Group 1 - The report emphasizes a strong macroeconomic outlook with a focus on the implementation of growth-stabilizing policies, particularly in the context of the "15th Five-Year Plan" and its alignment with international uncertainties [2][18][19] - The International Monetary Fund (IMF) has raised China's GDP growth forecast for 2025 by 0.8 percentage points to 4.8%, indicating a positive long-term economic outlook [2][18] - The report highlights the importance of fiscal and monetary policy adjustments, with expectations for increased government bond issuance and reduced financing costs to stimulate consumption and stabilize foreign trade [2][18][20] Group 2 - The report notes a decline in the Shanghai Composite Index by 1.75% and a drop in the CSI 300 Index futures by 2.04%, reflecting a bearish sentiment in the stock market [11][12] - The bond market is experiencing a "stock-bond seesaw" effect, leading to a lower allocation recommendation for bonds, with the ten-year government bond yield decreasing by 3 basis points to 1.71% [12][39] - The report indicates a significant drop in commodity prices, with coking coal futures down 9.83% and iron ore contracts down 1.94%, suggesting a cautious outlook for the commodity sector [11][12][39] Group 3 - The report identifies a need for close monitoring of the implementation of fiscal policies aimed at stimulating growth, particularly in the context of the recent political bureau meeting [4][18] - The manufacturing PMI for July was reported at 49.3%, indicating a contraction, while the non-manufacturing PMI was at 50.1%, suggesting a mixed economic environment [17][39] - The report highlights the importance of structural reforms and innovation in driving economic growth, particularly in the context of the government's focus on technology and consumption [18][19]
宏观和大类资产配置周报：经济有活力，政策有定力-20250804
Bank of China Securities·2025-08-04 01:39