9月中国制造业采购经理指数升至扩张区间

9月中国制造业采购经理指数为50.1%，较上月上升0.3个百分点，在连续2个月运行在50%以下后升至扩张区间1。这一指标反映出制造业运行态势出现回升，市场需求保持稳定扩张1。

从具体指标看，生产指数为51.7%，较上月上升1.3个百分点1，表明企业生产活动加快。新订单指数为50.5%，新出口订单指数为50%1，均处于扩张状态。生产经营活动预期指数为53.8%，与上月持平1，显示企业对后市预期稳定。

企业规模分化方面，大型企业PMI为50.6%，与上月持平1；中型企业PMI为49.7%，较上月上升0.3个百分点1；小型企业PMI为48.9%，较上月上升1个百分点1。大型企业保持稳定增长，中小企业景气面有所改善。

价格端呈现明显上升态势。制造业购进价格指数为60.8%，较上月上升4.2个百分点；出厂价格指数为54%，较上月上升3.6个百分点1。基础原材料价格涨势明显，带动产业链市场价格联动上升。三季度制造业PMI均值为49.7%1，8月、9月呈现连续上行态势。

China's manufacturing sector showed renewed momentum in September 2026, with the Purchasing Managers' Index reaching 50.1%, up 0.3 percentage points from the previous month.1 This marks a return to expansionary territory after two consecutive months of contraction below the 50-point threshold.1

The improvement was broad-based across key activity indicators. The new orders index stood at 50.5% while the new export orders index reached 50%, both signaling stable market demand.1 Production activity accelerated notably, with the production index climbing to 51.7%, a gain of 1.3 percentage points.1 Looking ahead, manufacturers maintained confidence, with the business expectations index for production and operations activity holding steady at 53.8%.1

Performance varied by enterprise size. Large enterprises maintained stable growth with a PMI of 50.6%, unchanged from August.1 Medium-sized enterprises showed improvement at 49.7%, rising 0.3 percentage points, while small enterprises expanded more robustly, their PMI increasing by 1 percentage point to 48.9%.1 For the third quarter as a whole, the manufacturing PMI averaged 49.7%, with August and September demonstrating consecutive month-on-month gains.1

Price pressures intensified significantly. The manufacturing purchasing price index surged to 60.8%, rising 4.2 percentage points, while the factory gate price index climbed to 54%, up 3.6 percentage points.1 These increases in raw material costs rippled through the supply chain, driving coordinated price increases across the industrial sector.1