8月经济景气水平回升，反内卷扩内需将持续加力

Economic Recovery Indicators - The manufacturing PMI for August is reported at 49.4%, a slight increase of 0.1 percentage points from the previous month, indicating some improvement in manufacturing sentiment [2][5] - The non-manufacturing business activity index stands at 50.3%, up by 0.2 percentage points from last month, continuing to show expansion [2][11] Price Trends - The purchasing price index for major raw materials in August is 53.3%, up by 1.8 percentage points, marking three consecutive months of increase, while the factory price index is at 49.1%, up by 0.8 percentage points, also showing a three-month upward trend [5][8] - The overall market price level in the manufacturing sector is improving, with the price indices for major industries showing upward momentum [8][9] Business Sentiment - The new orders index within the manufacturing PMI is at 49.5%, reflecting a 0.1 percentage point increase, while the production index is at 50.8%, up by 0.3 percentage points, indicating stable expansion in production activities [6][7] - The production and business activity expectation index for August is at 53.7%, rising by 1.1 percentage points, suggesting improved market confidence across various sectors [7] Sector Performance - In the non-manufacturing sector, the service industry business activity index is at 50.5%, reaching a year-to-date high, with certain sectors like capital market services and transportation showing strong performance [11][14] - The construction industry, however, shows a decline in activity with a business activity index of 49.1%, down by 1.5 percentage points, indicating a slowdown due to adverse weather conditions [14][15] Policy Impact - The ongoing "anti-involution" policies are expected to optimize market competition and alleviate supply-demand imbalances, supporting a positive price trajectory in the long term [9][10] - The National Development and Reform Commission is accelerating the revision of pricing laws and regulations to address irrational competition and enhance market order [10]