Core Viewpoint - The PMI index for October indicates that high-tech manufacturing, equipment manufacturing, and consumer goods industries continue to expand, significantly above the overall manufacturing level, reflecting sustained industry support and overall optimistic market expectations [1][3][5]. Group 1: PMI Data - The PMI for high-tech manufacturing, equipment manufacturing, and consumer goods industries are 50.5%, 50.2%, and 50.1% respectively, indicating continued expansion [5]. - The production and business activity expectation index stands at 52.8%, suggesting a positive outlook for market activities [5]. Group 2: Non-Manufacturing Sector - The non-manufacturing business activity index is at 50.1%, an increase of 0.1 percentage points from the previous month, indicating a return to the expansion zone [10]. - The service industry business activity index is at 50.2%, also up by 0.1 percentage points from last month, continuing its expansion [10].

Group 1: Manufacturing PMI Overview - In October, the Manufacturing Purchasing Managers' Index (PMI) was 49.0%, a decrease of 0.8 percentage points from the previous month, indicating a decline in manufacturing activity [1][3] - The PMI for large, medium, and small enterprises were 49.9%, 48.7%, and 47.1% respectively, all below the critical point [3] - The production index was 49.7%, down 2.2 percentage points, suggesting a slowdown in manufacturing production [4] - The new orders index was 48.8%, down 0.9 percentage points, indicating a decrease in market demand [5] - The raw materials inventory index was 47.3%, down 1.2 percentage points, showing a continued reduction in inventory levels [5] - The employment index was 48.3%, down 0.2 percentage points, reflecting a slight decline in employment conditions in manufacturing [5] - The supplier delivery time index was at 50.0%, indicating stable delivery times compared to the previous month [5] Group 2: Non-Manufacturing PMI Overview - In October, the Non-Manufacturing Business Activity Index was 50.1%, an increase of 0.1 percentage points, indicating expansion [7] - The construction industry business activity index was 49.1%, down 0.2 percentage points, while the service industry index was 50.2%, up 0.1 percentage points [9] - The new orders index for non-manufacturing was 46.0%, unchanged from the previous month, indicating weak market demand [12] - The input prices index was 49.4%, up 0.4 percentage points, suggesting a narrowing decline in input prices [12] - The sales prices index was 47.8%, up 0.5 percentage points, indicating that sales prices remained below the previous month [12] - The employment index for non-manufacturing was 45.2%, up 0.2 percentage points, showing slight improvement in employment conditions [12] - The business activity expectation index was 56.1%, up 0.4 percentage points, indicating optimism among non-manufacturing enterprises regarding market prospects [13] Group 3: Comprehensive PMI Overview - The Comprehensive PMI Output Index was 50.0% in October, a decrease of 0.6 percentage points, indicating overall stability in production and business activities [16]

Group 1: Manufacturing Purchasing Managers Index (PMI) - In October, the manufacturing PMI decreased to 49.0%, down by 0.8 percentage points from the previous month, indicating a slowdown in production activities [1][2] - Both production index and new orders index fell to 49.7% and 48.8%, respectively, reflecting a decline in production and market demand [2] - Large enterprises maintained a PMI above the critical point, with indices at 50.9% for production and 50.1% for new orders, indicating sustained expansion in this segment [2][3] Group 2: Non-Manufacturing Business Activity Index - The non-manufacturing business activity index rose to 50.1%, an increase of 0.1 percentage points, indicating slight expansion [4][5] - The service sector's business activity index reached 50.2%, showing improvement, particularly in sectors like transportation and hospitality, which benefited from holiday effects [5] - The construction sector's business activity index slightly declined to 49.1%, but the business activity expectation index improved to 56.0%, suggesting a more optimistic outlook [5] Group 3: Comprehensive PMI Output Index - The comprehensive PMI output index stood at 50.0%, indicating overall stability in production and business activities across sectors [6]

Group 1: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) for October is reported at 49.0%, a decrease of 0.8 percentage points from the previous month, indicating a slowdown in manufacturing activity [1][2] - The production index and new orders index for manufacturing are at 49.7% and 48.8%, respectively, reflecting declines of 2.2 and 0.9 percentage points compared to last month [5] - Large enterprises maintain a PMI of 49.9%, while medium and small enterprises are at 48.7% and 47.1%, respectively, showing varying degrees of decline in economic sentiment [5] Group 2: Key Industries - High-tech manufacturing, equipment manufacturing, and consumer goods industries have PMIs of 50.5%, 50.2%, and 50.1%, respectively, indicating continued expansion and support for the overall manufacturing sector [5] - High-energy-consuming industries have a PMI of 47.3%, down 0.2 percentage points, suggesting a decline in economic activity within this sector [5] Group 3: Non-Manufacturing Sector - The non-manufacturing business activity index is at 50.1%, an increase of 0.1 percentage points from the previous month, indicating a slight expansion in the non-manufacturing sector [1][6] - The service sector's business activity index is reported at 50.2%, reflecting a slight increase and improved economic conditions in service-related industries [9] - The construction sector's business activity index is at 49.1%, a decrease of 0.2 percentage points, indicating a slight contraction in construction activities [10] Group 4: Market Expectations - The production and business activity expectation index for manufacturing is at 52.8%, indicating a generally optimistic outlook among manufacturers [6] - The business activity expectation index for the service sector is at 56.1%, suggesting strong confidence in future industry performance [10] - Overall, the non-manufacturing sector shows signs of stability, with positive changes in investment and consumption-related activities [11]

Core Viewpoint - The manufacturing PMI in October decreased to 49.0%, indicating a decline in manufacturing activity after two months of growth, influenced by pre-holiday demand release and a complex international environment [2][3] Manufacturing Sector - The manufacturing production index fell to 49.7%, down 2.2 percentage points from the previous month, indicating a slight contraction in production activities [6] - New export orders index dropped to 45.9%, a decrease of 1.9 percentage points, marking the second-lowest point this year, reflecting tightened export demand across major manufacturing sectors [7][8] - Large enterprises' PMI decreased to 49.9%, while medium and small enterprises saw PMIs of 48.7% and 47.1%, respectively, indicating varying levels of operational pressure across different enterprise sizes [10] Price Trends - The manufacturing sector experienced positive price changes, with the equipment manufacturing purchase price index and factory price index both rising for three consecutive months, reaching a new high since June 2024 [9][11] - The consumer goods manufacturing sector saw a decrease in purchase price index by 2.5 percentage points, indicating reduced cost pressures and stabilizing sales prices, which is beneficial for profit margins [11] Non-Manufacturing Sector - The non-manufacturing business activity index rose to 50.1%, indicating expansion, with significant activity in sectors related to consumer travel and services due to holiday effects [14] - The business activity expectation index for the service sector remained high at 56.1%, reflecting strong confidence among service enterprises regarding future development [14]

Economic Performance - Zhangjiagang's GDP for the first three quarters reached 242.4 billion, with a year-on-year growth of 5.4%, surpassing the national average of 5.2% and ranking fifth in Suzhou [1] - The total GDP ranks third among all county-level cities in Suzhou, indicating strong economic strength and stable development [1] Investment Highlights - Industrial investment in Zhangjiagang amounted to 21.83 billion, with a growth rate of 14.6%, ranking second in Suzhou [1] - Infrastructure investment saw a remarkable growth rate of 48.7%, also placing second in Suzhou [1] Service Sector Growth - The revenue from the scale above designated size in the service industry reached 14.9 billion, growing by 11.6%, ranking fourth in Suzhou [1] Construction Sector - The total output value of the construction industry was 17.851 billion, with a growth rate of 14.2%, ranking second in Suzhou [1] - The sales area of commercial housing increased by 3.3%, leading Suzhou [1] Future Outlook - Zhangjiagang plans to implement more effective measures to stabilize employment, enterprises, markets, and expectations, aiming to achieve the annual economic and social development goals and successfully conclude the "14th Five-Year Plan" [1]

Manufacturing PMI Overview - In October, the Manufacturing Purchasing Managers' Index (PMI) was 49.0%, a decrease of 0.8 percentage points from the previous month, indicating a decline in manufacturing activity [1] - The PMI for large, medium, and small enterprises was 49.9%, 48.7%, and 47.1%, respectively, all below the critical point, with declines of 1.1, 0.1, and 1.1 percentage points [1] - The production index was 49.7%, down 2.2 percentage points, suggesting a slowdown in manufacturing production [2] New Orders and Employment - The new orders index was 48.8%, a decrease of 0.9 percentage points, indicating a decline in market demand for manufacturing [2] - The raw materials inventory index was 47.3%, down 1.2 percentage points, showing a continued reduction in major raw material inventories [2] - The employment index was 48.3%, a slight decrease of 0.2 percentage points, reflecting a minor decline in employment levels within manufacturing [2] Non-Manufacturing PMI Overview - In October, the Non-Manufacturing Business Activity Index was 50.1%, an increase of 0.1 percentage points, indicating expansion in the non-manufacturing sector [3] - The construction industry index was 49.1%, down 0.2 percentage points, while the services industry index was 50.2%, up 0.1 percentage points [3] Non-Manufacturing Demand and Prices - The new orders index for non-manufacturing was 46.0%, unchanged from the previous month, indicating weak market demand [3] - The input prices index was 49.4%, an increase of 0.4 percentage points, suggesting a narrowing decline in input prices for non-manufacturing [4] - The sales prices index was 47.8%, up 0.5 percentage points, but still below the critical point, indicating lower sales prices compared to the previous month [4] Employment and Expectations in Non-Manufacturing - The employment index for non-manufacturing was 45.2%, an increase of 0.2 percentage points, indicating slight improvement in employment conditions [4] - The business activity expectation index was 56.1%, up 0.4 percentage points, reflecting optimism among non-manufacturing enterprises regarding market prospects [4] Composite PMI Overview - The Composite PMI Output Index was 50.0%, a decrease of 0.6 percentage points, indicating overall stability in production and business activities [5]

来源：统计微讯 国家统计局服务业调查中心 中国物流与采购联合会 一、中国制造业采购经理指数运行情况 10 月份，制造业采购经理指数（ PMI ）为 49.0% ，比上月下降 0.8 个百分点，制造业 景气水平有所回落。 从企业规模看，大、中、小型企业 PMI 分别为 49.9% 、 48.7% 和 47.1% ，比上月下 降 1.1 个、 0.1 个和 1.1 个百分点，均低于临界点。 从分类指数看，在构成制造业 PMI 的 5 个分类指数中，供应商配送时间指数位于临界 点，生产指数、新订单指数、原材料库存指数和从业人员指数均低于临界点。 生产指数为 49.7% ，比上月下降 2.2 个百分点，表明制造业生产有所放缓。 新订单指数为 48.8% ，比上月下降 0.9 个百分点，表明制造业市场需求有所回落。 10 月份，非制造业商务活动指数为 50.1% ，比上月上升 0.1 个百分点，升至扩张区 间。 原材料库存指数为 47.3% ，比上月下降 1.2 个百分点，表明制造业主要原材料库存量继 续减少。 从业人员指数为 48.3% ，比上月下降 0.2 个百分点，表明制造业企业用工景气度小幅回 落。 供应商配送 ...

国家统计局服务业调查中心和中国物流与采购联合会10月31日发布2025年10月中国采购经理指数运行情况。 数据显示，10月份，制造业采购经理指数（PMI）为49.0%，比上月下降0.8个百分点，制造业景气水平有所回落。从企业规模看，大、中、小型企业PMI分别为49.9%、48.7%和47.1%，比上月下降1.1个、0.1个 和1.1个百分点，均低于临界点。从分类指数看，在构成制造业PMI的5个分类指数中，供应商配送时间指数位于临界点，生产指数、新订单指数、原材料库存指数和从业人员指数均低于临界点。 生产指数为 49.7%，比上月下降2.2个百分点，表明制造业生产有所放缓。新订单指数为48.8%，比上月下降0.9个百分点，表明制造业市场需求有所回落。原材料库存指数为47.3%，比上月下降1.2个百分点，表明制造业主要 原材料库存量继续减少。从业人员指数为48.3%，比上月下降0.2个百分点，表明制造业企业用工景气度小幅回落。供应商配送时间指数为50.0%，比上月下降0.8个百分点，位于临界点，表明制造业原材料供应商 交货时间与上月基本持平。 2025年10月PMI数据 发布日期 2025/10/31 10月份， ...

Core Viewpoint - The manufacturing PMI in October decreased to 49.0%, indicating a decline in manufacturing activity after two months of growth, influenced by pre-holiday demand release and a complex international environment [3][4]. Manufacturing Sector Analysis - The manufacturing PMI fell by 0.8 percentage points from the previous month, reflecting a contraction in manufacturing sentiment [3][4]. - The production index for manufacturing dropped to 49.7%, down 2.2 percentage points, indicating a slight slowdown in production activities [8]. - New export orders index decreased to 45.9%, marking a significant contraction in export demand, particularly in equipment manufacturing, high-tech manufacturing, and consumer goods manufacturing [9][10]. Supply and Demand Dynamics - Both supply and demand are experiencing a slowdown, with the procurement index falling to 49%, down 2.6 percentage points, indicating reduced purchasing activities among manufacturers [8]. - The overall market demand is weak, driven by external uncertainties and seasonal factors, leading to cautious production intentions among manufacturers [9]. Price Trends - Despite the slowdown, there are positive price changes in the manufacturing sector, with the purchasing price index and factory price index in equipment manufacturing rising for three consecutive months [12]. - The consumer goods manufacturing sector saw a decrease in purchasing price index by 2.5 percentage points, indicating reduced cost pressures, which may benefit profit margins [13]. Non-Manufacturing Sector Insights - The non-manufacturing business activity index rose to 50.1%, indicating expansion, driven by holiday effects and increased consumer activity in sectors like transportation and hospitality [16]. - The business activity expectation index remains high at 56.1%, suggesting strong confidence among service sector enterprises regarding future growth [16].