HSBC 9 月 4 日短篇英文报告，6页。
　　While you were at the beach last month，the global industrial cycle kicked up a notch.And Emerging Asia in particular is feeling the lift.Local demand appears especially solid and low inventories point to continued output strength.New export orders，too，ticked up.Two questions for Asia remain：how much drag will emerge from China’s financial tightening（so far little，but let’s see），and will export growth fizzle when（if？）the tech cycle cools.But you may now add a third question：are we seeing incipient signs of inflation？We think not，but the jump in the input and output price components of the recent PMIs are certainly worth noting.And，if this thing proves to have legs for quite a while，perhaps inflation isn’t dead yet.