8月制造业PMI小幅回升，资金面均衡偏松，债市整体偏强

Economic Indicators - In August, the Manufacturing PMI rose to 49.4%, while the Non-Manufacturing Business Activity Index and Composite PMI Output Index increased to 50.3% and 50.5%, respectively, indicating overall economic expansion[3] - The central bank reported that 77,536.2 billion yuan in various bonds were issued in July, including 12,226.5 billion yuan in government bonds and 13,496.8 billion yuan in corporate credit bonds[3] Market Trends - The bond market showed a strong overall performance, with the 10-year government bond yield decreasing by 1.00 basis points to 1.7800%[12] - The convertible bond market experienced adjustments, with major indices declining by 0.36% to 0.51% on August 29, and trading volume decreasing by 237.44 billion yuan to 987.68 billion yuan[17] International Developments - The U.S. core PCE price index rose to 2.9% year-on-year in July, marking the highest level since February, driven by increased service costs[6] - In the U.S. Treasury market, the 10-year yield increased by 1 basis point to 4.23%, while the 2-year yield decreased by 3 basis points to 3.59%[22] Commodity Prices - WTI crude oil futures fell by 0.91% to $64.01 per barrel, with an approximate decline of 6.1% for August, while natural gas prices rose by 0.94% to $3.016 per MMBtu[7] Monetary Policy - On August 29, the central bank conducted a 7-day reverse repurchase operation of 7,829 billion yuan at an interest rate of 1.40%, resulting in a net cash injection of 4,217 billion yuan for the day[8][9]