Core Insights - The manufacturing PMI in October decreased to 49.0%, down 0.8 percentage points from the previous month, indicating a decline in manufacturing activity after two months of growth [1] - The non-manufacturing business activity index rose to 50.1%, up 0.1 percentage points, remaining in the expansion zone, driven by holiday effects [1] Manufacturing Sector - The manufacturing production index fell to 49.7%, a decrease of 2.2 percentage points, indicating a slight slowdown in production activities [4] - The new export orders index dropped to 45.9%, down 1.9 percentage points, marking the second-lowest point of the year, reflecting tightening export demand [5] - The procurement volume index decreased to 49%, down 2.6 percentage points, indicating a contraction in purchasing activities after two months of expansion [5] Business Performance by Company Size - Large enterprises' PMI fell to 49.9%, while medium-sized enterprises' PMI decreased to 48.7%, and small enterprises' PMI dropped to 47.1%, indicating pressure across all company sizes [6] - Despite the decline, large enterprises maintained stable supply and demand, while medium and small enterprises faced more significant challenges [6] Price Trends - The manufacturing sector experienced positive price changes, with the equipment manufacturing purchase price index and factory price index rising for three consecutive months [6] - The consumer goods manufacturing purchase price index fell to below 50%, while the factory price index increased, indicating reduced cost pressures and stabilized sales prices [7] Non-Manufacturing Sector - The non-manufacturing business activity index showed signs of recovery, with significant activity in sectors closely related to consumer travel, such as transportation and hospitality, driven by holiday effects [10] - The business activity expectation index remained high at 56.1%, indicating strong confidence among service sector enterprises regarding future development [10]

Group 1: Manufacturing PMI Insights - In October, the manufacturing PMI decreased to 49.0%, down 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 manufacturing 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 demand in this segment [2][3] Group 2: Non-Manufacturing PMI Insights - The non-manufacturing business activity index rose to 50.1%, up 0.1 percentage points from the previous month, indicating a slight expansion in the sector [4] - The service industry business activity index increased to 50.2%, with significant growth in sectors closely related to consumer travel, such as rail and air transport, which saw indices above 60.0% [4] - The construction industry business activity index slightly decreased to 49.1%, but the business activity expectation index improved to 56.0%, suggesting a positive outlook for future market conditions [4] Group 3: Composite PMI Insights - The composite PMI output index stood at 50.0%, indicating overall stability in production and business activities across sectors [5] - The manufacturing production index and non-manufacturing business activity index were recorded at 49.7% and 50.1%, respectively, contributing to the composite index's position at the critical point [5]

Group 1: Manufacturing PMI Analysis - In October, the manufacturing PMI decreased to 49.0%, down 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 manufacturing 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 demand in this segment [2] Group 2: Key Industry Performance - High-tech manufacturing, equipment manufacturing, and consumer goods industries continued to expand, with PMIs of 50.5%, 50.2%, and 50.1%, respectively, significantly above the overall manufacturing level [3] - Conversely, high-energy-consuming industries saw a PMI of 47.3%, indicating a decline in economic activity [3] - Market expectations remain optimistic, with a production and business activity expectation index of 52.8%, suggesting confidence among manufacturers [3] Group 3: Non-Manufacturing PMI Insights - The non-manufacturing business activity index rose to 50.1%, up 0.1 percentage points, indicating a slight recovery in this sector [4] - The service industry business activity index increased to 50.2%, with sectors like rail transport and accommodation showing strong activity levels due to holiday effects [4] - The construction industry business activity index fell to 49.1%, indicating a slight decline, but the business activity expectation index improved to 56.0%, reflecting better future outlooks [4] Group 4: Composite PMI Overview - The composite PMI output index stood at 50.0%, indicating overall stability in production and business activities across sectors [5] - The manufacturing production index and non-manufacturing business activity index were recorded at 49.7% and 50.1%, respectively, contributing to the composite index's position at the critical point [5]

Group 1: Manufacturing PMI Insights - In October, the manufacturing purchasing managers' index (PMI) decreased to 49.0%, down 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 manufacturing 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 PMI Insights - The non-manufacturing business activity index rose to 50.1%, up 0.1 percentage points from the previous month, indicating a slight recovery in this sector [1][4] - The service industry business activity index increased to 50.2%, with sectors like railway transport and accommodation showing strong activity levels above 60.0% [4] - The construction industry business activity index slightly decreased to 49.1%, but the business activity expectation index improved to 56.0%, suggesting a more optimistic outlook [4] Group 3: Composite PMI Overview - The composite PMI output index stood at 50.0%, indicating overall stability in production and business activities across sectors [1][5] - The manufacturing production index and non-manufacturing business activity index were recorded at 49.7% and 50.1%, respectively, contributing to the composite index's position at the critical point [5]

Group 1: Manufacturing PMI Analysis - In October, the Manufacturing Purchasing Managers' Index (PMI) decreased to 49.0%, down 0.8 percentage points from the previous month, indicating a slowdown in manufacturing activity [4] - Both production index and new orders index fell to 49.7% and 48.8%, respectively, reflecting a decline in production and market demand [4] - Large enterprises maintained a PMI above the critical point, with indices at 50.9% for production and 50.1% for new orders, indicating sustained demand in this segment [4] Group 2: Key Industry Performance - High-tech manufacturing, equipment manufacturing, and consumer goods industries continued to expand, with PMIs of 50.5%, 50.2%, and 50.1%, respectively, all above the overall manufacturing level [5] - Conversely, high-energy-consuming industries saw a PMI of 47.3%, indicating a decline in economic activity [5] - Market expectations remain optimistic, with a production and business activity expectation index of 52.8%, suggesting confidence among manufacturers [5] Group 3: Non-Manufacturing PMI Insights - The Non-Manufacturing Business Activity Index rose to 50.1%, up 0.1 percentage points, indicating a slight recovery in the non-manufacturing sector [6] - The service sector's business activity index increased to 50.2%, with significant growth in sectors related to consumer travel and spending, such as rail and air transport [6][7] - The construction sector's business activity index fell to 49.1%, indicating a slight decline, but the business activity expectation index improved to 56.0%, reflecting better future outlooks [7] Group 4: Composite PMI Overview - The Composite PMI Output Index stood at 50.0%, indicating overall stability in production and business activities across sectors [8] - The manufacturing production index was recorded at 49.7%, while the non-manufacturing business activity index was at 50.1%, contributing to the composite figure [8]

统计局解读：制造业供需两端有所放缓。生产指数和新订单指数分别为49.7%和48.8%，比上月下降2.2个和0.9个百分点，制造业企业生产和市场需求均有所回落。大、中、小型企业景气水平不同程度回落。受“双十一”促消费活动等因素带动，邮政业商务活动指数升至70.0%以上，业务总量加快增长。保险、房地产等行业商务活动指数均低于临界点，景气度偏弱。 ...

Core Insights - The postal industry in China reported a business revenue of 152.57 billion yuan in September, marking a year-on-year growth of 6.8% [1] - The express delivery business revenue reached 127.37 billion yuan in September, with a year-on-year increase of 7.2% [1] - The total volume of postal services reached 18.34 billion items in September, reflecting a year-on-year growth of 11.2%, while express delivery volume was 16.88 billion items, up by 12.7% [1] Revenue and Volume Summary - From January to September, the cumulative business revenue of the postal industry was 1,313.63 billion yuan, showing a year-on-year growth of 7.7% [1] - Cumulative express delivery revenue for the same period was 1,085.74 billion yuan, with an 8.9% year-on-year increase [1] - The total volume of postal services from January to September reached 158.26 billion items, a year-on-year increase of 15.0%, while express delivery volume was 145.08 billion items, up by 17.2% [1] Segment Analysis - In the first nine months, the volume of same-city express delivery was 11.87 billion items, growing by 4.3% year-on-year; intercity express delivery volume was 130.17 billion items, up by 18.6%; and international/Hong Kong, Macau, and Taiwan express delivery volume was 3.04 billion items, increasing by 13.7% [1] - The cumulative volume of postal letters was 490 million items, down by 33.0%; parcel business volume was 2.1081 million items, down by 0.6%; newspaper volume was 12.21 billion copies, down by 3.5%; magazine volume was 450 million copies, down by 6.2%; and remittance volume was 1.475 million transactions, down by 30.6% [2] Market Share and Regional Insights - The share of same-city, intercity, and international/Hong Kong, Macau, and Taiwan express delivery volumes accounted for 8.2%, 89.7%, and 2.1% of total express delivery volume, respectively [2] - In terms of regional performance, the eastern, central, and western regions accounted for 73.8%, 15.6%, and 10.6% of express delivery revenue, and 71.1%, 19.6%, and 9.3% of express delivery volume, respectively [2] - The concentration index CR8 for express and parcel service brands was 86.9, remaining stable compared to the previous month [3]

Core Insights - In September, the postal industry achieved a business revenue of 152.57 billion yuan, marking a year-on-year growth of 6.8% [1] - The express delivery sector generated a revenue of 127.37 billion yuan in September, reflecting a year-on-year increase of 7.2% [1] - From January to September, the total business revenue of the postal industry reached 1,313.63 billion yuan, with a year-on-year growth of 7.7% [1] - Cumulatively, the express delivery revenue for the first nine months amounted to 1,085.74 billion yuan, showing an 8.9% year-on-year increase [1]

Core Insights - The postal industry in China reported a business revenue of 152.57 billion yuan in September 2025, marking a year-on-year growth of 6.8% [1] - The express delivery business revenue reached 127.37 billion yuan in September, with a year-on-year increase of 7.2% [1] - The total volume of postal delivery services in September was 18.34 billion items, reflecting a year-on-year growth of 11.2% [1] - The express delivery volume for September was 16.88 billion items, showing a year-on-year increase of 12.7% [1] Summary by Period September 2025 - Postal industry business revenue: 152.57 billion yuan, up 6.8% year-on-year [1] - Express delivery revenue: 127.37 billion yuan, up 7.2% year-on-year [1] - Total delivery volume: 18.34 billion items, up 11.2% year-on-year [1] - Express delivery volume: 16.88 billion items, up 12.7% year-on-year [1] January to September 2025 - Cumulative postal industry business revenue: 1,313.63 billion yuan, up 7.7% year-on-year [1] - Cumulative express delivery revenue: 1,085.74 billion yuan, up 8.9% year-on-year [1] - Cumulative total delivery volume: 158.26 billion items, up 15.0% year-on-year [1] - Cumulative express delivery volume: 145.08 billion items, up 17.2% year-on-year [1]

Manufacturing Sector Insights - The manufacturing PMI for September is 49.8%, a month-on-month increase of 0.4 percentage points, indicating a slight recovery within the contraction zone[3] - The new orders index stands at 49.7%, up 0.2 percentage points from the previous month, while the new export orders index increased by 0.6 percentage points to 47.8%[3] - The production index rose to 51.9%, reflecting a month-on-month increase of 1.1 percentage points, indicating active manufacturing activities[3] Price and Demand Dynamics - The major raw material purchase price index remains high at 53.2%, despite a month-on-month decline of 0.1 percentage points[8] - The "anti-involution" policy has supported the prices in certain manufacturing sub-sectors, with the specialized equipment manufacturing price index rising by 2.2 percentage points[2] - However, the overall demand remains weak, as evidenced by declines in finished goods inventory and new orders in the electrical machinery and general equipment manufacturing sectors[2] Non-Manufacturing Sector Overview - The non-manufacturing PMI for September is 50.0%, down 0.3 percentage points, indicating stagnation at the threshold level[4] - The new orders index for non-manufacturing is at 46.0%, a decrease of 0.6 percentage points, while the new export orders index improved to 49.8%, up 1.0 percentage points[10] - The employment index in the non-manufacturing sector is at 45.0%, reflecting a contraction with a month-on-month decline of 0.6 percentage points[10] Sector-Specific Performance - The construction sector's PMI is at 49.3%, with a new orders index of 42.2%, indicating continued contraction despite a slight month-on-month improvement[14] - The service sector PMI is at 50.1%, showing a slight decline of 0.4 percentage points, but still within the expansion zone[14] - Notably, the metal products and automotive manufacturing sectors have shown significant month-on-month improvements in their economic performance[16]