【真灼机构观点】制造业PMI连续六个月萎缩，港股通周二净流入92.8亿

Group 1 - The ISM Manufacturing PMI for August reported at 48.7, indicating contraction for the sixth consecutive month [1] - New orders improved to 51.4, signaling expansion, while production dropped to 47.8 and employment fell to 43.8 [1] - The prices index remained high at 63.7, reflecting a mismatch of "demand recovery, weak supply, and sticky costs" [1] Group 2 - The S&P 500 index fell by 0.69% on September 1, indicating that the manufacturing sector continues to weigh on risk appetite and profit outlook [1] - If "improvement in new orders + low customer inventory" can drive subsequent production recovery without increasing prices, the Federal Reserve may find a smoother path for interest rate cuts [1] - Conversely, a combination of "weak capacity and employment + high costs" may prolong the manufacturing slowdown and exacerbate corporate profit pressures [1] Group 3 - The Hong Kong Stock Connect recorded a net inflow of HKD 9.28 billion on Tuesday, with Alibaba (HK9988) seeing the highest net inflow of HKD 3.44 billion, followed by the Tracker Fund of Hong Kong (HK2800) [1] - Semiconductor company SMIC (HK0981) experienced the largest net outflow of HKD 1.04 billion, followed by Hua Hong Semiconductor (HK1347) [1]