非农韧性不支持美联储提前降息；看好海底光缆市场前景

Group 1 - The US labor market remains resilient, with June non-farm payrolls increasing by 147,000, surpassing the market expectation of 110,000, and the unemployment rate decreasing from 4.2% to 4.1% [1] - Structural mismatches in the labor market are evident, with government layoffs and AI advancements leading to an oversupply of white-collar workers, while tightened immigration policies result in a shortage of low-skilled positions [1] - The report suggests that the June non-farm data does not support an early interest rate cut by the Federal Reserve, maintaining the view that the next rate cut may not occur until the fourth quarter [1] Group 2 - The submarine cable market is expected to grow at a CAGR of 13% from 2025 to 2030, driven by increased demand from internet giants and government initiatives in deep-sea technology [1] - An estimated 540,000 kilometers of new submarine cables are projected to be built globally from 2026 to 2030, representing a 60% increase compared to the planned construction from 2021 to 2025 [1] - Chinese companies are anticipated to lead more submarine cable projects, with domestic firms enhancing their competitiveness in the market [1] Group 3 - The maturity of hardware technology is expected to accelerate the mass production of humanoid robots, as the current actuator transmission solutions are not fully converged [2] - There is significant cost reduction potential in the hardware of humanoid robots as technology iterates and scales up [2] - Companies with multiple competitive advantages and new process iteration opportunities should be closely monitored in the humanoid robotics sector [2]