8月反内卷三变量表现如何？

华尔街见闻2025-08-28

7月初债市调整以来，反内卷的宏观叙事逻辑将股市、商品、债券三者交易逻辑绑定，因此才在流动性宽裕的背景下，催生了大类资产的观点分歧。8月临近尾声，反内卷链条中最重要的三个宏观变量表现如何？本文将进行分析。变量一：生产，首先看两个前瞻指标，8月EPMI生产分项读数录得46.3，为近5年同期最低值，环比小幅下滑0.3个百分点；8月中国企业经营状况指数（BCI）录得46.9，环比下滑0.8个百分点，...

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