野村亚洲经济图表报告指出，中国10月新兴行业PMI（EPMI）自9月回升至58附近，但这一回升主要是季节性因素所致，环比涨幅明显小于往年同期水平，说明增长动能反弹力度有限。10月历来是官方制造业PMI的淡季，叠加高频数据偏弱，报告预计官方制造业PMI将再次跌破荣枯线，回落至收缩区间。高频指标显示，乘用车零售销量同比降幅虽略有收窄但仍深度负增长，主要城市新房成交面积同比跌幅扩大，集装箱吞吐量增速也有所放缓，反映内需依旧疲弱。报告认为，受低基数与部分政策支持带动，四季度主要经济指标的同比增速有望小幅改善，但在内需持续偏弱的背景下，市场可能不会认可官方GDP数据在数字层面的改善。整体判断偏谨慎，属于对短期经济景气与政策效果的跟踪评估。
Nomura's Asia Chart Alert notes that China's Emerging Industries PMI (EPMI) rose in October from September, but the increase was mainly seasonal and smaller than in the prior year, pointing to only a limited growth rebound. October is typically a weak month for the official manufacturing PMI, and with soft high-frequency data the report expects the official manufacturing PMI to drop back below 50 into contraction territory. High-frequency indicators show passenger car retail sales still deep in negative year-on-year territory, new home sales by floor space in major cities falling further, and container throughput growth moderating, all reflecting weak underlying domestic demand. The report expects year-on-year growth in major indicators to improve slightly in Q4 on a low base and some policy support, but believes the market may dismiss the numerical improvement in official GDP amid still weak domestic demand.