Report Industry Investment Rating - Not provided in the content Core Views Manufacturing PMI - Supply: Manufacturing production picked up. In September, the production index was 51.9, up 1.1 from the previous month, and the supplier delivery time index was 50.8, up 0.3 from the previous month [3]. - Demand: Manufacturing demand rebounded. In September, the new order index was 49.7, up 0.2 from the previous month; the new export order index was 47.8, up 0.6 from the previous month; and the back - order index was 45.2, down 0.3 from the previous month [3]. - Supply - demand balance: The supply - demand relationship needs improvement. In September, the supply - demand index (demand - supply) was - 2.2, down 0.9 from the previous month, down 0.9 from the same period last year, and down 0.5 from the average of the past three years [3]. - Price: Manufacturing profitability contracted. In September, the raw material price index was 53.2, down 0.1 from the previous month; the ex - factory price index was 48.2, down 0.9 from the previous month. The difference between ex - factory price and raw material price was - 5.0, down 0.8 from the previous month [3]. - Inventory: De - stocking slowed down. In September, the finished goods inventory index was 48.2, up 1.4 from the previous month; the raw material inventory index was 48.5, up 0.5 from the previous month. The difference between new orders and finished goods inventory was 1.5, down 1.2 from the previous month [3]. Non - manufacturing PMI - Supply: Non - manufacturing employment slowed down. In September, the employment index was 45, down 0.6 from the previous month; among them, the construction industry was 39.7, down 3.9 from the previous month, and the service industry was 45.9, unchanged from the previous month. The supplier delivery time index was 51.1, down 0.2 from the previous month [4]. - Demand: Non - manufacturing domestic demand declined. In September, the new order index was 46, down 0.6 from the previous month; among them, the construction industry was 42.2, up 1.6 from the previous month, and the service industry was 46.7, down 1.0 from the previous month. The new export order index was 49.8, up 1.0 from the previous month, and the back - order index was 44.4, up 1.0 from the previous month [4]. - Price: Non - manufacturing industries exchanged price for volume. In September, the input price index was 49, down 1.3 from the previous month; among them, the construction industry was 47.2, down 7.4 from the previous month, and the service industry was 49.3, down 0.2 from the previous month. The sales price index was 47.3, down 1.3 from the previous month; among them, the construction industry was 48.1, down 1.6 from the previous month, and the service industry was 47.2, down 1.3 from the previous month [4]. - Inventory: De - stocking continued. In September, the inventory index was 44.9, down 0.8 from the previous month and down 0.2 from the same period last year [5] Summary by Directory Overview - Manufacturing PMI: Manufacturing sentiment improved, and enterprise production expansion accelerated. In September, the manufacturing PMI was 49.8, up 0.4 percentage points from the previous month [11]. - Non - manufacturing PMI: The non - manufacturing business activity index was 50.0, down 0.3 percentage points from the previous month, and the composite PMI output index was 50.6, up 0.1 percentage points from the previous month [11]. Demand: Manufacturing Demand Improved, Non - manufacturing Demand Weakened - Manufacturing: Driven by the continuous release of policies such as the "Two New" policies, in September, the new order index was 49.7, up 0.2 from the previous month; the new export order index was 47.8, up 0.6 from the previous month; and the back - order index was 45.2, down 0.3 from the previous month [19]. - Non - manufacturing: In September, the new order index was 46, down 0.6 from the previous month, indicating a continued contraction in non - manufacturing order demand. The new export order index was 49.8, up 1.0 from the previous month, indicating a recovery in export demand. The back - order index was 44.4, up 1.0 from the previous month, indicating an accumulation of existing orders [19]. Supply: Manufacturing Production Recovered, Non - manufacturing Sentiment Declined - Manufacturing: In September, the production index was 51.9, up 1.1 from the previous month; the production and business activity expectation index was 54.1, up 0.4 from the previous month; the supplier delivery time index was 50.8, up 0.3 from the previous month; and the employment index was 48.5, up 0.6 from the previous month [23]. - Non - manufacturing: In September, the employment index was 45, down 0.6 from the previous month; the supplier delivery time index was 51.1, down 0.2 from the previous month; and the business activity expectation index was 55.7, down 0.5 from the previous month [23]. Price: Manufacturing Profitability Contracted, Non - manufacturing Price Cuts Continued - Manufacturing: In September, the raw material price index was 53.2, down 0.1 from the previous month; the ex - factory price index was 48.2, down 0.9 from the previous month; and the difference between ex - factory price and raw material price was - 5.0, down 0.8 from the previous month [31]. - Non - manufacturing: In September, the input price index was 49, down 1.3 from the previous month; the sales price index was 47.3, down 1.3 from the previous month [31]. Inventory: Manufacturing De - stocking Slowed Down, Non - manufacturing De - stocking Continued - Manufacturing: In September, the finished goods inventory index was 48.2, up 1.4 from the previous month; the raw material inventory index was 48.5, up 0.5 from the previous month; and the difference between new orders and finished goods inventory was 1.5, down 1.2 from the previous month [39]. - Non - manufacturing: In September, the inventory index was 44.9, down 0.8 from the previous month and down 0.2 from the same period last year [39]. - Comprehensive: In September, the composite PMI index was 50.6, up 0.1 from the previous month and up 0.2 from the same period last year, indicating an improvement in overall economic sentiment [39]