砰，今夜“大降息”开幕

Group 1 - The core point of the news is the significant underperformance of the U.S. non-farm payroll data, which came in at 22,000 jobs added, far below market expectations of 75,000 [2] - The unemployment rate for August was reported at 4.3%, matching market expectations but still below the Federal Reserve's year-end forecast of 4.5% [2] - The non-farm data indicates a potential turning point in the labor market, with economists suggesting that if the upcoming annual employment data revision shows a loss of 800,000 jobs, market sentiment may shift from anticipating rate cuts to fearing a recession [3] Group 2 - The report highlights a significant shift in the global bond market, indicating a structural turning point rather than a cyclical fluctuation, with Japan being seen as the last line of defense [6] - The report also discusses the current state of the Chinese stock market, questioning whether A-shares will experience sudden declines and analyzing the stages of the Hong Kong stock market [6] - It includes insights on the Federal Reserve's focus and implications for potential rate cuts in September, as well as strategies for gold and oil in the upcoming week [6]