Building materials led the decline in CIFI continues to fall

Last week, national PMI data were released centrally. Among them, China's manufacturing PMI in August fell to its lowest level since August 2012. Weak domestic and external demand and pressure to de-capacity are still the main reasons for depressing the PMI; the final value of the manufacturing PMI in the euro zone is lower than that in July, but the employment in the sub-index The exponential growth rate is the fastest in four years. The final value of the manufacturing PMI in the two major economies of the euro zone has been markedly divided. France has accelerated its decline since July and Germany has reached a 16-month high; the US ISM manufacturing PMI in August has been since May 2013. The new low indicates that the expansion of U.S. manufacturing has slowed again after July, and the non-farm payroll report has dropped significantly below expectations. Under the influence of a series of easing policies, the property market continued to show a warming trend. The above-mentioned comprehensive factors led to the turbulent decline in the industrial product index of China's market monitoring center during the week. On the 2nd of September, the CIFI index closed at 633.28 points, and it fell 0.75% throughout the week. From the perspective of the index movements, the short-term shock pattern at the bottom of the CIFI index is difficult to change.

On the 2nd of September, when the varieties were looked at on a weekly basis, the following behaviors of industrial products were the main ones, and only a few ** varieties rebounded. Among them, plywood fell the most, at 7.48%, followed by glass, followed by natural rubber. The increase in fiberboard is as high as 13.68%, the rebound is the strongest, silver, lead, zinc, PTA and iron ore have risen in different ranges.

The contraction of PMI in two-thirds of the world's regions in August means that although the global economy has not fallen into recession, there has been no significant improvement. Demand remains weak in major product markets and factor markets. Global financial market turmoil or dragging down the real economy. China's economic data is not good. As a result, the market’s concerns over the Chinese economy have deepened and investors are worried about the prospects of the market economy. In the short term, it is expected that the CIFI Index will not be able to change its weakness, and the bottom run will be dominated.