SWS Research Macro Weekly Essence Issue 92

English summary

1. News recap: The Politburo meeting was held, and the US military launched large-scale strikes on Iran. AI stocks supported risk assets to fluctuate higher. US stocks rebounded, US Treasury yields rose, the US dollar index fell, gold prices rebounded, and oil prices fell. Domestically, the Shanghai Composite Index rebounded, the 10Y China government bond yield fell to 1.71%, and CNY appreciated to 6.75. Domestic macro: The Politburo meeting emphasized solid progress in the planning and construction of the "six networks". On July 27, the "15th Five-Year Plan for Disease Prevention and Control" was issued, proposing tasks such as strengthening the prevention and control of respiratory infectious diseases. On July 29, the "15th Five-Year Plan for National Response to Climate Change" was released, aiming to reduce carbon dioxide emissions per unit of GDP by 17% by 2030 compared with 2025. On July 30, the Politburo meeting was held to analyze and study the current economic situation and economic work; it emphasized solid progress in the planning and construction of the "six networks". In June, the cumulative year-on-year growth of industrial enterprises' revenue was 6.5%, compared with 5.5% in the previous period; the cumulative year-on-year profit growth was 18.7%, compared with 18.8% in the previous period. In July, the manufacturing PMI was 49.2%, compared with 50.3% in the previous period; ...