中国7月标普全球服务业PMI录得52.6，预期50.4，前值50.6。（5月后最高增速）综合PMI录得50.8，前值51.3。标普全球市场：服务业新业务量增速可观，为一年来最高，企业表示原因是基本需求改善，以及业务拓展取得成效。外需在3个月来首次回升，企业反映旅游业活动增加，贸易环境趋稳，带动出口订单创下2月后最高增速。价格方面，由于原料、燃料、薪酬费用上升，导致平均投入成本在7月份继续上升。外汇交易员 (@myfxtrader):中国7月标普全球制造业PMI录得49.5，预期50.4，前值50.4。(财新7月起终止对标普中国PMI的冠名)标普全球市场：中国制造业自2023年10月后第二次录得产量下降，调查企业反映新订单增速放缓，厂商相应减产。厂商反映外需疲软，新出口订单已连续4个月收缩，且较6月加剧。https://t.co/4eWCWIpcNz https://t.co/2px2vIDPvj ...

Summary of PBOC Q2 Surveys Industry Overview - The report focuses on the banking and economic conditions in China as assessed by the People's Bank of China (PBOC) through its Q2 2025 surveys of bank loan officers, enterprises, and urban depositors [1][3]. Key Findings Loan Demand and Banking Conditions - Loan demand fell significantly in Q2 2025, with the index dropping to 56.1 from 58.5 in Q1 2025 [7] - Loan approval rates also decreased, with the index falling to 53.8 from 54.4 in Q1 2025, indicating tighter lending standards [7][13] - Bankers reported declining banking profits and anticipate a more accommodative monetary policy in the upcoming quarter [13] Business Conditions - The business conditions index for 5,000 surveyed enterprises remained unchanged at 49.2 in Q2 2025, indicating stagnant business sentiment [2][13] - Export orders saw a notable decline, with the index dropping to 42.1 in Q2 2025 from 46.8 in Q4 2024, while domestic orders remained stable [13] Urban Depositor Sentiment - Urban depositors expressed lower inflation expectations and a decline in current employment sentiment in Q2 2025 [13] - The net share of depositors expecting rising property prices decreased to -13.7% from -13.1% in Q1 2025, reflecting a pessimistic outlook on the property market [13] - The willingness to consume also fell, with only 22.6% of households indicating a desire to increase consumption, down from 24.1% in Q1 2025 [7][13] Additional Insights - The survey indicates ongoing deflationary pressures in the economy, as evidenced by the decline in raw materials purchasing price index and sales price index [13] - Households reported an increased willingness to save, rising from 62.6% to 64.3%, while the share wanting to invest slightly decreased [13] Conclusion - The PBOC's Q2 2025 surveys highlight a concerning trend in loan demand, business conditions, and consumer sentiment, suggesting potential challenges for the Chinese economy moving forward [1][13].

Core Insights - The article highlights a slight rebound in the prices of U.S. soybeans and corn, driven by positive signals from trade agreements, but emphasizes that the actual fulfillment of export orders is a critical variable for continued price increases [1] Group 1: Market Analysis - U.S. soybean and corn prices have shown a minor rebound [1] - Positive signals from trade agreements are influencing market sentiment [1] - The ability to convert trade agreements into actual export orders is essential for sustaining price growth [1]

投资咨询业务资格：证监许可【2011】1778 号 宝城期货股指期货早报（2025 年 6 月 5 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2506 | 震荡 | 上涨 | 震荡偏强 | 区间震荡 | 政策端利好预期构成较强支撑 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 日内观点：震荡偏强 中期观点：上涨 参考观点：区间震荡 核心逻辑：昨日各股指均延续小幅反弹的走势。最新公布的财新 5 月制造业 PMI 数据大幅下行，说 明 5 月抢出口效应走弱，未来出口订单面临较大压力。叠加特朗普 ...