EPMI环比改善

Economic Indicators - The China Strategic Emerging Industries Purchasing Managers Index (EPMI) for August is 47.8, an increase of 1 percentage point from the previous month, indicating a marginal improvement in economic sentiment[4] - The production price index (PPI) is expected to decline by approximately 0.3% month-on-month and 3.1% year-on-year in August, reflecting weak overall factory prices despite a significant year-on-year improvement due to lower technical levels last year[6] Financial Data - From January to July, the real sector received approximately 19 trillion yuan in funding, an increase of 2.7 trillion yuan year-on-year, primarily driven by fiscal fund disbursements[10] - New deposits from residents amounted to 9.7 trillion yuan, with a year-on-year increase of 720 billion yuan, indicating a shift towards more liquid deposits[10] Market Trends - In the wake of new housing policies in Beijing, the year-on-year decline in commodity housing sales has narrowed, with second-hand housing sales showing a positive year-on-year growth[17] - Several small and medium-sized banks have lowered deposit rates, with rates for various terms adjusted down by 10 to 20 basis points[14] Risks - Ongoing U.S.-China trade tensions, tariff increases, and global supply chain adjustments pose risks of export volatility and declining corporate profits[3] - Changes in global geopolitical situations and international market fluctuations may continue to impact commodity prices and related industries[3]