According to the Guojin Securities Research Report, China's export growth rate declined markedly in September, and exports were significantly weaker than seasonal due to frequent extreme weather. However, leaving aside the impact of incidental factors, the “weakening” signal of external demand continues to strengthen. In September, the global manufacturing PMI and new orders index declined sequentially. Considering that US inventory replenishment is one of the “driving forces” of the current round of improvements in the global manufacturing industry, US inventory replenishment is gradually “coming to an end”, or an important reason for the decline in external demand.

According to the Guojin Securities Research Report, China's export growth rate declined markedly in September, and exports were significantly weaker than seasonal due to frequent extreme weather. However, leaving aside the impact of incidental factors, the “weakening” signal of external demand continues to strengthen. In September, the global manufacturing PMI and new orders index declined sequentially. Considering that US inventory replenishment is one of the “driving forces” of the current round of improvements in the global manufacturing industry, US inventory replenishment is gradually “coming to an end”, or an important reason for the decline in external demand.