专题报告：今早统计局公布了8月份制造业采购经理指数（PMI）为49.4，较7月上涨0.1，虽然尚未恢复

Report Summary 1. Industry Investment Rating No information provided on the industry investment rating. 2. Core View In August, the manufacturing PMI increased slightly, indicating an improvement in the manufacturing's prosperity level and positive signs in economic operation. The outstanding performance of the high - tech manufacturing sector reflects the optimization of the domestic economic structure, which will also be reflected in relevant sectors of the domestic equity market. In September, the Fed's interest rate cut is almost certain, and attention should be paid to domestic macro - economic counter - cyclical adjustment policies [18]. 3. Summary by Directory New Orders and Production Both Rebound - The production index representing supply and the new order index representing demand both rebounded, but the latter remained below 50, with a smaller rebound than the production index, and the gap between them continued to widen [4]. - The new export orders rose slightly by 0.1 to 47.2, staying below the boom - bust line for 16 consecutive months [4]. - The employment index was 47.9, down 0.1 percentage points from the previous month, remaining below the boom - bust line for 30 consecutive months [5]. - In August, the raw material inventory index increased slightly, while the enterprise finished - product inventory index decreased slightly [5]. The Prosperity of Large, Medium, and Small Enterprises Continues to Differentiate - The manufacturing PMI of large enterprises was 50.8, up 0.5 from the previous month, indicating accelerated expansion of production and business activities, which played a major supporting role in the overall manufacturing [9]. - The PMI of medium - sized enterprises was 48.9, down 0.6 from the previous month, remaining below the boom - bust line for 8 consecutive months [9]. - The PMI of small enterprises was 46.6, up 0.2 from the previous month, remaining below the boom - bust line for 17 consecutive months. The prosperity of small and medium - sized enterprises needs further improvement [9]. High - tech Manufacturing Performs Remarkably - Among the four industries, high - tech manufacturing was outstanding, increasing by 1.3 to 51.9 in August compared to July, reaching a new high since April this year [10]. - The equipment manufacturing and basic raw material industries both rebounded slightly, while the consumer goods industry declined slightly [10]. The Purchase Price of Raw Materials Rebounds Rapidly - The purchase price index of major raw materials and the ex - factory price index continued to rise. The purchase price of raw materials rose 1.8 to 53.3, reaching a new high since October last year. Attention should be paid to whether the PPI year - on - year and month - on - month data to be announced in mid - September will further improve [13]. The Market Expectation Index Rises Slightly - In August, the production and business activity expectation index was 53.7, rising for two consecutive months, indicating continued improvement in manufacturing production and investment expectations [14].