HSBC 7 月 13 日宏观长篇，37页。
　　Summer got off to a strong start in Asia.The PMIs have suggested as much.After afew months of moderation，new export orders improved sharply in June.The incipientramp-up of iPhone-related component production may be a key driver：indeed，recentexport and industrial production data suggest that electronics continues to be the maindriver of Asia’s cyclical growth rebound.However，export orders are also up in placesnot traditionally associated with semiconductors and technology，a hint that the exportrecovery may be more broad-based than we originally anticipated.