（原标题：2025年上半年，阿布扎比共完成建筑12309栋） 阿通社10月2日消息，阿布扎比市政和交通局与阿布扎比统计中心最新数据显示，2025年上半年，阿布 扎比共完成建筑12309栋。其中，第二季度完成建筑5767栋，包括新建、扩建和改造。阿布扎比市完成 4362栋，居首位；艾因市完成1960栋；达夫拉地区完成220栋。 ...

Core Insights - The September Purchasing Managers' Index (PMI) for China indicates a slight improvement in economic output, with the manufacturing PMI at 49.8%, up 0.4 percentage points from the previous month, while the non-manufacturing business activity index decreased to 50.0%, down 0.3 percentage points [1][2] Manufacturing Sector - The manufacturing PMI has shown a continuous recovery, with a production index of 51.9%, up 1.1 percentage points, reaching a six-month high, and a new orders index of 49.7%, up 0.2 percentage points [2] - Factors contributing to the recovery include seasonal improvements, the implementation of consumer loan subsidies, and a more active domestic capital market, which has boosted market confidence [2][3] - The prices of major raw materials have decreased, with purchasing prices down 0.1 percentage points to 53.2% and factory prices down 0.9 percentage points to 48.2% [3] - Key manufacturing sectors such as equipment manufacturing, high-tech manufacturing, and consumer goods are expanding, with PMIs of 51.9%, 51.6%, and 50.6% respectively, all above the manufacturing average [3] Non-Manufacturing Sector - The non-manufacturing business activity index fell to 50.0%, with the service sector index at 50.1%, both indicating a decline [4][5] - The drop in service sector activity is attributed to the seasonal effects post-summer and the timing of the Mid-Autumn Festival, which has delayed consumer activities [4][5] - Despite the overall decline, sectors such as postal, telecommunications, and financial services remain in a high-growth zone with indices above 60.0% [5] Construction Sector - The construction business activity index is at 49.3%, showing a slight increase of 0.2 percentage points, but still below the expansion threshold [6] - The construction activity is weak, particularly in civil engineering and housing, indicating a need for improved project coordination and funding [6] - Recent data shows a 9.0% month-on-month increase in housing transactions in 30 major cities, and a 14.4% increase in land transactions, reflecting typical seasonal patterns [6]

Group 1 - The unemployment rate in the Philippines decreased to 3.9% in August, down 1.4 percentage points from July and 0.1 percentage points from the same month last year [1] - The labor force participation rate rose to 65.1% in August, higher than 60.7% in July and 64.8% a year ago, indicating increased activity in the labor market [1] - The number of unemployed individuals fell to 2.03 million in August, a decrease of 560,000 from the previous month and 40,000 from the same period last year [1] Group 2 - The services sector employed the most individuals, with 30.81 million jobs in August, accounting for 61.5% of total employment; agriculture and industry accounted for 20.4% and 18.1%, respectively [1] - Employment in agriculture, forestry, construction, and fisheries showed significant growth both year-on-year and month-on-month [1] - The underemployment rate improved to 10.7% in August, down from 14.8% in July and 11.2% a year ago, indicating better job quality [1] Group 3 - The youth unemployment rate for individuals aged 15 to 24 dropped to 11.7% in August, a decrease of 6.4 percentage points from July and lower than the 12.0% recorded last year [1]

Group 1: Report Summary Report Industry Investment Rating - Not provided in the document Report's Core View - In September 2025, China's manufacturing PMI was 49.8%, up 0.4 percentage points from the previous month, indicating continued improvement in manufacturing sentiment; the non - manufacturing business activity index was 50.0%, down 0.3 percentage points from the previous month, with overall stable non - manufacturing business volume; the composite PMI output index was 50.6%, up 0.1 percentage points from the previous month, showing continued acceleration of overall expansion in Chinese enterprises' production and business activities [2][3] Summary by Category Manufacturing PMI - Overall: The manufacturing PMI in September was 49.8%, up 0.4 percentage points from the previous month. Large - scale enterprises had a PMI of 51.0%, up 0.2 percentage points; medium - scale enterprises had a PMI of 48.8%, down 0.1 percentage points; small - scale enterprises had a PMI of 48.2%, up 1.6 percentage points [2] - Classification Index: Among the 5 classification indexes, the production index and supplier delivery time index were above the critical point, while the new order index, raw material inventory index, and employment index were below the critical point. The production index was 51.9%, up 1.1 percentage points; the new order index was 49.7%, up 0.2 percentage points; the raw material inventory index was 48.5%, up 0.5 percentage points; the employment index was 48.5%, up 0.6 percentage points; the supplier delivery time index was 50.8%, up 0.3 percentage points [2] Non - manufacturing PMI - Overall: The non - manufacturing business activity index in September was 50.0%, down 0.3 percentage points from the previous month. The construction business activity index was 49.3%, up 0.2 percentage points; the service business activity index was 50.1%, down 0.4 percentage points [3] - Industry Details: Industries such as postal, telecommunications, radio, television, and satellite transmission services, and monetary and financial services were in a high - level boom range above 60.0%, while industries such as catering, real estate, and culture, sports, and entertainment were below the critical point [3] Composite PMI Output Index - In September, it was 50.6%, up 0.1 percentage points from the previous month, indicating continued acceleration of overall expansion in Chinese enterprises' production and business activities [3]

Economic Challenges - In 2025, China's economy is at a critical turning point, with significant changes in the landscape of economic challenges compared to the previous year. The previous four major challenges have shifted, with local debt pressure and private investment issues alleviated, while real estate adjustment pressure and weak consumption have become more prominent [1][3] - The Consumer Price Index (CPI) in the first half of 2025 fell by 0.1% year-on-year, with a further decline of 0.4% in August. Additionally, real estate development investment decreased by over 12% year-on-year, indicating that these two issues are the main constraints on economic growth [3][6] Real Estate Market - The real estate market is experiencing a deep adjustment, with real estate development investment down by 12.9%, new construction area down by 19.5%, and completed area down by 17.0% from January to August 2025. Major cities have seen continuous declines in housing prices since April [6][11] - The housing price-to-income ratio remains high, particularly in first-tier cities, with Shenzhen reaching 34.8 times. High housing costs are eroding residents' consumption capacity, further exacerbating the economic situation [8][9] Consumption Trends - Consumption has become a key factor restraining economic growth, with retail sales only increasing by 4.0% in early 2025, significantly lower than the over 8% level seen five years ago. The CPI data indicates ongoing deflationary pressures, with a year-on-year decline of 0.4% in August [15][17] - The low income levels and income expectations are hindering the release of consumption potential. The proportion of labor compensation in initial income distribution is low, and the increase in flexible employment has led to a decline in stable income support for consumption [17]

Group 1: Employment Market Overview - The initial jobless claims rose slightly to approximately 224,000, up from 218,000 the previous week, while the number of continuing claims decreased to 1.91 million, indicating some unemployed individuals are gradually returning to work [1] - The market expected a non-farm payroll increase of about 50,000 jobs in September, with the unemployment rate remaining at 4.3% [1] - Job growth has significantly slowed compared to the previous year, with only 240,000 jobs added in September 2024, while the average monthly job growth over the last three months is just 29,000 [1] Group 2: Labor Market Dynamics - The stability of the unemployment rate despite reduced job additions is attributed to demographic changes, including more workers retiring or exiting the labor market, along with decreased immigration and increased deportations [2] - The construction industry faced a significant drop in job vacancies, with a decrease of 115,000 positions in August, reflecting challenges from high interest rates and housing affordability issues [2] - Healthcare remains a key growth sector, driven by an aging population, with approximately 10,000 individuals reaching retirement age daily, equating to 4 million new retirees annually [2] Group 3: Regional and Sectoral Insights - The Chicago Fed's real-time unemployment rate forecast indicates a slight increase to 4.34% in September, while the San Francisco Fed's labor market pressure index shows limited states experiencing significant unemployment rate increases [3] - Despite the overall weak employment data, most businesses plan to increase hiring in the next 12 months, indicating a stable labor market [3] - The labor market is characterized by "low growth and structural differentiation," with the healthcare sector expanding while construction and some service industries face challenges, alongside a growing concern over long-term unemployment [3]

Core Viewpoints - The traditional sectors are experiencing weakened growth, while new momentum shows a significant recovery, necessitating attention to the effects of stable growth policies in key industries [1][7][73]. Manufacturing Sector - In September, the manufacturing PMI improved, with a rise of 0.4 percentage points to 49.8%, aligning with seasonal expectations. The production index reached a six-month high at 51.9%, up 1.1 percentage points from the previous month [1][7][73]. - The new orders index increased by only 0.2 percentage points to 49.7%, indicating a slower recovery compared to previous years. The demand structure continues to show that external demand is outperforming internal demand, with new export orders rising more significantly than domestic orders [1][13][73]. - The purchasing volume index rose by 1.2 percentage points to 51.6%, driven by stronger production, while the price indices for raw materials and factory output remained resilient [1][7][73]. New Momentum Industries - The PMI for new momentum industries, such as equipment manufacturing and high-tech manufacturing, showed significant improvement, with the equipment manufacturing PMI rising 1.1 percentage points to 51.6% and high-tech manufacturing PMI remaining in the expansion zone at 51.9% [2][19][74]. - Conversely, high-energy-consuming industries saw a decline in PMI by 0.7 percentage points to 47.5%, reflecting ongoing weakness in real estate and infrastructure investments [2][19][74]. Non-Manufacturing Sector - The non-manufacturing PMI fell to the critical point of 50%, with the construction PMI slightly recovering by 0.2 percentage points to 49.3%, while the service sector PMI dropped 0.4 percentage points to 50.1% [2][24][74]. - The service sector, particularly industries closely related to consumer travel, such as dining and cultural activities, experienced a significant decline in business activity indices, falling below critical levels [2][24][74]. Future Outlook - Although traditional momentum faces downward pressure on both quantity and price, new momentum is accelerating its support for the economy. Continuous monitoring of the effects of new incremental policies is essential [3][75]. - The upcoming stable growth policies in key industries like construction materials and steel are expected to mitigate the risks associated with the downturn in infrastructure and real estate sectors [3][75].

Core Insights - The Jiangsu Provincial Department of Housing and Urban-Rural Development has released a comprehensive "technology map" covering various sectors including real estate, construction, and municipal infrastructure, aimed at promoting high-quality development in the housing sector [1][2][3] - The technology map includes 122 key technologies across three main directions, focusing on enhancing building quality, smart construction, and resilient urban infrastructure [1][2] Group 1: Technology Map Overview - The technology map serves as a "toolbox" and "guide" for advancing new productive forces in the housing sector, addressing the need for systematic industry transformation due to aging buildings [1] - It encompasses three main directions: "High-Quality Buildings," "Smart Construction and Industrialization," and "Resilient Smart Cities," with a total of 122 key technologies identified [1][2] Group 2: High-Quality Buildings - The "High-Quality Buildings" direction includes 14 subcategories and 46 technologies aimed at improving building functionality, quality, and user experience, such as sound insulation systems [1][2] Group 3: Smart Construction and Industrialization - The "Smart Construction and Industrialization" direction features 6 subcategories and 23 technologies, including BIM applications and construction robots, to enhance project quality and efficiency [2] - Construction robots are being utilized in tasks like putty spraying and tile laying, addressing labor shortages due to an aging workforce [2] Group 4: Resilient Smart Cities - The "Resilient Smart Cities" direction consists of 28 subcategories and 53 technologies, focusing on improving urban infrastructure efficiency and risk resilience, such as smart flood control systems [2] - These systems leverage IoT and AI to predict flood-prone areas and generate emergency response plans, significantly enhancing response efficiency [2] Group 5: Future Directions - The technology map outlines key technology directions for the next 5-10 years, guiding innovation resources towards green low-carbon and AI strategic fields [2][3] - Local governments, such as in Suzhou, are already establishing smart construction industry demonstration bases, attracting nearly 30 quality enterprises [2]

Economic Overview - September PMI data indicates weak economic recovery momentum, with the manufacturing sector slightly rebounding but still in contraction at 49.8%, up 0.4 percentage points from the previous month[2] - Non-manufacturing PMI stands at 50.0%, down 0.3 percentage points, reflecting weak service sector demand and increased employment pressure[2] - Overall composite PMI is at 50.6%, a slight increase of 0.1 percentage points, indicating a mixed economic outlook[2] Manufacturing Sector Insights - Manufacturing PMI shows a production index of 51.9%, up 1.1 percentage points, indicating accelerated production expansion[2] - New orders index is at 49.7%, up 0.2 percentage points, but still indicates insufficient demand recovery[2] - Large enterprises report a PMI of 51.0%, while medium and small enterprises are at 48.8% and 48.2%, respectively, highlighting significant structural differentiation[2] Non-Manufacturing Sector Insights - Non-manufacturing business activity index is at 50.1%, with a notable decline in new orders to 46.0%, down 0.6 percentage points, indicating a clear drop in demand[3] - Employment pressure is evident with the employment index at 45.0%, down 0.6 percentage points, suggesting challenges in workforce stability[3] - Business activity expectations remain optimistic at 55.7%, despite a slight decline, indicating potential for future demand recovery[3] Policy and Market Outlook - Short-term economic improvement is expected to rely heavily on policy support, with a new round of policy measures anticipated, including a potential reduction in reserve requirements and interest rates[2] - The National Development and Reform Commission is actively promoting a new 500 billion yuan policy financial tool aimed at supporting project capital[2] - Continuous monitoring of the upcoming October Politburo meeting and the Fourth Plenary Session of the 20th Central Committee is crucial for insights into economic policy direction[2]

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]