宏观周报：坚持支持性货币政策，美国非农报告好坏参半

Domestic Economic Insights - The Caixin China Manufacturing PMI for August rose to 50.4%, up from 49.8%, indicating a slight recovery in manufacturing sentiment[5] - The State Council issued a document to promote high-level opening of service trade, proposing 20 key tasks to stimulate new momentum in domestic service trade[6] - The Ministry of Industry and Information Technology announced a coordinated development plan for new information infrastructure, emphasizing cross-regional and cross-industry collaboration[8] Monetary Policy and Market Trends - The People's Bank of China indicated that there is still room for reserve requirement ratio cuts, but further declines in loan and deposit rates face constraints[9] - The overall labor market in the U.S. showed mixed signals, with August non-farm payrolls increasing by 142,000, below expectations, while the unemployment rate fell to 4.2%[15] - The U.S. ISM Manufacturing Index for August rose to 47.2%, but remained below the 50% threshold, indicating continued contraction in the manufacturing sector[14] Commodity Price Movements - Prices for copper, Brent crude oil, and iron ore fell by 2.29%, 6.25%, and 5.85% respectively week-on-week as of September 5[21] - The price index for cement increased by 1.34%, while rebar prices decreased by 1.11% during the same period[21] Real Estate and Consumer Trends - Real estate sales in China saw a week-on-week decline of 20.57%, reflecting ongoing challenges in the housing market[35] - The retail sales of passenger vehicles in August decreased by 11% year-on-year, although there was a 16% increase compared to the previous month[35]