如何看待近期市场波动

Economic Indicators - China's July CPI increased by 0.5% year-on-year, up 0.3 percentage points from the previous month, primarily driven by pork prices[1] - PPI may have reached a peak, with global credit tightening impacting commodity cycles and inflation data showing underlying downward pressure[1] Bond Market Insights - The bond market is influenced by non-fundamental factors, including recent self-regulatory investigations of banks and risks highlighted in the central bank's monetary policy report[1] - It is recommended to maintain medium to short-duration bonds while being cautious with long-term bonds due to liquidity constraints[2] U.S. Monetary Policy Outlook - The possibility of a U.S. rate cut in September remains uncertain, with the Fed tightening its monetary policy, indicating a potentially overheated economy[1] - The gap between the RMB midpoint and spot rates suggests efforts to stabilize the exchange rate amid uncertainties regarding interest rate differentials[1] Market Performance and Recommendations - The equity market is expected to show limited performance at the index level, with a focus on sectors like semiconductors and environmental protection[2] - The commodity cycle may be entering a downward trend, leading to a gradual move towards deflation globally[2] Key Market Data - Shanghai Composite Index: 2862.19[2] - Shenzhen Component Index: 8393.70[2] - CSI 300 Index: 3331.63[2] - Small and Medium-sized Enterprises Index: 3128.17[2] - ChiNext Index: 1595.64[2]