7月份我国制造业PMI为49.3%，资金面平稳跨月，债市延续强势

Economic Indicators - China's manufacturing PMI for July is 49.3%, a decrease of 0.4 percentage points from the previous month, indicating contraction in the manufacturing sector[5] - Non-manufacturing business activity index and composite PMI output index are at 50.1% and 50.2%, respectively, both above the critical point, suggesting overall economic expansion[5] Monetary Policy and Market Operations - The People's Bank of China conducted a 7-day reverse repurchase operation of 283.2 billion yuan at an interest rate of 1.40% on July 31, resulting in a net withdrawal of 47.8 billion yuan for the day[11] - Despite the net withdrawal, the overall funding environment remains balanced and slightly loose, with DR001 and DR007 rates rising to 1.396% and 1.554%, respectively[12] Bond Market Dynamics - In June, the bond market issued a total of 87,939.5 billion yuan in various bonds, with government bonds accounting for 15,903.9 billion yuan and corporate credit bonds for 14,257.3 billion yuan[6] - On July 31, the yield on the 10-year government bond decreased by 1.45 basis points to 1.7055%[15] International Economic Developments - The U.S. core PCE price index for June rose to 2.8%, the highest level in four months, while real consumer spending only increased by 0.1%[7] - The Bank of Japan maintained its interest rate at 0.5% and raised its inflation forecast for the next two fiscal years, indicating a cautious approach to monetary policy amid global economic uncertainties[8] Commodity Market Trends - International crude oil prices saw a decline, with WTI September futures down 1.06% to $69.26 per barrel, while natural gas prices increased by 2.79% to $3.100 per MMBtu[9] Stock Market Performance - On July 31, major A-share indices fell, with the Shanghai Composite Index down 1.18%, and the total trading volume reached 1.96 trillion yuan[20] - The convertible bond market also declined, with major indices down approximately 0.92%[20]