Economic Overview - In September, the manufacturing Purchasing Managers' Index (PMI) was 49.8%, an increase of 0.4 percentage points from the previous month, marking two consecutive months of increase [1] - The non-manufacturing business activity index was 50.0%, a decrease of 0.3 percentage points from the previous month, indicating stability in the non-manufacturing sector [1] - The comprehensive PMI output index rose to 50.6%, up 0.1 percentage points from the previous month, suggesting a slight acceleration in overall economic output [1] Manufacturing Sector - Manufacturing production activities accelerated, with the production index at 51.9%, up 1.1 percentage points from the previous month, remaining in the expansion zone for five consecutive months [1] - The new orders index for manufacturing was 49.7%, an increase of 0.2 percentage points from the previous month, indicating a stabilization in market demand [1] - The new export orders index was 47.8%, up 0.6 percentage points from the previous month, reflecting a narrowing decline in export demand [1] New Growth Drivers - In September, the PMIs for equipment manufacturing, high-tech manufacturing, and consumer goods were 51.9%, 51.6%, and 50.6% respectively, all significantly above the manufacturing average [2] - Large enterprises showed stable growth with a PMI of 51.0%, while small enterprises improved slightly with a PMI of 48.2%, up 1.6 percentage points from the previous month [2] - The manufacturing production and business activity expectation index was 54.1%, indicating positive market expectations among manufacturers [2] Non-Manufacturing Sector - The non-manufacturing business activity index remained stable at 50%, despite a slight decrease from the previous month [3] - The service sector PMI was 50.1%, down 0.4 percentage points from August, reflecting seasonal trends and the timing of the Mid-Autumn Festival [3][4] - Financial services showed strong performance with a business activity index above 60%, indicating robust support for the real economy [4] Future Outlook - The third quarter average manufacturing PMI was 49.5%, indicating a consolidation of economic recovery compared to the second quarter and the same period last year [3] - Expectations for the fourth quarter include increased macroeconomic policies to boost market confidence and demand, driven by holiday consumption and infrastructure projects [3][4] - The non-manufacturing sector is expected to stabilize and recover, supported by seasonal effects and ongoing macroeconomic adjustments [4]

央视网消息（新闻联播）：国家统计局、中国物流与采购联合会今天（9月30日）联合公布，9月份中国 制造业采购经理指数为49.8%，比上月上升0.4个百分点。指数连续两个月环比上升，制造业景气水平继 续改善。生产指数连续两个月环比上升，制造业整体生产活动加快扩张。市场需求景气度有所改善，新 订单指数和新出口订单指数均连续两个月环比上升。新动能继续较快增长。9月份装备制造业采购经理 指数为51.9%，较上月上升1.4个百分点，扩张加快，行业供需两端均较为活跃。消费品制造业采购经理 指数重回扩张区间，并创下今年以来最高点。市场预期持续改善，生产经营活动预期指数连续三个月环 比上升，制造业企业对近期市场发展信心较强。总体来看，9月份宏观经济稳中向好，多个积极因素累 积，市场活力有所上升。 ...

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]

8月份，全国规模以上工业增加值同比增长5.2%，环比增长0.37%。分三大门类看，采矿业增加值同比 增长5.1%，制造业增长5.7%，电力、热力、燃气及水生产和供应业增长2.4%。装备制造业增加值同比 增长8.1%，高技术制造业增加值增长9.3%，分别快于全部规模以上工业增加值2.9和4.1个百分点。分经 济类型看，国有控股企业增加值同比增长4.7%；股份制企业增长6.0%，外商及港澳台投资企业增长 2.3%；私营企业增长4.6%。分产品看，3D打印设备、新能源汽车、工业机器人等产品产量同比分别增 长40.4%、22.7%、14.4%。1-8月份，全国规模以上工业增加值同比增长6.2%。8月份，制造业采购经理 指数为49.4%，比上月上升0.1个百分点；企业生产经营活动预期指数为53.7%，上升1.1个百分点。1-7月 份，全国规模以上工业企业实现利润总额40204亿元，同比下降1.7%。 ...

中国物流与采购联合会今天（9月6日）公布8月份全球制造业采购经理指数。指数较上月有所上升，显 示全球制造业恢复力度有所增强。分区域看，亚洲制造业继续稳定在扩张区间，持续为世界经济增长提 供核心驱动力。 来源：智通财经 8月份全球制造业采购经理指数为49.9%，较上月上升0.6个百分点。指数连续6个月运行在50%以下，意 味着全球制造业并未改变弱势恢复态势，但恢复力度较上月有所增强。（日月谭天） | | 2025年8月全球主要国家制造业PMI | | | | --- | --- | --- | --- | | 国家 | 2025年8月 | 2025年7月 | 环比 | | 美国 | 48. 7 | 48 | 0.7 | | 日本 | 49. 7 | 48. 9 | 0.8 | | 德国 | 49.8 | 49.1 | 0.7 | | 法国 | 50. 4 | 48. 2 | 2. 2 | | 意大利 | 50. 4 | 49.8 | 0. 6 | | 荷兰 | 51.9 | 51.9 | 0 | | 爱尔兰 | 51.6 | 53. 2 | -1.6 | | 希腊 | 54. 5 | 51.7 | 2. 8 | ...

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].

今日摘要 习近平分别会见哈萨克斯坦总统、马尔代夫总统、阿塞拜疆总统、白俄罗斯总统、吉尔吉斯斯坦总统、 土耳其总统、亚美尼亚总理、印度总理、越南总理。 王沪宁会见柬埔寨首相。 蔡奇会见印度总理。 我国制造业向好基础继续巩固，景气水平有所改善。 国际人士表示，天津峰会将为上合组织高质量发展、全方位合作注入新动能。 也门胡塞武装多名重要成员遭以色列空袭身亡。胡塞武装称将很快发起报复行动。 内容速览 8月31日上午，国家主席习近平在天津迎宾馆会见来华出席2025年上海合作组织峰会和纪念中国人民抗 日战争暨世界反法西斯战争胜利80周年活动的马尔代夫总统穆伊兹。 习近平会见阿塞拜疆总统 8月31日上午，国家主席习近平在天津迎宾馆会见来华出席2025年上海合作组织峰会和纪念中国人民抗 日战争暨世界反法西斯战争胜利80周年活动的阿塞拜疆总统阿利耶夫。 习近平会见白俄罗斯总统 8月31日上午，国家主席习近平在天津迎宾馆会见来华出席2025年上海合作组织峰会和纪念中国人民抗 日战争暨世界反法西斯战争胜利80周年活动的白俄罗斯总统卢卡申科。 习近平会见吉尔吉斯斯坦总统 8月31日上午，国家主席习近平在天津迎宾馆会见来华出席2025 ...

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].