布米普特拉北京投资基金管理有限公司：韩国制造商乐观情绪创三年半新高

Core Insights - South Korea's manufacturing activity returned to expansion in December after two months of contraction, driven by improved export demand and heightened optimism among manufacturers, reaching the highest level in three and a half years [1][4]. Group 1: Manufacturing Activity - The December Purchasing Managers' Index (PMI) for South Korea recorded 50.1, slightly above the neutral line of 50, indicating a return to growth after two months at 49.4 [4]. - December saw the first increase in new orders for South Korean manufacturing in three months, with the growth rate being the largest in over a year, alongside a rebound in export orders [5]. Group 2: Economic Indicators - Other short-term indicators suggest an improvement in the manufacturing environment, with a significant increase in input purchases to meet production demands and a notable decline in finished goods inventory, indicating strong demand [8]. - Manufacturers' confidence has significantly increased, with expectations for business expansion and new product launches driving optimism to the highest level since May 2022, particularly in key sectors like automotive and semiconductors [8]. Group 3: Cost Pressures - South Korean manufacturing faces rising cost pressures, with input prices increasing at a high rate due to factors like currency depreciation, leading to a rebound in output price inflation to a nine-month high [11]. - Balancing demand recovery with cost management will be a critical focus for South Korean manufacturing moving forward [11].