However, factory gate price inflation has further slowed, reaching the lowest level in a year, indicating limited ability for companies to pass on costs to downstream customers [1] Future Outlook - Despite the weakening expansion momentum, Dutch manufacturers remain optimistic about their business outlook for the next twelve months, although overall confidence is still below the historical average for the PMI series [1]

Core Insights - Turkey's Consumer Price Index (CPI) rose by 32.87% year-on-year in October, a decrease from 33.29% in September, marking the lowest level since November 2021 [1] - The manufacturing Purchasing Managers' Index (PMI) fell to 46.5 in October, indicating a continued contraction for the 19th consecutive month [1][2] Inflation and Price Changes - Food and non-alcoholic beverage prices increased by 34.87% - Housing prices rose by 50.96% - Clothing and footwear prices increased by 7.98% - Household equipment prices rose by 28.9% - Healthcare prices increased by 32.06% - Communication prices rose by 19.35% - Education prices surged by 65.69% - Prices in hotels, cafes, and restaurants increased by 33.78% - Miscellaneous goods and services prices rose by 30.13% - Transportation prices increased by 27.33% - Alcoholic beverages and tobacco prices rose by 27.56% - Cultural and entertainment prices increased by 25.32% [1] Economic Activity and Monetary Policy - Output is declining at a strong pace due to weak demand and slowing new orders, with both domestic and export markets showing low performance [2] - The Central Bank of Turkey lowered the benchmark interest rate by 100 basis points to 39.5% on October 23, marking the third rate cut since July [2] - The market anticipates that the policy rate will decrease to 37.5% by the end of 2025 [2]

捷豹路虎复工提振英国制造业 企业信心仍受多重因素压制。多布森表示，制造商正密切关注11月26日英国财政大臣里夫斯将公布的预 算案，担忧可能增加的税收风险；同时，美国关税政策也令市场承压。 中新社伦敦11月3日电 (记者 欧阳开宇)标普全球3日公布的调查显示，受汽车制造商捷豹路虎复工带 动，英国10月制造业表现创下近一年来最佳水平。 数据显示，英国10月制造业采购经理人指数(PMI)升至49.7，较9月的46.2显著回升，且略高于此前初步 估计的49.6，为12个月以来最高值。其中产出指标恢复增长，主要由中间产品生产带动，这一变化直接 反映出捷豹路虎分阶段复产对其供应链上下游企业的提振效应。 捷豹路虎自2025年8月底遭遇网络攻击后，三家英国工厂全面停摆，导致英国9月汽车产量跌至73年来同 期最低。此次其逐步恢复生产，不仅带动自身产能回升，更拉动了供应链中数千家关联企业的生产复 苏。 值得注意的是，英国制造业PMI自2024年10月以来已连续处于收缩区间。标普全球市场情报公司总监罗 布·多布森指出，10月的制造业改善恐难持续。当前复苏主要依赖捷豹路虎复工带来的一次性反弹，且 企业多依靠积压订单维持生产，国内外市 ...

Core Viewpoint - The A-share indices collectively rose today, indicating a positive trend in the market, with significant trading activity in the A500 ETF, which reached a record high in scale [1]. Group 1: Market Performance - The CSI A500 index increased by 0.7% [1] - The CSI A100 index rose by 0.8% [1] - The CSI A50 index gained 0.6% [1] - The A500 ETF from E Fund (159361) had a trading volume of approximately 4 billion yuan [1] - The latest scale of this product exceeded 23 billion yuan, marking a historical high [1] Group 2: Manufacturing Sector Insights - The manufacturing Purchasing Managers' Index (PMI) for September rose by 0.4 percentage points to 49.8%, reaching a six-month high, indicating ongoing improvement in manufacturing sentiment [1] - The manufacturing production index stood at 51.9%, an increase of 1.1 percentage points from the previous month, also a six-month high [1] - The new orders index increased to 49.7%, up by 0.2 percentage points [1] - The new export orders index rose by 0.6 percentage points to 47.8% [1]

Group 1 - The manufacturing PMI in China increased by 0.4 percentage points to 49.8% in September, indicating a slight recovery in manufacturing activity [1] - Factors contributing to this recovery include the easing of adverse weather conditions, the implementation of consumer loan interest subsidies, and the full rollout of the third batch of national subsidies for trade-in programs [1] - The production index rose to 51.9%, the highest in nearly six months, while the new orders index increased to 49.7% [1] Group 2 - Large enterprises reported a PMI of 51.0%, while medium and small enterprises had PMIs of 48.8% and 48.2%, respectively, indicating varying levels of manufacturing activity across different enterprise sizes [1] - The non-manufacturing PMI recorded a value of 50.0%, a decrease of 0.3 percentage points from the previous month, with the construction sector index at 49.3% and the services sector index at 50.1% [5] - Certain service industries, such as postal and telecommunications, showed strong activity with indices above 60.0%, while sectors like catering and real estate remained below the critical point [5] Group 3 - Economic forecasts suggest that the fourth quarter may see the implementation of new policy measures to support economic growth, including financial tools and potential monetary easing [2][4] - The National Development and Reform Commission is actively working on new policy financial tools, with a total scale of 500 billion yuan aimed at enhancing effective investment [4] - Proposed fiscal measures may include increasing support for equipment updates and extending special government bonds, which could significantly bolster the macroeconomic environment, particularly in manufacturing [5]

2025年9月德国制造业PMI初值 前值 预测值 公布值 49.8 50 48.5 数据释义：制造业采购经理人指数(Manufacture Purchasing Manager Index, PMI)，主要反映企业对于目 前经营环境的看法。由于采购经理人指数具实时性，部分组成项目亦有领先的特性，故该指针对新增订 单及工业生产具有良好的预测能力，为极具市场影响力的经济指标。 数据公布机构：标普全球 下次公布时间：2025年10月24日 数据发布频率：每月一次 数据统计方法：基于对制造业采购经理人调查的一个衡量制造业发展状况的指标。 数据影响：利空金银原油，利空欧元 ...

Core Insights - The S&P Global report indicates that Vietnam's manufacturing sector continued to grow in August 2025, but the growth rate has slowed due to weak demand [1] - The PMI for August remained above the critical point of 50, indicating a slight improvement in manufacturing conditions for the second consecutive month, although it decreased from 52.4 in July to 50.4 in August, suggesting minimal improvement [1] - The report highlights a decrease in new orders in August, following a growth in July, with the decline attributed partly to U.S. tariff policies, which have led to a continuous drop in new export orders for ten consecutive months, with August's decline being significantly larger than the overall drop in new orders [1]