宏观市场周报（20240722-20240728）

Domestic Economic Indicators - The People's Bank of China (PBOC) has implemented a series of interest rate cuts, reducing the 1-year and 5-year Loan Prime Rate (LPR) by 10 basis points to 3.35% and 3.85% respectively, marking the second adjustment this year[14] - The PBOC also conducted a rare month-end Medium-term Lending Facility (MLF) operation, injecting 200 billion yuan at a rate of 2.30%, down 20 basis points, the first cut since August 2023[21] - In the first half of 2024, profits of large-scale industrial enterprises reached 35,110.3 billion yuan, a year-on-year increase of 3.5%[23] Market Performance - Major indices in the Shanghai and Shenzhen markets experienced a downward adjustment, with the Shanghai Composite Index falling by 3.07% to 2,890.90 points, and the Shenzhen Component Index down 3.44% to 8,597.17 points[26] - Average daily trading volume remained low at over 600 billion yuan, with northbound capital seeing a significant outflow of 11.417 billion yuan[34] - The market is expected to continue its volatile trend, influenced by upcoming policy support from the Central Political Bureau meeting and the release of semi-annual reports in August[34] International Economic Context - The U.S. second-quarter GDP annualized growth rate was reported at 2.8%, exceeding market expectations of 2%[25] - The core Personal Consumption Expenditures (PCE) index in the U.S. rose by 2.9% in the second quarter, with June's year-on-year increase holding steady at 2.6%, the lowest since March 2021[25] - The G20 finance ministers and central bank governors meeting concluded with commitments to enhance international tax cooperation and address global challenges[26]