宏观周报：欧美制造业景气回升，人民币重回7.25关口

Group 1: Overseas Macro Trends - In January, the US Markit Manufacturing PMI rose to 50.1, exceeding expectations of 49.7 and marking a seven-month high, indicating a return to expansion[5] - The US Services PMI fell to 52.8, significantly below the expected 56.5, reflecting a decline in consumer confidence, which dropped to 71.1, the first decrease in six months[5] - Eurozone Manufacturing PMI improved to 46.1, above the expected 45.3, while Services PMI remained stable at 51.4, indicating a mixed recovery across the region[7] Group 2: Domestic Economic Indicators - The USD/CNY exchange rate strengthened from 7.31 to 7.24, reflecting a positive market response to Trump's dovish signals regarding tariffs on China[2] - Domestic economic recovery continued, supported by exports and consumption, with real estate prices showing signs of recovery[2] - The upcoming focus includes China's January PMI and December industrial profits, which are expected to provide further insights into economic health[2] Group 3: Market Performance - The Shanghai Composite Index closed at 3,252.63, with a weekly increase of 0.33%[9] - The 10-year US Treasury yield fluctuated around 4.63%, while the 10-year German bond yield rose to 2.58%[12] - Commodity prices showed mixed results, with COMEX gold at $2,777.40, reflecting a weekly increase of 1.04%[14]