周二，中国10年期政府债券收益率稳定在1.89%左右，在接近六个月高点的窄幅区间内交易，因为投资者权衡了新的PMI数据。官方调查显示，制造业收缩幅度较小，为3月以来的最佳水平，但仍反映出国内需求疲软和美国关税压力。服务业活动略有减弱，而综合指数保持稳定，表明复苏不平衡。相比之下，私人RatiingDog调查显示，工厂增长为六个月来最强劲，突显了小型和出口导向型企业的韧性。不同的读数突显了中国的挑战，政策制定者提供了有针对性的支持，但在消费疲软和贸易摩擦的情况下，对大规模刺激措施持谨慎态度。与此同时，北京推出了5000亿元人民币的政策性融资工具，以促进投资和项目启动，这一举措可能通过发出更强有力的政策支持信号来支持增长并影响债券市场情绪。

China’s 10-year government bond yield stabilized around 1.89% on Tuesday, trading in a tight range near six-month highs as investors weighed fresh PMI figures. The official survey showed a milder contraction in manufacturing, the best reading since March but still reflecting weak domestic demand and US tariff pressure. Services activity softened slightly while the composite index held steady, signaling an uneven recovery. In contrast, the private RatingDog survey signaled factory growth, its strongest in six months, highlighting resilience among smaller and export-oriented firms. The diverging readings underscored China’s challenges, with policymakers providing targeted support but staying cautious on big-scale stimulus amid sluggish consumption and trade frictions. Meanwhile, Beijing unveiled 500 billion yuan in policy-based financing tools to boost investment and project starts, a step that could support growth and sway bond market sentiment by signaling stronger policy backing.