公开资料显示，XTransfer是一站式外贸企业跨境金融和风控服务企业，成立9年来，致力于帮助中小微 企业降低全球展业的门槛和成本，提升全球竞争力，已累计服务企业客户超70万家。本期XTransfer PMI，对平台70万中小微外贸企业进行抽样调查，抽取的2500多家样本企业分布于国内28个主要出口省 份、148个城市，分析维度包括出口订单、价格、采购、物流、人员、资金周转等涉及到外贸出口的完 整流程。数据显示，7月份XTransfer PMI指数为52.4%，高于临界点。 在本次调研中，多家企业表示，面对不确定的外部环境和愈发激烈的市场竞争，要保持韧性和信 心。"打造差异化竞争力很重要，我们在传统外贸公司基础上进行了模式创新，除了产品，还提供技术 和解决方案的增值服务，今年订单量比往年有较大增长。"在广州从事机械产品出口的程先生表示。 根据本次调研结果，中小微外贸企业对非洲国家出口PMI录得最高，尤其是在出口订单指数中，非洲国 家表现远超其他区域。面对美国市场下降的缺口，非洲市场凭借人口红利、大规模基建需求和消费升级 机遇，成为中小微企业拓展海外业务的新蓝海，纺织品、锂电池、人发制品、机械设备、汽配等出口需 ...

Group 1 - The European Union has approved a measure to impose retaliatory tariffs on U.S. products totaling €93 billion, following a period of trade negotiations that seemed to be progressing [1][5] - The retaliatory tariffs will target high-value industrial products such as aircraft, automobiles, wine, and electrical equipment, with the first round of tariffs already implemented earlier this year on items like soybeans and motorcycles [5] - The EU's decision comes amid a backdrop of positive economic data, with the Eurozone's July Composite Purchasing Managers' Index (PMI) rising from 50.6 in June to 51, indicating economic resilience [4] Group 2 - Following the announcement of the retaliatory tariffs, European stock markets experienced a sharp decline, reversing earlier gains that were attributed to positive economic indicators [2][3] - Analysts expect the European Central Bank to maintain its current policy stance, although there may be one or two interest rate cuts in the next six months due to the ongoing trade tensions impacting export performance and inflation [4]

Group 1 - The euro is currently experiencing narrow fluctuations, with traders closely monitoring the potential impact of tariff noise on the euro to USD exchange rate, reflecting heightened investor caution due to concerns over potential risks [1][2] - If the US and EU fail to reach an agreement, the EU plans to impose a 30% tariff on approximately €100 billion worth of US goods, which has led to a slight decline in the euro against the dollar, currently trading around 1.1720 [1] - The EU is preparing to launch a robust countermeasure plan amid stalled tariff negotiations with the US, merging previously approved tariffs on €210 billion worth of US products with an additional proposed list of €720 billion [1] Group 2 - Market focus is on the latest developments in US-EU trade negotiations, resulting in low trading activity in the forex market, with the euro likely to continue its narrow fluctuations in the short term [2] - The European Central Bank (ECB) is expected to maintain current interest rates during its upcoming decision, as policymakers assess the impact of US-EU tariffs and the euro exchange rate on economic growth and inflation [2] - The ECB is also monitoring the significant rise of the euro, with analysts noting that any comments regarding foreign exchange during the ECB meeting will attract attention, especially with the euro surpassing 1.20 [2]

Core Viewpoint - The Purchasing Managers' Index (PMI) serves as a critical indicator of economic performance, with China's PMI showing signs of recovery in June 2025, indicating a potential economic rebound despite ongoing external pressures [1][2][9]. Group 1: PMI Overview - In June 2025, China's manufacturing PMI was reported at 49.7%, a slight increase from 49.5% in May, indicating continued improvement in manufacturing sentiment [2][5]. - A PMI above 50% indicates economic expansion, while below 50% indicates contraction. The new orders index rose to 50.2%, entering expansion territory, which suggests a recovery in market demand [2][9]. - The PMI is a leading indicator that reflects economic trends 1-3 months in advance, making it a vital tool for monitoring economic dynamics [2][5]. Group 2: Sector Performance - Large enterprises showed a PMI of 51.2%, indicating robust performance, while medium and small enterprises had PMIs of 48.6% and 47.3%, respectively, indicating challenges in these segments [6][9]. - Key components of the manufacturing PMI, including production index (51.0%) and new orders index (50.2%), were above the critical point, signaling increased production activity and improved market demand [6][9]. - The raw material inventory index was at 48.0%, indicating a continued reduction in inventory levels, which may affect future production capabilities [6][9]. Group 3: Economic Policy Impact - The increase in new orders and overall PMI suggests that China's economic stimulus policies are beginning to take effect, helping to mitigate the impact of external trade pressures [9]. - The People's Bank of China indicated a commitment to maintaining a moderately loose monetary policy to support high-quality economic development and facilitate a sustained economic recovery [9].