中国9月制造业PMI升至49.8% 9月30日，国家统计局公布数据显示，9月份，制造业采购经理指数为49.8%，比上月上升0.4%。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。从企业规模看，大型企业PMI 为51.0%，比上月上升0.2%；中型企业PMI为48.8%，比上月下降0.1%；小型企业PMI为48.2%，比上月上升1.6%。 非制造业商务活动指数为50.0%，比上月下降0.3%。分行业看，建筑业商务活动指数为49.3%，比上月上升0.2%；服务业商务活动指数为 50.1%，比上月下降0.4%。综合PMI产出指数为50.6%，比上月上升0.1%。（国家统计局官网） ｜点评｜ 9月国内制造业略有修复，主要是生产端带动，需求端修复依旧缓慢，库存水平有所提升。9月制造业出口低位修复，展现出部分韧 性。制造业生产经营活动预期维持在高位，预期向现实转化的速度偏慢。在反内卷相关政策影响下，制造业原材料购进价格走势持续强于出厂 价格，压缩了企业利润空间。 商务合作▲点击图片 ｜点评｜ 中央支持消费品以旧换新政策的资 ...

Market Overview - Technology stocks supported the three major US stock indices, which rose for two consecutive days to a one-week high, with Nvidia up over 2% and Micron up over 4% [1] - The US Treasury bonds saw a rise, with the ten-year yield declining for the first time in four days [1] - Bitcoin surged nearly $4,000, surpassing the $114,000 mark, while Ethereum rebounded over 4% [1] - Crude oil prices fell over 3%, marking the largest drop in three months, with WTI down over 4% [1] - Gold prices hit a historical high, with spot gold rising nearly 2% to break the $3,800 mark for the first time [1] Key News - The Central Committee of the Communist Party of China held a meeting to discuss documents to be submitted for review at the 20th Central Committee's Fourth Plenary Session [11] - The National Development and Reform Commission announced a new policy financial tool with a total scale of 500 billion yuan, aimed at supporting private enterprises' deep participation in the "Artificial Intelligence +" initiative [11][12] Company News - Facing competition from the iPhone 17, analyst Guo Mingqi lowered the shipment target for Xiaomi 17 by 20% [17] - Anthropic launched Claude Sonnet 4.5, claiming it to be the "best coding model globally" [17][23] - OpenAI plans to launch Sora 2, an independent app that defaults to using copyrighted content, which has sparked controversy [17] Industry Insights - The A-share market is experiencing a bull market characterized by high volume, moderate enthusiasm, and distinct structural features, with no clear bubble signals [18] - The semiconductor industry is seeing significant developments, with Shenzhen's new semiconductor company attracting external investors [15] - The education sector is undergoing transformation due to digital technology and AI, with a focus on enhancing digital education services [24]