【招银研究|宏观点评】生产强于需求，外需强于内需——PMI数据点评（2024年4月）

招商银行研究05-01

4月制造业PMI环比回落0.4pct至50.4%，环比降幅与疫前三年同期均值一致，录得去年三季度以来次高值。非制造业PMI环比上升1.6pct至53%，但仍处历史同期低位。其中，受基建等土木工程建筑业支撑，建筑业微升0.1pct至56.3%；服务业大幅回落2.1 pct至50.3%，降幅仅次于2022年同期。图1：制造业指数分项资料来源：Wind、招商银行研究院图2：非制造业指数分项资料来源：...

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