<p>杰富瑞发布报告称，中国 4 月份的总信贷同比增长进一步放缓至 7.8%（3 月份为 7.9%），主要是由于房地产市场持续疲软导致抵押贷款需求低迷，同时企业借贷也保持低迷。这些负面因素抵消了政府借贷的持续强劲。与此同时，制造业 PMI 平均值加速至 51.3，主要受到出口的推动。总体而言，中国的经济表现仍然相对疲弱，但一些早期复苏的迹象可能正在出现。</p>
<p>历史上，中国的信贷增长一直是中国金属需求和整体经济活动的良好领先指标。4 月份，中国的总信贷同比增长放缓至 7.8%，主要是由于政府债券发行速度放缓（尽管仍然强劲）以及企业借贷相对疲弱。随着房地产市场的持续低迷，抵押贷款也保持疲软，尽管房价似乎已经开始出现上升的拐点。</p>
<p>此外，制造业 PMI 平均值仍处于扩张区间（4 月份为 51.3，3 月份为 50.6），受到更强需求（出口？）和政策支持的支撑，制造商对生产前景保持一定程度的积极展望。然而，这些积极因素可能会受到与战争相关的压力的部分抵消，包括油价上涨。底线是，仍然为时已晚，无法期待中国需求增长的显著加速。美中贸易协议显然会有所帮助，缓解美伊紧张局势也会有利。 (da/u)</p>

GX中国

中国 MSCI ETF - iShares

A股 MSCI ETF - iShares

安硕A50

<p>杰富瑞报告称，尽管政府借贷强劲，中国的信贷增长在四月份放缓至同比 7.8%，受到疲软的抵押贷款需求和企业借贷低迷的影响。制造业采购经理人指数（PMI）上升至 51.3，表明出口驱动的扩张。总体而言，中国的经济表现依然疲弱，虽然出现了早期复苏的迹象，但预计短期内不会出现显著的需求增长加速。美中贸易协议和美伊紧张局势的缓解可能会有所帮助</p>

<p>Jefferies published a report stating that China's total credit YoY growth in April further slowed to 7.8% (7.9% in March), mainly due to continued weakness in the property market leading to soft mortgage demand, while corporate borrowing also remained subdued. These negative factors offset the continued strength in government borrowing. Meanwhile, the average manufacturing PMI accelerated to 51.3, primarily driven by exports. Overall, China's economic performance remains relatively weak, but some early signs of recovery may be emerging.</p>
<div class="lb-trans"><p>杰富瑞发布报告称，中国 4 月份的总信贷同比增长进一步放缓至 7.8%（3 月份为 7.9%），主要是由于房地产市场持续疲软导致抵押贷款需求低迷，同时企业借贷也保持低迷。这些负面因素抵消了政府借贷的持续强劲。与此同时，制造业 PMI 平均值加速至 51.3，主要受到出口的推动。总体而言，中国的经济表现仍然相对疲弱，但一些早期复苏的迹象可能正在出现。</p>
</div><p>Historically, China's credit growth has been a good leading indicator of China's metal demand and overall economic activity. In April, China's total credit YoY growth slowed to 7.8%, mainly due to a slowdown in the pace of government bond issuance (though still strong) and relatively weak corporate borrowing. As the prolonged downturn in the property market continues, mortgage loans have also remained weak, although housing prices appear to have begun to show an upward inflection point.</p>
<div class="lb-trans"><p>历史上，中国的信贷增长一直是中国金属需求和整体经济活动的良好领先指标。4 月份，中国的总信贷同比增长放缓至 7.8%，主要是由于政府债券发行速度放缓（尽管仍然强劲）以及企业借贷相对疲弱。随着房地产市场的持续低迷，抵押贷款也保持疲软，尽管房价似乎已经开始出现上升的拐点。</p>
</div><p>In addition, the average manufacturing PMI remained in expansion territory (51.3 in April versus 50.6 in March), supported by stronger demand (exports?) and policy support, with manufacturers maintaining a certain degree of constructive outlook on production prospects. However, these positive factors may be partially offset by war-related pressures, including rising oil prices. The bottom line is that it is still too early to expect a significant acceleration in China's demand growth. A US-China trade agreement would clearly help, as would a de-escalation of US-Iran tensions. (da/u)</p>
<div class="lb-trans"><p>此外，制造业 PMI 平均值仍处于扩张区间（4 月份为 51.3，3 月份为 50.6），受到更强需求（出口？）和政策支持的支撑，制造商对生产前景保持一定程度的积极展望。然而，这些积极因素可能会受到与战争相关的压力的部分抵消，包括油价上涨。底线是，仍然为时已晚，无法期待中国需求增长的显著加速。美中贸易协议显然会有所帮助，缓解美伊紧张局势也会有利。 (da/u)</p>
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杰富瑞：中国 4 月份的信贷增长势头进一步放缓