JP摩根：

Macro/economy
• China's two manufacturing PMI lowered in January. The PMI series released by NTC-CLSA remained largely unchanged at 53.2 last month versus 53.3 in December. Meanwhile, the other PMI plunged to 53.0 in January versus 55.3 in the previous month, with a notable fall in export orders.
• China's money supply rebounded in January. Aggregate M2 growth jumped back to an elevated 18.94% oya, after easing moderately to 16.7% oya in December last year.
• China's January trade surplus narrowed modestly to US$19.5 billion as expected, although export and import growth were stronger than expected, likely due to front-shipment ahead of the Lunar New Year holidays in early February.
• China's headline producer goods price inflation picked up further to 6.1% oya in January , the highest % oya reading since December 2004.
• China's headline CPI inflation bounced back in January with a new eleven-year high of 7.1% oya. Details suggest that food prices remain the major swing factor for headline CPI, while non-food price inflation has remained largely steady after the modest pick-up in November last year due to the hike in oil product prices. 更多点击