中国国家统计局公布数据显示，10月中国制造业采购经理指数（PMI）为49.3，较上月下跌0.8个百分点，重回50的荣枯线以下 1。这一跌幅为近三个月来最大，且低于路透社调查预测的50，反映出制造业景气度的回落超出市场预期 1。官方分析指出，此次指标下行主要受“十一”假期前部分需求提前释放以及国际环境复杂多变等因素影响 1。
从企业规模来看，制造业内部表现分化明显。大型企业PMI为50.2，虽仍位于扩张区间，但环比下降0.4个百分点；相比之下，中型企业和小型企业PMI分别跌至48.4和47.5，环比降幅分别为1.3和1.4个百分点，显示中小企业面临较大的经营压力 1。尽管高技术和装备制造业依然保持扩张态势，其PMI分别为51.3和50.6，均高于荣枯线，但未能抵消整体指数的下行趋势 1。
非制造业领域同样呈现收缩迹象，10月商务活动指数降至49.7，比9月下降0.5个百分点 1。其中，建筑业表现尤为疲软，其商务活动指数大幅下滑2.3个百分点至48.0，成为拖累非制造业景气度的主要因素 1。
China’s manufacturing sector contracted in October, with the official Purchasing Managers’ Index (PMI) falling to 49.3, a decline of 0.8 percentage points from September and a return to levels below the 50-point expansion-contraction threshold 1. This drop marks the sharpest contraction observed in the last three months and came in significantly lower than Reuters survey expectations of 50.0 1. The National Bureau of Statistics attributed the slowdown to the early release of demand ahead of the National Day holiday and a complex international environment 1.
Performance varied considerably across enterprise sizes, highlighting divergent trends within the economy 1. Large enterprises maintained modest expansion with a PMI of 50.2, down 0.4 points, while medium-sized firms dropped to 48.4 (-1.3 points) and small enterprises fell further to 47.5 (-1.4 points), indicating a sharp deterioration in sentiment among smaller businesses 1. Despite these setbacks, high-tech manufacturing (51.3) and equipment manufacturing (50.6) remained above the growth line, showing continued resilience in advanced industrial segments 1.
Non-manufacturing activity also weakened, with the Business Activity Index declining by 0.5 points month-on-month to 49.7 1. Within this sector, construction was particularly affected, seeing its business activity index plunge 2.3 points to 48.0 1.
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