1)制造业需求改善。生产显著加快，出厂价格企稳回升。2)服务业增长放缓。基建进度加快，但房屋建筑业仍偏弱。近期部分一二线城市进一步放松楼市政策，预期修复仍需要一些时间。3）总体来看，稳经济政策加大可能推动制造业继续边际改善，但房地产投资偏弱可能制约经济恢复的力度。

研究报告全文：InvestmentconsultingbusinessqualificationSECLicense2012No669ChinaAugustPMICommentary中国8月PMI点评LiuDaoyuQualificationNoF3061482ConsultingNoZ0016422GuiChenxiQualificationNoF3023159ConsultingNoZ001363220230903AugustJulyJuneMayManufacturingPMI497493490488Non-manufacturingPMI5055155285381制造业需求改善生产显著加快出厂价格企稳回升2服务业增长放缓基建进度加快但房屋建筑业仍偏弱近期部分一二线城市进一步放松楼市政策预期修复仍需要一些时间3总体来看稳经济政策加大可能推动制造业继续边际改善但房地产投资偏弱可能制约经济恢复的力度1InAugustChinamanufacturingdemandimprovedmoderatelytheproductionexpandedsignificantlyandtheproducerpricesrebounded2ServiceindustrysloweddownInfrastructureconstructionacceleratedbutthehousingconstructionindustryremainedweakRecentlysomefirstandsecondtiercitieshavefurtherrelaxedtheirrealestatepoliciestherestorationoftherealestateexpectationwilltakesometime3WithmorepolicyeffortsaremadetostabilizetheeconomythemanufacturingindustrymayimprovefurtherbutweakrealestatemaycontinuetoconstrainthestrengthofeconomicrecoveryChinaManufacturingPMIChinaServiceIndustryPMI53555149504745454043413539BusinessActivityIndex30NewOrderIndex37EmploymentIndex3525Jan-19Nov-19Sep-20Jul-21May-22Mar-23Jan-19Nov-19Sep-20Jul-21May-22Mar-23SourcesWindCITICSFImportantReminderThisreportisnotaserviceunderthefuturestradingconsultingbusinessandtheopinionsandinformationprovidedareforreferenceonlyanddonotconstituteinvestmentadvicetoanyoneCITICFuturesdonotconsiderrelevantpersonnelasclientduetotheirattentionreceiptorreadingofthecontentofthisreport重要提示本报告难以设置访问权限若给您造成不便敬请谅解我司不会因为关注收到或阅读本报告内容而视相关人员为客户市场有风险投资需谨慎DisclaimerUnlessotherwisespecifiedCITICFuturesCoLtdpossessesthecopyrightandorotherrelatedintellectualpropertyrightsofthisreportWithoutauthorizationnocontentofthisreportmaybesentorcopiedCITICFuturesCoLtdmakesnoexpressorimpliedwarrantiesregardingtheaccuracyreliabilitytimelinessorcompletenessoftheinformationviewpointsanddatacontainedinthisreportThisreportdoesnotconstituteanypersonalconsultationoradvicegiventoyoubyCITICFuturesCoLtd免责声明除非另有说明中信期货有限公司拥有本报告的版权和或其他相关知识产权未经授权不得发送或复制本报告任何内容中信期货有限公司对于本报告所载的信息观点以及数据的准确性可靠性时效性以及完整性不作任何明确或隐含的保证此报告并不构成中信期货有限公司给予阁下的任何私人咨询建议