081826资本支出信号依然积极

关键论点

• 7月商业设备生产环比增长0.8%，若持续，将较近几个季度略有放缓。
• 非国防资本品出货量显著加速，为资本支出提供积极信号。
• 商业设备生产与实际资本支出之间的强相关性支撑了乐观展望。
• 人工智能建设持续推动资本支出，支持建设性观点。

对应原文证据

1. shipments of nondefense capital goods, another key CapEx proxy, continue to accelerate notably. · Current
2. While July’s 0.8% m/m growth rate, if sustained through August and September, would represent a modest deceleration from recent quarters · July-September 2026
3. The business equipment subcomponent of the Fed’s monthly industrial production report has taken on added importance in recent years due to its strong correlation with real capital expenditures in the GDP accounts · Medium-term