周一，上证综指上涨0.85%，收于3728点，深证成分股上涨1.73%，收于11836点，在机构和零售股强劲买入的情况下，上证综指数创下2015年以来的最高水平。美中关税停战协议的延长以及北京方面支持经济增长的新刺激措施的预期推动了涨幅。周五，中国人民银行承诺进一步改善其货币政策框架，并承诺在房地产行业持续疲软的情况下微调适度宽松的立场。投资者现在转向央行本周的政策决定，预计贷款最优惠利率将保持不变。涨幅较大的公司包括北京指南针（+14.6%）、中兴通讯（+8.8%）、Hithink Royalflush（+10.3%）、中国北方稀土（+10%）和中技创新（+9.2%）。

The Shanghai Composite rose 0.85% to 3,728 on Monday, while the Shenzhen Component gained 1.73% to 11,836, with the former hitting its highest level since 2015 amid strong institutional and retail buying. Gains were fueled by the extension of the US-China tariff truce and expectations of fresh stimulus from Beijing to support growth. On Friday, the People’s Bank of China pledged to further improve its monetary policy framework, promising to fine-tune a moderately loose stance as weakness in the property sector persisted. Investors now turn to the central bank’s policy decision this week, with loan prime rates expected to remain unchanged. Notable gainers included Beijing Compass (+14.6%), ZTE Corp (+8.8%), Hithink Royalflush (+10.3%), China Northern Rare Earth (+10%), and Zhongji Innolight (+9.2%).

在中国，上海综合指数周一上涨32点，涨幅0.87%。涨幅最大的是用友软（7.66%）、长城汽车（6.78%）和内蒙古包头钢铁（6.37%）。跌幅最大的是中国钼业（-2.88%）、中国铝业（-2.51%）和紫金矿业（-2.21%）。

In China, the Shangai Composite Index rose 32 points or 0.87 percent on Monday. Leading the gains are Yonyou Soft (7.66%), Great Wall Motor (6.78%) and Inner Mongolia BaoTou Steel (6.37%). Top losers were China Molybdenum (-2.88%), Aluminum Corporation of China (-2.51%) and Zijin Mining (-2.21%).

根据上周五发布的季度报告，中国人民银行重申了其“彻底”实施“适度宽松”货币政策的承诺，强调有选择地支持经济。这一承诺是在7月份势头减弱的迹象下做出的，因为国内遏制产能过剩和美国关税上升的努力对经济增长造成了压力。在承认贸易壁垒增加和国内需求疲软等挑战的同时，中国央行强调，中国的经济“基础扎实，韧性强”。关于持续两年多的通货紧缩问题，中国人民银行指出，不包括食品和能源的核心消费价格指数最近有所改善，这表明出现了稳定的早期迹象。

The People’s Bank of China reaffirmed its commitment to “thoroughly” implement a “moderately loose” monetary policy, emphasizing selective support for the economy, according to its quarterly report released last Friday. The pledge comes amid signs of weakening momentum in July, as domestic efforts to curb overcapacity and rising U.S. tariffs weigh on growth. While acknowledging challenges such as increasing trade barriers and sluggish domestic demand, the central bank stressed that China’s economic “foundation is solid and its resilience is strong.” On deflation, an issue that has lingered for over two years, the PBoC noted recent improvements in the core consumer price index, which excludes food and energy, suggesting early signs of stabilization.

周一，中国10年期政府债券收益率交易至1.77%左右，保持在今年定义市场的1.6%至1.9%的狭窄区间内。交易员面临着十年来最严峻的形势，波动性减弱，套利机会有限，因为疲软的经济和稳定的货币政策阻碍了多年的反弹。今年，近300只债券基金出现了账面亏损，而追踪纯债券基金的指数正处于十年来最糟糕的表现。在本周的贷款优惠利率决定之前，市场情绪进一步受到抑制，对不变的预期加剧了停滞感。在最近的数据显示工厂活动减弱和零售销售放缓后，市场参与者现在权衡了北京方面提供新的政策支持以促进增长和抵消美国关税逆风的可能性。在全球范围内，焦点转向美联储的杰克逊霍尔会议和特朗普在华盛顿的集会。

China’s 10-year government bond yield traded to around 1.77% on Monday, holding within the narrow 1.6% to 1.9% range that has defined the market this year. Traders have faced their toughest conditions in a decade, with subdued volatility and limited arbitrage opportunities as a languid economy and steady monetary policy stalled the multi-year rally. Nearly 300 bond funds have posted paper losses this year, while an index tracking pure bond funds is on track for its worst performance in a decade. Sentiment was further restrained ahead of this week’s loan prime rate decision, where expectations for no change reinforced the sense of stagnation. Market participants now weighed the likelihood of fresh policy support from Beijing to bolster growth and offset US tariff headwinds after recent data showed weaker factory activity and slowing retail sales. Globally, focus turns to the Fed’s Jackson Hole meeting and a Trump-Zelenskiy gathering in Washington.