棉纱主力 (ZCE_CY) 加自选

亚洲经济日历2025年8月5日星期二-中国服务业采购经理人指数。今天，我们获得了7月份主要PMI的最终结果，即标准普尔服务和标准普尔综合PMI。预计两者都将比6月份略有下滑，但仍在扩张。

Economic calendar in Asia Tuesday, August 5, 2025 - China services PMI.Today we get the final of main PMIs for July, S&P Services and S&P Composite PMIs. Both are expected to have slipped just a little from June but remain in expansion.

周一，上证综指上涨0.66%，收于3583点，深证成分股上涨0.46%，收于11042点，投资者在上周回落后买入下跌的股票。逢低买盘帮助提振了市场情绪，尽管势头减弱的迹象仍然存在，因为上周的政治局会议没有提供新的重大刺激措施来应对增长放缓和通缩压力，令人失望的是，人们对更强有力的政策支持的希望。交易员们还密切关注贸易发展，目前的美中关税休战仍在8月12日到期前等待延期。即将公布的贸易和通胀数据可能会进一步揭示脆弱协议的早期影响。其中涨幅最大的是Contemporary Amperex（1.3%）、Dosilicon Co（20%）和Hybio Pharmaceuticals（20%）。

The Shanghai Composite rose 0.66% to 3,583 and the Shenzhen Component gained 0.46% to 11,042 on Monday, as investors stepped in to buy the dip after last week’s pullback. Bargain hunting helped lift sentiment, though signs of fading momentum remain as last week’s Politburo meeting offered no major new stimulus to address slowing growth and deflationary pressures, disappointing hopes for stronger policy support. Traders also kept a close watch on trade developments, with the current US-China tariff truce still awaiting extension ahead of its August 12 expiration. Upcoming trade and inflation data may provide further insight into the early effects of the fragile agreement. Among standout gainers were Contemporary Amperex (1.3%), Dosilicon Co (20%), and Hybio Pharmaceuticals (20%).

在中国，上海综合指数周一上涨23点，涨幅0.65%。紫金矿业（3.17%）、中国钼业（3.12%）和中航沈阳飞机（2.07%）领涨。跌幅最大的是复星医药（-2.83%）、北汽蓝园（-2.73%）和康美医药（-1.42%）。

In China, the Shangai Composite Index gained 23 points or 0.65 percent on Monday. Gains were led by Zijin Mining (3.17%), China Molybdenum (3.12%) and Avic Shenyang Aircraft (2.07%). Biggest losers were Sh Fosun Pharma (-2.83%), BAIC BluePark (-2.73%) and Kangmei Pharma (-1.42%).

财政部表示，中国将从8月8日起恢复对政府和金融机构发行的债券征收利息收入税，结束长达数十年的豁免。增值税将适用于中央和地方政府以及金融机构出售的债券，但现有债券及其重新开放仍将免征。截至6月底，中国近70%的未偿还债券是由这些实体发行的，这意味着该政策可能会对市场动态产生重大影响。虽然这项税收可能有助于北京增加财政收入和为增长举措提供资金，但在经济仍在努力应对疲软和不确定性之际，它有可能提高借贷成本。

China will resume taxing interest income on bonds issued by the government and financial institutions starting August 8, the Finance Ministry said, ending a decades-long exemption. The value-added tax (VAT) will apply to bonds sold by central and local governments, as well as financial institutions, though existing bonds and their reopenings will remain exempt. As of end-June, nearly 70% of China’s outstanding bonds were issued by these entities, meaning the policy could significantly impact market dynamics. While the tax may help Beijing boost fiscal revenue and fund growth initiatives, it risks raising borrowing costs at a time when the economy is still grappling with weakness and uncertainty.