中国PMI反弹重回扩张区间，9月显露温和增长迹象

关键论点

• 制造业PMI三个月的收缩后重回50.1的扩张区间，与市场及ING预期一致。
• 非制造业PMI意外升至50.2，超出49.2的市场预期，各分项普遍改善。
• 制造业的强势仍由外需驱动，国内消费与投资滞后，中国经济的K型分化依然明显。
• 政策宽松有望继续加码，此前已下调抵押补充贷款利率25个基点、扩大再贷款计划，并对符合条件的首次购房者提供1个百分点的房贷利息补贴。

对应原文证据

1. The data suggests we will see a modest uptick in economic activity in September 50.1 China's official manufacturing PMI As expected Manufacturing PMI returns to expansionary territory China's official manufacturing PMI data rose to 50.1 in September, coming in line with expectations (market: 50.1, ING: 50.1).
2. This was the first time in three months that this survey has been above the 50-threshold demarcating expansion and contraction.
3. The RatingDog manufacturing PMI, which uses a more export-oriented sample, unsurprisingly looked a fair bit stronger than the official PMI, up to 52.1 from 51.5.