上证综指上涨0.37%，收于3858点，而深证成分股周五上涨0.99%，收于12696点，在大盘走强的情况下延续了前一交易日的涨势。这两个基准指数在8月份也录得强劲的月度涨幅，上证指数上涨约8%，深证指数上涨15%。中美贸易紧张局势缓和、政府努力控制激烈的价格竞争以及充足的流动性推动了反弹。市场还受益于资金流入加速、零售参与度上升和保证金购买增加。人工智能和半导体股领涨，尽管人们担心基本面疲软，但投资者的兴趣得到了恢复。不利的一面是，Cambricon Technologies周五下跌6%，在人工智能芯片制造商在价格飙升后向投资者发出风险警报后，结束了创纪录的反弹。Dosilicon的交易在该公司发现股价异常波动后暂停。

The Shanghai Composite rose 0.37% to 3,858, while the Shenzhen Component gained 0.99% to 12,696 on Friday, extending the previous session’s advance amid broad market strength. Both benchmarks also logged robust monthly gains in August, with the Shanghai index up about 8% and the Shenzhen index climbing 15%. The rally was fueled by easing US-China trade tensions, government efforts to rein in aggressive price competition, and ample liquidity. Markets also benefited from accelerating fund inflows, rising retail participation, and increased margin buying. Artificial intelligence and semiconductor stocks led the surge, supported by renewed investor interest despite concerns about weak fundamentals. On the downside, Cambricon Technologies fell 6% Friday, snapping a record rally after the AI chipmaker issued a risk alert to investors following its sharp price surge. Trading in Dosilicon was suspended after the company flagged abnormal stock price volatility.

周五，离岸人民币兑美元汇率跌至7.12左右，从前一交易日达到的9个多月高点回落，结束了连续五天的上涨。尽管有所回落，但人民币仍有望大幅上涨，达到11月以来的最高水平。这一强势得到了中国人民银行信号的支持，表明在贸易条件改善的情况下，货币战略发生了转变，使该国的经济前景更加光明。本周，中国人民银行将每日参考利率上调0.4%，这是自2024年9月以来的最大调整，并将今天的固定汇率定为7.1030美元，这是11月以来最强劲的指导。这一发展标志着中国人民银行与此前的谨慎立场有所不同，中国人民银行此前的立场是优先考虑货币稳定，以应对经济不确定性和地缘政治紧张局势加剧，特别是在美中贸易冲突的早期阶段。

The offshore yuan weakened to around 7.12 per dollar on Friday, retreating from a more than nine-month high reached in the prior session and snapping a five-day winning streak. Despite the pullback, the yuan remains on track for significant monthly gains, reaching its strongest level since November. This strength is supported by signals from the People’s Bank of China, indicating a shift in currency strategy amid improving trade conditions that have brightened the country's economic outlook. This week, the PBOC raised its daily reference rate by 0.4%—its largest adjustment since September 2024—and set the fixing at 7.1030 per dollar today, marking the strongest guidance since November. This development marks a departure from the PBOC's previously cautious stance, in which it prioritized currency stability in response to economic uncertainty and heightened geopolitical tensions, particularly during the earlier stages of the US-China trade conflict.

中国官方制造业和非制造业PMI将于周末公布。中国官方的制造业和非制造业PMI将于周末公布。8月31日星期日格林尼治标准时间0130，即美国东部时间8月30日星期六2230，预计2025年8月制造业采购经理人指数将连续第五个月保持在收缩区间：预计为49.4，高于今年华盛顿和北京之间的49.3贸易紧张局势，以及最近的极端夏季天气和北京最近遏制产能过剩的努力，抑制了工厂活动。

China official manufacturing and non-manufacturing PMIs will be published over the weekend.China's official manufacturing and non-manufacturing PMIs will be published over the weekend. At 0130 GMT on Sunday August 31, which is 2230 US Eastern time on Saturday, August 30, 2025 Manufacturing PMI for August is expected to have remained in contractionary territory for the fifth consecutive month: expected 49.4, prior 49.3 Trade tensions between Washington and Beijing this year, along with recent extreme summer weather and Beijing's recent efforts to curb excess capacity have dampened factory activity.

上证综指上涨0.4%，收于3860点左右，而深证成分股周五上涨0.5%，收于12630点，在大盘走强的情况下延续了前一交易日的涨幅。随着中国股市因美中贸易紧张局势缓解、对新刺激措施的预期以及资金流入增加、零售参与度提高和保证金购买等支持因素而上涨，这两个基准指数都有望实现稳健的月度涨幅。尽管对基本面疲软的担忧挥之不去，但投资者重新燃起兴趣，推动了人工智能和半导体股的反弹。周五，中国北方稀土和胜利巨人各上涨2.5%，多晶硅公司上涨16.4%，上海石山上涨4.8%，苏州TFC上涨6.8%。相比之下，Cambricon Technologies下跌6.4%，结束了创纪录的反弹，此前这家人工智能芯片制造商报告称上半年利润有所回升。

The Shanghai Composite rose 0.4% to around 3,860, while the Shenzhen Component gained 0.5% to 12,630 on Friday, extending the previous session’s advance amid broad market strength. Both benchmarks are on track for solid monthly gains as Chinese equities rallied on easing US-China trade tensions, expectations of new stimulus, and supportive factors such as stronger fund inflows, rising retail participation, and margin buying. Artificial intelligence and semiconductor stocks drove the rally, buoyed by renewed investor interest despite lingering concerns about weak fundamentals. Among notable movers on Friday, China Northern Rare Earth and Victory Giant each gained 2.5%, Dosilicon Co surged 16.4%, Shanghai Stonehill rose 4.8%, and Suzhou TFC added 6.8%. In contrast, Cambricon Technologies dropped 6.4%, ending a record rally after the AI chipmaker reported a swing to first-half profit.