中国9月非制造业PMI为50.2% 景气略有回升

中国9月非制造业采购经理人指数（PMI）为50.2%，环比上升1.2个百分点1。这标志着景气水平略有回升，指数重新进入扩张区间1。此前7月和8月该指数连续处于49.0%的收缩区间1。

从行业表现看，电信广播电视及卫星传输服务、货币金融服务、保险等行业商务活动指数均位于55.0%以上的较高水平1。与此相对，资本市场服务和房地产等行业的相关指数则低于临界点1。建筑业表现尤为突出，9月商务活动指数达50.3%，环比上升3.4个百分点，创下年内高点1。服务业业务活动预期指数为55.5%，已回升至扩张区间1，建筑业业务活动预期指数为55.4%1。

China's non-manufacturing Purchasing Managers' Index (PMI) reached 50.2% in September, up 1.2 percentage points from August 1. This marks a return to expansion territory after the index contracted for two consecutive months, remaining at 49.0% in both July and August 1.

The improvement was broad-based across sectors. Telecommunications, broadcasting, satellite transmission services, monetary financial services, and insurance all posted business activity indices above 55.0% 1. The construction sector showed particular strength, with its business activity index climbing to 50.3%—a year-to-date high—up 3.4 percentage points from August, driven by accelerating construction progress 1. However, capital market services and real estate remained below the critical threshold 1.

Forward-looking indicators suggest continued recovery momentum. The services sector's business activity expectations index rebounded to 55.5%, re-entering expansion territory 1, while the construction sector's expectations index stood at 55.4% 1.