沪深两市7月25日小幅低开，盘中震荡翻红，午后再度跳水。截至收盘，上证指数收报2136.15点，跌10.44点，跌幅0.49%，成交411.12亿元；深证成指收报9155.34点，跌107.43点，跌幅1.16%，成交504.6 亿元；中小板指数收报4350.35点，跌16.07点，跌幅0.37%，成交204.81亿元。沪指成交量小幅萎缩，盘中一度逼近前期低点。

Shenzhen two city on July 25, open a small low，Pan concussion turn red，Afternoon diving again。By the closing，The Shanghai index finished at 2136.15 points，Fell 10.44 points，Fall 0.49%，41.112 billion yuan clinch a deal；ShenZheng ChengZhi at 9155.34 points，Fell 107.43 points，Fall 1.16%，50.46 billion yuan clinch a deal；Small and medium plate index finished at 4350.35 points，Fell 16.07 points，Fall 0.37%，20.481 billion yuan clinch a deal。HuZhi volume small atrophy，Pan once approximation previous low。

　　盘面上看，煤炭、纺织、地产、酒店旅游等板块跌幅居前，电力、金融、钢铁、酿酒、化工等板块走势疲弱；船舶制造、环保、医疗器械等板块逆势走强。概念股方面，海工装备、次新股、水利建设等板块涨幅居前。此外，海南板块表现强劲。

Disk on the，coal、textile、Real estate、The hotel tourism sectors such as before the fall，power、financial、steel、wine、Chemical industry sectors such as weak trend；Ship made、Environmental protection、Medical equipment sectors such as a stronger contrarian。The concept of，Offshore equipment、Second new、Water conservancy construction sectors such as the first increase。In addition，Hainan plate strong。

　　7月25日可能影响股价重要宏观要闻一览：

July 25 May affect stock prices important news of the macro view：

　　1、宽松措施显效 汇丰PMI创5个月高点

1、Loose HSBC PMI and markedly effective measures 5 months high

　　汇丰中国昨日发布的数据显示，7月份中国制造业采购经理人指数（PMI）初值升至49.5，创5个月来新高，其中产出指数升至51.2，为9个月来最高。分析人士认为，宽松措施已开始产生效果，未来须加大宽松力度，经济状况有望在未来几个月明显好转。

HSBC China statistics released yesterday，In July, China's manufacturing purchasing managers' index（PMI）Initial value rose to 49.5，Gen 5 months to new highs，One output index rose to 51.2，For nine months to the highest。Analysts believe that，Loose measures already began to produce the result，The future must increase the loose enforcement，The economic situation is expected to begin in the next few months improved obviously。

　　汇丰中国区首席经济学家屈宏斌认为，7月汇丰中国制造业PMI初值温和回升至5个月以来的最高值，表明前期的宽松措施开始产生效果。然而该数值仍然低于50的荣枯分界线，表明总需求仍然乏力而就业压力增大，这需要政策加大宽松力度以支持经济增长和就业。快速回落的通货膨胀率为实施更为宽松的政策创造了空间，而随着宽松政策全面产生效力，经济增长有望在未来几个月得以明显好转。

HSBC China's chief economist QuHongBin think，The HSBC China manufacturing PMI July initial value gentle back up to 5 months since peak，Show that the loose measures began to produce effect。Yet the numerical still below 50 RongKu division of，Indicates that the total demand remains weak and employment pressure increased，That requires policy increase efforts to support economic growth loose and employment。Fell back quickly inflation rate for the implementation of more loose policy created space，But along with loose policy comprehensive produce effectiveness，Economic growth is expected to begin in the next few months to improved obviously。

　　2、央行大举逆回购 降准预期减弱

2、The central bank aggressively inverse repurchase drop must expect abate

　　央行至今仍未下调法定存款准备金率，市场预期频频落空，取而代之的是增量、缩量、再增量的连续逆回购注资操作。公告显示，继上周意外实施800亿元巨量逆回购后，央行昨日再次出手950亿元逆回购投放，银行间市场回购利率应声回落。

The central bank has not been cut legal deposit reserve rate，The market is expected to fail again and again，Instead, the delta、SuLiang、Again the buyback capital injection for incremental inverse operation。announcement，Following last week's implementation of the accident 80 billion yuan huge amount inverse after the buyback，The central bank yesterday shot again 95 billion yuan inverse repurchase resources，The inter-bank market where interest rates dropped the buyback。

　　记者对多位交易员调查后发现，相比前期较强的预期，认为央行近期仍会降准的人数已明显减少。不过，资深分析人士对此指出，根据以往经验，逆回购数量与降准之间并不易形成因果对应关系。而“市场预期”对央行政策却有更微妙的影响，市场情绪稍缓反而增大了降准出台的可能性。

The reporter survey found that many traders，The stronger than expected，Argue that the central bank will drop the recent must have significantly reduced the number。but，Senior analysts to this point out，Based on past experience，Inverse repurchase quantity and drop between is formed not easily cause and must have corresponding relation。and“Market expectations”The central bank has to policy is more subtle influence，The market mood more leisurely instead increase the drop on the possibility of accurate。

　　3、区域规划向纵深推进 首个国家级县域规划出台在即

3、Regional planning to further promote the first county planning issued at the national level

　　证券时报记者昨日获悉，国家发改委日前已对《浙江嘉善县域科学发展示范点建设方案》给予了反馈意见。此前，该《方案》已上报国务院，如果获批，将成为首个国家级的县域区域规划，进而上升为国家战略。

Securities times reporter learns yesterday，The national development and reform commission has already on《Zhejiang jiashan county science development demonstration site construction plan》Give feedback。after，the《scheme》Already submitted to the state council，If approved，Will become the first national county regional planning，And then rise to national strategy。

　　4、三沙市成立

4、Three shashi established

　　7月24日上午，三沙市成立大会暨揭牌仪式在三沙市委、市政府办公大楼前的广场上隆重举行。

On 24 July morning，Three inaugural meeting of shashi was inaugurated in three sand municipal party committee、The square in front of the municipal government office building was held on。

　　海南省委书记罗保铭说，党中央、国务院审时度势，果断决策，设立地级三沙市。海南省委，省政府坚决贯彻中央的方针政策和部署要求，依法履行对西沙群岛、中沙群岛、南沙群岛的岛礁及其海域行政管理和开发保护的神圣职责，努力把三沙市建设成为维护南海主权和南海资源开发服务的重要基地。当前要加快推进基础设施建设，抓紧编制三沙市中长期建设总体规划、海洋环境保护等重要规划，扶持发展渔业、旅游业、油气资源开发等特色产业。

Hainan provincial party committee secretary LuoBaoMing said，The party central committee、The situation under the state council，Resolute decision，Set up three shashi ground level。Hainan provincial party committee，The provincial government firmly implement the central policies and deployment requirements，To perform on the xisha islands、The zhongsha islands、The spratly islands and the reef Marine administrative management and development of the sacred duty of protection，Efforts to build a maintenance three shashi south China sea sovereignty and south China sea resources development service important base。The current to speed up the infrastructure construction，Take three long-term construction of shashi overall planning、Marine environmental protection, and other important planning，Support the development of the fishery、tourism、Oil and gas resources, and characteristic industry。