Core Insights - The manufacturing PMI in China rose to 49.8% in September, indicating a slight recovery but still below the expansion threshold [1] - The non-manufacturing business activity index decreased to 50.0%, reflecting a slight slowdown in non-manufacturing activities [1] Manufacturing Sector - The manufacturing production index increased to 51.9%, marking a continuous expansion for five months [4] - The purchasing volume index rose to 51.6%, indicating improved procurement activities [4] - New orders index reached 49.7%, showing a stabilization in market demand [4] - The export new orders index improved to 47.8%, suggesting a narrowing decline in export demand [4] - The manufacturing purchase price index was 53.2%, while the factory price index fell to 48.2%, indicating mixed price trends across sectors [5] Non-Manufacturing Sector - The non-manufacturing business activity index remained stable at 50.0%, with the construction index at 49.3% and the services index at 50.1% [8] - The business activity expectation index for non-manufacturing remained above 55%, indicating stable optimism among enterprises [8] - The postal industry showed significant growth, with indices above 60%, reflecting active online shopping [8][9] Future Outlook - The manufacturing sector is expected to see continued growth in Q4, driven by macro policies and seasonal demand [5] - Non-manufacturing activities are anticipated to stabilize and recover, supported by year-end effects and holiday demand [10]

9月份，大型企业延续稳中有增态势，连续5个月运行在扩张区间。小型企业采购经理指数比上月上升1.6个百分点，景气水平有所改善。 市场预期持续改善。9月份生产经营活动预期指数为54.1%，比上月上升0.4个百分点。 中国物流与采购联合会会长 蔡进：供需两端都有比较良好的表现，国民经济运行保持稳中向好的趋势，特别是市场活力趋于回升，从经 济运行的质量来看，就业状况也在进一步向好。 9月份从业人员指数较上月上升0.6个百分点，升至3月份以来的高点。 新动能继续较快增长。9月份装备制造业采购经理指数为51.9%，较上月上升1.4个百分点。高技术制造业连续两个月稳定在51%以上。消 费品制造业方面，长假临近、开学季等因素拉动居民消费意愿释放，9月份消费品制造业采购经理指数为50.6%，较上月上升1.4个百分点，创 今年以来高点。 央视网消息：国家统计局、中国物流与采购联合会9月30日联合发布9月份中国采购经理指数。 9月份中国制造业采购经理指数为49.8%，较上月上升0.4个百分点，连续两个月上升，景气水平继续改善。企业生产扩张加快，生产指数 升至近6个月高点，制造业生产活动较为活跃。随着高温多雨极端天气影响基本消退，叠 ...

Group 1: Macroeconomic Policy and Manufacturing Sector - The macroeconomic policy is expected to be strengthened and implemented, with the manufacturing PMI showing a slight recovery to 49.8% in September, up 0.4 percentage points from the previous month, indicating ongoing policy effects [1] - The production index rose to 51.9%, marking a continuous expansion for five months, while the new orders index increased to 49.7%, suggesting a stabilization in market demand [4] - The manufacturing sector is experiencing a seasonal peak in production and sales, with procurement activities and employment showing positive trends [4] Group 2: Price Trends and Future Outlook - The purchasing price index for manufacturing decreased to 53.2%, while the factory price index fell to 48.2%, indicating a mixed price trend across different industries [5] - There is an expectation of improved market conditions in the fourth quarter, driven by holiday demand and infrastructure projects, which will likely boost consumption and production activities [5] - The manufacturing production expectation index rose to 54.1%, reflecting increased optimism among manufacturers regarding market developments [6] Group 3: Non-Manufacturing Sector Performance - The non-manufacturing business activity index remained stable at 50.0%, with slight declines in the service sector and construction industry, indicating a mild slowdown [9] - The postal industry showed significant growth, with business activity and new orders indices rising over 5 percentage points, reflecting strong online shopping trends [9][10] - Overall, the non-manufacturing sector is expected to stabilize and recover in the fourth quarter, supported by seasonal effects and ongoing macroeconomic policies [10]

Manufacturing PMI Overview - In September, the Manufacturing Purchasing Managers' Index (PMI) was 49.8%, an increase of 0.4 percentage points from the previous month, indicating continued improvement in manufacturing sentiment [1] - Large enterprises reported a PMI of 51.0%, up 0.2 percentage points, while medium-sized enterprises had a PMI of 48.8%, down 0.1 percentage points, and small enterprises reported a PMI of 48.2%, an increase of 1.6 percentage points, but still below the critical point [4] - Among the five sub-indices of the manufacturing PMI, the production index and supplier delivery time index were above the critical point, while the new orders index, raw material inventory index, and employment index were below the critical point [5] Sub-Indices Performance - The production index was 51.9%, up 1.1 percentage points, indicating accelerated production expansion in the manufacturing sector [5] - The new orders index was 49.7%, up 0.2 percentage points, suggesting a continued improvement in market demand [5] - The raw material inventory index was 48.5%, up 0.5 percentage points, indicating a narrowing decline in the inventory of major raw materials [5] - The employment index was 48.5%, up 0.6 percentage points, reflecting an improvement in employment sentiment within manufacturing [5] - The supplier delivery time index was 50.8%, up 0.3 percentage points, indicating faster delivery times from raw material suppliers [5] Non-Manufacturing PMI Overview - In September, the Non-Manufacturing Business Activity Index was 50.0%, a decrease of 0.3 percentage points from the previous month, indicating overall stability in non-manufacturing business volume [9] - The construction industry business activity index was 49.3%, up 0.2 percentage points, while the service industry business activity index was 50.1%, down 0.4 percentage points [11] Non-Manufacturing Sub-Indices Performance - The new orders index for non-manufacturing was 46.0%, down 0.6 percentage points, indicating a decline in market demand [15] - The input price index was 49.0%, down 1.3 percentage points, suggesting a decrease in the overall price level of inputs used by non-manufacturing enterprises [15] - The sales price index was 47.3%, down 1.3 percentage points, indicating a continued decline in the overall sales price level [15] - The employment index for non-manufacturing was 45.0%, down 0.6 percentage points, reflecting a decrease in employment sentiment [17] - The business activity expectation index was 55.7%, down 0.5 percentage points, but still indicating optimism among most non-manufacturing enterprises [17] Comprehensive PMI Overview - The Comprehensive PMI Output Index was 50.6%, an increase of 0.1 percentage points from the previous month, indicating a continued acceleration in production and business activities across enterprises [21]

Group 1 - The manufacturing PMI in China increased by 0.4 percentage points to 49.8% in September, indicating a slight recovery in manufacturing activity [1] - Factors contributing to this recovery include the easing of adverse weather conditions, the implementation of consumer loan interest subsidies, and the full rollout of the third batch of national subsidies for trade-in programs [1] - The production index rose to 51.9%, the highest in nearly six months, while the new orders index increased to 49.7% [1] Group 2 - Large enterprises reported a PMI of 51.0%, while medium and small enterprises had PMIs of 48.8% and 48.2%, respectively, indicating varying levels of manufacturing activity across different enterprise sizes [1] - The non-manufacturing PMI recorded a value of 50.0%, a decrease of 0.3 percentage points from the previous month, with the construction sector index at 49.3% and the services sector index at 50.1% [5] - Certain service industries, such as postal and telecommunications, showed strong activity with indices above 60.0%, while sectors like catering and real estate remained below the critical point [5] Group 3 - Economic forecasts suggest that the fourth quarter may see the implementation of new policy measures to support economic growth, including financial tools and potential monetary easing [2][4] - The National Development and Reform Commission is actively working on new policy financial tools, with a total scale of 500 billion yuan aimed at enhancing effective investment [4] - Proposed fiscal measures may include increasing support for equipment updates and extending special government bonds, which could significantly bolster the macroeconomic environment, particularly in manufacturing [5]

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]

从企业规模看，大型企业PMI为51.0%，比上月上升0.2个百分点，高于临界点；中型企业PMI为48.8%，比上月下降0.1个百分点，低于临界点；小型企业PMI 为48.2%，比上月上升1.6个百分点，仍低于临界点。 从分类指数看，在构成制造业PMI的5个分类指数中，生产指数和供应商配送时间指数均高于临界点，新订单指数、原材料库存指数和从业人员指数低于临 界点。 制造业景气水平继续改善。 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。 一、中国制造业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，制造业景气水平继续改善。 图3 建筑业商务活动 生产指数为51.9%，比上月上升1.1个百分点，表明制造业生产扩张加快。 新订单指数为49.7%，比上月上升0.2个百分点，表明制造业市场需求景气水平继续改善。 原材料库存指数为48.5%，比上月上升0.5个百分点，表明制造业主要原材料库存量降幅继续收窄。 从业人员指数为48.5%，比上月上升0.6个百分点，表明制造业企业用工景气度改善。 供应商配送时间指数为50.8%，比上月上升0.3个百分点，表明 ...

Group 1: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) rose to 49.8% in September, indicating an improvement in economic conditions [2] - The production index reached 51.9%, the highest in nearly six months, reflecting active manufacturing activities [2] - New orders index increased to 49.7%, suggesting a slight improvement in market demand [2] - Key industries such as food and beverage, automotive, and aerospace showed production and new orders indices above 54.0%, indicating strong demand [2][3] - Small enterprises' PMI improved to 48.2%, while large enterprises maintained a stable expansion with a PMI of 51.0% [2] Group 2: Non-Manufacturing Sector - The non-manufacturing business activity index stood at 50.0%, down 0.3 percentage points from the previous month, indicating stability at the threshold [4] - The service sector's business activity index was 50.1%, remaining in the expansion zone, with strong performance in postal, telecommunications, and financial services [4] - The construction sector's business activity index slightly increased to 49.3%, showing a minor recovery in sentiment [4] Group 3: Composite PMI - The composite PMI output index rose to 50.6%, indicating a continued acceleration in overall production and business activities [5] - The manufacturing production index and non-manufacturing business activity index contributed to the composite PMI, standing at 51.9% and 50.0% respectively [5]

Group 1: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) rose to 49.8% in September, an increase of 0.4 percentage points from the previous month, indicating continued improvement in economic conditions [1] - The production index reached 51.9%, up 1.1 percentage points, marking a six-month high, while the new orders index increased to 49.7%, suggesting improved market demand [1] - Key industries such as food and beverage, automotive, and aerospace showed production and new orders indices above 54.0%, indicating rapid release of production and demand [1] Group 2: Small and Medium Enterprises - The PMI for small enterprises increased to 48.2%, up 1.6 percentage points, indicating an improvement in their economic conditions, while medium enterprises saw a slight decline to 48.8% [2] - Large enterprises maintained a PMI of 51.0%, continuing to show stable expansion [2] Group 3: Key Industries - The PMIs for key sectors such as equipment manufacturing, high-tech manufacturing, and consumer goods were 51.9%, 51.6%, and 50.6% respectively, all significantly above the manufacturing average [2] - High-energy-consuming industries experienced a decline in PMI to 47.5%, down 0.7 percentage points [2] Group 4: Market Expectations - The production and business activity expectation index rose to 54.1%, indicating a positive outlook among manufacturing enterprises for recent market developments [2] - In the service sector, the business activity expectation index remained stable at 56.3%, reflecting optimism among service industry enterprises [3] Group 5: Non-Manufacturing Sector - The non-manufacturing business activity index stood at 50.0%, a decrease of 0.3 percentage points, indicating stability in overall business volume [1][3] - The service sector's business activity index was 50.1%, remaining in the expansion zone, with certain industries like postal and financial services showing indices above 60.0% [3] Group 6: Comprehensive PMI - The comprehensive PMI output index increased to 50.6%, up 0.1 percentage points, indicating a continued acceleration in production and business activities across sectors [4]

Group 1: Manufacturing PMI Overview - In September, the Manufacturing Purchasing Managers' Index (PMI) reached 49.8%, an increase of 0.4 percentage points from the previous month, indicating continued improvement in manufacturing activity [1][23][24] - The production index rose to 51.9%, up 1.1 percentage points, signaling accelerated production expansion in the manufacturing sector [3][24] - The new orders index increased to 49.7%, up 0.2 percentage points, reflecting an improvement in market demand [3][24] Group 2: Enterprise Size Analysis - Large enterprises reported a PMI of 51.0%, up 0.2 percentage points, remaining above the critical point and indicating stable expansion [3][24] - Medium-sized enterprises had a PMI of 48.8%, down 0.1 percentage points, indicating stable conditions [3][24] - Small enterprises saw a PMI of 48.2%, an increase of 1.6 percentage points, showing some improvement in conditions [3][24] Group 3: Sector Performance - Key sectors such as equipment manufacturing, high-tech manufacturing, and consumer goods reported PMIs of 51.9%, 51.6%, and 50.6% respectively, all significantly above the manufacturing average [25] - High-energy-consuming industries had a PMI of 47.5%, down 0.7 percentage points, indicating a decline in activity [25] Group 4: Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index stood at 50.0%, a decrease of 0.3 percentage points, indicating overall stability in non-manufacturing business volume [8][26] - The service sector's business activity index was 50.1%, remaining in the expansion zone, while the construction sector's index was 49.3%, showing a slight recovery [11][26] Group 5: Composite PMI Insights - The Composite PMI Output Index was 50.6%, an increase of 0.1 percentage points, indicating a continued acceleration in overall production and business activities [20][27] - The manufacturing production index and non-manufacturing business activity index were 51.9% and 50.0% respectively, contributing to the composite index's growth [27]