<p>标普全球宣布，经过季节性调整后，台湾的标普采购经理人指数（PMI）在四月份上升至 55.3，较之前的 53.3 有所上升，标志着自 2022 年 1 月以来的最高水平，并连续五个月保持在扩张区间。</p>
<p>最新数据显示，产出和新订单的扩张速度加快，支持了台湾制造业在 2026 年第二季度初的复苏势头。然而，企业强调，供应商交货延迟已恶化至四年来最严重的水平，同时生产成本仍然高企，增幅在调查历史上名列前茅。增长势头部分受到对材料价格飙升和中东冲突可能导致的供应中断的担忧驱动。</p>
<p>制造商在四月份增加了产出，扩张速度为自 2024 年 7 月以来的第二快，略低于今年二月的水平。企业普遍表示，新的订单增加，加上对中东战争可能引发材料价格急剧上涨或短缺的预期，促使他们提高生产，以应对不断升级的风险。</p>
<p>总的新订单以自 2021 年 8 月以来的第二快速度扩张，仅次于今年二月，这也与客户增加库存有关。新出口订单以自 2022 年初以来的第二强劲速度上升。企业指出，出口业务得到了来自美国、欧洲、中国大陆、日本和东南亚的广泛全球客户基础的支持。</p>
<p>在生产需求增强和对潜在供应链中断及成本飙升的担忧背景下，企业提高了采购活动，以提前建立库存。扩张速度为近四年半以来的第二高。</p>
<p>在战争相关的干扰和更强的投入需求背景下，供应商的表现急剧恶化。交货延迟为四年来最严重。</p>
<p>投入库存的增加幅度适中，为三个月以来的最低，受访者指出，原材料供应紧张限制了库存积累的进展。与此同时，企业利用现有的成品库存来满足订单，导致生产后库存略有下降。</p>
<p>原材料短缺和运输延迟也与采购价格的急剧上涨有关。企业报告称，四月份的成本增加接近五年来的最高水平，也是自 2004 年调查开始以来的最高水平之一。因此，企业以自 2021 年底以来最显著的速度提高了销售价格。</p>
<p>尽管产出和新订单稳步增长，制造商在四月份进一步减少了员工人数，尽管裁员速度仍然适中，主要是由于员工离职后出现的空缺未能填补。</p>
<p>员工减少与新订单的增加导致积压持续增加，增幅为自 2021 年 11 月以来的第二快。</p>
<p>在评估未来一年的生产时，台湾制造商在 2026 年第二季度初普遍持乐观态度。尽管企业通常预计客户需求将持续改善，并在与人工智能相关的领域增加投资，但整体乐观情绪降至三个月低点，信心受到中东局势不确定性的影响，促使企业对未来运营采取更谨慎的态度。</p>
<p>标普全球市场情报经济学副主任 Annabel Fiddes 表示，最新的 PMI 数据显示，在中东冲突期间，生产者和客户都寻求建立库存，支持了台湾制造活动的扩张。</p>
<p>战争对供应链造成了后疫情时代最大的冲击，并在第二季度初显著推高了生产成本。油价上涨推动了通货膨胀，企业报告称，供应商的费用增加，使运营成本达到 22 年调查历史上的最高水平之一。销售价格的显著上涨表明，成本压力在很大程度上转嫁给了客户。</p>
<p>积极的一面是，尽管商业信心降至三个月低点，但仍相对坚韧，因为许多公司预计订单需求将继续增强，特别是在与人工智能相关的领域。然而，持续的中东冲突仍然使生产前景蒙上阴影，这意味着企业将对未来的运营采取更谨慎的态度。 (da/u)</p>
<p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>

台湾指数 MSCI ETF - iShares

安硕MS台湾

<p>台湾的标准普尔采购经理人指数（PMI）在四月份上升至 55.3，为 2022 年 1 月以来的最高水平，表明制造业持续扩张。尽管产出和新订单增加，但企业面临严重的供应商交货延迟和创纪录的生产成本，这主要是由于对材料价格和中东冲突导致的供应中断的担忧。制造商提高了生产和采购活动，但也减少了员工人数，导致积压增加。尽管对未来生产的乐观情绪依然存在，但受到与持续冲突相关的不确定性影响</p>

<p>S&amp;P Global announced that after seasonal adjustment, Taiwan's S&amp;P Purchasing Managers' Index (PMI) rose to 55.3 in April from the previous 53.3, marking the highest level since January 2022 and remaining in expansion territory for five consecutive months.</p>
<div class="lb-trans"><p>标普全球宣布，经过季节性调整后，台湾的标普采购经理人指数（PMI）在四月份上升至 55.3，较之前的 53.3 有所上升，标志着自 2022 年 1 月以来的最高水平，并连续五个月保持在扩张区间。</p>
</div><p>The latest data reflected faster expansions in output and new orders, supporting a recovery in momentum for Taiwan's manufacturing sector at the beginning of 2Q26. However, firms emphasized that supplier delivery delays have worsened to the most severe level in four years, while production costs remained elevated, with the increase among the largest in the survey's history. Growth momentum was partly driven by concerns over surging material prices and potential supply disruptions stemming from the Middle East conflict.</p>
<div class="lb-trans"><p>最新数据显示，产出和新订单的扩张速度加快，支持了台湾制造业在 2026 年第二季度初的复苏势头。然而，企业强调，供应商交货延迟已恶化至四年来最严重的水平，同时生产成本仍然高企，增幅在调查历史上名列前茅。增长势头部分受到对材料价格飙升和中东冲突可能导致的供应中断的担忧驱动。</p>
</div><p>Manufacturers increased output in April, with the pace of expansion the second fastest since July 2024, slightly below that seen in February this year. Companies generally indicated that rising new orders, coupled with expectations that the Middle East war could trigger sharp price hikes or shortages of materials, prompted them to boost production as a precaution against escalating risks.</p>
<div class="lb-trans"><p>制造商在四月份增加了产出，扩张速度为自 2024 年 7 月以来的第二快，略低于今年二月的水平。企业普遍表示，新的订单增加，加上对中东战争可能引发材料价格急剧上涨或短缺的预期，促使他们提高生产，以应对不断升级的风险。</p>
</div><p>Total new orders expanded at the second-fastest pace since August 2021, trailing only February this year, also linked to increased stockpiling among clients. New export orders rose at the second-strongest pace since early 2022. Firms noted that export business was supported by a broad global client base, covering the United States, Europe, mainland China, Japan and SE Asia.</p>
<div class="lb-trans"><p>总的新订单以自 2021 年 8 月以来的第二快速度扩张，仅次于今年二月，这也与客户增加库存有关。新出口订单以自 2022 年初以来的第二强劲速度上升。企业指出，出口业务得到了来自美国、欧洲、中国大陆、日本和东南亚的广泛全球客户基础的支持。</p>
</div><p>Amid stronger production demand and concerns over potential supply chain disruptions and soaring costs, firms raised purchasing activity from the previous month to build inventories in advance. The pace of expansion was the second highest in nearly four and a half years.</p>
<div class="lb-trans"><p>在生产需求增强和对潜在供应链中断及成本飙升的担忧背景下，企业提高了采购活动，以提前建立库存。扩张速度为近四年半以来的第二高。</p>
</div><p>Against the backdrop of war-related disruptions and stronger input demand, supplier performance deteriorated sharply. Delivery delays were the most severe in four years.</p>
<div class="lb-trans"><p>在战争相关的干扰和更强的投入需求背景下，供应商的表现急剧恶化。交货延迟为四年来最严重。</p>
</div><p>The increase in input inventories was modest and the slowest in three months, as respondents cited tight raw material supply constraining stockpiling progress. Meanwhile, firms utilized existing finished goods inventories to fulfill orders, leading to a slight decline in post-production inventories.</p>
<div class="lb-trans"><p>投入库存的增加幅度适中，为三个月以来的最低，受访者指出，原材料供应紧张限制了库存积累的进展。与此同时，企业利用现有的成品库存来满足订单，导致生产后库存略有下降。</p>
</div><p>Raw material shortages and shipping delays were also associated with a sharp rise in purchasing prices. Companies reported that the April cost increase was close to a five-year high and among the highest since the survey began in 2004. As a result, firms raised selling prices at the most marked pace since end-2021.</p>
<div class="lb-trans"><p>原材料短缺和运输延迟也与采购价格的急剧上涨有关。企业报告称，四月份的成本增加接近五年来的最高水平，也是自 2004 年调查开始以来的最高水平之一。因此，企业以自 2021 年底以来最显著的速度提高了销售价格。</p>
</div><p>Despite solid growth in output and new orders, manufacturers further reduced headcount in April, though the pace of job cuts remained modest, mainly due to unfilled vacancies following staff departures.</p>
<div class="lb-trans"><p>尽管产出和新订单稳步增长，制造商在四月份进一步减少了员工人数，尽管裁员速度仍然适中，主要是由于员工离职后出现的空缺未能填补。</p>
</div><p>Workforce reductions combined with rising new orders led to a continued accumulation of backlogs, with the rate of increase the second fastest since November 2021.</p>
<div class="lb-trans"><p>员工减少与新订单的增加导致积压持续增加，增幅为自 2021 年 11 月以来的第二快。</p>
</div><p>When assessing production over the coming year, Taiwan manufacturers were generally optimistic at the start of 2Q26. Although firms typically expected sustained improvement in client demand and increased investment in AI-related sectors, overall optimism slipped to a three-month low, with confidence dampened by uncertainties surrounding the Middle East situation, prompting a more cautious outlook.</p>
<div class="lb-trans"><p>在评估未来一年的生产时，台湾制造商在 2026 年第二季度初普遍持乐观态度。尽管企业通常预计客户需求将持续改善，并在与人工智能相关的领域增加投资，但整体乐观情绪降至三个月低点，信心受到中东局势不确定性的影响，促使企业对未来运营采取更谨慎的态度。</p>
</div><p>Annabel Fiddes, Associate Director of Economics at S&amp;P Global Market Intelligence, said the latest PMI data indicated that both producers and clients sought to build inventories during the Middle East conflict, supporting expansion in Taiwan's manufacturing activity.</p>
<div class="lb-trans"><p>标普全球市场情报经济学副主任 Annabel Fiddes 表示，最新的 PMI 数据显示，在中东冲突期间，生产者和客户都寻求建立库存，支持了台湾制造活动的扩张。</p>
</div><p>The war has delivered the largest post-pandemic shock to supply chains and significantly pushed up production costs at the start of the second quarter. Rising oil prices fueled inflation, with firms reporting higher charges from suppliers, driving operating expenses to one of the highest levels in the 22-year survey history. The marked increase in selling prices suggested that cost pressures were largely passed on to customers.</p>
<div class="lb-trans"><p>战争对供应链造成了后疫情时代最大的冲击，并在第二季度初显著推高了生产成本。油价上涨推动了通货膨胀，企业报告称，供应商的费用增加，使运营成本达到 22 年调查历史上的最高水平之一。销售价格的显著上涨表明，成本压力在很大程度上转嫁给了客户。</p>
</div><p>On the positive side, business confidence remained relatively resilient despite falling to a three-month low, as many companies expected order demand to continue strengthening, particularly in AI-related fields. However, the ongoing Middle East conflict continues to cloud the production outlook, implying that firms will adopt a more cautious approach to future operations. (da/u)</p>
<div class="lb-trans"><p>积极的一面是，尽管商业信心降至三个月低点，但仍相对坚韧，因为许多公司预计订单需求将继续增强，特别是在与人工智能相关的领域。然而，持续的中东冲突仍然使生产前景蒙上阴影，这意味着企业将对未来的运营采取更谨慎的态度。 (da/u)</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>
</div>

Taiwan Apr S&P PMI Rises to 55.3, Highest in Over Four Years; Cost Surge Near Record High

- 台湾四月份 PMI 上升至 55.3，表明制造业持续扩张。  
- 企业面临供应链干扰、成本飙升及库存压力，且员工人数减少。  
- 尽管乐观情绪下降，制造商对未来订单需求仍持积极态度。

台湾 4 月 S&P PMI 升至 55.3，创四年多来新高；成本激增接近历史高位