金吾财讯 | 中金公司发研报指，全会保持制造业合理比重，构建以先进制造业为骨干的现代化产业体系。我国制造业产业基础不断巩固，根据国家统计局初步核算数据，2025年前三季度国内制造业生产值25.5万亿元，在GDP中占比25%，实现稳健向好发展。我们认为后续制造企业将深化高质量发展，推动产业结构持续优化。10月制造业PMI指数环比-0.8ppt至49.0%。其中，生产和新订单指数分别为49.7%/48.8%，制造业市场需求有所放缓。特别的高技术制造业、装备制造业和消费品行业PMI分别为50.5%、50.2%和50.1%，继续位于扩张区间，且明显高于制造业总体水平。我国PPI近期环比企稳，9月PPI同比下降2.3%，降幅比上月收窄0.6ppt。PPI环比连续两个月持平，供需结构改善带动部分行业价格明显企稳。我国高技术制造业处于扩张区间，我们认为高质量技术制造业有望持续带动制造业发展。
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