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.

上海指数升至3737.00点，为2015年8月以来的最高点。在过去的4周里，上海证券交易所综合指数上涨了4.95%，在过去的12个月里，它上涨了29.11%。

SHANGHAI increased to 3737.00 Index Points, the highest since August 2015. Over the past 4 weeks, Shanghai Stock Exchange Composite Index gained 4.95%, and in the last 12 months, it increased 29.11%.

周一，离岸人民币兑美元汇率稳定在7.19左右，结束了连续两个交易日的下跌，本周开始时表现平平，因为投资者评估了中国人民银行的每日中间价。央行将美元/人民币参考汇率设定为7.1322，而上一交易日为7.1371，这是一个略强的信号，强化了北京方面对稳定的偏好。在最近的数据显示工厂活动减弱和零售销售放缓后，市场参与者还权衡了北京方面提供额外政策支持以支持增长和缓冲美国关税影响的可能性。在本周贷款最优惠利率决定之前，市场情绪进一步受到抑制，预期倾向于保持不变的立场。在全球方面，人们的注意力正转向美联储的杰克逊霍尔会议，鲍威尔主席可能为9月的降息铺平道路，而政治观察人士则在华盛顿跟踪特朗普与泽连斯基的会议。

The offshore yuan held steady to around 7.19 per dollar on Monday, halting two consecutive sessions of losses to start the week on a muted note, as investors assessed the People’s Bank of China’s daily midpoint fix. The central bank set the USD/CNY reference rate at 7.1322 versus 7.1371 in the previous session, a slightly firmer signal that reinforced Beijing’s preference for stability. Market participants also weighed the likelihood of additional policy support from Beijing to support growth and cushion the impact of US tariffs, after recent data showed weaker factory activity and slowing retail sales. Sentiment was further restrained ahead of this week’s loan prime rate decision, with expectations leaning toward an unchanged stance. On the global front, attention is turning to the Fed’s Jackson Hole meeting, where Chair Powell could pave the way for a September rate cut, while political watchers track a Trump-Zelenskiy meeting in Washington.

周一，上证综指上涨0.4%，收于3700点以上，而深证综指上涨1.3%，收于11785点，在机构和散户投资者的强劲买入势头下，上证综指数接近2015年以来的最高水平。尽管中国最新一批数据发出了喜忧参半的信号，但市场对北京方面将出台新的刺激措施以提振经济增长和抵消美国关税压力的预期支撑了涨幅。投资者现在等待中国人民银行本周的政策决定，预计贷款最优惠利率将保持不变。在全球方面，市场关注的是即将在华盛顿举行的特朗普-泽连斯基会议，该会议旨在推进与俄罗斯的和平谈判，以及美联储的杰克逊霍尔研讨会，以寻找全球利率前景的线索。涨幅较大的股票包括北京指南针（+6.8%）、中兴通讯（+8.8%）和卧龙电气集团（+6.5%）。

The Shanghai Composite rose 0.4% to above 3,700 on Monday, while the Shenzhen Component jumped 1.3% to 11,785, with the former nearing its highest level since 2015 amid strong buying momentum from both institutional and retail investors. Gains were supported by expectations of fresh stimulus from Beijing to bolster growth and offset US tariff pressures, even as the latest batch of Chinese data delivered mixed signals. Investors now await the People’s Bank of China’s policy decision this week, with loan prime rates expected to remain unchanged. On the global front, markets are focused on the upcoming Trump-Zelenskiy meeting in Washington aimed at advancing peace talks with Russia, as well as the Federal Reserve’s Jackson Hole symposium for clues on the global interest rate outlook. Notable gainers included Beijing Compass (+6.8%), ZTE Corp (+8.8%), and Wolong Electric Group (+6.5%).