中国7年期国债 (China7Y) 加自选

上证综指下跌0.37%，收于3560点，而深证成分股周五下跌0.17%，收于10991点，结束了五周的连胜，因为低于预期的制造业数据打压了市场情绪。一项私人调查显示，7月份工厂活动再次陷入收缩，在全球贸易持续存在不确定性的情况下，连续第二个月未达到增长预期。尽管美国和中国官员本周早些时候在斯德哥尔摩结束了贸易谈判，但唐纳德·特朗普总统尚未批准延长当前的关税休战。令投资者更加担忧的是，政治局会议没有提供重大刺激措施，令市场失望，市场希望获得更强有力的政策支持来应对通缩压力和增长缓慢。科技股领跌，Eoptolink Technology和中技创新均下跌3.2%，富士康下跌4.7%。

The Shanghai Composite fell 0.37% to 3,560 while the Shenzhen Component lost 0.17% to 10,991 on Friday, snapping a five-week winning streak as weaker-than-expected manufacturing data weighed on sentiment. A private survey showed factory activity slipped back into contraction in July, missing expectations for a second consecutive month of growth amid ongoing global trade uncertainty. While US and Chinese officials concluded trade talks in Stockholm earlier this week, President Donald Trump has yet to approve an extension of the current tariff truce. Adding to investor concerns, the Politburo meeting offered no significant stimulus, disappointing markets hoping for stronger policy support to combat deflationary pressure and sluggish growth. Technology stocks led the retreat, with Eoptolink Technology and Zhongji Innolight both down 3.2%, and Foxconn tumbling 4.7%.

中国财新PMI制造业再次收缩，出口需求疲软。7月份，中国财新制造业采购经理人指数从50.4降至49.5，表明工厂活动再次收缩，标志着过去三个月来第二次低于50。

China Caixin PMI manufacturing contracts again as export demand falters.China's Caixin Manufacturing PMI dropped from 50.4 to 49.5 in July, signaling renewed contraction in factory activity and marking the second sub-50 reading in the past three months.

周五，中国10年期政府债券收益率降至1.70%左右，因为投资者在美国总统唐纳德·特朗普宣布新关税后越来越担忧的情况下转向更安全的资产。特朗普公布了10%的全球基准关税，并对缺乏贸易协议的国家征收高达41%的报复性关税。此外，他宣布对涉嫌通过第三国改道的商品征收40%的关税，以避免现有的征税。与此同时，美国和中国本周结束了第三轮贸易谈判。财政部长Scott Bessent表示，谈判“有可能达成贸易协议”，两国都面临着8月12日的最后期限，以延长目前暂停的关税。在中国，私人和官方数据均显示7月份制造业活动收缩，官方数据显示为六个月来最大跌幅。这些数据表明，随着第三季度开始，需求减弱，经济势头放缓。

China’s 10-year government bond yield fell to around 1.70% on Friday, as investors moved towards safer assets amid growing concerns following US President Donald Trump’s announcement of new tariffs. Trump unveiled a 10% baseline global tariff and imposed retaliatory duties reaching up to 41% on countries lacking trade deals. Additionally, he announced a 40% tariff targeting goods suspected of being rerouted through third countries to avoid existing levies. Meanwhile, the US and China wrapped up a third round of trade negotiations this week. Treasury Secretary Scott Bessent stated that the talks have “the makings of a trade deal,” with both countries facing an August 12 deadline to extend the current pause on tariffs. In China, both private and official data revealed a contraction in manufacturing activity for July, with official figures showing the sharpest decline in six months. These data suggest weakening demand and a slowdown in economic momentum as the third quarter begins.

周五，上证综指和深证成指在制造业活动意外收缩抑制市场情绪后，难以明确方向。一项私人调查显示，7月份工厂产出再次陷入收缩，在全球贸易持续存在不确定性的情况下，连续第二个月增长的预期落空。尽管美国和中国官员本周早些时候在斯德哥尔摩结束了贸易谈判，但唐纳德·特朗普总统尚未批准延长当前的关税休战。雪上加霜的是，本周的政治局会议没有达到投资者的期望，没有提供任何重大刺激措施来应对通缩压力或启动增长。科技股领跌，Eoptolink Technology（-1.3%）、中技创新（-1.1%）和Dosilicon Co（-5.2%）下跌。

The Shanghai Composite and Shenzhen Component indexes struggled for clear direction on Friday after a surprise contraction in manufacturing activity dampened sentiment. A private survey showed factory output slipped back into contraction in July, defying expectations for a second straight month of growth amid persistent global trade uncertainty. Although US and Chinese officials wrapped up trade talks in Stockholm earlier this week, President Donald Trump has yet to approve an extension of the current tariff truce. Adding to the gloom, this week’s Politburo meeting fell short of investor hopes, offering no major stimulus to counter deflationary pressures or jumpstart growth. Technology stocks led losses, with declines in Eoptolink Technology (-1.3%), Zhongji Innolight (-1.1%), and Dosilicon Co (-5.2%).