Report Industry Investment Rating The document does not provide an overall industry investment rating. Core Viewpoints of the Report - The latest released US ISM Manufacturing PMI in January soared from the previous month's 47.9 to 52.6, far exceeding the expected 48.5, indicating a substantial expansion in the US manufacturing sector [7][8]. - The sharp decline in precious metals and non - ferrous metals was mainly due to concerns over the overseas AI bubble and the unexpected adjustment of the Fed's replacement candidates. However, there may still be buying opportunities at relatively safe low - points, especially for copper in the long - term [9][11]. - The short - term outlook for stock index futures is expected to stabilize and recover. The end of the "Spring Rally" was affected by policy adjustments and external risks, but there is still a possibility of a second - wave rally [13]. Summary by Relevant Categories 1. Metals Gold and Silver - Yesterday, gold, silver, platinum, and palladium accelerated their decline. The sharp drop was mainly triggered by the fall of US stocks, extreme trading convergence in precious metals, and the potential hawkish stance of the new Fed Chairman. In the short - term, it is recommended to consider option strategies mainly based on selling options, and the internal - external spread of silver may converge. The support level for gold is lowered to $4275 per ounce, and for silver, it remains at $70 per ounce [9][10]. Copper - The price of copper was weak due to pessimistic sentiment. The US manufacturing expansion and production changes in major copper - producing regions such as Zambia, Chile, and Canada affected the market. The copper trend strength was neutral [24][25][26]. Zinc - Zinc was in a range - bound oscillation. News such as the delay of the US employment report and the potential Fed Chairman's plan to shrink the balance sheet influenced the market. The zinc trend strength was neutral [27][28][29]. Lead - The decrease in LME lead inventory limited the price decline. Positive US manufacturing data and the delay of the US employment report were important news. The lead trend strength was neutral [30][31]. Tin - Tin was in a phase of decline and consolidation. The price of tin dropped significantly, and there were various macro and industry news such as Iran - US negotiations. The tin trend strength was bearish [33][34][35]. Aluminum - Aluminum was waiting for market repair. Alumina had a slight rebound, and cast aluminum alloy followed the trend of electrolytic aluminum. There were various data changes in the aluminum market, and relevant news such as Iran - US nuclear negotiations and India - US trade agreements affected the market. The aluminum trend strength was bullish, while alumina and aluminum alloy were neutral [37][38]. Platinum and Palladium - Platinum was slightly recovering in the oscillation, and palladium had strong resilience but was still in low - level oscillation. The market was affected by factors such as the delay of the US employment report and the expansion of the US manufacturing sector. The trend strength of both was neutral [39][40][43]. Nickel and Stainless Steel - The marginal influence on nickel was dominated by macro sentiment, with a game between fundamentals and speculative positions. For stainless steel, there were frequent maintenance and production cuts in February, and nickel - iron was expected to support the price. The trend strength of both was neutral [46][47][52]. 2. Energy - related Coal - **Coking Coal and Coke**: Both were in high - level oscillations. The coking coal market had issues such as a high auction non - sale rate, and the price of both was affected by factors like the adjustment of the CCI metallurgical coal index [74][75]. - **Steam Coal**: The supply - demand was in a weak balance, and the coal price before the Spring Festival was expected to be stable. The market was affected by factors such as port inventory changes and potential production cuts in Indonesia [79][80]. 3. Chemicals PX, PTA, and MEG - PX followed the sharp decline of oil prices and was in an interval - oscillation market. PTA was also in an interval - oscillation market with a bearish view on the monthly spread. MEG was in a unilateral interval - oscillation market with large supply pressure. The market was affected by factors such as the restart of domestic and overseas devices, changes in the supply - demand of PTA and MEG, and the decline of the overall commodity market [85][90][91]. Rubber and Synthetic Rubber - Rubber was in a weak - oscillation trend. The inventory in Qingdao increased, and the production and sales of tires were affected by the approaching Spring Festival. Synthetic rubber was in a high - level decline, influenced by factors such as the reduction of geopolitical conflicts and the approaching boundary of valuation indicators [93][96][98]. LLDPE and PP - LLDPE had a narrowing import profit, limited offers, and weakened oil price support. PP was greatly affected by cost, and its profit might be repaired. The market was affected by factors such as the decline of raw material prices, changes in supply and demand, and the profit of production devices [99][100][103]. Caustic Soda - Caustic soda was supported by cost, and the future expectation was strong. Although the high - inventory situation made the spot market weak before the Spring Festival, the market's expectation of future supply reduction was strong. The trend strength was bullish [105][107][110]. Pulp - Pulp was in a wide - range oscillation. The market demand was weak, and the high - inventory and weak - demand contradiction restricted the market trend. The trend strength was neutral [111][113][114]. Glass - The price of glass raw sheets was stable. The market demand was limited, and attention should be paid to the winter - storage policy of manufacturers in high - inventory areas. The trend strength was neutral [116][117]. Methanol - Methanol was oscillating with support. The macro - sentiment was weak, but the international energy price provided support. The supply - demand pattern was weak in the short - term, and the inventory was high. The trend strength was neutral [119][121][122]. Urea - Urea was in short - term horizontal consolidation. The macro - sentiment was weak, and there was a small - scale state reserve release. The fundamental pressure and support levels were clear. The trend strength was neutral [124][125][126]. Styrene - Styrene was in a relatively strong oscillation. The market was in a high - production and high - inventory pattern, and the future supply - demand situation and the restart of parking devices should be noted. The trend strength was neutral [127][128]. Soda Ash - The spot market of soda ash changed little. The supply was high, and the demand was weak. The price was expected to be weakly stable and oscillating. The trend strength was neutral [130][132]. LPG and Propylene - LPG was strongly affected by short - term geopolitical factors, and the fundamental driving force was downward. Propylene's upward driving force was weakening, and attention should be paid to cost - end disturbances. The market was affected by factors such as price changes, device maintenance plans, and changes in shipping volume. The trend strength of both was neutral [134][138][139]. PVC - PVC had a strong sentiment, but the fundamentals did not improve significantly. Although there were some supporting factors in the short - term, the high - production and high - inventory structure was difficult to change, and attention should be paid to the future supply reduction situation. The trend strength was neutral [142][143][144]. Fuel Oil and Low - Sulfur Fuel Oil - Fuel oil had a sharp decline and continued in a high - volatility state. Low - sulfur fuel oil mainly followed the decline, and the price difference between high - and low - sulfur fuels in the overseas spot market continued to shrink. The trend strength of both was bearish [147]. 4. Others Logs - Logs had a slight upward exploration. The price and trading volume of log contracts changed, and the market was affected by factors such as the manufacturing PMI. The trend strength was bullish [81][83][84]. Shipping Index (European Line) - The shipping index (European line) was in an oscillating market. The market was affected by factors such as the weakening of commodity sentiment, the easing of the geopolitical situation, and changes in shipping capacity. Different contracts had different strategies. The trend strength was neutral [149][160][162]. Short - fiber and Bottle - grade Resin - Both short - fiber and bottle - grade resin were in short - term oscillations after the release of emotional risks. The market was affected by factors such as price changes of upstream polyester raw materials and production and sales of products. The trend strength of both was neutral [165][166]. Offset Printing Paper - For offset printing paper, it was recommended to hold short positions and conduct a 3 - 4 reverse spread. The price in the spot market was stable, and the trading atmosphere was weak. The trend strength was bearish [168][169][170]. Pure Benzene - Pure benzene was in a relatively strong oscillation. The inventory in some ports decreased, and the price changed. The trend strength was neutral [173][174][175]. Fats and Oils - Palm oil was affected by the ebb of macro - sentiment and the attenuation of geopolitical influence, and soybean oil was in high - level oscillation adjustment. The market was affected by factors such as the decline of international crude oil prices, the expected high yield of South American soybeans, and relevant policies in Indonesia. The trend strength of both was neutral [177][178][179]. Soybean Meal and Soybean - Soybean meal oscillated following the sentiment of the commodity market, and the state - reserve auction of soybeans had a positive impact. The market was affected by factors such as the decline of international crude oil prices and the expected high yield of Brazilian soybeans. The trend strength of both was neutral [183][185]. Corn - The decline range of corn was limited. The price in the spot market changed, and the futures price was affected by the overall market situation. The trend strength was neutral [186][187][188]. Sugar - Sugar was in a weak operation. The global sugar supply - demand situation changed, and attention should be paid to policies such as China's import of syrup and premixed powder. The trend strength was bearish [189][190][191]. Cotton - Cotton was expected to maintain an oscillating trend. The spot trading of cotton was average, the price of cotton yarn was stable, and the ICE cotton futures declined. The trend strength was bullish [193][194][197]. Eggs - The spot price of eggs weakened. The prices of futures and spot contracts changed, and the market was affected by factors such as the prices of feed and related products. The trend strength was bearish [199][200]. Hogs - The pre - festival price increase of hogs was less than expected, and the pressure increased. The prices of spot and futures contracts changed, and the trend strength was bearish [202][203][204]. Peanuts - Peanuts were in a weak - oscillating state. The spot price was stable, and the futures price and trading volume changed. The trend strength was neutral [206][207][208].

Group 1: Market Overview - The Hong Kong stock market started February on a negative note, with the Hang Seng Index closing down 611 points or 2.23%, settling at 26,775 points, after a drop that saw it fall below the 27,000 mark [3] - The technology index faced significant losses, dropping over 4% and closing down 191 points or 3.36% at 5,526 points [3] - The overall market turnover was approximately 34.79 billion HKD [3] Group 2: Economic Indicators - The manufacturing PMI in China rose to 50.3 in January, marking a three-month high and exceeding market expectations of 50, indicating continued improvement in manufacturing sentiment [7] - New orders, including overseas orders, contributed to the growth, with a slight acceleration in output growth [7] - Despite the positive indicators, business confidence fell to a nine-month low due to cost concerns, with companies reporting the strongest increase in costs in four months [7][8] Group 3: Company News - Xtep International (01368) proposed to issue 500 million HKD zero-coupon convertible bonds due in 2029, with a conversion price of 6.37 HKD per share, representing a 23.93% premium over the last closing price [11] - Western Cement (02233) plans to issue 300 million USD senior notes due in 2029, with proceeds intended for debt refinancing and working capital [12] - Ruipu Lanjun (00666) expects to turn a profit in the fiscal year ending December 2025, projecting a net profit between 630 million and 730 million RMB, driven by increased sales of power and energy storage battery products [13]

受新订单持续疲软拖累，欧元区1月制造业活动连续第三个月处于收缩区间。 主要成员国表现严重分化，法国1月制造业产出增速为近四年来最快，而德国制造业活动则仍在萎缩区 间。（新华财经） 欧元区1月制造业PMI终值升至49.5，虽高于2025年12月的48.8，但仍连续第三个月处于50荣枯线下方， 表明行业持续萎缩。汉堡商业银行首席经济学家Cyrus de la Rubia表示："制造业确实出现了一些进展， 但速度缓慢。"作为整体指数的关键组成部分，制造业产出指数1月从2025年12月的48.9回升至50.5，重 新站上50荣枯线，显示产出温和增长。然而，新订单已连续第三个月下滑。尽管1月新订单降幅较2025 年12月有所缓和，但仍拖累了整体指数。投入成本涨幅创下三年来最快，主要受能源价格上涨推动。但 制造商定价能力有限，产出价格与上月相比基本未变，利润空间受到挤压。 ...

1. Report Industry Investment Ratings No relevant information provided. 2. Core Views of the Report - The US manufacturing PMI exceeded expectations, leading to a rebound in risk appetite and a strengthening of the US dollar index. The short - term economic downward pressure has eased, and the market risk preference has recovered. The short - term dollar is expected to continue to rise [15]. - Gold prices continued to decline on Monday, and silver hit the daily limit down. The market is still digesting the negative impact of Wash being nominated as the Fed Chairman. The short - term sharp decline of precious metals may end, but it is difficult to rise rapidly, and it is expected to enter a volatile stage [13]. - A - shares had a sharp adjustment, and the Shanghai Composite Index barely held above 4000 points. The weakening of the "inflation up, bulk prices up, economic recovery" logic led to a sharp decline in related sectors and dragged down the stock market. In the short term, the stock index lacks the momentum to rise and still needs to oscillate to digest the capital pressure [23]. - For commodities, different varieties have different trends. For example, palm oil exports increased, and the inventory decreased; iron ore supply pressure is high, and the price is expected to oscillate weakly; coal prices are expected to be strong in February; and the prices of some energy - chemical products such as crude oil and asphalt are affected by geopolitical and market factors [37][34][32]. 3. Summary According to the Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - The US 1 - month ISM manufacturing PMI was 52.6, the highest since August 2022, with an expected 48.5 and a previous value of 47.9. Fed Bostic expects no rate cuts in 2026. Gold prices continued to decline on Monday, and silver hit the daily limit down. The short - term sharp decline of precious metals may end, but it is difficult to rise rapidly, and it is expected to enter a volatile stage. It is recommended to wait for the market volatility to decline, and the adjustment pressure of silver is greater than that of gold, and the gold - silver ratio will rise [11][13]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump called on Republicans to take control of the election process from the states. The US 1 - month ISM manufacturing PMI was the highest since February 2022, which led to a rebound in risk appetite and a strengthening of the US dollar index. The short - term dollar is expected to continue to rise [14][15]. 3.1.3 Macro Strategy (US Stock Index Futures) - The US 1 - month ISM manufacturing PMI far exceeded expectations. Oracle launched a $25 billion bond issuance. The US government shutdown postponed the release of the January employment report. It is expected that the US stock market will maintain high - level volatility [17][18][19]. 3.1.4 Macro Strategy (Stock Index Futures) - The A - share market had a sharp adjustment, and the Shanghai Composite Index barely held above 4000 points. The weakening of the "inflation up, bulk prices up, economic recovery" logic led to a sharp decline in related sectors and dragged down the stock market. In the short term, the stock index lacks the momentum to rise and still needs to oscillate to digest the capital pressure [23]. 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank carried out 750 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 755 billion yuan on the day. The performance of treasury bond futures was slightly weak. It is recommended to moderately pay attention to the opportunity of shorting T [25]. 3.2 Commodity News and Comments 3.2.1 Black Metals (Rebar/HRC) - 276 steel enterprises completed the publicity of ultra - low emission transformation. The 2 - month auto market will enter a stage of adjustment. Steel prices followed the decline of peripheral metals. The inventory of building materials has increased significantly, and the demand has weakened seasonally. It is recommended to treat steel prices with an oscillatory mindset, and the short - term decline space is expected to be limited [27][30]. 3.2.2 Black Metals (Steam Coal) - On February 2, the price of steam coal in the northern port market remained stable. With the approach of the festival, the supply has shrunk, and some terminal enterprises still have pre - holiday replenishment needs, which support the coal price to a certain extent. It is expected that the coal price will be strong in February, and attention should be paid to the temperature and new energy power generation in February [32]. 3.2.3 Black Metals (Iron Ore) - The construction of the port and railway in Baffin Island was approved to support the expansion plan of Mary River Mine. The supply of iron ore is at a high level, and the demand is temporarily static. It is expected that the iron ore price will oscillate weakly [34]. 3.2.4 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - As of January 30, 2026, the domestic palm oil inventory was 701,400 tons, a decrease of 40,900 tons from the previous week, a decrease of 5.51%. The export volume of Malaysian palm oil from January 1 - 31 increased by 17.93% month - on - month. After the macro - sentiment stabilizes, long positions can be continued to be arranged [36][37]. 3.2.5 Agricultural Products (Soybean Meal) - The Brazilian soybean harvest progress is slightly faster than that of the same period last year. The domestic soybean meal inventory of oil mills has increased. It is expected that the domestic and foreign futures prices will maintain a weak - oscillatory trend [38][40]. 3.2.6 Non - ferrous Metals (Copper) - The copper concentrate processing fee is at a low level, and the EU is considering new sanctions on Russian copper. The copper price has dropped significantly due to the decline of precious metals. In the short term, the volatility is still relatively large. It is recommended to buy on dips in the medium - term and wait - and - see for arbitrage [41][42][44]. 3.2.7 Non - ferrous Metals (Lead) - The domestic social inventory of lead ingots has increased. The lead market is currently in a situation of weak supply and demand. It is expected that the social inventory will increase seasonally. It is recommended to wait - and - see in the short - term and pay attention to the medium - term long - position opportunity [45]. 3.2.8 Non - ferrous Metals (Zinc) - The zinc price has dropped significantly. The domestic inventory has increased seasonally. It is recommended to wait - and - see temporarily and manage positions well [48][49]. 3.2.9 Non - ferrous Metals (Tin) - The supply of tin is expected to ease, but the supply concentration is high. The short - term tin price is expected to be weak and oscillatory. Attention should be paid to the implementation of the supply recovery expectation and the improvement of consumption [51][52]. 3.2.10 Energy Chemicals (Crude Oil) - Iran said it was willing to close or suspend its nuclear program. Trump reached a trade agreement with India. The oil price has dropped significantly. It is expected to maintain an oscillatory trend in the short - term, and attention should be paid to the changes in the Iranian situation [53][55]. 3.2.11 Energy Chemicals (Asphalt) - The inventory of asphalt refineries has decreased, and the social inventory has increased. The short - term asphalt price is under pressure, and the subsequent trend depends on whether there are sudden changes in the geopolitical situation [57]. 3.2.12 Energy Chemicals (Methanol) - Iran hopes to avoid war with the US through diplomatic efforts. It is recommended to short the methanol 05 contract, with a stop - profit point of 2183 yuan/ton, and aggressive investors can lower the stop - profit to the previous box area of 2120 - 2150 yuan/ton [58][60]. 3.2.13 Energy Chemicals (Styrene) - The inventory of styrene in East China ports has changed. The short - term styrene market has large fluctuations, and it is recommended to wait - and - see and reduce the risk exposure before the Spring Festival [61][63]. 3.2.14 Energy Chemicals (Caustic Soda) - The price of liquid caustic soda in Shandong is stable. The high - supply, weak - demand, and high - inventory situation has not changed. The short - term rebound height of caustic soda is expected to be limited, and the disk may be under pressure again [64][65]. 3.2.15 Energy Chemicals (PVC) - The price of PVC powder has risen, but the transaction is not good. The PVC market is under supply pressure, and the downstream demand is expected to weaken. The current rise is mainly due to policy expectations, and the upward rebound height should not be overly optimistic, but it may still be relatively strong in the short - term under the catalysis of sentiment [66][67].

Macro and Strategy Research - The report highlights that public fiscal expenditure in 2025 focused on livelihood, technology, and environmental protection, with total public budget revenue at 21,604.5 billion yuan, a year-on-year decrease of 1.7%, while expenditure reached 28,739.5 billion yuan, an increase of 1% [2] - The government fund budget revenue was 5,770.4 billion yuan, down 7% year-on-year, while expenditure increased by 11.3% to 11,287.4 billion yuan [2] - Public fiscal income showed a negative growth primarily due to non-tax revenue, while tax revenue achieved positive growth, with major tax categories (VAT, corporate income tax, and personal income tax) transitioning from negative to positive growth [3] - Public fiscal expenditure in the livelihood sector accounted for over 38% of total expenditure, significantly higher than the average of the past five years, with a notable increase in technology spending [4] - The completion ratio for the national general public budget revenue was 98.3%, lower than the average of the past five years, while the expenditure completion ratio was 96.8% [4] Manufacturing Sector Analysis - The manufacturing PMI for January 2026 was reported at 49.3%, indicating a contraction in manufacturing activity, with both production and new orders indices declining [8] - The production index fell by 1.1 percentage points to 50.6%, while the new orders index dropped by 1.6 percentage points to 49.2%, reflecting insufficient effective demand [9] - The non-manufacturing business activity index also decreased to 49.4%, with the construction sector experiencing a significant drop due to seasonal factors [10] - The comprehensive PMI output index fell to 49.8%, entering the contraction zone, primarily due to the decline in both manufacturing and non-manufacturing sectors [10] Fund Research - The report notes that the public fund market experienced significant outflows, with a net outflow of 298.1 billion yuan from the ETF market, particularly from stock ETFs [12] - The average performance of equity funds showed a decline, with quantitative funds experiencing the largest drop of 1.10% [13] - New fund issuance increased, with 45 new funds launched, raising a total of 48.27 billion yuan, indicating a slight recovery in market interest [14]

科创赋能强"新"：AI领航培育新质生产力 作为广西发展新名片，人工智能正成为激活新质生产力的核心引擎。2025年，广西"人工智能+"行动成 效显著，"南A中心"90天建成投用，新签约AI产业项目208个，与8个东盟国家开展大模型研发合作。在 此基础上，2026年广西加码布局，三年安排450亿元专项支持AI产业发展，着力构建"北上广研发+广西 集成+东盟应用"发展路径。 具体来看，广西将推进南宁国际通信业务出入口局投产运营，建设广西人工智能学院、广西—东盟具身 智能中试训练场等科创平台，打造高质量数据集和东盟语料库；深化AI与制造业融合，开发面向糖 业、新能源汽车、有色金属等领域垂类大模型和智能体，拓展农业、文旅、社会治理等多场景应用；力 争新增80家自治区级智能工厂和数字化车间，人形机器人产量突破5000台。同时，广西将通过举办"百 业千企AI转型联合大赛"等，促进人工智能创新应用，打造面向东盟的人工智能国际合作高地。 产业筑基提"金"：构建现代化产业体系 2025年，广西工业对经济增长贡献率达35.1%，为经济发展筑牢"压舱石"。2026年，广西坚持智能化、 绿色化、融合化方向，聚焦产业升级，以补链强链延链 ...

美国1月份制造业扩张强于预期，受此提振，美国国债收益率和美元走高。根据美国供应管理学会的数 据，美国1月份采购经理人指数为52.6，高于12月份的47.9，该国经济连续第15个月扩张。市场此前的平 均预期为48.4。10年期美国国债收益率报4.275%，2年期美国国债收益率报3.572%。美元指数上涨 0.3%，扩大早盘涨幅，其中美元兑日圆上涨0.5%，兑欧元上涨0.4%。 ...

Core Viewpoint - U.S. manufacturing activity unexpectedly expanded in January, marking the fastest growth since 2022, driven by strong increases in new orders and production [1] Group 1: Manufacturing Index - The Institute for Supply Management (ISM) manufacturing index rose from 47.9 to 52.6, surpassing all economists' expectations in a Bloomberg survey [1] - The index remaining above the neutral threshold indicates a positive shift in manufacturing after nearly a year of contraction [1] Group 2: New Orders and Production - The new orders index increased by nearly 10 points, while the production index also showed steady improvement, both indicating the fastest growth in nearly four years [1] - Backlogs of orders saw their first increase since 2022, and export orders also rose [1]

Core Viewpoint - The article discusses the impact of currency fluctuations, particularly the appreciation of the Chinese yuan, on trade dynamics between China and Western countries, highlighting China's resilience and strategic responses to external pressures [1][5][16]. Group 1: Currency Appreciation and Trade Surplus - Despite pressures from the U.S. and EU for the yuan to appreciate, China's trade surplus reached a record high of $1.19 trillion, with exports to non-U.S. markets increasing significantly [3][16]. - The yuan appreciated by 4.4% from around 7.2 to approximately 6.98 against the dollar by year-end, yet the trade surplus did not decrease as expected [3][5]. Group 2: Strategic Responses to External Pressures - China implemented a three-step strategy to counteract Western pressures: 1. Regulating domestic pricing to stabilize industries and prevent price wars, leading to collective price increases [10][12]. 2. Utilizing currency appreciation to lower import costs for raw materials, resulting in a 30% to 40% decrease in costs for certain imports [12][14]. 3. Promoting the internationalization of the yuan to reduce reliance on the dollar, with cross-border payments exceeding 50% for the year [14][18]. Group 3: Market Dynamics and Future Outlook - The article notes that despite increased tariffs from the EU, Chinese exports to the EU still grew by 8.4%, indicating a shift in market dynamics [18]. - The forecast for 2026 suggests a 5% increase in exports and GDP growth of around 5%, with the yuan's role evolving from a target of pressure to a tool of influence for China [16][18].

德国1月制造业PMI终值则从上月的47.0升至49.1，也略高于初值48.7，创下三个月高位，但仍低于50荣 枯线。就业水平继续下滑，反映企业正在进行重组且职位空缺未能填补。制造商对来年前景持乐观态 度，预期指数升至七个月高点。 意大利与西班牙1月制造业PMI分别为48.1和49.2，均处于萎缩状态，但意大利的下行势头略有缓和。 总体而言，欧元区制造业复苏步伐缓慢且不平衡，德国等核心经济体的持续疲软抵消了法国的增长，对 区域经济动能构成拖累。短期内，制造业强劲复苏的可能性较低。展望未来十二个月，企业对扩大生产 的态度较上月略显乐观。 （文章来源：新华财经） 新华财经北京2月2日电受新订单持续疲软拖累，欧元区1月制造业活动连续第三个月处于收缩区间。 欧元区1月制造业PMI终值升至49.5，虽高于2025年12月的48.8，但仍连续第三个月处于50荣枯线下方， 表明行业持续萎缩。汉堡商业银行首席经济学家Cyrus de la Rubia表示："制造业确实出现了一些进展， 但速度缓慢。"作为整体指数的关键组成部分，制造业产出指数1月从2025年12月的48.9回升至50.5，重 新站上50荣枯线，显示产出温和增长。 ...