“四连跌”，德国工业订单持续低迷

Core Viewpoint - The persistent decline in German industrial orders dampens hopes for economic recovery, with August showing a 0.8% month-on-month decrease, marking the fourth consecutive month of decline [1] Group 1: Industrial Orders - In August, new industrial orders in Germany fell by 0.8% month-on-month, continuing a downward trend for four months [1] - Domestic demand increased by 4.7% month-on-month, but overseas orders dropped for the third consecutive month, decreasing by 4.1% [1] - Orders from the Eurozone decreased by 2.9%, while orders from outside the Eurozone fell by 5.0% [1] - The automotive sector saw a significant decline in new orders, with a month-on-month drop of 6.4% [1] - The computer, electronics, and optical products manufacturing sector experienced an 11.5% decrease in new orders, while the pharmaceutical industry saw a 13.5% decline [1] Group 2: Economic Outlook - The German Federal Ministry for Economic Affairs and Energy indicated that the recovery in domestic industrial demand suggests a potential stabilization, but weak overseas demand continues to hinder recovery [1] - Experts express concern over the decline in overseas orders, especially after a slight recovery earlier in the year [2] - The chief economist of Deutsche Bank predicts significant improvement in the economy will not occur until next year [1] - The economic outlook remains bleak, with expectations for economic growth in 2025 and 2026 being cautious, as indicated by various economists [2][3] Group 3: Government Response and Challenges - There are calls for the German government to implement substantial fiscal measures, with plans for significant investment in infrastructure [2] - The lack of effective economic stimulus measures after two years of recession is highlighted as a critical issue [2] - High energy costs and stagnant innovation investments are noted as factors undermining the competitiveness of German industrial products [2]