中国7月标普全球服务业PMI升至52.6，为去年5月以来最高

Core Insights - China's service sector accelerated its expansion in July, with new business orders increasing and sales expenses rising for the first time in six months, leading to improved business sentiment at its highest level since March [1][5]. Group 1: Service Sector Performance - The S&P Global Services PMI for July was reported at 52.6, up from 50.6, marking the fastest expansion rate in over a year and remaining in the expansion zone for 31 consecutive months [1]. - The S&P Global Composite PMI for July was 50.8, a slight decline from 51.3, but still indicating expansion for the second consecutive month [3]. Group 2: Business Conditions and Sentiment - Respondents from the service sector indicated that new business supported growth in activity for the second half of the year, with new orders increasing at the fastest rate on record, attributed to improved underlying demand conditions and positive business outlook [5]. - External demand saw its first increase in three months, driven by rising tourism activities and more stable trade conditions, resulting in the fastest growth in new export business in two months [5]. Group 3: Employment and Confidence - Increased workloads and improved confidence led service companies to hire more employees in July, while the expansion of labor capacity resulted in a slowdown of backlog work growth [5]. - Overall business confidence improved, reaching a four-month high, driven by expectations of better economic conditions and improved global trade supporting future sales and activity growth, although still below long-term averages [5]. Group 4: Cost and Pricing Dynamics - The latest survey indicated a rise in sales expenses in July, suggesting enhanced confidence as companies were able to pass on higher costs to customers for the first time in six months [6]. - The performance of the service sector in July contrasted with the slowing trend in manufacturing [6].