招财日报2025.9.1 中国PMI、互联网半导体汽车行业 AI主题研究、映恩生物等业绩点评

招银国际
Sep 01

宏观点评中国经济 - PMI显示上游行业价格温和回升中国8月份制造业PMI小幅走高,供需均有改善,“反内卷”政策推动原材料和产成品出厂价格反弹,可能带动中国通缩逐步缓解。非制造业PMI小幅上升,服务业改善,建筑业延续疲软态势。上游价格反弹可能预示PPI将温和回升,而PPI走势与企业利润增速密切相关。2025年四季度中国经济增长可能面临进一步放缓压力。但弱数据可能是好消息,因为将增加决策层加大需求...

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