国家统计局公布9月数据，中国制造业采购经理人指数（PMI）较上月回升0.4个百分点至49.8%，创下 近六个月新高，表明制造业景气水平正持续改善。分类指数方面，制造业生产指数为51.9%，比上月上 升1.1个百分点，升至近6个月高点；新订单指数为49.7%，比上月上升0.2个百分点；新出口订单上升0.6 个百分点至47.8%。 （文章来源：每日经济新闻） "A系列"指数今日集体收涨，截至收盘，中证A500指数上涨0.7%，中证A100指数上涨0.8%，中证A50指 数上涨0.6%，A500ETF易方达（159361）全天成交额约40亿元。Wind数据显示，该产品最新规模超230 亿元，创历史新高。 ...

记者 辛圆 国家统计局周二公布数据显示，9月，中国制造业采购经理人指数（PMI）较上月回升0.4个百分点至49.8%。 东方金诚首席宏观分析师王青对智通财经表示，9月制造业景气度回升，除高温多雨天气影响减弱外，消费贷贴息落地，以旧换新第三批国补资金全面投放 等因素都成为推动制造业景气度回升的因素。最后，9月中美马德里经贸会谈取得结果、中美元首通话等因素，也会对市场信心有一定提振作用。 分类指数方面，9月份，制造业生产指数为51.9%，比上月上升1.1个百分点，升至近6个月高点；新订单指数为49.7%，比上月上升0.2个百分点；新出口订单 上升0.6个百分点至47.8%。 王青认为，尽管我国出口的冲击有可能在四季度进一步体现，国内房地产市场延续调整，但综合当前经济增长动能变化、物价走势、以及更大力度推动房地 产市场止跌回稳的要求，四季度有可能出台新一轮稳增长政策，核心是财政加力，央行降息，以及更大力度推动房地产市场止跌回稳。 国家发展改革委政策研究室副主任、新闻发言人李超9月29日表示，为贯彻落实党中央、国务院决策部署，促进金融更好服务实体经济，推动扩大有效投 资，国家发展改革委会同有关方面积极推进新型政策性金 ...

2025年9月德国制造业PMI初值 前值 预测值 公布值 49.8 50 48.5 数据释义：制造业采购经理人指数(Manufacture Purchasing Manager Index, PMI)，主要反映企业对于目 前经营环境的看法。由于采购经理人指数具实时性，部分组成项目亦有领先的特性，故该指针对新增订 单及工业生产具有良好的预测能力，为极具市场影响力的经济指标。 数据公布机构：标普全球 下次公布时间：2025年10月24日 数据发布频率：每月一次 数据统计方法：基于对制造业采购经理人调查的一个衡量制造业发展状况的指标。 数据影响：利空金银原油，利空欧元 ...

Core Insights - The S&P Global report indicates that Vietnam's manufacturing sector continued to grow in August 2025, but the growth rate has slowed due to weak demand [1] - The PMI for August remained above the critical point of 50, indicating a slight improvement in manufacturing conditions for the second consecutive month, although it decreased from 52.4 in July to 50.4 in August, suggesting minimal improvement [1] - The report highlights a decrease in new orders in August, following a growth in July, with the decline attributed partly to U.S. tariff policies, which have led to a continuous drop in new export orders for ten consecutive months, with August's decline being significantly larger than the overall drop in new orders [1]

Core Viewpoint - LME copper prices reached a two-month high due to a decline in the dollar, positive economic data, and optimistic expectations for a rate cut in the U.S. [1] Group 1: Copper Market Performance - On September 2, LME three-month copper rose by $96.5, or 0.98%, closing at $9,980.5 per ton, with an intraday high of $10,009, the highest since July 3 [1][2] - The premium for copper imports in China, measured by the Yangshan copper premium, increased to $55 per ton, up from $29 on July 8, but still below the $100 level seen in May [4] - LME copper inventories are high, indicating weak demand outside of China, with spot copper trading at a discount of approximately $85 per ton compared to three-month copper [5][6] Group 2: Economic Indicators - The U.S. manufacturing sector contracted for the sixth consecutive month in August, with the ISM manufacturing PMI slightly rising to 48.7 from 48.0 in July, remaining below the neutral level of 50 [6] - The new orders index in the ISM survey rose to 51.4, indicating potential recovery after six months of contraction [7] - Market attention is focused on the upcoming Federal Reserve meeting on September 16-17, with expectations of a rate cut that could weaken the dollar and boost metal prices [7] Group 3: Other Base Metals Performance - LME three-month aluminum increased by $8, or 0.31%, closing at $2,619.0 per ton [2][8] - LME three-month zinc rose by $32.5, or 1.15%, closing at $2,865.0 per ton [2][8] - LME three-month lead decreased by $9.5, or 0.47%, closing at $1,994.0 per ton [2][9] - LME three-month nickel fell by $207, or 1.34%, closing at $15,232.0 per ton [2][10] - LME three-month tin dropped by $219, or 0.63%, closing at $34,733.0 per ton [2][8]

Group 1: Economic Impact of US Tariffs on Japan - Japan's manufacturing sector continues to shrink, with the August PMI at 49.7, indicating ongoing contraction as new orders decline, particularly in exports [2][3] - Japanese manufacturers' pre-tax profits dropped by 11.5% year-on-year in Q2, largely due to the impact of US tariffs on the automotive sector, which has led to reduced sales prices [3] - The Japanese government has revised its GDP growth forecast for FY2025 from 1.2% to 0.7%, reflecting the adverse effects of US tariff policies on the global economic outlook [9] Group 2: Trade Negotiation Challenges - Ongoing disputes over rice purchases have stalled further negotiations between Japan and the US, with Japan opposing US proposals that it views as interference in domestic affairs [6][7] - Communication issues between Japanese and US representatives have contributed to the current negotiation challenges, with Japan's chief negotiator having limited contact with key US officials [7] - The $550 billion investment mechanism within the Japan-US trade agreement has raised concerns that Japanese companies may prioritize investments in the US over domestic operations [5] Group 3: Future Economic Outlook - Short-term economic growth in Japan is expected to face pressure, with projections for Q3 growth slowing to 0.8% amid concerns over US tariffs and their impact on export profitability [9] - The potential for a decrease in US interest rates could further complicate Japan's economic situation, as it may lead to a narrowing interest rate differential that could squeeze export margins [9]

智通财经APP获悉，周一公布的一项调查显示，英国制造商在8月份遭遇新的挫折，海外贸易紧张局势 以及国内增税导致新订单减少。英国制造业采购经理人指数(PMI)五个月来首次下降，从7月份的六个月 高点48.0降至8月份的47.0。该数据低于初值47.3，且连续第11个月处于收缩区间。 一些雇主认为全球市场状况将会趋于稳定，而另一些雇主则担心税收再次增加和能源成本上升。 人们普遍预计英国财政大臣雷切尔·里夫斯将在今年晚些时候的预算中再次提高税收。 制造业约占英国经济产出的9%。根据上个月发布的PMI初值，占主导地位的服务业8月加速扩张。服务 业PMI终值将于周三公布。 新订单与成品库存的比例(通常被视为生产未来变化的早期信号)已降至自2023年10月以来的第二低水 平。 企业连续第10个月裁员，这可能加剧英国央行部分官员的担忧，他们担心劳动力市场将急剧放缓。 标普全球表示，需求疲软、全球贸易关税以及4月最低工资上调和雇主税负增加后客户成本上升，这些 因素导致出口下滑，新订单以四个月来最快的速度萎缩。 投入价格通胀率达到了5月以来的最高水平，部分原因是4月份税收增加，不过部分成本上涨已转嫁给了 客户，尽管产出价格的上 ...

在强劲内需的推动下，欧元区制造业活动于8月份重返扩张区间，PMI终值升至50.7，这一数据创下逾三年新高。 此次好转的关键驱动力来自内部。数据显示，工厂产出增长达到2022年3月以来的最强水平，而衡量需求的关键指标——新订单——则以近三年半 以来的最快速度扩张。 德国制造业在8月份展现出显著韧性，PMI终值从7月的49.1升至49.8，升至两年多来的最高水平，逼近扩张区间。法国8月制造业也结束了长达两 年半的收缩，从7月的48.2升至50.4，但政治动荡仍为经济蒙上阴影。 这一积极的制造业数据，为正在权衡下一步政策的欧洲央行带来了一丝喘息空间。尽管通胀压力有所缓解，但美国关税可能带来的经济疲软风 险，仍是影响未来货币政策走向的关键变量，市场预计央行在讨论降息前将维持谨慎。 欧元区制造业逾三年来首现扩张，内需复苏抵消外部逆风 由汉堡商业银行（HCOB）编制的欧元区制造业采购经理人指数（PMI）终值在8月份升至50.7，不仅高于7月份的49.8，也超过了50.5的初值预 估。这一数据创下逾三年新高，并站上了区分增长与收缩的50荣枯分界线之上。 此次好转的关键驱动力来自内部。数据显示，工厂产出增长达到2022年3月 ...

Group 1 - The AIB Ireland Manufacturing Purchasing Managers' Index (PMI) for July is reported at 53.2, indicating growth for the seventh consecutive month despite rising costs and a slowdown in new business [1] - Manufacturing output in July showed strong growth, surpassing the average growth rate of the first half of the year [1] - Employment in the manufacturing sector stands at 246,000, making it the largest single industry for employment in Ireland [3] Group 2 - New orders from abroad have increased for the first time in four months, with some Irish manufacturers expanding into new markets in Asia and the Middle East [3] - Approximately one-third of manufacturers expect production to continue increasing, while only 8% anticipate a decline in output [3] - AIB's survey includes 250 manufacturers across various sectors such as food, beverages, pharmaceuticals, high-tech equipment, and plastics, many of which are involved in exports [3] Group 3 - The manufacturing PMI in the Eurozone has dropped to 49.8, while the US and UK reported PMIs of 49.5 and 48.2 respectively, indicating a slowdown in factory production in these regions [2] - Despite facing US export tariffs, manufacturers in Ireland remain optimistic about future production [3] - There is potential for pent-up demand if global trade uncertainties diminish over the next year [3]

美国供应管理协会（ISM）近日公布数据显示，美国7月制造业采购经理人指数（PMI）为48%，处于收 缩区间。此外，美国劳工部近日发布数据显示，7月美国失业率环比上升，非农业部门新增就业岗位远 低于市场预期，同时，5月和6月非农业部门新增就业岗位数量较此前公布数据大幅下调。 （文章来源：央视新闻） 美国《华尔街时报》网站8月6日刊文指出，美国关税政策等不确定性持续给美国的制造业带来压力，自 特朗普今年上任以来，与制造业相关的经济活动几乎都在萎缩。 ...