关注中国8月LPR报价和欧元区7月调和CPI终值

Report Industry Investment Rating No relevant information provided. Core View of the Report The report analyzes the market situation in July 2025, including economic data, tariff policies, and geopolitical events. It also provides investment strategies for commodities and stock index futures, suggesting to allocate more industrial products on dips. [3][4][5] Summary by Relevant Catalogs Market Analysis - Global economic data in July remained resilient. China's official manufacturing PMI declined to 49.3, while non - manufacturing remained in expansion. China's exports in July increased by 7.2% year - on - year in US dollars, supported by the low base last year and the "rush to export" effect. US non - farm payrolls in July were below expectations, but the service PMI improved significantly. [3] - The "reciprocal tariff" situation is complex. The US has adjusted tariff policies, and some tariffs have been suspended or extended. The impact on commodities is significant, with different sectors affected differently. The black and new energy metal sectors are sensitive to domestic supply - side changes, while energy and non - ferrous sectors benefit from overseas inflation expectations. [4] - On August 19, A - share indices fluctuated, with the trading volume of Shanghai and Shenzhen stock markets exceeding 2 trillion yuan for five consecutive days. AI hardware stocks were strong, and consumer stocks such as liquor rebounded. Treasury bonds rebounded, and commodities declined. [3] Strategy - For commodities and stock index futures, it is recommended to allocate more industrial products on dips. [5] To - do News - On August 18, Premier Li Qiang emphasized at the State Council's Ninth Plenary Meeting to enhance the effectiveness of macro - policies, boost domestic consumption, and expand effective investment. [6] - The US, Russia, and Ukraine are promoting peace talks. Trump said that if all goes well, there will be a tri - lateral meeting among the US, Russia, and Ukraine, and Putin supports direct negotiations between the two sides. [4][6] - The Japanese Ministry of Defense is coordinating to include a defense budget of about 8.8 trillion yen, the largest in history. [4][6] - The Ministry of Industry and Information Technology and other departments held a symposium on the photovoltaic industry, aiming to standardize the competition order. [4][6]