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国家统计局发布9月重要数据
21世纪经济报道· 2025-09-30 10:13
Core Viewpoint - The manufacturing Purchasing Managers' Index (PMI) in September rose to 49.8%, indicating a continued improvement in the manufacturing sector's economic conditions [1][4]. Group 1: Manufacturing PMI Overview - The manufacturing PMI increased by 0.4 percentage points from the previous month, reflecting a recovery in manufacturing activity [1][4]. - The production index reached 51.9%, up 1.1 percentage points, marking a six-month high, while the new orders index rose to 49.7%, indicating a slight improvement in market demand [1][5]. Group 2: Sector Performance - Key sectors such as equipment manufacturing, high-tech manufacturing, and consumer goods showed strong expansion, with PMIs of 51.9%, 51.6%, and 50.6% respectively, all above the manufacturing average [6]. - The consumer goods sector has returned above the threshold line, achieving its highest level this year [2][6]. Group 3: Employment and Inventory Trends - The employment index improved to 48.5%, indicating a better employment situation in manufacturing, while the raw materials inventory index rose to 48.5%, suggesting a slowdown in inventory reduction [4][7]. - The production expectations index increased by 0.4 percentage points to 54.1%, showing a positive outlook among manufacturers for upcoming market conditions [7]. Group 4: Price Dynamics - The purchasing price index for raw materials was at 53.2%, indicating a slight decrease but still in the expansion zone, while the factory price index fell to 48.2%, suggesting a contraction in output prices [6]. - The gap between raw material purchasing prices and factory prices widened to 5.0 percentage points, indicating a shrinking profit margin for manufacturers [6].
国内观察2025年9月PMI:季节性回升后关注政策落实
Donghai Securities· 2025-09-30 09:28
Group 1: PMI Overview - In September, the manufacturing PMI was 49.8%, up from 49.4% in the previous month[2] - The non-manufacturing PMI stood at 50.0%, slightly down from 50.3%[2] - The manufacturing PMI's increase aligns with seasonal trends, with a month-on-month rise of 0.4 percentage points (pct) compared to the previous value[2] Group 2: Supply and Demand Dynamics - The production index rose to 51.9% (+1.1pct), indicating stronger supply than demand[2] - The new orders index increased to 49.7% (+0.2pct), while the new export orders index was at 47.8% (+0.6pct), showing resilience in external demand[2] - Overall, the supply-demand balance remains skewed towards supply exceeding demand[2] Group 3: Price Index Trends - The price index declined after three consecutive increases, with the main raw material purchase price index at 53.2% (-0.1pct) and the factory price index at 48.2% (-0.9pct)[2] - This reflects a weakening impact of "anti-involution" policies on upstream raw material prices, shifting focus to the actual implementation of policies[2] Group 4: Sector Performance - The equipment manufacturing PMI rose to 51.9% (+1.4pct), marking the highest point since March[2] - The consumer goods sector PMI increased to 50.6% (+1.4pct), driven by seasonal demand ahead of the upcoming holidays[2] - The high-energy-consuming industries PMI fell to 47.5% (-0.7pct), consistent with previous price index trends[2] Group 5: Non-Manufacturing Sector Insights - The non-manufacturing PMI decreased by 0.3pct to 50.0%, slightly below the five-year average[2] - In the service sector, travel-related consumption saw a seasonal decline, while financial services maintained high activity levels[2] - The construction PMI was at 49.3% (+0.2pct), with weather conditions impacting project initiation[2]
9月制造业PMI升至49.8%,消费品行业回到荣枯线之上
21世纪经济报道记者周潇枭 见习记者冉黎黎 北京报道 9月30日,国家统计局发布2025年9月中国采购经理指数运行情况,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。 国家统计局服务业调查中心首席统计师霍丽慧解读称,9月份,制造业生产活动加快,PMI升至49.8%, 景气水平继续改善。从供需来看,企业生产扩张加快。生产指数为51.9%,比上月上升1.1个百分点,升 至近6个月高点,制造业生产活动较为活跃;新订单指数为49.7%,比上月上升0.2个百分点,市场需求 景气度有所改善。 中国民生银行首席经济学家温彬对21世纪经济报道记者表示,需求方面,随着高温多雨极端天气影响基 本消退,叠加扩内需促增长政策继续发力,制造业市场需求端趋稳恢复。生产方面,制造业部分行业迎 来产销旺季,稳增长政策持续发力,共同带来制造业整体生产活动加快扩张。 同时,9月份,三大重点行业较快扩张。霍丽慧指出,装备制造业、高技术制造业和消费品行业PMI分 别为51.9%、51.6%和50.6%,均明显高于制造业总体,同时上述重点行业生产指数和新订单指数均位 于扩张区间,企业供需两端较为活跃。 温彬注意到,下游 ...
2025年9月PMI数据点评:制造业持续复苏,景气水平整体保持扩张
KAIYUAN SECURITIES· 2025-09-30 08:37
——2025 年 9 月 PMI 数据点评 陈曦(分析师) 王帅中(联系人) 事件点评 2025 年 09 月 30 日 制造业持续复苏,景气水平整体保持扩张 固定收益研究团队 chenxi2@kysec.cn 证书编号:S0790521100002 wangshuaizhong@kysec.cn 证书编号:S0790125070016 分行业看,高技术制造业 PMI 为 51.6%(51.9%),装备制造业 PMI 为 51.9% (50.5%),消费品行业 PMI 为 50.6%(49.2%),基础原材料行业 PMI 为 47.5% (48.2%)。9 月消费品行业 PMI 重回扩张区间,装备制造业 PMI 持续提升,装 备制造业、高技术制造业和消费品行业 PMI 均高于制造业总体,处于扩张区间。 从构成指数看,生产指数为 51.9%(50.8%),新订单指数为 49.7%(49.5%),原 材料库存指数为 48.5%(48.0%),从业人员指数为 48.5%(47.9%),供应商配送 时间指数为 50.8%(50.5%)。生产指数环比提升 1.1pct,连续 5 个月位于扩张区 间,升至近 6 个月高点 ...
稳增长!国家统计局节前发布重要数据!
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 ...
国家统计局:9月份制造业采购经理指数继续回升
Xin Hua Cai Jing· 2025-09-30 03:23
新华财经北京9月30日电 2025年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了中 国采购经理指数。国家统计局服务业调查中心首席统计师霍丽慧表示,9月份,制造业采购经理指数为 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。 制造业采购经理指数继续回升 (二)建筑业商务活动指数小幅回升。建筑业商务活动指数为49.3%,比上月上升0.2个百分点,建筑业 景气水平小幅回升。从市场预期看,业务活动预期指数为52.4%,比上月上升0.7个百分点,表明建筑业 企业对近期市场发展信心有所改善。 综合PMI产出指数保持扩张 霍丽慧指出,制造业生产活动加快,PMI升至49.8%,景气水平继续改善。 企业生产扩张加快。生产指数为51.9%,比上月上升1.1个百分点,升至近6个月高点,制造业生产活动 较为活跃;新订单指数为49.7%,比上月上升0.2个百分点,市场需求景气度有所改善。从行业看,食品 及酒饮料精制茶、汽车、铁路船舶航空航天设备等行业生产指数和新订单指数均高于5 ...
9月份我国制造业PMI升至49.8%
Xin Hua Wang· 2025-09-30 02:50
Group 1 - The manufacturing Purchasing Managers' Index (PMI) for September is 49.8%, an increase of 0.4 percentage points from the previous month, indicating continued improvement in manufacturing activity [1] - The production index for September is 51.9%, rising by 1.1 percentage points, reaching a six-month high, reflecting active manufacturing production [1] - The new orders index is at 49.7%, up by 0.2 percentage points, suggesting a slight improvement in market demand [1] Group 2 - The PMI for small enterprises has increased to 48.2%, up by 1.6 percentage points, indicating an improvement in their economic conditions [1] - The PMI for large enterprises is 51.0%, showing a stable expansion, while the PMI for medium enterprises is 48.8%, indicating stability [1] - Key industries such as equipment manufacturing, high-tech manufacturing, and consumer goods have PMIs of 51.9%, 51.6%, and 50.6% respectively, all above the overall manufacturing level [1] Group 3 - The production expectations index for September is 54.1%, up by 0.4 percentage points, indicating a positive outlook for manufacturing enterprises [2] - Industries such as food processing, automotive, and aerospace have production expectation indices above 57.0%, reflecting strong confidence in industry development [2]
持续回升!国家统计局发布重要数据
国家统计局9月30日发布数据显示,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。 国家统计局服务业调查中心首席统计师霍丽慧表示,我国经济总体产出扩张略有加快。 生产指数升至近6个月高点 图片来源:国家统计局 从分项指数看,企业生产扩张加快。9月份,生产指数为51.9%,比上月上升1.1个百分点,升至近6个月高点,制 造业生产活动较为活跃;新订单指数为49.7%,比上月上升0.2个百分点,市场需求景气度有所改善。 小型企业PMI回升。9月份,大型企业PMI为51.0%,比上月上升0.2个百分点,持续高于临界点,保持平稳扩张态 势;中型企业PMI为48.8%,比上月略降0.1个百分点,景气水平基本平稳;小型企业PMI为48.2%,比上月上升 1.6个百分点,景气水平有所改善。 9月份,制造业PMI为49.8%,比上月上升0.4个百分点,制造业景气水平继续改善。 服务业商务活动指数保持扩张 统计数据显示,9月份,服务业商务活动指数为50.1%,继续位于扩张区间。 从行 ...
9月份制造业采购经理指数继续回升 
Guo Jia Tong Ji Ju· 2025-09-30 02:27
2025年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了中国采购经理指数。对此, 国家统计局服务业调查中心首席统计师霍丽慧进行了解读。 (二)小型企业PMI回升。大型企业PMI为51.0%,比上月上升0.2个百分点,持续高于临界点,保持平 稳扩张态势;中型企业PMI为48.8%,比上月略降0.1个百分点,景气水平基本平稳;小型企业PMI为 48.2%,比上月上升1.6个百分点,景气水平有所改善。 (一)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,与居民出行消费密切相关的餐饮、文化体育 娱乐等行业商务活动指数落至临界点以下。从市场预期看,业务活动预期指数为56.3%,今年以来始终 位于55.0%以上较高景气区间,表明服务业企业对行业发展预期稳定乐观。 (二)建筑业商务活动指数小幅回升。建筑业商务活动指数为49.3%,比上月上升0.2个百分点,建筑业 景气水平小幅回升。从市场预期看,业务活动预期指数为52. ...
国家统计局解读:9月制造业采购经理指数继续回升 我国经济总体产出扩张略有加快
Guo Jia Tong Ji Ju· 2025-09-30 02:02
Group 1: Manufacturing PMI Insights - The manufacturing purchasing managers' index (PMI) for September is 49.8%, an increase of 0.4 percentage points from the previous month, indicating continued improvement in manufacturing sentiment [1][4] - The production index reached 51.9%, up 1.1 percentage points, marking a six-month high, while the new orders index rose to 49.7%, suggesting improved market demand [4] - Small enterprises showed a PMI increase to 48.2%, up 1.6 percentage points, indicating a slight improvement in their economic conditions [4][5] Group 2: Non-Manufacturing Sector Performance - The non-manufacturing business activity index stands at 50.0%, down 0.3 percentage points, indicating stability in the overall business volume of the non-manufacturing sector [6] - The service sector's business activity index is at 50.1%, remaining in the expansion zone, with certain industries like postal and financial services showing strong growth [6] - The construction sector's business activity index slightly increased to 49.3%, reflecting a minor recovery in construction activity [6] Group 3: Comprehensive PMI Analysis - The comprehensive PMI output index is at 50.6%, up 0.1 percentage points, indicating a continued acceleration in overall production and business activities [7] - The manufacturing production index and non-manufacturing business activity index contribute to the comprehensive PMI, standing at 51.9% and 50.0% respectively [7]