<h2>出發了：製造業和許多其他經濟部門在上個月關於美國關税達成協議後經歷了顯著的推動</h2>
<p>台灣的製造業在上個月加速增長，採購經理人指數（PMI）上升至 57.2，比上個月增加 1.9 點，標誌着連續第四個月擴張，中經院（CIER）昨日表示。</p>
<p>增長勢頭廣泛。台灣的非製造業指數（NMI）攀升至 55.3，延續了今年服務業的增長。</p>
<p>總部位於台北的智庫將這一熱度主要歸因於台灣與美國之間互惠關税談判的結束。根據協議，關税降至 15%，且不再疊加在最惠國税率之上，同時台灣為半導體及相關產品爭取到了優惠待遇。</p>
<p>“關税不確定性的消除顯然增強了信心，” 中經院院長連賢明表示，並補充説當前條件和</p>
<p>前瞻性指標在大多數行業中轉為積極。</p>
<p>政策的明確性，加上春節前的補貨，提升了各個領域的製造活動。所有六個主要製造業部門均報告擴張，而六個月展望指數飆升 10 點至 61——這是自 2022 年 3 月以來最快的擴張速度。</p>
<p>電子和光學產品繼續引領增長，受益於強勁的人工智能（AI）相關需求。</p>
<p>連賢明表示，台灣的 AI 供應鏈已進入由下一代 AI 計算產品和定製 AI 芯片需求驅動的 “雙引擎” 階段。</p>
<p>緊張的內存供應和價格上漲進一步放大了對先進晶圓、基板、封裝、電源組件和內存產品的需求，他補充道。</p>
<p>該行業的 PMI 攀升至 61.2，而新訂單、訂單積壓和六個月展望的指標也有所增強，顯示出持續的動能。</p>
<p>台灣供應管理協會顧問白宗城將製造業狀況描述為 “火熱”，這基於假期前真實的補貨需求潮。</p>
<p>新訂單的增加、積壓的增長和客户庫存的下降表明健康的順序擴張，白宗城表示。</p>
<p>大型買家越來越重視供應鏈的穩定性而非成本，合同的重點是避免中斷，而不是壓低價格，他補充道。</p>
<p>並非所有行業都共享這種樂觀。基本材料生產商仍面臨壓力，因為鋼鐵、鋁和相關產品繼續面臨 50% 的關税，導致該行業的前景處於收縮狀態，中經院表示。</p>
<p>服務活動增強，NMI 連續第 11 個月保持擴張，該機構表示。</p>
<p>酒店、金融、運輸和物流均有所改善，而建築和房地產因對半導體和高端技術設施的需求而恢復擴張。</p>
<p>零售是唯一報告收縮的服務行業，表明國內消費仍然謹慎。</p>

半導體 3 倍做多 - Direxion

<p>台灣的製造業在最近的美國關税協議後實現了顯著增長，採購經理人指數（PMI）上升至 57.2。該協議將關税降低至 15%，併為半導體提供了優惠待遇。所有主要製造業部門均報告擴張，尤其是受人工智能需求驅動的電子行業。然而，基礎材料生產商由於持續的關税面臨挑戰。非製造業指數（NMI）也顯示出增長，酒店和金融等服務行業有所改善，而零售則出現收縮，表明國內消費謹慎</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>出發了：製造業和許多其他經濟部門在上個月關於美國關税達成協議後經歷了顯著的推動</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>台灣的製造業在上個月加速增長，採購經理人指數（PMI）上升至 57.2，比上個月增加 1.9 點，標誌着連續第四個月擴張，中經院（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>增長勢頭廣泛。台灣的非製造業指數（NMI）攀升至 55.3，延續了今年服務業的增長。</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>總部位於台北的智庫將這一熱度主要歸因於台灣與美國之間互惠關税談判的結束。根據協議，關税降至 15%，且不再疊加在最惠國税率之上，同時台灣為半導體及相關產品爭取到了優惠待遇。</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>“關税不確定性的消除顯然增強了信心，” 中經院院長連賢明表示，並補充説當前條件和</p>
</div><p>forward-looking indicators turned positive across most industries.</p>
<div class="lb-trans"><p>前瞻性指標在大多數行業中轉為積極。</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>政策的明確性，加上春節前的補貨，提升了各個領域的製造活動。所有六個主要製造業部門均報告擴張，而六個月展望指數飆升 10 點至 61——這是自 2022 年 3 月以來最快的擴張速度。</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>電子和光學產品繼續引領增長，受益於強勁的人工智能（AI）相關需求。</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>連賢明表示，台灣的 AI 供應鏈已進入由下一代 AI 計算產品和定製 AI 芯片需求驅動的 “雙引擎” 階段。</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>緊張的內存供應和價格上漲進一步放大了對先進晶圓、基板、封裝、電源組件和內存產品的需求，他補充道。</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>該行業的 PMI 攀升至 61.2，而新訂單、訂單積壓和六個月展望的指標也有所增強，顯示出持續的動能。</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>台灣供應管理協會顧問白宗城將製造業狀況描述為 “火熱”，這基於假期前真實的補貨需求潮。</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>新訂單的增加、積壓的增長和客户庫存的下降表明健康的順序擴張，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>大型買家越來越重視供應鏈的穩定性而非成本，合同的重點是避免中斷，而不是壓低價格，他補充道。</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>並非所有行業都共享這種樂觀。基本材料生產商仍面臨壓力，因為鋼鐵、鋁和相關產品繼續面臨 50% 的關税，導致該行業的前景處於收縮狀態，中經院表示。</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>服務活動增強，NMI 連續第 11 個月保持擴張，該機構表示。</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、運輸和物流均有所改善，而建築和房地產因對半導體和高端技術設施的需求而恢復擴張。</p>
</div><p>Retail was the only services sector to report a contraction, suggesting domestic consumption remains cautious.</p>
<div class="lb-trans"><p>零售是唯一報告收縮的服務行業，表明國內消費仍然謹慎。</p>
</div>

Tariff deal gives manufacturing a boost

- 台灣製造業在關税協議後顯著增長，PMI 升至 57.2。  
- 非製造業指數攀升至 55.3，服務增長延續。  
- 基本材料生產面臨壓力，零售行業則報告收縮。

關税協議為製造業提供了推動力