<p>傑富瑞發佈報告稱，中國 4 月份的總信貸同比增長進一步放緩至 7.8%（3 月份為 7.9%），主要是由於房地產市場持續疲軟導致抵押貸款需求低迷，同時企業借貸也保持低迷。這些負面因素抵消了政府借貸的持續強勁。與此同時，製造業 PMI 平均值加速至 51.3，主要受到出口的推動。總體而言，中國的經濟表現仍然相對疲弱，但一些早期復甦的跡象可能正在出現。</p>
<p>歷史上，中國的信貸增長一直是中國金屬需求和整體經濟活動的良好領先指標。4 月份，中國的總信貸同比增長放緩至 7.8%，主要是由於政府債券發行速度放緩（儘管仍然強勁）以及企業借貸相對疲弱。隨着房地產市場的持續低迷，抵押貸款也保持疲軟，儘管房價似乎已經開始出現上升的拐點。</p>
<p>此外，製造業 PMI 平均值仍處於擴張區間（4 月份為 51.3，3 月份為 50.6），受到更強需求（出口？）和政策支持的支撐，製造商對生產前景保持一定程度的積極展望。然而，這些積極因素可能會受到與戰爭相關的壓力的部分抵消，包括油價上漲。底線是，仍然為時已晚，無法期待中國需求增長的顯著加速。美中貿易協議顯然會有所幫助，緩解美伊緊張局勢也會有利。 (da/u)</p>

GX中國

中國 MSCI ETF - iShares

A股 MSCI ETF - iShares

安碩A50

<p>傑富瑞報告稱，儘管政府借貸強勁，中國的信貸增長在四月份放緩至同比 7.8%，受到疲軟的抵押貸款需求和企業借貸低迷的影響。製造業採購經理人指數（PMI）上升至 51.3，表明出口驅動的擴張。總體而言，中國的經濟表現依然疲弱，雖然出現了早期復甦的跡象，但預計短期內不會出現顯著的需求增長加速。美中貿易協議和美伊緊張局勢的緩解可能會有所幫助</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>傑富瑞發佈報告稱，中國 4 月份的總信貸同比增長進一步放緩至 7.8%（3 月份為 7.9%），主要是由於房地產市場持續疲軟導致抵押貸款需求低迷，同時企業借貸也保持低迷。這些負面因素抵消了政府借貸的持續強勁。與此同時，製造業 PMI 平均值加速至 51.3，主要受到出口的推動。總體而言，中國的經濟表現仍然相對疲弱，但一些早期復甦的跡象可能正在出現。</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>歷史上，中國的信貸增長一直是中國金屬需求和整體經濟活動的良好領先指標。4 月份，中國的總信貸同比增長放緩至 7.8%，主要是由於政府債券發行速度放緩（儘管仍然強勁）以及企業借貸相對疲弱。隨着房地產市場的持續低迷，抵押貸款也保持疲軟，儘管房價似乎已經開始出現上升的拐點。</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，製造業 PMI 平均值仍處於擴張區間（4 月份為 51.3，3 月份為 50.6），受到更強需求（出口？）和政策支持的支撐，製造商對生產前景保持一定程度的積極展望。然而，這些積極因素可能會受到與戰爭相關的壓力的部分抵消，包括油價上漲。底線是，仍然為時已晚，無法期待中國需求增長的顯著加速。美中貿易協議顯然會有所幫助，緩解美伊緊張局勢也會有利。 (da/u)</p>
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傑富瑞：中國 4 月份的信貸增長勢頭進一步放緩