风险提示及免责条款 中国9月官方综合PMI 50.6，前值 50.5。 中国9月官方非制造业PMI 50，前值 50.3。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

（文章来源：新华财经） 中国8月官方制造业PMI为49.4，预期49.5，前值49.3。 ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 中国7月官方制造业PMI 49.3，前值49.7。 风险提示及免责条款 ...

国家统计局：中国7月官方制造业PMI为49.3%。 （文章来源：国家统计局） ...

Core Viewpoint - The official manufacturing PMI for China in July is set to be released shortly, indicating potential insights into the manufacturing sector's performance and economic health [1] Group 1 - The announcement of the manufacturing PMI is expected to provide critical data for analysts and investors monitoring China's economic recovery and manufacturing activities [1]

Group 1: Report Title and Date - The report is titled "Tin: Upward Movement Driven by Macroeconomic Environment" and was released on July 2, 2025 [1] Group 2: Analysts' Information - The analysts are Wang Rong (Investment Consulting Qualification No.: Z0002529, Email: wangrong013179@gtjas.com) and Liu Yuxuan (Investment Consulting Qualification No.: Z0020476, Email: liuyuxuan023982@gtjas.com) [2] Group 3: Tin Fundamental Data Futures and Electronic Disk - The closing price of the Shanghai Tin main contract yesterday was 269,840, with a daily increase of 0.65%, and the night - session closing price was 269,840, with a night - session increase of 0.63%. The trading volume was 70,070, a decrease of 14,968 from the previous day, and the open interest was 31,494, an increase of 10 from the previous day. The inventory was 6,766, an increase of 16 from the previous day [2] - The closing price of the LME Tin 3M electronic disk was 33,750, with a daily increase of 0.55%. The trading volume was 180, a decrease of 9 from the previous day, and the open interest was 13,988, an increase of 53 from the previous day. The inventory was 2,220, an increase of 45 from the previous day, and the注销仓单 ratio was 6.57%, a decrease of 0.38% from the previous day [2] Spot and Price Differences - The SMM 1 tin ingot price was 266,500, a decrease of 700 from the previous day; the Yangtze River Non - ferrous 1 tin average price was 266,900, a decrease of 1,000 from the previous day. The LME Tin (spot/three - month) spread was 128, an increase of 7 from the previous day [2] - The spread between the nearby contract and the consecutive first contract was 73,930, unchanged from the previous day; the spread between the spot and the futures main contract was - 1,210, a decrease of 240 from the previous day [2] Industry Chain Key Price Data - The price of 40% tin concentrate (Yunnan) was 254,500, a decrease of 700 from the previous day; the price of 60% tin concentrate (Guangxi) was 258,500, a decrease of 700 from the previous day [2] - The price of 63A solder bar was 180,750, a decrease of 500 from the previous day; the price of 60A solder bar was 173,250, a decrease of 500 from the previous day [2] Group 4: Macro and Industry News - The EU is willing to accept a 10% tariff rate on multiple commodities from the US but hopes to exclude key industries [3] - Canada has conceded and cancelled the digital services tax. The US and Canada will resume trade negotiations to reach an agreement by July 21 [3] - US Treasury Secretary Besent said there is no intention to increase the proportion of long - term US Treasury bond issuance; stablecoin legislation may be introduced in mid - July [3] - Trump has expanded his targets of attack, criticizing the Federal Reserve Board including Powell; the White House said Trump wrote to the Federal Reserve on Monday, mentioning global interest rates [3] - China's official manufacturing PMI in June rose for two consecutive months to 49.7, the new order index returned to the expansion range, and the non - manufacturing sector continued to expand [3] Group 5: Trend Intensity - The trend intensity of tin is 0, with the range of trend intensity being integers in the [- 2,2] interval. - 2 means the most bearish, and 2 means the most bullish [3][4]

Core Viewpoint - The article discusses the current state of the financial market, highlighting a balanced but tight funding environment, slight increases in long-term bond yields, and the implications for bond traders and investors as they await lower interest rates [1][3]. Group 1: Market Conditions - The funding environment is described as balanced but tight, with a slight upward movement in long-term bond yields [1]. - The central bank conducted a 7-day reverse repurchase operation of 331.5 billion, with a net injection of 111.0 billion after 220.5 billion matured [1]. - The overnight funding rates (DR001 and DR007) increased by 14 basis points to approximately 1.51% and 22 basis points to approximately 1.92%, respectively [1]. Group 2: Economic Indicators - The official manufacturing PMI for June met expectations at 49.7, which is consistent with the previous value of 49.5 [3]. - The stock market showed strong performance amid the tight funding conditions, with interest rates peaking at 1.653% during the day [3]. Group 3: Bond Market Sentiment - Bond traders are adopting a "wait and see" approach, anticipating a drop in interest rates below previous lows [3]. - The sentiment in the bond market remains stable, with the 10-year government bond yield fluctuating around 1.6475% [3].

Group 1 - The official manufacturing PMI for China in June is reported at 49.7, matching expectations and showing a slight increase from the previous value of 49.5 [1]

Core Viewpoint - The official manufacturing PMI for China in June is set to be released shortly, indicating potential insights into the manufacturing sector's performance and economic health [1] Group 1 - The announcement of the manufacturing PMI is expected to provide critical data for analysts and investors monitoring China's economic recovery and manufacturing activities [1]

中国5月官方制造业PMI 49.5，预期49.5，前值49。 ...