8月PMI数据点评：经济延续弱复苏

Economic Indicators - The manufacturing PMI for August is 49.40%, an increase of 0.1 percentage points from the previous value[1] - The production index rose by 0.3 percentage points to 50.80%, while the new orders index increased by 0.1 percentage points to 49.50%[1] - The new export orders index recorded 47.20%, up by 0.1 percentage points, and the import index rose to 48.00%, an increase of 0.2 percentage points[1][2] Price Trends - The raw material purchase price index increased by 1.8 percentage points to 53.30%, marking three consecutive months of rise[2] - The factory price index rose by 0.8 percentage points to 49.10%, also showing a three-month upward trend[2] - The price gap between raw material purchases and factory prices increased by 1.00 percentage point to 4.20 percentage points[2] Sector Performance - The non-manufacturing PMI for August is 50.3%, up by 0.2 percentage points, indicating accelerated expansion[2] - The service sector PMI reached 50.5%, an increase of 0.5 percentage points, with capital market services showing strong growth[2][3] - The construction sector PMI fell to 49.1%, down by 1.5 percentage points, affected by adverse weather conditions[2][3] Investment Recommendations - The economic weak recovery pattern continues, with manufacturing supply PMI above the critical point for four consecutive months[3] - Focus on high-rated short-duration credit bonds while controlling low-rated risks in credit bonds[3] - The bond market is expected to maintain a "bull steep" trend, with long-end bonds offering better value[3]