Huo Lihui, chief statistician at the NBS service-industry survey center, said July manufacturing PMI eased to 49.2, hit by a high prior-period base and seasonal softening. Equipment-manufacturing PMI was 51.4 and high-tech manufacturing PMI 53.3, both well above the headline and still expanding, supporting a shift toward newer, higher-quality manufacturing. Consumer-goods PMI was 47.8 and high-energy-consuming industries PMI 47.0, down 2.4pts and 0.1pt MoM, respectively.

Meta Platforms(META.O)报告称，已通过长期和短期协议，承诺在未来投入近7000亿美元，用于人工智能数据中心、云计算等领域。

Zhaolian chief economist Dong Ximiao expects RRR and interest-rate cuts in Q3. If H2 economic recovery momentum weakens, the policy rate could be trimmed 10-20 bps; but with commercial banks’ net interest margins near 1.40%—a historic low—LPR has limited downside, likely 5-10 bps. On RRR, to accommodate concentrated fiscal bond issuance and keep banking-system liquidity reasonably ample, there is 25-50 bps of cut space this year; implementation could be timed to bond-supply peaks or liquidity-tight episodes. The PBOC will rely more on structural monetary tools, step up timely liquidity management, and expand targeted support for tech innovation, consumption and small- and micro-enterprises.