【中信证券：美国暂时性复苏受阻不影响中长期经济增长逻辑】金十数据3月5日讯，中信证券研报称，年初以来美国经济读数持续高景气表现，市场关注后续美国经济读数的变化，我们从数据、利差及出口先导指标分析来看，上半年美国PMI读数进一步扩张趋势或受阻，或将在荣枯线附近特别是下端波动，服务业PMI或跟随制造业PMI亦存在下行压力。美联储降息落地后制造业需求端并未出现趋势性回升的迹象。从出口角度看，韩国出口、费城半导体指数、美东航线等出口先导指标已经出现回落。特朗普的关税与政府“瘦身”政策亦边际影响消费预期及服务业表现。不过，美国经济整体韧性相对较强，暂时性复苏受阻不影响中长期经济增长逻辑，待特朗普减税、松监管政策效果产生后或能支撑住美国经济韧性。
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