行业景气观察：8月制造业PMI环比回升，北美PCB出货、订单量同比转正

Core Insights - The manufacturing PMI for August recorded at 49.4%, showing a month-on-month increase of 0.1 percentage points, remaining below the expansion line for five consecutive months [13] - The non-manufacturing PMI rose to 50.3%, up 0.2 percentage points, indicating continued expansion for 32 months [13] - The overall economic environment is characterized by rising raw material prices, improved production expectations, and increased downstream procurement demand, supporting the recovery of the manufacturing PMI [21] Industry Overview Information Technology - The Philadelphia Semiconductor Index and Taiwan Semiconductor Index both declined, while the DXI Index increased by 1.67% to 89861.27 points [23] - The price of DDR5 DRAM memory increased by 1.05% to $6.05, while the NAND Index decreased by 0.08% [26] - In July, North American PCB shipments and order volumes turned positive, with shipments up 20.70% year-on-year [28] Midstream Manufacturing - The photovoltaic price index increased, with prices for battery cells, modules, and silicon wafers all rising [22] - Port cargo throughput and container throughput showed a year-on-year increase, indicating improved logistics activity [22] Consumer Demand - The average retail sales for air conditioners, refrigerators, and washing machines turned positive year-on-year, indicating a recovery in consumer spending [22] - Movie ticket prices increased, while box office revenues showed a decline, reflecting mixed trends in the entertainment sector [22] Resource Products - The price of Brent crude oil rose by 3.01%, while most industrial metal prices declined, with copper and cobalt prices increasing [22] - The national cement price index decreased, indicating a slowdown in construction activity [22] Financial Real Estate - The land transaction premium rate increased, and the area of commodity housing transactions rose, suggesting a slight recovery in the real estate market [22] - The A-share turnover rate and daily trading volume increased, reflecting heightened market activity [22] Public Utilities - Domestic natural gas ex-factory prices decreased, while UK natural gas futures prices also fell [22]