鉴于当前俄罗斯该行业产能利用率低迷，企业就业人数再次减少，且降幅为三个月以来最为剧烈。与此 同时，未完成工作量因新订单流入量减少而持续下降，不过降幅较为微弱，为缓慢水平。 （文章来源：新华财经） PMI指数以50点为荣枯线，高于50点意味着商业活动处于增长状态，低于此水平则表明商业活动出现萎 缩。 9月份，俄制造业新订单的萎缩速度进一步加快。受访企业反映，受财务困境以及客户犹豫不决等因素 影响，市场需求疲软，进而抑制了新销售额的增长。上月，出口新订单同样出现下滑，由于主要出口市 场的需求恶化。 新华财经莫斯科10月3日电（记者包诺敏）标普全球研究报告显示，2025年9月俄罗斯制造业PMI指数为 48.2点，低于8月的48.7点。 该指数已连续四个月呈现下降态势。 ...

本报记者 孟珂 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数据显示，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；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。 中国物流与采购联合会特约分析师张立群对《证券日报》记者表示，9月份PMI指数继续小幅回升，表 明稳增长多项政策的综合效果进一步显现。生产指数明显回升，采购量指数、生产经营活动预期指数回 升，显示企业生产经营活动有恢复迹象。同时要注意价格类指数均有不同程度回落，表明市场供大于求 的情况仍然比较突出；订单类指数均处荣枯线之下，需求不足问题仍需高度重视。 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。 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 ...

Manufacturing PMI Insights - In September 2025, China's Manufacturing PMI rose to 49.8%, an increase of 0.4 percentage points from August, exceeding market expectations[1] - The New Orders Index increased by 0.2 percentage points to 49.7%, while the Production Index surged by 1.1 percentage points to 51.9%, marking a six-month high[2] - Seasonal recovery, improved consumer demand due to policy incentives, and positive outcomes from the China-US trade talks contributed to the PMI increase[2] Price and Economic Trends - The Producer Price Index (PPI) is expected to narrow its year-on-year decline to approximately -2.3% in September, influenced by last year's lower base[3] - The Manufacturing PMI for high-tech sectors stood at 51.6%, while the Equipment Manufacturing PMI rose significantly by 1.4 percentage points to 51.9%[4][5] - The Consumer Goods Manufacturing PMI also increased by 1.4 percentage points to 50.6%, supported by government subsidies and stable export growth[5] Service and Construction PMI - The Services PMI decreased to 50.1%, down 0.4 percentage points from August, reflecting seasonal trends and the impact of the upcoming Mid-Autumn Festival[6] - The Construction PMI was at 49.3%, up 0.2 percentage points, but remained in contraction territory due to a cooling real estate market and weak infrastructure investment[7] Economic Outlook - The overall macroeconomic environment shows slight improvement, with a projected GDP growth rate of around 4.7% year-on-year for Q3, a decrease of 0.5 percentage points from Q2[7] - Looking ahead, the Manufacturing PMI is expected to slightly decline to approximately 49.6% in October, influenced by high tariffs and ongoing adjustments in the real estate market[8]

印度9月PMI指数较8月的高点回落。受美国对印度征收50%的关税的影响，9月新出⼝订单总量增速为 六个⽉以来最慢，国内新订单有所增加。服务业国际销售的增速放缓⾄2025年3⽉以来的最低水平。 9月PMI较上月高点虽有下滑，但仍表现强劲。印度制造业PMI预览值（新订单、产出、就业、供应商 交货时间和采购库存指数的加权平均值）从8⽉份的59.3下滑⾄9⽉份的58.5。然⽽，PMI反映的经营状 况改善以历史标准来看依然强劲，该指数远⾼于50.0的中性⽔平和54.2的长期平均值。 制造业和服务业经济体的国际销售趋势呈现分化。服务业的增速放缓⾄2025年3⽉以来的最低水平，⽽ 商品⽣产商的增速则有所加快。。 9月23日，印度采购经理人指数报告显示： 印度9月综合PMI产出指数初值61.9，8月终值63.2； 印度9月服务业PMI商业活动指数初值61.6，8月终值62.9； 印度9月制造业PMI初值产出指数62.7，8⽉终值63.7； 印度9月制造业PMI初值58.5，8⽉终值59.3。 服务业与制造业分化，服务业增速放缓至6个月以来最低水平 "制造业PMI指数有所放缓，但扩张速度依然稳健。美国对印度征收50%的关税，可 ...

Group 1 - The Purchasing Managers' Index (PMI) for manufacturing, non-manufacturing business activity index, and comprehensive PMI output index all showed recovery in August, indicating that the Chinese economy maintains overall expansion despite complex external conditions [1] - Manufacturing PMI slightly increased, with production index remaining in the expansion zone for four consecutive months, reflecting a continuous acceleration in manufacturing activities [1] - The service sector's business activity index rose to 50.5%, the highest level this year, indicating a significant recovery in service sector sentiment, driven by increased consumer activity during the summer [2] Group 2 - The high-tech manufacturing PMI and equipment manufacturing PMI were reported at 51.9% and 50.5% respectively, significantly above the overall level, showcasing the potential of new growth drivers in the economy [3] - The recovery in manufacturing and service sectors is supported by effective policy measures, including tax incentives and R&D expense deductions, creating a favorable environment for high-tech manufacturing [3] - The construction sector's business activity index declined, reflecting both seasonal factors and the slow recovery in related industries such as real estate [3] Group 3 - Macro policies need to focus on precision and continuity to sustain economic stability, with an emphasis on tax reductions and financing support for small and medium-sized enterprises [4] - The release of the "Opinions on Promoting High-Quality Urban Development" by the Central Committee of the Communist Party and the State Council aims to activate existing resources and support the real estate sector, promoting a positive interaction between urban development and economic transformation [4]

Report Industry Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Viewpoints - In August, the three major PMI indices showed marginal improvements, but the manufacturing PMI remained below the boom-bust line. The overall expansion of enterprise production and business activities accelerated slightly, and the endogenous economic momentum continued to improve. However, the manufacturing PMI still needed continuous repair, and there was a risk of increased economic downward pressure in the second half of the year. Short-term bond markets might be suppressed by sentiment, but the bond market was expected to rise in September [2]. Summary by Related Content Manufacturing PMI - In August, the manufacturing PMI rose 0.1 pct month-on-month to 49.4%, staying below the boom-bust line for five consecutive months. The production and demand-related indices improved, and the price indices continued to rise, though the marginal increase weakened. The PMI of consumer goods industries decreased by 0.3 pct to 49.2%. The new export orders index and the import index were 47.2% and 48.0% respectively, up 0.1 pct and 0.2 pct month-on-month, indicating a possible improvement in foreign trade [2]. - The business climate of different types of enterprises continued to diverge. The PMIs of large and small enterprises increased by 0.5 pct and 0.2 pct respectively, reaching 50.8% and 46.6%. The small enterprises had been in the contraction range for 16 consecutive months. The PMI of medium-sized enterprises dropped 0.6 pct to 48.9% [2]. Non - manufacturing PMI - In August, the non-manufacturing business activity index was 50.3%, up 0.2 pct month-on-month. The non-manufacturing business climate had been at or above the critical point since January 2023, remaining relatively stable. The construction business activity index was 49.1%, down 1.5 pct month-on-month, possibly due to natural factors such as high temperatures and heavy rains. The service business activity index was 50.5%, up 0.5 pct month-on-month, reaching the highest value this year. The business activity expectation index remained at a relatively high level of 57.0%, up 0.4 pct month-on-month, indicating that enterprises were optimistic about the market outlook in September [2]. Economic Outlook and Bond Market - The economic negative cycle of "plummeting housing prices, plummeting stock markets - shrinking wealth - consumption downgrade" in the past two years might come to an end. However, there was still pressure on profit improvement, and the manufacturing PMI below the boom-bust line in August reflected growth pressure. Consumption and exports might face certain pressures in the second half of the year [2]. - The short-term bond market might be suppressed by sentiment, but the bond market was expected to rise in September. The economic downward pressure in the second half of the year might increase, and the central bank's continuous easing and banks' self - operated allocation needs provided support. After September, the net issuance of government bonds was expected to be no more than 25% of the annual plan, and the interest rate bonds might have a repair window. The report continued to be bullish on the 10Y treasury bond yield in the second half of the year, which was expected to be between 1.6% - 1.8%, and the 10Y treasury bond was considered to have high cost - effectiveness at around 1.8%. It was expected that the 10Y treasury bond yield would return to around 1.65% in the next six months, and the 5Y secondary capital bonds of state - owned and joint - stock banks would fall below 1.9% [2].

Group 1: Manufacturing Sector - In August, the Manufacturing Purchasing Managers' Index (PMI) was reported at 49.4%, indicating a slight increase of 0.1 percentage points from the previous month, but still below the expansion threshold [1] - The New Orders Index for manufacturing was at 49.5%, up by 0.1 percentage points, suggesting a stabilization in market demand [1] - The Production Index rose to 50.8%, an increase of 0.3 percentage points, marking the fourth consecutive month above the critical point [1] Group 2: Non-Manufacturing Sector - The Non-Manufacturing Business Activity Index stood at 50.3%, reflecting a 0.2 percentage point increase, indicating continued expansion in the non-manufacturing sector [2] - The Business Activity Expectation Index for non-manufacturing reached over 56%, showing improved business sentiment and stability in supply and demand [2] - The Service Sector Business Activity Index increased to 50.5%, the highest point of the year, with several industries, including capital market services, showing strong growth [2] Group 3: Economic Outlook - Experts suggest that the slight recovery in the manufacturing PMI indicates the initial effects of policies aimed at expanding domestic demand and reducing competition [3] - There is a call for increased macroeconomic policy adjustments to stimulate market orders and enhance production investment, employment, and consumption [3] - The expectation for September and the fourth quarter is that policy-driven growth will continue, with a focus on stabilizing demand and fostering effective demand increments [3]

Core Viewpoint - Supply contraction expectations continue to boost prices, but actual production remains relatively strong, necessitating attention to the effects of "anti-involution" policies [2][69]. Manufacturing Sector - In August, the manufacturing PMI slightly improved, with a rise of 0.1 percentage points to 49.4%, aligning with seasonal performance. The major raw material purchase price index increased by 1.8 percentage points to 53.3%, and the factory price index rose by 0.8 percentage points to 49.1% [2][8][70]. - The production index increased by 0.3 percentage points to 50.8%, while the new orders index saw a modest rise of 0.1 percentage points to 49.5%. Internal demand and new export orders both experienced slight increases [14][70]. - High-energy-consuming industries and equipment manufacturing saw PMIs rise to 48.2% and 50.5%, respectively, driven by price increases and improved external demand. High-tech manufacturing PMI rose by 1.3 percentage points to 51.9% [21][70]. Non-Manufacturing Sector - The service sector PMI improved significantly, rising by 0.5 percentage points to 50.5%, driven by summer travel. However, the construction sector PMI fell by 1.5 percentage points to 49.1%, marking a five-year low [24][71][29]. - The new orders index in the service sector increased by 1.4 percentage points to 47.7%, while the construction new orders index dropped sharply by 2.1 percentage points to 40.6% [62][71]. Future Outlook - Price indices have shown continuous improvement, but supply has not exhibited significant contraction, remaining better than demand. Future focus should be on the effects of "anti-involution" policies [33][71]. - Unlike the supply-side reform in 2016, the current situation requires attention to mid- and downstream supply, especially in cases where upstream price transmission to downstream is ineffective [33][71].

Group 1: Economic Indicators - The PMI index has slightly rebounded, indicating that policies aimed at expanding domestic demand and addressing "involution" competition are showing initial effects, with new growth momentum accelerating and the economic foundation continuing to strengthen [2] - In August, the production index for manufacturing was 50.8%, up 0.3 percentage points from July, marking four consecutive months above the critical point, indicating accelerated production expansion [4] - The new orders index was 49.5% and the new export orders index was 47.2%, both up 0.1 percentage points from July, suggesting a stabilization in market demand [4] Group 2: Manufacturing Sector Performance - Large enterprises' PMI was 50.8%, indicating an acceleration in expansion, while small and medium-sized enterprises remained below the critical point, with PMIs of 48.9% and 46.6% respectively [4] - High-tech manufacturing and equipment manufacturing PMIs were 51.9% and 50.5%, respectively, both showing increases from July, indicating sustained support and leading roles in the sector [4] Group 3: Price Levels in Manufacturing - The manufacturing raw material purchase price index was 53.3%, up 1.8 percentage points from July, marking three consecutive months of significant increases and remaining in the expansion zone [5] - The factory price index was 49.1%, up 0.8 percentage points from July, also showing three months of increases and reaching the highest point of the year [5][6] Group 4: Non-Manufacturing Sector Insights - The non-manufacturing business activity index was 50.3%, indicating continued expansion, with the services sector index rising to 50.5%, the highest point of the year [9] - The restaurant industry business activity index rose above 50%, with new orders showing a significant increase, both indices rising over 4 percentage points from July [11] Group 5: Future Outlook - Experts suggest that policies to expand domestic demand need to be strengthened to stabilize and recover market demand, with a call for increased macroeconomic policy adjustments and public investment [14] - The financial services sector continues to expand, with banking and capital market services performing well, providing strong support for the real economy and improving the financing environment for enterprises [13]

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating in the given content. 2. Core Viewpoints of the Report - In August 2025, the prices of alumina and electrolytic aluminum futures showed a divergent trend, with alumina prices declining and electrolytic aluminum prices rising slightly. The Fed's expected rate cut in September has increased, and the economic data in the eurozone has improved significantly. The domestic economy is generally stable, but there is greater pressure on economic growth from July to August, and more policy support is expected in the second half of the year. The increase in US steel and aluminum tariffs has limited impact on domestic aluminum prices, and the change in Shanxi's mining rights transfer registration has limited impact on domestic bauxite production. The expected oversupply of alumina remains unchanged, while electrolytic aluminum is expected to maintain a profit of over 3,000 yuan per ton in the second half of the year. As the peak season approaches, the downstream aluminum processing industry is gradually recovering, and the demand for aluminum in the new energy and automotive industries is growing rapidly, but the demand for aluminum in the real estate industry remains weak. The LME aluminum inventory is stable, and the domestic aluminum ingot inventory is approaching an inflection point. The differentiation in the recycled aluminum industry is intensifying, and the import volume in July hit a four - year low, with the expectation of remaining low in August [6][7][9]. 3. Summary by Relevant Catalogs 3.1 Market Review - **Aluminum Futures Price Trends**: In August, the alumina futures price showed a downward trend, dropping from a maximum of 3,317 yuan/ton to a minimum of 3,006 yuan/ton, with a monthly decline of 9.38%. The electrolytic aluminum futures price rose slightly, reaching a maximum of 20,950 yuan/ton [7]. 3.2 Macroeconomic Environment - **US Economy**: In July, the US non - farm payrolls increased by 73,000, far lower than expected, and the unemployment rate rose to 4.2%. However, the employment rate remained relatively low, and the labor market was relatively stable. The S&P and Fitch both confirmed the US "AA +" sovereign credit rating with a stable outlook. The Fed's expected rate cut in September has increased. The market believes that a rate cut in September is a high - probability event, and attention should be paid to the decline compared to the June dot - plot [12]. - **Eurozone Economy**: The economic data in the eurozone has improved significantly. Germany's manufacturing PMI jumped from 46.9 to 49.9, approaching the boom - bust line for the first time in three years. The eurozone's August PMI rose to 50.5, breaking above the boom - bust line for the first time since June 2022. The market's expectation of the ECB's rate cut this year remains relatively stable [14]. - **Domestic Economy**: In July, China's industrial added value, social consumer goods retail sales, and fixed - asset investment all showed certain growth, but the growth rate of consumer goods retail and fixed - asset investment decreased year - on - year. The manufacturing PMI remained in the contraction range in August. It is expected that the domestic economic growth rate may decline in the second half of the year compared to the second quarter, and more policy support is awaited [20]. 3.3 Supply and Demand Analysis - **Bauxite**: The change in Shanxi's mining rights transfer registration has limited impact on domestic bauxite production. From January to July 2025, China's bauxite production increased year - on - year. Affected by the rainy season in Guinea, the shipment volume of bauxite is expected to decline from August to October, and the domestic bauxite supply may be in a tight balance or even face a slight shortage [26][29][33]. - **Alumina**: Although there have been disturbances in the alumina supply recently, the expected oversupply remains unchanged. In July 2025, China's alumina production was 7.565 million tons, a year - on - year increase of 4.6%. The operating capacity of alumina is at a relatively high level, and the production willingness of enterprises is generally high [34][35]. - **Electrolytic Aluminum**: Domestic electrolytic aluminum is expected to maintain a profit of over 3,000 yuan per ton in the second half of the year. In July 2025, China's electrolytic aluminum production was 3.78 million tons, a year - on - year increase of 0.6%. The growth space for domestic electrolytic aluminum production is limited. Overseas, there are a few incremental electrolytic aluminum projects, such as the 600,000 - ton electrolytic aluminum project of Xinfa Group's Taijing Aluminum Co., Ltd. in Indonesia, which is expected to be put into production in 2026, and the 500,000 - ton electrolytic aluminum project of Juwang in Indonesia may start production in the fourth quarter of this year [38][41][45]. - **Downstream Demand**: As the peak season approaches, the average weekly operating rate of downstream aluminum processing enterprises has increased by 0.5% to 60%. The new energy and automotive industries have strong demand for aluminum. In the first seven months of 2025, the cumulative installed capacity of solar and wind power in China increased significantly year - on - year. In July, China's automobile production and sales increased year - on - year, and it is expected that the annual automobile sales will increase by 4.7% in 2025. However, the demand for aluminum in the real estate industry remains weak [47][51][55]. 3.4 Inventory Analysis - **LME Aluminum Inventory**: The LME aluminum inventory is generally stable, and the low inventory still supports the LME market's monthly spread and basis. However, attention should be paid to the risk of policy changes regarding Russian aluminum in the overseas market [62]. - **Domestic Aluminum Ingot Inventory**: At the end of August, the domestic aluminum ingot inventory increased slightly, but it is expected that the social inventory of aluminum ingots will enter the seasonal destocking cycle in September [65]. - **Recycled Aluminum Inventory**: As of August 21, the domestic recycled aluminum alloy social inventory was 35,100 tons, with a slowdown in the inventory accumulation rate. The shortage of scrap aluminum is difficult to ease in the short term, and the ADC12 price is expected to maintain a narrow - range oscillation [73]. 3.5 Import and Export Analysis - In July 2025, the import volume of unwrought aluminum alloy was 69,200 tons, a year - on - year decrease of 28.4% and a month - on - month decrease of 10.6%. The export volume was 24,900 tons, a year - on - year increase of 38.3% and a month - on - month decrease of 3.5%. The import volume in July hit a new low since February 2021, mainly due to the long - term price inversion and the off - season demand [71].