<h2>出发了：制造业和许多其他经济部门在上个月关于美国关税达成协议后经历了显著的推动</h2>
<p>台湾的制造业在上个月加速增长，采购经理人指数（PMI）上升至 57.2，比上个月增加 1.9 点，标志着连续第四个月扩张，中经院（CIER）昨日表示。</p>
<p>增长势头广泛。台湾的非制造业指数（NMI）攀升至 55.3，延续了今年服务业的增长。</p>
<p>总部位于台北的智库将这一热度主要归因于台湾与美国之间互惠关税谈判的结束。根据协议，关税降至 15%，且不再叠加在最惠国税率之上，同时台湾为半导体及相关产品争取到了优惠待遇。</p>
<p>“关税不确定性的消除显然增强了信心，” 中经院院长连贤明表示，并补充说当前条件和</p>
<p>前瞻性指标在大多数行业中转为积极。</p>
<p>政策的明确性，加上春节前的补货，提升了各个领域的制造活动。所有六个主要制造业部门均报告扩张，而六个月展望指数飙升 10 点至 61——这是自 2022 年 3 月以来最快的扩张速度。</p>
<p>电子和光学产品继续引领增长，受益于强劲的人工智能（AI）相关需求。</p>
<p>连贤明表示，台湾的 AI 供应链已进入由下一代 AI 计算产品和定制 AI 芯片需求驱动的 “双引擎” 阶段。</p>
<p>紧张的内存供应和价格上涨进一步放大了对先进晶圆、基板、封装、电源组件和内存产品的需求，他补充道。</p>
<p>该行业的 PMI 攀升至 61.2，而新订单、订单积压和六个月展望的指标也有所增强，显示出持续的动能。</p>
<p>台湾供应管理协会顾问白宗城将制造业状况描述为 “火热”，这基于假期前真实的补货需求潮。</p>
<p>新订单的增加、积压的增长和客户库存的下降表明健康的顺序扩张，白宗城表示。</p>
<p>大型买家越来越重视供应链的稳定性而非成本，合同的重点是避免中断，而不是压低价格，他补充道。</p>
<p>并非所有行业都共享这种乐观。基本材料生产商仍面临压力，因为钢铁、铝和相关产品继续面临 50% 的关税，导致该行业的前景处于收缩状态，中经院表示。</p>
<p>服务活动增强，NMI 连续第 11 个月保持扩张，该机构表示。</p>
<p>酒店、金融、运输和物流均有所改善，而建筑和房地产因对半导体和高端技术设施的需求而恢复扩张。</p>
<p>零售是唯一报告收缩的服务行业，表明国内消费仍然谨慎。</p>

半导体 3 倍做多 - Direxion

<p>台湾的制造业在最近的美国关税协议后实现了显著增长，采购经理人指数（PMI）上升至 57.2。该协议将关税降低至 15%，并为半导体提供了优惠待遇。所有主要制造业部门均报告扩张，尤其是受人工智能需求驱动的电子行业。然而，基础材料生产商由于持续的关税面临挑战。非制造业指数（NMI）也显示出增长，酒店和金融等服务行业有所改善，而零售则出现收缩，表明国内消费谨慎</p>

<h2>OFF THEY GO: Manufacturing and many other sectors of the economy experienced a substantial kick forward after last month’s deal over US tariffs gave some clarity</h2>
<div class="lb-trans"><h2>出发了：制造业和许多其他经济部门在上个月关于美国关税达成协议后经历了显著的推动</h2>
</div><p>Taiwan’s manufacturing sector accelerated last month, with the purchasing managers’ index (PMI) rising to 57.2, up 1.9 points from last month and marking a fourth consecutive month of expansion, the Chung-Hua Institution for Economic Research (CIER, 中經院) said yesterday.</p>
<div class="lb-trans"><p>台湾的制造业在上个月加速增长，采购经理人指数（PMI）上升至 57.2，比上个月增加 1.9 点，标志着连续第四个月扩张，中经院（CIER）昨日表示。</p>
</div><p>Momentum was broad-based. Taiwan’s non-manufacturing index (NMI) climbed to 55.3, extending growth in services into this year.</p>
<div class="lb-trans"><p>增长势头广泛。台湾的非制造业指数（NMI）攀升至 55.3，延续了今年服务业的增长。</p>
</div><p>The Taipei-based think tank attributed the heating up largely to the conclusion of reciprocal tariff negotiations between Taiwan and the US. Under the agreement, tariffs were lowered to 15 percent and would no longer be stacked on top of most-favored nation rates, while Taiwan secured preferential treatment for semiconductors and semiconductor-related products.</p>
<div class="lb-trans"><p>总部位于台北的智库将这一热度主要归因于台湾与美国之间互惠关税谈判的结束。根据协议，关税降至 15%，且不再叠加在最惠国税率之上，同时台湾为半导体及相关产品争取到了优惠待遇。</p>
</div><p>“The removal of tariff uncertainty has clearly strengthened confidence,” CIER president Lien Hsien-ming (連賢明) said, adding that current conditions and</p>
<div class="lb-trans"><p>“关税不确定性的消除显然增强了信心，” 中经院院长连贤明表示，并补充说当前条件和</p>
</div><p>forward-looking indicators turned positive across most industries.</p>
<div class="lb-trans"><p>前瞻性指标在大多数行业中转为积极。</p>
</div><p>Policy clarity, combined with pre-Lunar New Year restocking, lifted manufacturing activity across the board. All six major manufacturing sectors reported expansion, while the six-month outlook index surged 10 points to 61 — the fastest pace of expansion since March 2022.</p>
<div class="lb-trans"><p>政策的明确性，加上春节前的补货，提升了各个领域的制造活动。所有六个主要制造业部门均报告扩张，而六个月展望指数飙升 10 点至 61——这是自 2022 年 3 月以来最快的扩张速度。</p>
</div><p>Electronics and optical products continued to lead gains, underpinned by robust artificial intelligence (AI)-related demand.</p>
<div class="lb-trans"><p>电子和光学产品继续引领增长，受益于强劲的人工智能（AI）相关需求。</p>
</div><p>Taiwan’s AI supply chain has entered a “dual-engine” phase driven by next-generation AI computing products and rising demand for customized AI chips, Lien said.</p>
<div class="lb-trans"><p>连贤明表示，台湾的 AI 供应链已进入由下一代 AI 计算产品和定制 AI 芯片需求驱动的 “双引擎” 阶段。</p>
</div><p>Tight memory supply and rising prices have further amplified demand for advanced wafers, substrates, packaging, power components and memory products, he added.</p>
<div class="lb-trans"><p>紧张的内存供应和价格上涨进一步放大了对先进晶圆、基板、封装、电源组件和内存产品的需求，他补充道。</p>
</div><p>The sector’s PMI climbed to 61.2, while indicators for new orders, order backlogs and the six-month outlook strengthened, pointing to sustained momentum.</p>
<div class="lb-trans"><p>该行业的 PMI 攀升至 61.2，而新订单、订单积压和六个月展望的指标也有所增强，显示出持续的动能。</p>
</div><p>Supply Management Institute in Taiwan (中華採購與供應管理協會) advisor Jerry Pai (白宗城) described manufacturing conditions as “red-hot,” based on a wave of genuine restocking demand ahead of holidays.</p>
<div class="lb-trans"><p>台湾供应管理协会顾问白宗城将制造业状况描述为 “火热”，这基于假期前真实的补货需求潮。</p>
</div><p>Rising new orders, growing backlogs and declining customer inventories signal a healthy, sequential expansion, Pai said.</p>
<div class="lb-trans"><p>新订单的增加、积压的增长和客户库存的下降表明健康的顺序扩张，白宗城表示。</p>
</div><p>Large buyers are increasingly prioritizing supply chain stability over cost, with contracts focused on avoiding disruptions rather than pushing prices lower, he added.</p>
<div class="lb-trans"><p>大型买家越来越重视供应链的稳定性而非成本，合同的重点是避免中断，而不是压低价格，他补充道。</p>
</div><p>Not all sectors shared the optimism. Basic materials producers remained under pressure, as steel, aluminum and related products continue to face a 50 percent tariff, keeping the sector’s outlook in contraction, CIER said.</p>
<div class="lb-trans"><p>并非所有行业都共享这种乐观。基本材料生产商仍面临压力，因为钢铁、铝和相关产品继续面临 50% 的关税，导致该行业的前景处于收缩状态，中经院表示。</p>
</div><p>Services activity strengthened, with the NMI remaining in expansion for an 11th straight month, the institute said.</p>
<div class="lb-trans"><p>服务活动增强，NMI 连续第 11 个月保持扩张，该机构表示。</p>
</div><p>Hospitality, finance, transport and logistics all improved, while construction and real estate returned to expansion on demand for semiconductor and high-end technology facilities, it said.</p>
<div class="lb-trans"><p>酒店、金融、运输和物流均有所改善，而建筑和房地产因对半导体和高端技术设施的需求而恢复扩张。</p>
</div><p>Retail was the only services sector to report a contraction, suggesting domestic consumption remains cautious.</p>
<div class="lb-trans"><p>零售是唯一报告收缩的服务行业，表明国内消费仍然谨慎。</p>
</div>

Tariff deal gives manufacturing a boost

- 台湾制造业在关税协议后显著增长，PMI 升至 57.2。  
- 非制造业指数攀升至 55.3，服务增长延续。  
- 基本材料生产面临压力，零售行业则报告收缩。

关税协议为制造业提供了推动力