周四，上证综指上涨0.16%，收于3640点，而深证成分股下跌0.18%，收于11158点。随着投资者消化了强于预期的贸易数据以及地缘政治紧张局势的加剧，内地股市表现喜忧参半。7月出口增长大幅超出预期，这是由于企业在8月美国关税最后期限到来之前提前装运货物。进口也升至一年来的最高水平，表明国内需求有所回升。本周早些时候，美国总统唐纳德·特朗普表示，延长将于8月12日到期的当前美中贸易休战的协议“非常接近”。然而，在他对进口半导体（不包括在美国制造的公司）征收100%的关税，并因俄罗斯持续购买石油而将印度商品的关税提高一倍至50%后，紧张局势再次爆发。中国北方稀土（+6%）、富士康工业（+3.9%）和盛和资源（+7.4%）等涨幅较大。

The Shanghai Composite rose 0.16% to close at 3,640 while the Shenzhen Component fell 0.18% to 11,158 on Thursday, with mainland stocks showing mixed performances as investors digested stronger-than-expected trade data alongside renewed geopolitical tensions. July export growth sharply beat expectations, driven by firms front-loading shipments ahead of the looming US tariff deadline in August. Imports also rose to their highest level in a year, signaling a pickup in domestic demand. Earlier this week, US President Donald Trump said a deal to extend the current US-China trade truce, set to expire on August 12, was “very close.” However, tensions flared again after he imposed a 100% tariff on imported semiconductors—excluding companies manufacturing in the US—and doubled tariffs on Indian goods to 50% due to ongoing Russian oil purchases. Among notable gainers were China Northern Rare Earth (+6%), Foxconn Industrial (+3.9%), and Shenghe Resources (+7.4%).

强劲的石油、大豆需求推动中国进口激增，削减顺差。中国7月份的贸易数据出人意料地上涨，出口同比增长7.2%，进口同比增长4.1%，为一年多来最大的年度增长。强劲的大宗商品需求支撑了这些数据，大豆进口同比增长18.5%，原油出货量同比增长11.5%。

Strong oil, soybean demand drives China import spike, cuts surplus.China's July trade data surprised to the upside, with exports rising 7.2% yoy and imports jumping 4.1% yoy — the largest annual gain in over a year. Strong commodity demand underpinned the figures, as soybean imports surged 18.5% yoy and crude oil shipments rose 11.5% yoy.

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China’s 10-year government bond yield fell to around 1.69% on Thursday, as investors reacted to the release of trade data. The country’s trade surplus rose to USD 98.24 billion in July 2025 from USD 85.27 billion a year earlier, though it was the smallest amount since April and fell short of the projected USD 105 billion. Still, exports grew by 7.2% year-on-year — the fastest pace in three months — easily surpassing forecasts of a 5.4% rise, fueled by a temporary reprieve from tariff pressures ahead of an August deadline. Meanwhile, imports surprised to the upside, climbing 4.1% annually — the strongest in a year — sharply contrasting with expectations of a 1% decline. Regarding the latest progress on the trade truce, President Donald Trump remarked that the US and China are “very close” to extending the current agreement, set to expire on August 12. He also indicated a willingness to meet with Chinese President Xi Jinping before year-end, should both sides finalize a formal agreement.

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China’s 10-year government bond yield fell to around 1.69% on Thursday, as investors reacted to the release of trade data. The country’s trade surplus rose to USD 98.24 billion in July 2025 from USD 85.27 billion a year earlier, though it was the smallest amount since April and fell short of the projected USD 105 billion. Still, exports grew by 7.2% year-on-year — the fastest pace in three months — easily surpassing forecasts of a 5.4% rise, fueled by a temporary reprieve from tariff pressures ahead of an August deadline. Meanwhile, imports surprised to the upside, climbing 4.1% annually — the strongest in a year — sharply contrasting with expectations of a 1% decline. Regarding the latest progress on the trade truce, President Donald Trump remarked that the US and China are “very close” to extending the current agreement, set to expire on August 12. He also indicated a willingness to meet with Chinese President Xi Jinping before year-end, should both sides finalize a formal agreement.