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%).

上证综指上涨0.8%，至3697点，而深证综指周五飙升1.6%，至11635点，前者创下3年半以来的新高，因为疲软的经济数据加剧了人们对北京新刺激措施的预期，以支持增长和应对美国关税压力。中国7月份工业生产增长5.7%，低于6月份的6.8%，低于5.9%的预期。零售额也增长了3.7%，低于6月份的4.8%，远低于4.6%的普遍水平。最近几周，中国股市出现了新的购买势头，保证金融资超过2万亿元，这是2015年牛市期间的最后一个水平。投资者现在等待下周中国人民银行的政策决定，预计贷款最优惠利率将保持不变。涨幅最大的股票包括东方财富（+9.9%）、中信证券（+4.9%）、北京指南针（+20%）、Hithink Royalflosh（+16.3%）和卧龙电气（+10%）。

The Shanghai Composite climbed 0.8% to 3,697, while the Shenzhen Component surged 1.6% to 11,635 on Friday, with the former hitting a 3½-year high as weak economic data fueled expectations of fresh Beijing stimulus to support growth and counter US tariff pressures. China’s industrial production rose 5.7% in July, slowing from June’s 6.8% and missing the 5.9% forecast. Retail sales also increased 3.7%, down from 4.8% in June and well below the 4.6% consensus. Chinese equities have seen renewed buying momentum in recent weeks, with margin financing surpassing 2 trillion yuan, a level last reached during the 2015 bull market. Investors now await next week’s PBOC policy decision, with loan prime rates expected to remain unchanged. Top gainers included East Money (+9.9%), Citic Securities (+4.9%), Beijing Compass (+20%), Hithink Royalflush (+16.3%), and Wolong Electric (+10%).

在中国，上海综合指数周五上涨34点，涨幅0.92%。上海电气（6.05%）、中信证券（4.65%）和中国铝业（4.18%）领涨。跌幅最大的是中信银行（-2.66%）、中国民生银行（-2.48%）和中国光大银行（-2.88%）。

In China, the Shangai Composite Index gained 34 points or 0.92 percent on Friday. Gains were led by Shanghai Electric (6.05%), CITIC Securities (4.65%) and Aluminum Corporation of China (4.18%). Biggest losers were China CITIC Bank (-2.66%), China Minsheng Bank (-2.48%) and China Everbright (-2.48%).

该统计机构表示，中国经济仍面临诸多脆弱性，并将2025年7月的疲软表现归因于“复杂和不可预测的全球环境以及极端天气带来的持续挑战”。与此同时，当局加强了对钢铁和煤炭等行业过度生产的监管，以控制侵蚀利润和加剧通货紧缩的激烈竞争。周五的数据显示，工业产出同比增长5.7%，低于5.9%的预期，为八个月来最慢，而零售额增长3.7%，为六个月来最低，低于4.6%的普遍预期。调查显示，失业率攀升至5.2%的四个月高点，房地产市场持续低迷，价格和投资持续下降。与此同时，美中临时贸易休战延长了90天，避免了关税上调，但制造商的利润仍受到需求疲软和工厂门口通货紧缩的压力。

China's economy still faces numerous vulnerabilities, the statistics agency said, attributing July 2025’s weak performance to 'ongoing challenges from the complex and unpredictable global environment' and extreme weather. At the same time, authorities stepped up oversight of excessive production in sectors like steel and coal to rein in fierce competition that has eroded profits and deepened deflation. Friday's data showed industrial output rose 5.7% yoy, below forecasts of 5.9% and the slowest in eight months, while retail sales grew 3.7%, the weakest in six months and under the 4.6% consensus. The surveyed jobless rate climbed to a four-month high of 5.2%, and the property slump persisted with prices and investment continuing to fall. Meanwhile, a temporary U.S.-China trade truce, extended by 90 days, has averted tariff hikes, but manufacturers’ profits remain under pressure from weak demand and factory-gate deflation.