上证综指 (SHANGHAI) 加自选

中国财新PMI服务业PMI降至50.6，但综合指数恢复增长。

China's Caixin PMI services PMI falls to 50.6, but composite returns to growth.

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.

周四，随着投资者消化了最新的采购经理人指数数据，离岸人民币兑美元汇率稳定在7.16左右。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，主要原因是制造业活动再次增加，抵消了服务业放缓的影响，服务业降至9个月低点。本周早些时候，官方PMI数据描绘了一幅略有不同的画面：制造业PMI仍在收缩，尽管它暗示了逐步改善，而非制造业PMI在中国持续努力刺激内需和提振疲软经济的情况下略有上升。投资者现在将注意力转向下周公布的新一轮经济指标，特别是通胀数据和贸易数据。与此同时，人们的注意力转向了本月的政治局会议，在美国关税等日益严峻的挑战下，投资者预计将采取新的刺激措施。

The offshore yuan steadied around 7.16 per dollar on Thursday as investors digested the latest PMI data. The Caixin China General Composite PMI returned to expansionary territory, reaching its strongest level since March, primarily driven by a renewed increase in manufacturing activity that offset a slowdown in the services sector, which fell to a nine-month low. Earlier in the week, official PMI figures painted a slightly different picture: the manufacturing PMI remained in contraction, though it hinted at gradual improvement, while the non-manufacturing PMI rose marginally amid China’s ongoing efforts to stimulate domestic demand and bolster the sluggish economy. Investors are now turning their attention to a fresh wave of economic indicators due next week, particularly inflation figures and trade data. Meanwhile, attention is turning to this month’s Politburo meeting, where investors expect new stimulus measures amid mounting challenges such as the looming US tariffs.

周四，中国科技股上涨，深圳元件指数上涨0.5%，收于10460点以上，此前有报道称美国取消了对中国芯片设计软件的某些出口限制。今年5月，美国当局指示几家芯片设计软件公司在向中国公司出口工具和半导体相关化学品之前寻求许可证。这些限制的放宽是最近宣布的美中贸易协定的一部分，其中包括恢复稀土和先进技术贸易的条款。芯片相关股票领涨市场，富士康工业（+8%）、立讯精密（+3.8%）、Eoptolink Technology（+1.7%）和胜利巨人（+3.9%）涨幅显著。与此同时，数据显示，6月份中国服务业增长放缓至9个月低点，与本周早些时候制造业活动强于预期的反弹形成鲜明对比，突显出整体经济持续存在的不确定性。

Chinese technology stocks rallied on Thursday, with the Shenzhen Component climbing 0.5% to above 10,460, following reports that the US has lifted certain export restrictions on chip design software to China. In May, US authorities had instructed several chip design software firms to seek licenses before exporting tools and semiconductor-related chemicals to Chinese companies. The easing of these restrictions comes as part of the recently announced US-China trade agreement, which includes provisions to resume trade in rare earths and advanced technologies. Chip-related stocks led the market higher, with notable gains from Foxconn Industrial (+8%), Luxshare Precision (+3.8%), Eoptolink Technology (+1.7%), and Victory Giant (+3.9%). Meanwhile, data showed that China’s services sector growth slowed to a nine-month low in June, contrasting with a stronger-than-expected rebound in manufacturing activity earlier in the week and underscoring ongoing uncertainty in the broader economy.