国家统计局周四公布的数据显示，中国16至24岁青年失业率（不包括大学生）从6月份的14.5%跃升至2025年7月的17.8%，为2024年8月以来的最高水平。青年失业率的上升反映了应届毕业生和年轻工人的持续困难，科技、房地产和教育等行业的需求仍然疲软。分析人士指出，持续的房地产低迷和私人投资疲软继续对招聘造成压力，而中小型企业——年轻工人的主要雇主——面临更严格的融资条件。政策制定者承诺提供更多支持，包括职业培训和激励企业雇佣年轻人。与此同时，早些时候公布的数据显示，7月份该国调查失业率升至5.2%的四个月高点，略高于市场预测的5.1%。

China’s youth jobless rate for 16- to 24-year-olds, excluding college students, jumped to 17.8% in July 2025 from 14.5% in June, marking the highest reading since August 2024, according to data from the National Bureau of Statistics released Thursday. The rise in youth unemployment reflects persistent difficulties for fresh graduates and younger workers, with demand in sectors like technology, real estate, and education remaining subdued. Analysts noted that the ongoing property downturn and weak private investment continue to weigh on hiring, while small- and medium-sized firms—key employers of young workers—face tighter financing conditions. Policymakers have pledged more support, including vocational training and incentives for firms to hire young people. Meanwhile, data released earlier showed the surveyed jobless rate in the country rose to a four-month high of 5.2% in July, slightly above market forecasts of 5.1%.

周二，上证综指微跌0.02%，收于3727点，深证成分股下跌0.12%，收于11822点，原因是内地股市在历史性反弹后出现获利回吐，从近期高点回落。周一，在强劲的机构和零售需求以及从债券转向股票的推动下，上证综指触及十年高点。最近几个交易日，美中关税紧张局势的缓和以及对北京为促进经济增长而采取新刺激措施的猜测也支撑了市场情绪。周五，中国人民银行承诺完善其货币政策框架，并誓言在房地产行业持续疲软的情况下微调其适度宽松的立场。展望未来，投资者正在等待央行本周的政策决定，预计贷款最优惠利率将保持不变。在个人投资者中，东方财富（-3.4%）、无锡艾普泰克（-6.9%）、盛和资源（-3.7%）和深圳昂科威（-3.9%）均大幅下跌。

The Shanghai Composite edged down 0.02% to 3,727 while the Shenzhen Component fell 0.12% to 11,822 on Tuesday, as mainland equities pulled back from recent highs amid profit-taking after a historic rally. The Shanghai Composite had touched a decade-high on Monday, fueled by strong institutional and retail demand and a rotation out of bonds into equities. Sentiment was also supported in recent sessions by easing US-China tariff tensions and speculation about fresh stimulus measures from Beijing to bolster growth. On Friday, the People’s Bank of China pledged to refine its monetary policy framework, vowing to fine-tune its moderately loose stance as weakness in the property sector persisted. Looking ahead, investors are awaiting the central bank’s policy decision this week, with loan prime rates expected to stay unchanged. Among individual movers, East Money (-3.4%), Wuxi Apptec (-6.9%), Shenghe Resources (-3.7%) and Shenzhen Envicool (-3.9%) posted sharp losses.

周二，离岸人民币兑美元汇率保持在7.19附近，交易区间很窄，因为市场焦点转向本周晚些时候美联储的杰克逊霍尔研讨会，以寻求政策方向和对全球货币的潜在影响的暗示。市场一直在跟踪美元，因为人们预计美联储将转向，9月份降息25个基点的可能性为84%，低于上周的98%，此前美国批发和零售数据走强，削弱了人们对更大举措的希望。在中国，市场目前正在等待本周的贷款最优惠利率决定，预期倾向于保持不变的立场。中国人民银行承诺完善其货币政策框架，并承诺在房地产行业持续疲软的情况下调整其适度宽松的立场。在其他地方，投资者还观看了美国总统唐纳德·特朗普、乌克兰总统弗拉基米尔·泽连斯基和欧洲领导人之间的会晤，因为华盛顿正在推动乌克兰接受快速和平协议。

The offshore yuan held near 7.19 per dollar on Tuesday, trading within a tight range as market focus shifts to the US Federal Reserve’s Jackson Hole symposium later this week for hints on policy direction and potential impacts on global currencies. Markets have been tracking the dollar amid expectations of a Fed pivot, pricing in an 84% chance of a 25-basis-point cut in September, down from 98% last week after stronger US wholesale and retail data tempered hopes of a larger move. In China, markets now await this week’s loan prime rate decision, with expectations leaning toward an unchanged stance. The People’s Bank of China pledged to refine its monetary policy framework, promising to adjust its moderately loose stance amid persistent weakness in the property sector. Elsewhere, investors also watched the meeting between US President Donald Trump, Ukrainian President Volodymyr Zelenskiy, and European leaders as Washington pushes Ukraine to accept a rapid peace deal.

周二，上证综指下跌0.1%，至3725点左右，深证成分股下跌0.3%，至11800点，原因是内地股市在历史性反弹后出现获利回吐，从近期高点回落。周一，上证综指创下十年新高，这得益于强劲的机构和零售需求，以及从债券转向股票的推动。市场情绪也因美中关税紧张局势的缓和以及对北京为支撑经济增长而采取的新刺激措施的猜测而得到提振。周五，中国人民银行承诺改善其货币政策框架，并誓言在房地产行业疲软持续之际微调其适度宽松的立场。展望未来，投资者正在等待央行本周的政策决定，普遍预计贷款最优惠利率将保持不变。在个股中，东方理财（-1.4%）、中兴通讯（-1.9%）和深圳安维酷（-6%）均出现显著下跌。

The Shanghai Composite dipped 0.1% to around 3,725 while the Shenzhen Component fell 0.3% to 11,800 on Tuesday, as mainland shares pulled back from recent highs amid profit-taking after a historic rally. The Shanghai Composite hit a decade-high on Monday, driven by strong institutional and retail demand and fueled by a rotation out of bonds into equities. Market sentiment had also been boosted by easing US-China tariff tensions and speculation over fresh stimulus measures from Beijing to shore up growth. On Friday, the People’s Bank of China pledged to improve its monetary policy framework, vowing to fine-tune its moderately loose stance as weakness in the property sector lingered. Looking ahead, investors are awaiting the central bank’s policy decision this week, with loan prime rates widely expected to remain unchanged. Among individual names, East Money (-1.4%), ZTE Corp (-1.9%) and Shenzhen Envicool (-6%) posted notable losses.