制造业表现远逊于预期，德国二季度GDP意外下修

Group 1 - Germany's economy has contracted more than expected, with a second-quarter GDP decline of 0.3%, significantly worse than the initial estimate of 0.1% [1][2] - Industrial performance is particularly weak, with a 1.4% drop in investment contributing to the economic downturn, and private consumption's support for GDP being much lower than initially projected [1][2] - Analysts express concerns that multiple factors, including U.S. tariffs and weak global demand, may continue to pressure Germany's economy in the coming quarters [1][2] Group 2 - Structural challenges such as weak global growth, geopolitical uncertainties, and internal issues like an aging workforce and bureaucratic inefficiencies are hindering economic recovery [3] - Positive signals include an unexpected acceleration in private sector activity in August, indicating that manufacturing may be nearing the end of a three-year decline [3] - The new German government's plans to significantly increase defense and infrastructure spending could provide new growth momentum, with effects potentially visible by 2026 [3]