美国5月个人收入月率 -0.4%，预期0.3%，前值由0.80%修正为0.7%。 ...

Core Insights - In May, personal income in the United States decreased by 0.4% month-over-month, which was below the expected increase of 0.3% and a decline from the previous value of 0.8% [1] Summary by Category Economic Indicators - The personal income figure for May indicates a contraction, contrasting with market expectations and previous performance [1]

提醒：北京时间20:30，将公布美国5月个人收入和个人支出（PCE），加拿大4月GDP。 ...

"中国是全球第二大消费市场，拥有全球最大规模中等收入群体，蕴含着巨大投资和消费潜力"，这是今 年3月28日，习近平总书记在会见国际工商界代表时给出的描述，希望外资企业在中国可以尽展优势和 能力，在全球竞争中赢得先机。 巨大的潜力，到底有多大？超大体量的"消费大国"，这样一个新提法，给出了中国经济未来增长路径的 新愿景。 的基础上成长为超大体量的"消费大国"，最坚实的途径还是提升全体居民的收入水平和财富水平。 这样的一个目标，绝不可能一蹴而就。所以，更应该视作一个愿景，并用一个接一个的阶段性目标规 划，把这个美好的愿景变成现实。一个超大体量"消费大国"，必将是一个富裕的强国，必然会是全球最 大的消费市场之一。发展出这样的一个最大的消费市场，会让潜在的贸易争端化为无形，因为不是中国 经济依赖某一个外部市场，而是外部经济依赖于中国的市场。 提出要推动中国在制造大国的基础上成长为超大体量的"消费大国"，其实就是确认了要在发展中解决一 切问题，收入提高和市场变大的正向循环，会推动中国经济正式迈入高收入国家，一个超大体量的"消 费大国"，其实就是一个富裕国家。 全新的增量空间，超大体量"消费大国"，这些目标要如何实现？" ...

大家好，我是王行坤，一名文化研究学者。最近，我主要致力于工作文化和工作伦理方面的研究。 在演讲之前，我想问大家两个问题。 第一个问题是：在座各位对热爱工作是什么态度？如果说你热爱工作的话，请举手。有多少人热爱工作呢？好像不多。 第二个问题是：如果你曾经热爱工作，那么有没有某个时间点，或者某个瞬间，你感觉你被"热爱工作"这样的话术欺骗了？ 今天，我要讲的话题其实就是：当热爱工作成为骗局，我们应该如何面对工作？ 小时候，我们被父母、老师教育要爱劳动。长大后，我们被社会教育要干一行爱一行、要爱岗敬业。 好比马云，他曾经说："我希望阿里人都热爱你做的工作。如果你不热爱，哪怕8个小时你都嫌长；如果你热爱，那其实12个小时也不算太长。"马云当时 还用"累觉不爱"这个词发明了另一个词，叫作"爱觉不累"。 那么，大家是不是真的热爱自己的工作呢？其实，有一首歌已经给出了答案，那就是《感觉身体被掏空》。歌里有一句歌词：我真的好喜欢工作，我热爱 工作，工作让我进步。但大家应该都听过这首歌，创作者想要表达的意思其实是反讽。 不热爱工作这件事，也可以从一个指标看出来，那就是敬业度，即对工作的投入热情和满意程度。虽然我们经常说中国人非常 ...

在空缺2个多月后，中邮证券董事长人选尘埃落定。 6月26日，中邮证券发布公告称，董事会选举龚启华为公司董事长。此外，根据相关规定，龚启华作为董事 长，同时任公司法定代表⼈。 在本次公告发布之前，龚启华担任中邮证券总经理已有两年，并于2025年4月代为履行董事长职务。履历显 示，龚启华在金融领域具有资深的管理经验，此前曾在中国邮政集团旗下多个子公司担任高管，横跨保险、不 动产投资开发、集团资本运营等多方面。 总经理升任董事长 中邮证券成立于2002年9月，是中国邮政集团绝对控股的证券类金融子公司。中邮证券原董事长郭成林于今年4 月，被任命为贵州省人民政府副省长。这是证券业少见的券商高管升任副省长的案例。彼时有业内人士对记者 表示，在地方化债、建设金融强国以及提高居民财产性收入等大背景下，这一案例对于整个证券行业具有较特 殊的意义。 其中，中邮资产定位于投资、开发、运营中国邮政集团公司在全国范围内的邮政不动产项目，主要业务包括组 织实施集团公司集中盘活项目；协助集团公司财务部审批各单位上报的盘活项目实施方案；研究实施集团公司 不动产协同运营方案；研究与不动产盘活业务相关的产业及金融解决方案。 中邮资本则作为中国邮 ...

[Table_Title] 一线城市收入增速差距在哪里 ——消费系列之二 [Table_ReportDate] 2025 年 6 月 27 日 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号金隅 大厦B 座 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [➢Table_Summary] 一线城市收支与全国存在持续性裂口。早在 2018-2019 年时，全国、一 线城市、北上两城的人均可支配收入增速差距不大，人均可支配收入增 速基本在 8.4%-9%的区间内波动。而 2020-2024 年，一线城市、北上两 城收入增速和全国间存在持续性裂口。今年 Q1，一线城市收入增速仍比 全国增速低近 1 个百分点 ➢ 一线城市的增收结构本质上不同于全国。无论是一线城市还是全国居 民，可支配收入的主要来源都是工资性收入，二者工资性收入增速差别 不算大。但如果抛开工资收入部分，一线城市收入增长引擎则是财产性 收入，而全国可支配收入增长引擎是转移净收入，财产性收入在全国占 比最小。 ➢ 全国居民收入主要压制在工 ...

Group 1 - The core PCE price index, a key inflation indicator favored by the Federal Reserve, is set to be released, with expectations for a month-over-month increase of 0.1% for both core and overall PCE indices, maintaining the same level as April [1] - Year-over-year, the core PCE price index is expected to rise to 2.6% in May, up from 2.5% in April, while the overall PCE index is projected to increase to 2.3%, compared to 2.1% in April [1] - The upcoming data will also provide insights into consumer spending and income growth, with personal spending expected to grow by 0.2% month-over-month and personal income by 0.3%, a slowdown from April's 0.8% [1] Group 2 - Citi analysts predict that used car prices will remain volatile in the coming months, with the Manheim used car price index rising by 1.7% in early June after a 1.4% decline in May [2] - The Manheim index, reflecting wholesale prices, may indicate an overall upward trend in car prices, as rising new car prices could drive consumers to the used car market [2] - Evercore ISI analysts noted that the core PCE deflator increased by 0.15% in May, with tariffs expected to impact prices in the future but not currently affecting them [2]

Core Viewpoint - The definition of "wealthy individuals" varies significantly across different social classes, regions, and age groups, with a recent authoritative institution establishing four criteria to classify someone as wealthy [1][3]. Group 1: Wealth Criteria - The first criterion is a family net worth exceeding 3 million yuan, which includes assets like housing, cars, and financial assets, minus liabilities. The average net worth of urban families in China is 2.736 million yuan, with only about 30% exceeding this average [5]. - The second criterion is an annual family income exceeding 500,000 yuan, equating to a monthly income of over 42,000 yuan. Only 4.6% of families in China meet this income level, which is significantly above the average family income of 123,000 yuan for a three-person household [7]. - The third criterion is owning two or more properties. Approximately 19.3% of families in China own multiple homes, with ownership rates varying by region: 13.7% in first-tier cities, 18.5% in second-tier cities, and 22.6% in third and fourth-tier cities [9]. - The fourth criterion is having financial assets exceeding 1 million yuan. The average financial asset per family is 316,000 yuan, with only about 8.2% of families surpassing the 1 million yuan mark [11]. Group 2: Financial Asset Trends - The composition of family financial assets is changing, with bank deposits decreasing from 68.3% in 2015 to 51.7% in 2025, while equity assets like stocks and funds have increased from 15.6% to 28.3% [12].

Core Insights - In the first five months of the year, profits of large-scale industrial enterprises increased by 603.4 billion yuan compared to the previous four months, but saw a year-on-year decline of 1.1% due to insufficient effective demand, falling industrial product prices, and short-term fluctuations [1][3] - The cumulative profit of large-scale industrial enterprises showed a recovery trend, with a year-on-year increase of 0.8% in January-March and 1.4% in April [3] - The overall revenue of large-scale industrial enterprises reached 54.76 trillion yuan, a year-on-year increase of 2.7%, while operating costs rose by 3% to 46.88 trillion yuan, resulting in a profit margin of 4.97%, down by 0.19 percentage points year-on-year [4] Profit Composition - The profit composition indicates that investment income and other short-term factors from the previous year had a high base, which dragged down the profit growth rate by 1.7 percentage points [1] - The gross profit of large-scale industrial enterprises increased by 1.1% year-on-year, contributing to a 3 percentage point increase in overall profits [4] Sector Performance - In terms of sector performance, the mining industry saw a profit decline of 29% to 358.04 billion yuan, while the manufacturing sector's profits increased by 5.4% to 20,201.4 billion yuan, and the electricity, heat, gas, and water production and supply sector grew by 3.7% to 3,422.5 billion yuan [3][5] - Notably, the agricultural and food processing industry experienced a profit increase of 38.2%, while the automotive manufacturing sector faced a significant decline of 11.9% [5] Equipment Manufacturing - The equipment manufacturing sector demonstrated strong performance, with profits increasing by 7.2%, contributing 2.4 percentage points to the overall profit growth of large-scale industries [5] - Among the eight industries within equipment manufacturing, seven reported profit growth, with electronics, electrical machinery, and general equipment showing double-digit growth rates [5] High-Quality Development - The aerospace, aviation, and maritime industries experienced a remarkable profit increase of 56% due to rapid development in the "three aviation" sectors [6] - Policies promoting equipment upgrades and consumer goods replacement have positively impacted profits in related sectors, with significant growth in smart consumer devices and kitchen appliances [6] Future Outlook - The focus for the next phase will be on implementing proactive macro policies to strengthen domestic circulation, enhance innovation, and promote high-quality industrial development, laying a solid foundation for the recovery of industrial enterprise profits [6]