周五，上证综指下跌0.05%，至3638点，而深证成分股下跌0.1%，至11145点，因为内地股市在等待关键通胀数据，这些数据可能会为世界第二大经济体的健康状况提供新的见解，从而难以获得动力。周四的贸易数据显示，由于企业在8月美国关税最后期限之前加快了发货，中国7月份的出口增长远超预期。进口也攀升至一年来的最高水平，表明国内需求更加强劲。本周早些时候，唐纳德·特朗普总统表示，延长将于8月12日到期的美中贸易休战协议“非常接近”。安徽长城（-1%）、寒武纪科技（-1.4%）和上海张江（-1.5%）等跌幅较大。尽管周五表现疲软，但这两个指数仍有望实现稳健的周涨幅，上证综指上涨约2.2%，深证成分股上涨1.5%。

The Shanghai Composite dipped 0.05% to 3,638, while the Shenzhen Component fell 0.1% to 11,145 on Friday, as mainland shares struggled for momentum with investors awaiting key inflation figures that could offer fresh insight into the health of the world’s second-largest economy. Thursday’s trade data showed China’s export growth in July far exceeded expectations, as firms accelerated shipments ahead of the August US tariff deadline. Imports also climbed to their highest level in a year, indicating stronger domestic demand. Earlier this week, President Donald Trump said a deal to extend the current US-China trade truce, set to expire on August 12, was “very close.” Among notable decliners were Anhui Greatwallm (-1%), Cambricon Technologies (-1.4%), and Shanghai Zhangjiang (-1.5%). Despite Friday’s weakness, both indexes remain on track for solid weekly gains, with the Shanghai Composite up about 2.2% and the Shenzhen Component up 1.5%.

评级机构标准普尔全球周四确认，中国的长期、短期和本币主权信用评级为A+，并指出在房地产行业持续面临挑战和关税压力的情况下，强有力的财政刺激是保持经济韧性的关键因素。该机构还将中国的前景维持在“稳定”。标普在一份声明中表示：“长期主权信用评级的稳定前景反映了我们的观点，即中国将在未来一到两年内恢复到每年4%或更高的自我维持的经济增长。”。标普补充称，如果预计中国政府在未来三到五年内将实施更大规模的财政刺激，它可能会降低中国的评级。相反，如果财政整顿的进展速度超过预期，评级可能会提高。相比之下，穆迪上一次将中国评级为A1，展望为负面，而DBRS晨星评级为a，展望为稳定。

Ratings agency S&P Global on Thursday affirmed China’s long-term, short-term, and local currency sovereign credit rating at A+, citing strong fiscal stimulus as a key factor in maintaining economic resilience amid ongoing challenges in the property sector and from tariff pressures. The agency also maintained the country’s outlook at “stable.” “The stable outlook on the long-term sovereign credit rating reflects our view that China will return to self-sustaining economic growth of 4% or more annually over the next one to two years,” S&P said in a statement. S&P added that it could lower China’s rating if it expects the government to implement significantly larger fiscal stimulus over the next three to five years. Conversely, the rating may be raised if fiscal consolidation proceeds faster than anticipated. In comparison, Moody’s last rated China at A1 with a negative outlook, while DBRS Morningstar assigned an A rating with a stable outlook.

商务部长Lutnick：美国可能会将中国的最后期限延长90天。商务部长Lutnick表示；预计中国的最后期限将再延长90天。重申特朗普不会对在美国制造的半导体向科技公司征收关税。

Commerse Sec. Lutnick: US likely to extend China deadline by 90 days.Commerce Sec. Lutnick is saying; expects the China deadline to be extended another 90 days Reiterates that Trump will not charge tech companies a tariff on semiconductors if they are manufactured in the US.

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%).