近五个月高位！中国8月标普全球制造业PMI为50.5

Core Insights - The S&P Global Manufacturing PMI for China in August rose to 50.5 from 49.5, indicating a return to expansion in manufacturing activity [1] - The increase in new orders, which reached the fastest growth in five months, was the main driver for the PMI rebound, supported by domestic promotional activities and improved basic demand [1] - Although new export orders remain slightly below the neutral line, the pace of decline has significantly slowed compared to July, suggesting initial stabilization in the global trade environment [1] Demand and Supply Dynamics - The improvement in order conditions has led to a recovery in manufacturing production, ending a contraction phase from July [1] - Companies are showing increased willingness to procure, with both raw material and finished goods inventories accumulating, and the growth rate of unfinished orders reaching a six-month high [1] - Despite the increase in orders leading to higher capacity pressure, companies remain cautious in hiring, marking the fifth consecutive month of layoffs in the manufacturing sector [1] Economic Outlook - Analysts suggest that the return of the PMI to the expansion zone reflects the initial effects of recent domestic demand-boosting policies, with both internal and external demand contributing to short-term economic recovery [1] - However, challenges such as operational pressures on small and medium-sized enterprises and a weak job market need to be monitored, as the sustainability of economic recovery will depend on policy support for micro-entities and changes in the global trade environment [1][2]