内需回暖提振，欧元区8月制造业PMI三年来首次升至荣枯线上方，德法强劲反弹

Core Insights - Eurozone manufacturing activity returned to expansion in August, with the PMI final value rising to 50.7, marking the highest level in over three years [1][2] - The recovery was primarily driven by strong internal demand, with factory output growth reaching its strongest level since March 2022 and new orders expanding at the fastest pace in nearly three and a half years [5][10] - Germany's manufacturing PMI rose from 49.1 in July to 49.8 in August, indicating significant resilience, while France's manufacturing PMI increased from 48.2 to 50.4, ending a two-and-a-half-year contraction [7][11] Eurozone Manufacturing Overview - The PMI for Eurozone manufacturing, compiled by Hamburg Commercial Bank (HCOB), increased to 50.7 in August, surpassing July's 49.8 and the initial estimate of 50.5, indicating growth above the 50 threshold [2] - Internal demand has effectively offset weak external demand, particularly amid US-EU trade tensions [5] Country-Specific Insights - Germany's manufacturing sector showed resilience, with the PMI reaching its highest level in over two years, although employment pressures and external demand challenges remain [7][10] - France's manufacturing sector returned to expansion for the first time in two and a half years, but faces challenges from domestic political instability and external trade issues [11][14] Economic Implications - The positive manufacturing data provides some breathing room for the European Central Bank as it weighs its next policy steps, despite ongoing inflation pressures and potential economic risks from US tariffs [1][5] - The recovery in manufacturing is uneven across the Eurozone, with Greece and Spain showing particularly strong performance, while broader economic uncertainties persist in France [5][14]