固收事件点评：量减价升，反内卷影响初现

Group 1 - The manufacturing PMI for July recorded at 49.3%, a decrease of 0.4 percentage points, indicating a continued contraction in the manufacturing sector [5][6][10] - The non-manufacturing PMI stood at 50.1%, also down by 0.4 percentage points, with the construction sector PMI declining significantly by 2.2 percentage points to 50.6% [5][17] - The overall PMI output index decreased to 50.2%, reflecting a 0.5 percentage point drop from the previous month [5][6] Group 2 - Both supply and demand sides of the manufacturing PMI showed marginal weakening, but prices improved significantly due to anti-involution policies, leading to a situation of reduced volume but increased prices [4][10][11] - New orders, production, and material inventory all contributed negatively to the PMI, with new orders dropping 0.8 percentage points to 49.4% [6][11][20] - The price index for factory output and major raw material purchases increased by 2.1 percentage points and 3.1 percentage points respectively, indicating substantial improvement [11][20] Group 3 - The construction sector's PMI was adversely affected by weather conditions and a weak real estate market, leading to a notable decline [17][20] - The service sector PMI remained relatively stable at 50.0%, supported by seasonal improvements in industries such as aviation and dining due to holiday travel [17][20] - The overall economic outlook remains weak, with both internal and external demand showing signs of fatigue, which continues to support long-term interest rates [20]