本报讯 记者 沈梦雪 昨日，汇丰公布2月中国制造业PMI预览值，其显示中国2月制造业采购经理人指数（PMI）预览值降至50.4，为四个月低点，但仍连续第四个月处在荣枯线50上方。1月终值为52.3。而中国2月新出口订单分项指数初值则跌至荣枯线下方，从上月终值50.5降至49.8。当月中国制造业产出指数初值为50.9，同样降至4个月最低。

Report from our correspondent reporter Shen Mengxue yesterday,HSBC announced in February China's manufacturing The PMI preview value,It shows China manufacturing purchasing managers' index for February(The PMI)Preview value fell to 50.4,To a four-month low,But still for the fourth straight month in from the line above 50.1 from a value of 52.3.In February and China new export orders index dropped to from offline side,From the top down to 49.8 from 50.5.China's manufacturing sector during the month output index is 50.9,Also fell to a minimum 4 months.

　　分项来看，2月中国制造业新订单扩张减速，新出口订单转向萎缩；就业扩张减速；积压工作转向萎缩；出厂价格和投入价格上涨减速；采购库存转向萎缩，成品库存萎缩减速；采购数量扩张减速；供应商供货时间转向缩短。

Component to see,In February China's manufacturing expansion to slow down the new order,New export orders to atrophy;Employment expansion to slow down;Backlog to atrophy;The factory prices and rising input prices;Procurement inventories to shrink,Finished goods inventory shrinkage deceleration;Purchasing quantity expansion to slow down;Supplier to shorten the delivery time.

　　汇丰中国区首席经济学家屈宏斌表示，2月汇丰制造业PMI初值创四个月来低点，主要受春节因素以及外需持续疲弱影响。“就业指数已连续三个月保持在50以上，加之投资需求仍然旺盛，近期信贷扩张加快也有助于支持投资增速保持强劲，内需拉动的经济回暖仍将在未来持续。之前央行回收流动性创纪录为常规性对冲，不改政策面整体宽松格局。”

HSBC chief China economist qu hongbin said,In February HSBC manufacturing The PMI to low initial value in four months,Mainly affected by factors and weak external demand during the Spring Festival."Employment index has for three consecutive months above 50,Combined with the investment demand is still strong,The recent credit expansion speed also helps to support investment growth remained strong,Domestic demand in the economic recovery will continue in the future.Before the central bank record for regular recycling liquidity hedge,Do not change policy surface integral loose structure."

　　本次调查数据收集时间为2月12日至21日，2月份的最终数据将于3月1日发布。

The survey data collection time for February 12 to 21,In February the final figures will be released on March 1.

　　而受此消息影响，昨日早盘，两市冲高回落，沪指曾一度涨超1%，后迅速下跌，深成指翻绿，股指窄幅震荡走势。渤海证券相关分析师认为，虽然海外资金、流动性、经济复苏和地产调控方面的坏消息，给指数造成了短期回调的压力，但这并不意味着行情将结束。“在偏弱的经济复苏情形下，行情的主线仍然是流动性主导的估值修复，大金融和消费板块的估值空间没有完全消失，后市依然值得看好。”

And on the news,Yesterday morning,Two city high rushed back,The Shanghai composite index was up by more than 1%,After falling rapidly,Shenzhen turn green,Stock index sideways movements.Bohai securities analysts said,Although foreign money/liquidity/Economic recovery and the real estate regulation and control of bad news,Caused a short-term pullback to index of the stress,But this does not mean that the market will end."In the weak economic recovery situation,The thread of the market liquidity is still dominate the valuation of repair,Big financial and consumer value space of the plates not disappear completely,Market outlook is still positive on."