中国制造业PMI月刊（2025年9月）

China’s manufacturing PMIgoesupto 49.8inSeptember, indicatingeasing downward Helen ChinHead William KongManager HKUST LI & FUNGSUPPLY CHAIN INSTITUTELSK Business Bldg 10of the 13 sub-indices were higher than their levels in the previous month. Forexample, the new orders indexpicked upby0.2pts to 49.7in September, pointing to asmaller contraction in market demand, and the new export orders indexincreasedby0.6pts to47.8, indicatingthat export demand reduced at aslowerpace.Against this By size of enterprises,the PMI of ‘large enterprises’climbedto51.0 in September from50.8 in August. The PMI of ‘medium enterprises’edged downto48.8 in September from The output indexroseto51.9 in September from50.8 in August.The outputindicesof‘large enterprises’and ‘medium enterprises’stayedabove theneutral level of 50,registering53.5 and 50.9 respectivelyinSeptember.Meanwhile, theoutputindexof The new orders indexpickedupto49.7 in September from49.5 in August.The newordersindexof‘large enterprises’remainedintheexpansionaryzone,registering51.2in The new export ordersindexclimbedto47.8 in September from47.2 in August.Thenew export ordersindicesof‘largeenterprises’,‘medium enterprises’and‘small The backlogs of orders indexdeclinedto45.2 in September from45.5 in August.Thebacklogsof orders indicesof‘large enterprises’, ‘medium enterprises’and ‘smallenterprises’allremainedbelowtheneutral level of 50,registering46.7, 44.0and43.3 The stocks of finished goods indexjumpedto48.2 in September from46.8 in August.The stocks of finished goods indicesof‘largeenterprises’, ‘medium enterprises’ and The stocks of major inputs indexincreasedto48.5 in September from48.0 in August.Themajor inputsindicesof‘largeenterprises’,‘medium enterprises’and‘small The purchases of inputs indexroseto51.6 in September from50.4 in August.Thepurchases of inputsindexof‘large enterprises’remainedinthe expansionaryzone,registering53.7inSeptember.Meanwhile, the purchases of inputs indicesof‘medium The imports indexwentup to48.1 in September from48.0 in August.Theimportsindicesof‘large enterprises’,‘mediumenterprises’and‘small enterprises’all stayed The input prices indexedged downto53.2 in September from53.3 in August. Theinputprices indicesof‘large enterprises’,‘medium enterprises’and‘small enterprises’ Theex-factory prices indexdroppedto48.2 in September from49.1 in August.1Theex-factory prices indicesof‘largeenterprises’,‘mediumenterprises’and‘small The employment indexreboundedto48.5 in September from47.9 in August.Theemployment indicesof‘largeenterprises’,‘medium enterprises’and ‘small The suppliers’ delivery time indexcame in at50.8 in September, up from50.5inAugust.A reading above 50 implies faster delivery; below 50, slower delivery. The suppliers’delivery time indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’ The business expectations indexincreasedto54.1 in September from53.7 in August.The business expectations indices of ‘large enterprises’,‘medium enterprises’and ‘small CFLP 中國物流與採購聯合會 China Federation of Logistics & Purchasing (CFLP) is the logistics and purchasing industryassociation approved by the State Council. CFLP’s mission is to push forward the developmentof the logistics industry and the procurement businesses of both government and enterprises, NBS 國家統計局 The National Bureau of Statistics (NBS), an agency directly under the State Council in China, isin charge of the country’s statistics. It is responsible for formulating statistical policies andestablishing the national statistical system, drafting and enforcing the statistical laws and China Manufacturing PMI 中國製造業採購經理指數 China Manufacturing Purchasing Managers’ Index (PMI) provides an early indication eachmonth of economic activities in theChinese manufacturing sector. It is jointly published by Every month questionnaires are sent to 3,000 manufacturing enterprises all over China. Thedata presented herein is compiled fromthe enterprises’ responses about their purchasingactivities and supply situations. CFLP makes no representation regarding the datacollection 3,000 manufacturing enterprises in 31 industries from Eastern, Northeastern, Central andWestern China are surveyed. Thesampling of the enterprises involves the use of ProbabilityProportional to Size Sampling (PPS), which means the selection ofenterprises surveyed is There are 13 sub-indicators in the survey: Output, New Orders, New Export Orders, Backlogs ofOrders, Stocks of Finished Goods,Purchases of Inputs, Imports, Input Prices, Stocks of MajorInputs, Ex-factory Prices, Employment, Suppliers’ Delivery Time andBusiness Expectations. An The PMI is a composite index based on the seasonally adjusted indices for five of the sub-indicators with varying weights: NewOrders—30%; Output—25%; Employment—20%;Suppliers’ Delivery Time—15%; and Stocks of Major Inputs—10%. A PMI readingabove 50 Currently there are more than twenty countries and regions conducting the PMI survey and HKUST Li &