亚洲宏观笔记本：亚洲及中国八月采购经理人指数（PMI）

关键论点

• 8月PMI显示亚洲增长广泛增强，印度、新加坡和日本综合PMI处于扩张区间，区域内制造业活动加强。
• 中国官方综合PMI8月升至49.8但仍低于50，表明整体经济活动温和收缩，制造业趋稳而服务业和建筑业依然疲弱。
• 台湾和韩国等技术驱动型经济体继续表现优异，受半导体和电子周期支撑。
• 润东（财新）PMI显示私营部门活动增强，制造业PMI为51.5，服务业PMI为51.4，但商业信心降至七个月低点。
• 8月PMI对亚洲货币有利，特别是韩元、新台币、新加坡元和人民币，但中国复苏不均衡可能限制亚洲货币的整体上行空间。

对应原文证据

1. A reading of 46.9 for construction sector PMI in August meant more construction firms reported a decline in activity than an increase versus the previous month. This suggested that housing construction remained under pressure from the prolonged property downturn as private developers were still reluctant to launch new projects, and local government investment/infrastructure investment has not yet fully offset the weakness in residential construction. · short-term
2. Meanwhile, high-tech (52.9) and equipment manufacturing (51.4) continued to outperform, while the consumer goods sector remained in contraction at 49.0, highlighting persistent softness in domestic demand. · short-term
3. Most Asian economies’ manufacturing PMIs remained above the 50 -expansion threshold in August, signalling continued strength in regional manufacturing activity. Taiwan, Japan, South Korea, Thailand, the Philippines and India remained among the strongest performers, while Indonesia, Malaysia and China continued to lag. · short-term