金吾财讯 | 中信证券表示，中美贸易摩擦缓和带动5月制造业PMI回升，较过去5年的均值的表现亦出现改善。从结构上看，制造业PMI多数分项指标均出现改善，部分指标的改善领先于对应实物工作量的改善，价格指标仍在环比下降之中，或反映以价换量仍在延续。从行业看，景气度回升较多的主要是电气机械及器材制造业、计算机通信电子设备及仪器仪表制造业，下降多的主要是医药制造业、专用设备制造业和传统动能相关产业。5月非制造业PMI较历史同期差距小幅收窄，对关税缓和的弹性相对较小。5月经济景气的环比改善可能源于4月暂停订单的集中回流，后续在抢出口效应结束后，经济运行仍需政策进一步支持。
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