Core Insights - The report highlights a decline in major stock indices, with the Hang Seng Index closing at 17,311.05, down 0.91% for the day and 2.41% over the past five days [2] - The report notes a significant drop in the Nasdaq index, which fell by 3.64%, indicating a broader trend of declining stock performance in the U.S. markets [7] - The G20 finance officials' draft statement expresses optimism about the possibility of a soft landing for the global economy, despite ongoing challenges such as inflation and geopolitical tensions [9][10] Market Performance - The Hang Seng Index and H Shares both experienced declines, with the H Shares index closing at 6,142.32, down 0.85% for the day [2] - The Shanghai Composite Index also saw a decrease, with the Shanghai 180 index down 0.33% [2] - The report indicates that the U.S. manufacturing sector is showing signs of contraction, with the July manufacturing PMI falling to 49.5, indicating a slowdown [7] Economic Indicators - The report mentions that the Eurozone's manufacturing PMI dropped to 45.6, reflecting ongoing economic challenges in the region [7] - Japan's manufacturing PMI fell to 49.2, indicating a return to contraction, driven by reduced output and new orders [13] - The report highlights that China's central enterprises reported a profit total of 1.4 trillion RMB for the first half of the year, reflecting a year-on-year growth of 1.9% [22] Sector-Specific Insights - The report notes that the utility sector led gains in the A-share market, while consumer discretionary stocks faced declines [7] - In the commodities market, crude oil prices fell to $77.42 per barrel, down 0.22% for the day and 6.52% over the past five days [2] - The report indicates that global LNG receiving capacity has surpassed 100 million tons, reflecting growth in the energy sector [20][21]

Core Insights - The report highlights that global business travel spending increased by 30% year-on-year to $1.34 trillion in the previous year, but remains 22% below pre-pandemic levels when adjusted for inflation. It is projected to reach $1.48 trillion this year, surpassing the pre-pandemic record of $1.43 trillion [15][13][9]. - The report indicates that global primary aluminum production rose by 3.9% year-on-year in the first half of the year, reaching 35.84 million tons, with China's production increasing by 5.2% to 21.26 million tons [24][9]. Economic Indicators - In the United States, the actual value of existing home sales in June was 3.89 million, below the market expectation of 3.98 million and the previous value of 4.11 million [5]. - The Richmond Fed manufacturing index for July reported a value of -17, significantly lower than the market expectation of -7 [5]. - The Eurozone consumer confidence index for July was reported at -13.0, slightly better than the expected -13.5 [5]. Market Performance - The Hang Seng Index closed at 17,469.36, down 0.94% for the day and 1.46% over the past five days [10]. - The S&P 500 index closed at 5,555.74, with a daily decline of 0.16% and a 1.97% decrease over the past five days [10]. - The report notes that the A-share market saw declines across major indices, with the ChiNext index experiencing the largest drop [12]. Currency and Bond Market - The report mentions that the 10-year U.S. Treasury yield rose to 4.25%, reflecting a 9.30 basis points increase over the past five days [10]. - The People's Bank of China announced measures to alleviate bond market supply pressures by allowing MLF participants to apply for temporary reductions in collateral requirements [16][17]. Sector Analysis - The report indicates that the utilities sector led gains in the CSI 300 index, while the materials sector lagged behind [12]. - The report also highlights that the Hong Kong banking sector borrowed over 18 billion HKD from the discount window, marking the largest operation in a month [18].

Capital Market Reforms - The Third Plenum proposed improving the coordination between investment and financing functions in the capital market, emphasizing risk prevention and strong regulation to promote stable development[1] - The capital market will focus on attracting long-term funds, enhancing the quality of listed companies, and strengthening delisting mechanisms[1] - The Shanghai Main Board A-share turnover rate was nearly 100% in H1 2024, indicating short-term trading behavior, while the STAR Market A-share turnover rate was 188%, reflecting a lack of high-quality long-term investment options[38] Monetary Policy Adjustments - The People's Bank of China announced a comprehensive interest rate cut, with the 7-day reverse repo rate adjusted from 1.80% to 1.70%, and the 1-year and 5-year LPR rates reduced to 3.35% and 3.85%, respectively[6] - The interest rate cut aims to support economic growth, as Q2 2024 GDP growth slowed to 4.7% year-on-year[6] Real Estate Sector Reforms - The Third Plenum proposed cautious advancement of property tax reforms, with the pace depending on the recovery of the real estate market[5] - The government plans to reform the pre-sale system for commercial housing and promote the sale of completed properties[5] - In H1 2024, new residential sales amounted to 4.127 trillion yuan, with an average price of 10,288 yuan per square meter, highlighting affordability challenges[38] Private Sector Support - The private sector contributes over 50% of tax revenue, 60% of GDP, 70% of technological innovation, 80% of urban employment, and 90% of the total number of enterprises[13] - The government will support private enterprises in leading national major technological projects and open up national research infrastructure to private firms[8][9] Fiscal and Tax Reforms - The Third Plenum proposed shifting the consumption tax collection process to local governments, which could help alleviate fiscal pressures caused by declining land sales revenue[22] - In 2023, domestic consumption tax revenue reached 1.6118 trillion yuan, and in the first five months of 2024, it was 760.7 billion yuan[22] Technological and Industrial Development - The government will focus on developing strategic industries such as new-generation information technology, AI, aerospace, new energy, and advanced materials[15][16] - The establishment of the National Integrated Circuit Industry Investment Fund III in May 2024 aims to support the semiconductor industry[53] Digital Economy and Platform Economy - The government plans to deepen the integration of the digital economy with the real economy and promote the innovative development of the platform economy[43][44] - Cross-border e-commerce is identified as a new growth point, with platforms like PDD and Shein expanding in overseas markets[47] Green and Low-Carbon Development - The government will establish green consumption incentives to promote a low-carbon circular economy[68] - Policies supporting green consumption and energy-efficient upgrades are expected to benefit related industries[69] Advanced Manufacturing - The government will accelerate new industrialization, focusing on high-end, intelligent, and green development in the manufacturing sector[70] - The semiconductor industry is expected to grow, driven by demand from sectors like new energy vehicles and AI[72] Employment and Social Security - The government will implement a gradual and flexible approach to raising the statutory retirement age to address population aging[5] - The private sector's role in employment is crucial, as it accounts for 80% of urban jobs[13]

免责声明 . 各股市走势图 恒指走势图 国指走势图 14,000 15,000 16,000 17,000 18,000 19,000 20,000 21,000 22,000 07/2308/2309/2310/2311/2312/2301/2402/2403/2404/2405/2406/24 4,500 5,000 5,500 6,000 6,500 7,000 7,500 07/2308/2309/2310/2311/2312/2301/2402/2403/2404/2405/2406/24 来源：彭博 1 哈里斯迅速行动为党内提名固票 力争展现 团结迎战特朗普 知情人士透露，日本央行官员认为消费支出疲软会使他们在下周政策会议上决定是否加 息变得更加复杂。知情人士表示，一些官员认为7月不加息是一种选择，以便有更多时 间观察即将发布的数据以确认消费支出是否会如预期回升。其中一些人的立场是日本央 行应避免给人过于鹰派的印象。（彭博） 日本央行官员据悉认为消费支出疲软令是 否加息的决策变得复杂化 2 2024年7月23日 | --- | --- | --- | --- | --- | --- | --- | ...

2024年7月22日 每天导读 | --- | --- | --- | --- | |--------------------------|-------------|------------|--------------| | 指数 | 收市 | 日比 (%) | 5 日 (%) | | 恒生 | 17417.68 | (2.03) | (4.79) | | H 股 | 6165.04 | (2.25) | (5.63) | | 红筹 | 3662.77 | (2.66) | (4.62) | | HSC 大型股 | 1598.14 | (2.00) | (4.92) | | HSC 中型股 | 3333.61 | (1.68) | (3.11) | | AH股溢价 | 149.94 | 1.67 | 5.27 | | 沪深300 | 3539.02 | 0.51 | 1.92 | | 富时中国A50 | 12282.95 | (0.33) | 1.06 | | 上证180 | 7839.64 | 0.45 | 1.83 | | 上证380 | 4824.15 | 0.02 | 0.06 | | 台北加权 ...

| --- | --- | --- | --- | |--------------------------|-------------|------------|--------------| | 指数 | 收市 | 日比 (%) | 5 日 (%) | | 恒生 | 17778.41 | 0.22 | (0.30) | | H 股 | 6306.80 | 0.15 | (1.02) | | 红筹 | 3762.71 | 1.13 | (0.97) | | HSC 大型股 | 1630.70 | 0.14 | (0.51) | | HSC 中型股 | 3390.47 | 0.73 | (0.64) | | AH股溢价 | 147.47 | 0.05 | 2.14 | | 沪深300 | 3520.93 | 0.55 | 1.52 | | 富时中国A50 | 12323.92 | 0.46 | 1.82 | | 上证180 | 7804.16 | 0.54 | 1.58 | | 上证380 | 4823.37 | 0.74 | (0.28) | | 台北加权 | 23398.47 | (1.56) | (4.0 ...

沪深300走势图 标普500走势图 来源：彭博 升但国指下跌。港股半导体股普遍下跌。此外，市场等待三中全会更多细节，观望情绪浓厚。昨天上证综指及深成 纽约期油(美元/桶) 2464.90 0.20 CRB大宗商品 期货价格指数 罗杰斯国际 商品指数 5日(%) 7.81 1.85 ˙中共三中全会即将闭幕 | --- | |--------------------------------------------------------------| | | | ˙中国央行部分地方分支机构据悉调研更多辖内银行的债 券投资情况 | | ˙中国青年失业率降至13%附近 为去年12月以来最低 | 3.29 2024年7月18日 | --- | --- | --- | --- | --- | --- | |-----------|-------------------------------------|-------|----------|--------|-------| | 国家/地区 | 主要经济资料公布 \n 经济指标 | 时间 | 市场预期 | 实际值 | 前值 | | 美国 | 工业产值(月环比) | 6月 ...

4 沪深300走势图 标普500走势图 3,100 3,300 3,500 3,700 3,900 4,100 07/2308/2309/2310/2311/2312/2301/2402/2403/2404/2405/2406/24 3,600 3,800 4,000 4,200 4,400 4,600 4,800 5,000 5,200 5,400 5,600 5,800 07/2308/2309/2310/2311/2312/2301/2402/2403/2404/2405/2406/24 来源：彭博 2024年7月17日 | --- | --- | --- | --- | |--------------------------|-------------|------------|--------------| | 指数 | 收市 | 日比 (%) | 5 日 (%) | | 恒生 | 17727.98 | (1.60) | 1.17 | | H 股 | 6316.53 | (1.64) | 0.65 | | 红筹 | 3765.11 | (1.07) | (1.24) | | HSC 大型股 | 16 ...

| --- | --- | --- | --- | |--------------------------|-------------|------------|--------------| | 指数 | 收市 | 日比 (%) | 5 日 (%) | | 恒生 | 18015.94 | (1.52) | 2.81 | | H 股 | 6421.67 | (1.70) | 2.18 | | 红筹 | 3805.80 | (0.90) | (0.67) | | HSC 大型股 | 1654.64 | (1.56) | 2.66 | | HSC 中型股 | 3414.78 | (0.75) | 1.05 | | AH股溢价 | 144.82 | 1.67 | 0.10 | | 沪深300 | 3476.25 | 0.11 | 2.19 | | 富时中国A50 | 12198.48 | 0.36 | 1.82 | | 上证180 | 7722.89 | 0.31 | 2.01 | | 上证380 | 4809.53 | (0.24) | 1.62 | | 台北加权 | 23879.36 | (0.16) | 0. ...

2024 年 7 月 15 日 MPANY LIMITED 中国第 2 季经济增速明显回落 中国第 2 季经济增速明显回落 7.9 4.9 4.0 4.8 0.4 3.9 2.9 4.5 6.3 4.9 5.2 5.3 4.7 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 2024 年上半年 GDP 实际同比增长 5.0%，名义增长 4.1%。分产业看，上半年第一 产业增加值同比增长 3.5%；第二产业增加值同比增长 5.8%；第三产业增加值同比 增长 4.6%。显示第二产业对 2024 年上半年 GDP 增长的拉动较大。此外，根据统 计局新闻发言人答记者问，2024 年上半年货物与服务净出口对经济增长贡献率达到 13.9%，可推出上半年 5.0%的经济增速中货物与服务净出口贡献了 0.7 个百分点。 3 4 其次，6 月单月房地产行业同比增速虽在萎缩，但环比出现显著改善。6 月单月房地 产投资同比下跌 10.1%，较 5 月 11.0%的跌幅收窄 ...