汇丰公布名为“汇丰中国制造业采购经理人指数(PMI)预览”的2月初值数据降至50.4，为四个月低点，但仍连续第四个月处在荣枯线50上方。值得注意的是，2月新出口订单分项指数初值跌至荣枯线下方，从上月终值50.5降至49.8。

HSBC announced,"HSBC China manufacturing purchasing managers' index(The PMI)preview"On February 50.4 preliminary data,To a four-month low,But still for the fourth straight month in from the line above 50.It is worth noting,February new export orders index fell from offline side,From the top down to 49.8 from 50.5.

　　汇丰控股经济学家屈宏斌：尽管预览值有所回落，但是连续四个月保持在50荣枯分水岭以上，鉴于就业的持续扩张与最近信贷增长有所加速，中国经济持续温和复苏的趋势未变。

HSBC economist qu hongbin:Although preview value fall,But stay for four months in more than 50 from contraction,In view of employment continued to expand and recent credit growth accelerated,The trend of China's economy continued to moderate recovery.

　　国泰君安证券高级经济学家、复旦大学兼职教授林采宜：外贸需求减少是PMI指数下滑的第一个因素，也是最重要的因素；部分厂商的囤货需求下降，这是导致PMI指数下滑的第二个因素。之前PMI指数在宏观预期乐观的驱动下，连续上涨数月，已经透支实际需求的增长幅度，因此，2月份有一定程度的回调也属于正常波动。

Guotai junan securities, a senior economist/Adjunct professor of fudan university Lin pick:Foreign trade demand reduction is the first factor in the The PMI index fell,Is also one of the most important factor;Part of vendor's stock up demand,This is the second factor cause a downturn of the The PMI.Before the The PMI index in macro forecast driven by optimism,Continuous rise a few months,Already overdrawn in the growth of real demand,so,In February, a certain degree of callback also belongs to the normal fluctuations.

　　第一上海证券策略师岑智勇：2月制造业PMI初值为50.4,，仍能守在50点的盛衰分界线之上。再加上近期人行进行正回购，或会使银根收窄，这或会使内地企业，尤其中小企承压。就市场反应而言，数据公报后，A股、恒指及期指急回软，反映投资者对数据反应负面。

The first Shanghai securities strategist CenZhiYong:February manufacturing The PMI initial value is 50.4,,Can still be kept above the 50 point separates.Coupled with the recent pedestrian is the buyback,Narrow it down or make money,This or can make the mainland enterprises,Especially smes under pressure.In terms of market reaction,After the data release,A shares/Hang seng and period refers to the soft,Reflect investors' reaction to negative data.

　　瑞银证券首席策略分析师陈李：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。在指数快速上涨之后，也许市场需要借口来进行调整，但这并不意味着行情将结束。

Ubs securities chief strategist Chen Li:Overseas funds/liquidity/Economic recovery and the real estate regulation and control of bad news,Caused a short-term pullback to index of the stress.After the rapid rise in the index,Perhaps the market needed an excuse to adjust,But this does not mean that the market will end.