尽管面临与美国迫在眉睫的贸易摊牌，欧元区经济仍在7月展现出韧性，私营部门活动以近一年来最快的速度扩张。 根据标普全球周四公布的数据，欧元区7月综合采购经理人指数（PMI）从6月的50.6升至51，高于分析师预期的50.7，进一步站稳荣枯线50以上。 这一增长主要得益于持续三年的制造业衰退接近尾声，同时服务业出人意料地加速增长。 与此同时，德国私营部门活动连续第五个月保持扩张，主要得益于制造业出现复苏迹象及服务业的企稳；法国私营部门活动连续第11个月出现萎 缩，受国内的政治僵局的影响。 欧元区7月PMI超预期扩张，经济韧性显现 对于欧洲央行而言，最新的PMI数据虽然带来一丝宽慰。 具体而言，欧元区7月新订单在连续13个月萎缩后趋于稳定，服务业新业务增加，但制造业新订单再次下降，出口订单也持续下滑。就业方面，欧 元区企业连续第五个月增加员工，主要得益于服务业的招聘，尽管德国和法国的员工数量仍在下降。积压工作量持续减少但速度放缓。 物价方面，投入成本通胀放缓至九个月低点，制造业成本持续下降。产出价格与6月持平，德国销售价格通胀放缓，但法国和欧元区其他地区加 速。库存和供应链方面，制造业采购活动降幅收窄，库存减少速度 ...

Group 1 - The preliminary manufacturing PMI for the UK in July is reported at 48.2, which is below the expected value of 48 [1] - The preliminary services PMI for the UK in July is reported at 51.2, which is also below the expected value of 53 [1]

Group 1 - The core viewpoint of the article highlights the continued weakness in Germany's private sector growth as indicated by the July PMI data, particularly in manufacturing [1] - Manufacturing PMI remains below the neutral line, suggesting ongoing fragility in the sector, although manufacturing output has expanded for five consecutive months, indicating signs of recovery [1] - The services sector is no longer a drag on economic growth, with new business volumes in July experiencing their first increase in nearly a year after ten months of decline [1] Group 2 - The improvement in economic outlook aligns with expectations, driven by real wage growth and expansionary fiscal policies that are likely to support overall economic stabilization [1]

智通财经7月24日电，德国7月制造业PMI初值为49.2，预期49.5；7月服务业PMI初值为50.1，预期50。 ...

7月23日，市统计局、国家统计局重庆调查总队联合公布今年上半年我市经济运行数据，上半年全市实 现地区生产总值15929.58亿元，同比增长5%。其中，第一产业实现增加值714.82亿元，同比增长3.1%； 第二产业实现增加值5555.75亿元，同比增长4.2%；第三产业实现增加值9659.01亿元，同比增长5.6%。 上半年经济呈现回升向好态势 （数据来源：市统计局、国家统计局重庆调查总队） 农业 实现增加值714.82亿元，同比增长3.1% 工业 实现增加值5555.75亿元，同比增长4.2% 服务 业 实现增加值9659.01亿元，同比增长5.6% 消费 社会消费品零售总额8300.37亿元，同比增长4.5% 投资 固定资产投资同比增长3.2%，设备工器具投资同比增长31.8% 收入 全体居民人均可支配收入22117元，同比增长5.1%；城乡收入比由上年同期的2.41∶1下降为 2.37∶1 上半年，全市上下全面落实党中央、国务院决策部署，突出稳进增效、改革创新、除险固安、强企富民 工作导向，主动服务和融入新发展格局，加快推进"六区一高地"建设，生产供给稳定增长，社会需求不 断扩大，就业物价总体平稳，新质 ...

标普全球7月24日发布数据显示，日本7月标普全球综合PMI报51.5，日本7月标普全球服务业PMI报 53.5，日本7月标普全球制造业PMI报48.8。 ...

Core Viewpoint - Japan's manufacturing activity has entered a contraction phase in July due to uncertainties surrounding U.S. tariffs, with the manufacturing PMI dropping below the neutral mark for the first time in 13 months [1] Manufacturing Sector - The manufacturing PMI preliminary value for July fell from June's final value of 50.1 to 48.8, indicating a decline in manufacturing activity [1] - Key sub-indices such as output and new orders decreased at the fastest rates in four months and three months, respectively, as companies reassess the impact of U.S. tariffs [1] Services Sector - In contrast to manufacturing, Japan's services sector continues to perform well, with activity growth reaching its fastest pace in five months driven by strong demand [1] Future Outlook - The uncertainty surrounding future trade policies is negatively impacting expectations for the upcoming year [1]

Core Insights - Japan's preliminary services PMI for July is reported at 53.5, an increase from the previous value of 51.7 [1] Group 1 - The services PMI indicates a positive growth trend in Japan's service sector, reflecting increased business activity [1]

Economic Overview - The province achieved a GDP of 16,828.01 billion yuan in the first half of the year, with a year-on-year growth of 5.5% at constant prices [1] - The provincial statistics bureau emphasized the focus on stabilizing employment, enterprises, markets, and expectations, leading to a steady and improving economic performance [1] Industry Performance - The primary industry added value was 782.27 billion yuan, growing by 2.9% year-on-year; the secondary industry added value was 6,807.07 billion yuan, with a growth of 6.4%; the tertiary industry added value was 9,238.67 billion yuan, increasing by 5.1% [1] - Industrial production saw a significant increase, with the added value of large-scale industries growing by 9.2% year-on-year [2] - The energy industry maintained rapid growth, with an added value increase of 8.5%, while non-energy industries grew by 10.5% [2] - Equipment manufacturing saw a notable increase of 13.9%, with electrical machinery and equipment manufacturing growing by 45.4% and automobile manufacturing by 27.9% [2] Agricultural Sector - Agricultural production remained stable, with the total output value of agriculture, forestry, animal husbandry, and fishery growing by 3.0% year-on-year [1] - Planting industry output value increased by 3.1%, while animal husbandry output value grew by 2.0%, accelerating by 0.6 percentage points compared to the first quarter [1] Investment Trends - Fixed asset investment grew by 5.6% year-on-year, with industrial investment increasing by 19.8% and manufacturing investment by 26.3% [2] - Private investment showed enhanced vitality, growing by 13.8%, particularly in transportation, warehousing, and postal services, which saw a 37.2% increase [2] Consumer Market - The total retail sales of consumer goods reached 5,779.82 billion yuan, with a year-on-year growth of 6.9%, accelerating by 1.5 percentage points compared to the first quarter [3] - The retail sales of new energy vehicles surged by 36.3%, while home appliances and audio-visual equipment retail sales increased by 26.6% [3] - Online retail remained active, with retail sales through public networks growing by 23.6% year-on-year [3] Foreign Trade - The total import and export volume reached 2,445.14 billion yuan, with a year-on-year growth of 7.5%, accelerating by 9 percentage points compared to the first quarter [3] - Exports of "new three samples" products grew rapidly, increasing by 37.8%, with electric vehicle exports doubling [3]

GDP Performance - In Q2, China's GDP grew by 5.2% year-on-year, while nominal GDP growth was only 3.9%, indicating a mismatch between supply and demand[3] - The deflator index further expanded to -1.3%, highlighting weak price levels[3] Production Insights - Industrial value-added growth was 6.8% in June, with a Q2 average of 6.4%, driven by strong exports[14] - The service sector maintained stable growth, with a cumulative production index increase of 5.9%[14] Investment Trends - Fixed asset investment growth slowed to 2.8% in Q2, down 1.4 percentage points from Q1[22] - Infrastructure investment growth was 8.9%, while real estate investment saw a significant decline of -12.9% in June, with a cumulative decline of -11.2%[24] Consumption Patterns - Retail sales grew by 4.6% year-on-year in Q2, a decrease from Q1, with durable goods consumption supported by "old-for-new" policies[39] - Restaurant consumption weakened significantly, with June's growth plummeting to 0.9%[39] Outlook and Policy Recommendations - To meet the annual GDP target of 5%, a growth rate of at least 4.7% is required in the second half of the year[42] - Continued policy support is essential to boost domestic demand, particularly in real estate and manufacturing sectors[42] Risk Factors - Potential risks include domestic policy implementation falling short of expectations and unexpected changes in overseas policies[43]