金吾财讯 | 中信证券表示，2025年2月全球制造业PMI指数（50.6）环比小幅回升，呈现“中国稳健、新兴升温、欧洲筑底、美国回落、加墨收缩”的特征。欧元区制造业PMI边际回升但仍需观察其持续性，经济整体仍疲软。美国制造业2月PMI指数录得50.3，并呈现“供需回落、通胀抬升、就业市场降温”的特点，年初以来经济读数持续景气的趋势未能延续。随着美联储降息阶段性暂停，当前美国PMI及各重要分项均暗示美国经济尚未趋势性回升。该行预计上半年美国制造业PMI或仍在荣枯线上下波动运行。近期海外宏观主要变量中，建议重点关注地缘政治不确定性表现，将对全球经济和资产价格波动带来的重要影响。
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