7月基金月报 | 股市上行债市震荡，权益基金迎来普涨，固收基金涨跌互现

Group 1: Macroeconomic Overview - In July, the domestic macroeconomic environment remained under pressure, with the manufacturing PMI recording 49.3%, down 0.4% from June's 49.7%, indicating continued contraction for four consecutive months [3] - The CPI increased by 0.1% year-on-year in June, while the PPI decreased by 3.6%, reflecting a shift in food prices and service costs [3] Group 2: Stock Market Performance - A-shares performed well in July, driven by several favorable factors, including the Central Financial Committee's call to regulate low-price competition and promote product quality [4] - Major stock indices saw significant gains, with the Shanghai Composite Index and Shenzhen Component Index rising by 3.74% and 5.20%, respectively [4] - Among 31 Shenwan industry sectors, 28 sectors experienced gains, with steel, pharmaceutical, construction materials, and communication sectors rising over 10% [4] Group 3: Bond Market Dynamics - The bond market experienced disturbances due to the active equity market, with various government bond yields rising in July [5] - The yields for 1-year, 5-year, and 10-year government bonds increased by 4 basis points, 6 basis points, and 6 basis points, reaching 1.38%, 1.57%, and 1.70%, respectively [5] - The overall return of the bond market, as reflected by the China Bond Index, fell by 0.11% in July [5] Group 4: Global Economic Trends - The U.S. Markit Composite PMI rose to 54.6 in July, while the Eurozone's manufacturing PMI was at 49.8, indicating a mixed global economic performance [6] - Major overseas stock indices also saw gains, with the FTSE 100 and Hang Seng Index increasing by 4.24% and 2.91%, respectively [6] Group 5: Fund Performance - The Morningstar China Open-End Fund Index recorded a 3.89% increase in July, with stock and allocation fund indices benefiting from the strong A-share market [15] - Growth-style funds outperformed value and balanced style funds, with large-cap growth mixed funds and stocks achieving average returns of 6.36% and 6.07%, respectively [18] - Fixed-income funds showed mixed results, with convertible bond funds and active bond funds gaining 3.19% and 0.93%, respectively, while credit bonds outperformed interest rate bonds [19]