摘要 中國物流與采購聯合會、國家統計局服務業調查中心發布的8月份中國制造業PMI為49.2%,比上月下降0.9個百分點,顯示當前經濟仍在下行過程中。但結合主要分項指數變化來看,當前經濟在...
中國物流與采購聯合會、國家統計局服務業調查中心發布的8月份中國制造業PMI為49.2%,比上月下降0.9個百分點,顯示當前經濟仍在下行過程中。但結合主要分項指數變化來看,當前經濟在下行中逐漸筑底。
從11個分(fen)項指(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)(shu)來(lai)看(kan),只有生(sheng)產(chan)(chan)指(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)(shu)略高于50%,其余指(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)(shu)或位于50%或在50%以(yi)下(xia)。同(tong)(tong)上月(yue)相比,生(sheng)產(chan)(chan)指(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)(shu)、新(xin)訂(ding)單指(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)(shu)、原材料(liao)庫(ku)存指(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)(shu)、從業人員指(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)(shu)下(xia)降(jiang)(jiang)(jiang),其中(zhong)原材料(liao)庫(ku)存指(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)(shu)降(jiang)(jiang)(jiang)勢較為(wei)明顯,降(jiang)(jiang)(jiang)幅超過3個百(bai)分(fen)點(dian);新(xin)出口訂(ding)單指(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)(shu)為(wei)46.6%,同(tong)(tong)上月(yue)持(chi)平;積壓訂(ding)單指(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)(shu)、產(chan)(chan)成品庫(ku)存指(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)(shu)、采購量指(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)(shu)、進(jin)口指(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)(shu)、購進(jin)價格指(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)(shu)、供應商配(pei)送時間指(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)(shu)上升(sheng),其中(zhong)購進(jin)價格指(zhi)(zhi)(zhi)(zhi)數(shu)(shu)(shu)(shu)(shu)(shu)上升(sheng)明顯,升(sheng)幅為(wei)5.1個百(bai)分(fen)點(dian)。
分行業來看,石油加工及煉焦業、食品及酒飲料精制茶制造業、煙草制品業等9個行(xing)業高于50%;電氣機(ji)械器材制造(zao)業、非金屬(shu)礦物制品(pin)業、化(hua)學(xue)原料(liao)和(he)化(hua)學(xue)制品(pin)制造(zao)業等12個行(xing)業低于50%。分區域來(lai)看(kan),西部略高于50%;東、中(zhong)、東北部地區均(jun)低于50%。從企業規模(mo)來(lai)看(kan),大、中(zhong)、小微(wei)型企業均(jun)低于50%。
針對8月(yue)(yue)(yue)份(fen)(fen)制造業(ye)采購(gou)(gou)經理調查情況,特(te)約(yue)分(fen)(fen)析師張立群分(fen)(fen)析認為(wei)(wei):“8月(yue)(yue)(yue)份(fen)(fen)PMI指(zhi)(zhi)數繼續下降(jiang)(jiang)而且降(jiang)(jiang)幅加大,絕(jue)對水平降(jiang)(jiang)到(dao)50%以下,從(cong)指(zhi)(zhi)數自身特(te)點(dian)看(kan),反映制造業(ye)處于收縮(suo)狀態(tai)。從(cong)分(fen)(fen)項指(zhi)(zhi)數看(kan),新(xin)訂(ding)(ding)(ding)單(dan)指(zhi)(zhi)數降(jiang)(jiang)幅為(wei)(wei)0.3個百分(fen)(fen)點(dian),新(xin)出(chu)口訂(ding)(ding)(ding)單(dan)指(zhi)(zhi)數與上(shang)月(yue)(yue)(yue)持平,積壓訂(ding)(ding)(ding)單(dan)指(zhi)(zhi)數明顯(xian)上(shang)升;購(gou)(gou)進價格(ge)指(zhi)(zhi)數明顯(xian)上(shang)升;原材料庫存指(zhi)(zhi)數大幅下降(jiang)(jiang),產(chan)成品庫存指(zhi)(zhi)數略升。這(zhe)些變化(hua)表(biao)明企業(ye)持有(you)的(de)(de)訂(ding)(ding)(ding)單(dan)水平趨穩(wen),對價格(ge)上(shang)漲的(de)(de)預期(qi)開始(shi)醞(yun)釀(niang),壓縮(suo)庫存、控制開工率的(de)(de)活(huo)動接近尾聲。從(cong)市場需求看(kan),“穩(wen)增長”政(zheng)策效果不斷(duan)顯(xian)現,6月(yue)(yue)(yue)份(fen)(fen)以來(lai)國(guo)內投資、消費(fei)增速趨穩(wen),7月(yue)(yue)(yue)份(fen)(fen)出(chu)口增速大幅下降(jiang)(jiang),但(dan)從(cong)8月(yue)(yue)(yue)份(fen)(fen)PMI出(chu)口訂(ding)(ding)(ding)單(dan)指(zhi)(zhi)數變化(hua)看(kan),未來(lai)出(chu)口增速可(ke)能會有(you)所恢復(fu)。市場需求支持的(de)(de)企業(ye)訂(ding)(ding)(ding)單(dan)增長將呈現走穩(wen)態(tai)勢(shi)(shi)。受(shou)其(qi)影響,企業(ye)長達半(ban)年(nian)多(duo)的(de)(de)去庫存活(huo)動預計將結束,制造業(ye)總體生產(chan)水平預計將平穩(wen)恢復(fu),經濟增速回(hui)調態(tai)勢(shi)(shi)有(you)望結束。”
新訂單指數小幅下降。本月新訂單指數為48.7%,比上月(yue)下降0.3個(ge)百分(fen)點。從(cong)行(xing)(xing)業(ye)(ye)看(kan),食品及酒飲料精制(zhi)(zhi)茶制(zhi)(zhi)造業(ye)(ye)、計(ji)算(suan)機通信電(dian)子(zi)設備及儀器儀表制(zhi)(zhi)造業(ye)(ye)、農副食品加工業(ye)(ye)等10個(ge)行(xing)(xing)業(ye)(ye)高于(yu)(yu)50%;專(zhuan)用設備制(zhi)(zhi)造業(ye)(ye)、黑色(se)金屬(shu)冶煉及壓(ya)延加工業(ye)(ye)、紡織業(ye)(ye)等11個(ge)行(xing)(xing)業(ye)(ye)低于(yu)(yu)50%。從(cong)企業(ye)(ye)規模看(kan),中型(xing)企業(ye)(ye)高于(yu)(yu)50%;大型(xing)和小微型(xing)企業(ye)(ye)低于(yu)(yu)50%。
生產指數繼續回落。本月生產指數為50.9%,比上(shang)月(yue)下(xia)降(jiang)0.9個百分點。從(cong)行(xing)(xing)業(ye)看(kan),食品及(ji)酒飲料精制(zhi)茶制(zhi)造業(ye)、石油加(jia)(jia)工(gong)及(ji)煉焦業(ye)和(he)(he)計算(suan)機(ji)通信(xin)電子設備及(ji)儀器(qi)儀表制(zhi)造業(ye)等(deng)(deng)13個行(xing)(xing)業(ye)高(gao)于(yu)(yu)50%;專用設備制(zhi)造業(ye)、黑色(se)金屬冶(ye)煉及(ji)壓延加(jia)(jia)工(gong)業(ye)、紡織業(ye)等(deng)(deng)8個行(xing)(xing)業(ye)低(di)于(yu)(yu)50%。從(cong)區域看(kan),東部、中部和(he)(he)西部高(gao)于(yu)(yu)50%;東北部低(di)于(yu)(yu)50%。從(cong)企業(ye)規模看(kan),大型(xing)和(he)(he)中型(xing)高(gao)于(yu)(yu)50%;小微型(xing)企業(ye)低(di)于(yu)(yu)50%。
新出口訂單指數持平,進口指數上升。本月新出口訂單指數為46.6%,同上月持平。從行(xing)業(ye)看,農副食(shi)品(pin)加(jia)工(gong)業(ye)、食(shi)品(pin)及(ji)(ji)酒飲料(liao)精制茶制造(zao)業(ye)、計(ji)算機通信電子設備(bei)及(ji)(ji)儀器儀表制造(zao)業(ye)等8個行(xing)業(ye)高于(yu)50%;金(jin)(jin)屬(shu)制品(pin)業(ye)、紡織業(ye)、黑(hei)色金(jin)(jin)屬(shu)冶煉(lian)及(ji)(ji)壓延(yan)加(jia)工(gong)業(ye)等13個行(xing)業(ye)低于(yu)50%。
本月進口指數為47%,比上(shang)月上(shang)升2個百分點(dian)。從行(xing)業(ye)來(lai)看,石(shi)油加(jia)工及(ji)煉焦業(ye)、計算機通(tong)信(xin)電子(zi)設(she)備(bei)及(ji)儀器儀表制(zhi)造業(ye)、鐵(tie)路船(chuan)舶航空(kong)航天運輸設(she)備(bei)制(zhi)造業(ye)等6個行(xing)業(ye)高于(yu)50%;化學(xue)原料(liao)和化學(xue)制(zhi)品(pin)制(zhi)造業(ye)位于(yu)50%;金屬制(zhi)品(pin)業(ye)、醫藥制(zhi)造業(ye)、木材加(jia)工及(ji)家具制(zhi)造業(ye)等14個行(xing)業(ye)低(di)于(yu)50%。
采購量指數回升。本月采購量指數為48.8%,比上月上升2個百(bai)分點(dian)。從(cong)行業(ye)(ye)(ye)(ye)來看,食品及(ji)酒飲料精制(zhi)茶制(zhi)造(zao)業(ye)(ye)(ye)(ye)、計算機通信電子設備(bei)及(ji)儀(yi)器儀(yi)表制(zhi)造(zao)業(ye)(ye)(ye)(ye)和石油加(jia)工(gong)(gong)及(ji)煉(lian)焦業(ye)(ye)(ye)(ye)等(deng)11個行業(ye)(ye)(ye)(ye)高(gao)于(yu)50%;黑色金屬冶煉(lian)及(ji)壓延加(jia)工(gong)(gong)業(ye)(ye)(ye)(ye)、專用設備(bei)制(zhi)造(zao)業(ye)(ye)(ye)(ye)、金屬制(zhi)品業(ye)(ye)(ye)(ye)等(deng)10個行業(ye)(ye)(ye)(ye)低(di)于(yu)50%。從(cong)區域(yu)來看,中部(bu)(bu)(bu)高(gao)于(yu)50%;東部(bu)(bu)(bu)、東北部(bu)(bu)(bu)和西部(bu)(bu)(bu)均低(di)于(yu)50%。
購進價格指數回升。本月購進價格指數為46.1%,比(bi)上月(yue)上升5.1個(ge)百分點。從(cong)行業(ye)(ye)來看,石(shi)油加(jia)工(gong)及(ji)煉(lian)焦業(ye)(ye)、農(nong)副食品加(jia)工(gong)業(ye)(ye)、化學纖(xian)維及(ji)橡膠(jiao)塑料(liao)制(zhi)(zhi)品業(ye)(ye)、煙草制(zhi)(zhi)品業(ye)(ye)和醫(yi)藥制(zhi)(zhi)造業(ye)(ye)等(deng)8個(ge)行業(ye)(ye)高(gao)于(yu)50%;黑色金(jin)屬冶煉(lian)及(ji)壓(ya)延(yan)加(jia)工(gong)業(ye)(ye)、金(jin)屬制(zhi)(zhi)品業(ye)(ye)、專(zhuan)用設(she)備制(zhi)(zhi)造業(ye)(ye)等(deng)13個(ge)行業(ye)(ye)低(di)于(yu)50%。從(cong)企(qi)業(ye)(ye)規模來看,小微型企(qi)業(ye)(ye)高(gao)于(yu)50%;大型和中型低(di)于(yu)50%。