周四，投资者评估了最新的采购经理人指数，中国10年期政府债券收益率稳定在1.64%。财新中国综合采购经理人指数重返扩张区间，达到3月以来的最高水平。这一改善主要是由于制造业活动再次增加，这有助于抵消服务业放缓至九个月低点的影响。本周早些时候，官方PMI数据提供了一种略有不同的观点：制造业PMI仍处于收缩状态，但显示出逐步复苏的迹象，而非制造业PMI录得温和增长，反映出中国继续努力刺激内需，支持疲软的经济。市场现在正关注下周公布的关键经济数据，尤其是通胀和贸易数据。与此同时，人们的注意力也转移到了本月的政治局会议上，在美国关税等持续的经济逆风中，投资者预计将采取新的刺激措施。

China’s 10-year government bond yield held steady at 1.64% on Thursday, as investors assessed the latest PMI figures. The Caixin China General Composite PMI returned to expansion territory, reaching its highest level since March. This improvement was largely driven by a renewed increase in manufacturing activity, which helped offset a slowdown in the services sector that fell to a nine-month low. Earlier in the week, official PMI readings offered a slightly different view: the manufacturing PMI remained in contraction but showed signs of gradual recovery, while the non-manufacturing PMI recorded modest growth, reflecting China’s continued efforts to stimulate domestic demand and support its sluggish economy. Markets are now eyeing key economic data due next week, particularly inflation and trade figures. Meanwhile, attention is also shifting to this month’s Politburo meeting, where investors anticipate new stimulus measures amid persistent economic headwinds such as looming US tariffs.