美国贸易代表团抵达中国进行第二天会谈。这里的期望是，我们应该看到他们延长双方之间正在进行的停火，停火将于8月12日到期。因为他们仍在努力找出如何最好地摆脱这一切。

US trade team arrives for second day of talks with China.The expectation here is that we should see them extend the ongoing truce between both sides, which is due to lapse on 12 August. That as they are still trying to figure out how best to move forward from all of this.

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The Shanghai Composite rose 0.33% to close at 3,610, while the Shenzhen Component gained 0.64% to 11,289 on Tuesday, with mainland shares reaching multi-month highs. Investor sentiment was supported by anticipation surrounding the ongoing US-China trade talks in Stockholm, as both countries aim to extend their fragile truce by another 90 days ahead of the August 12 deadline. Beijing also ramped up efforts to combat deflationary pressures and curb industrial overcapacity. President Xi Jinping criticized local governments for overconcentrating investment in sectors such as artificial intelligence, computing power, and new energy vehicles, highlighting structural inefficiencies in the economy. Meanwhile, markets are looking to this week’s Politburo meeting for potential stimulus announcements aimed at supporting growth. Technology stocks led Tuesday’s rally, with standout gains from Eoptolink Technology (+8.8%), Zhongji Innolight (+9.4%), and Victory Giant (+3.6%).

周二，中国10年期政府债券收益率小幅下跌至1.73%左右，回落了前一交易日的涨幅，因为投资者谨慎地关注着正在进行的美中贸易谈判。谈判进入第二天，双方都希望在8月12日的最后期限前将脆弱的贸易休战再延长90天。一个积极的结果可能为特朗普总统和Xi今年晚些时候的会晤奠定基础，并有助于缓解半导体和稀土等关键领域的紧张局势。在国内，财政注意力仍然集中在推出特别债券上，已经拨款2310亿元用于支持消费品以旧换新计划，预计10月将发行剩余债券，由于对供应增加的担忧，收益率略有下降。投资者现在正在等待未来几天公布的7月份PMI数据以及私营部门调查。

China’s 10-year government bond yield inched lower to around 1.73% on Tuesday, pulling back gains from the previous session, as investors cautiously monitored ongoing US-China trade talks. The negotiations entered their second day, with both sides aiming to extend a fragile trade truce by another 90 days ahead of the August 12 deadline. A positive outcome could set the stage for a meeting between Presidents Trump and Xi Jinping later this year and help ease tensions in key sectors such as semiconductors and rare earths. Domestically, fiscal attention remains on the rollout of special bonds, with 231 billion yuan already allocated to support the consumer goods trade-in program and the remaining issuance expected in October, slightly weighing on yields amid concerns over increased supply. Investors now await the release of July PMI figures in the coming days, along with a private sector survey.

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The Shanghai Composite edged down 0.1% to around 3,595, while the Shenzhen Component dropped 0.5% to 11,160 on Tuesday, reversing the previous session’s gains as investors turned cautious ahead of developments in the US-China trade talks underway in Stockholm. The two economic giants are seeking to extend their fragile trade truce by another 90 days ahead of the August 12 deadline. The outcome could pave the way for a possible meeting between President Donald Trump and President Xi Jinping later this year, while also easing tensions in sensitive sectors such as semiconductors and rare earths. Notable decliners included China Northern Rare Earth (-1.4%), East Money Information (-1.9%), Power Construction (-3.4%), Shenghe Resources (-1.4%), and Accelink Technology (-1.7%).