7月制造业PMI：边际回落，政策或稳中求进，降息添变数

Group 1 - The manufacturing PMI in July showed a marginal decline, significantly weaker than seasonal trends observed in previous years, with the new orders index particularly affected [1] - Manufacturing momentum is experiencing a marginal downturn, indicating overall downward pressure on the sector [1] - Despite the challenges, the political bureau meeting has set a positive policy tone for the future, suggesting a focus on stability and progress in the second half of the year [1] Group 2 - The government is expected to accelerate bond issuance as part of its policy response, particularly if data continues to show a downward trend [1] - In the overseas market, the Federal Reserve's recent meeting indicated a hawkish stance from Chairman Powell, with a focus on employment and inflation [1] - June inflation slightly exceeded expectations due to rising commodity prices, adding uncertainty to the timing of potential interest rate cuts [1]