Group 1 - The Hong Kong IPO market recorded its strongest performance in the first half of 2025 since 2021, with total fundraising increasing sevenfold compared to the same period in 2024, making it the top global IPO fundraising market [1] - The total number of IPO applications on the Hong Kong main board has reached over 200, a historical high, indicating a sustained strong momentum expected to continue into the second half of 2025 [1] - In the first half of 2025, the global IPO market raised $60.9 billion with 544 listings, a 5% increase in fundraising compared to the previous year, although the number of listings decreased by 6% [1] Group 2 - A-share market activities remained stable in the first half of 2025, with 61 listings and a total fundraising amount of 53.7 billion RMB, despite a 5% decrease in fundraising compared to 2024 [1] - The introduction of a new reform by Chinese regulatory authorities allows companies listed in Hong Kong to also list on the Shenzhen Stock Exchange, promoting the H+A listing model [2] - The Shanghai Stock Exchange announced the establishment of a growth tier on the Sci-Tech Innovation Board to support high-growth potential but unprofitable tech companies, marking an important milestone for the A-share IPO market [2]

今晚公布的非农报告将受到更多关注。 美国劳动力市场可能正在发出警告信号。 尽管招聘冻结，但工资增长保持稳定。留职者的工资同比增长4.4%，而换工作者的工资平均增长 6.8%，这表明潜在的劳动力市场仍然接近充分就业。 ADP首席经济学家理查森（Nela Richardson）表示："裁员仍然很少见，企业对雇佣的犹豫，以及不愿 更换离职员工导致了职位减少。"他补充道："尽管如此，招聘的放缓尚未扰乱薪酬增长。然而，在今年 开局强劲之后，招聘势头正在减弱。" 市场分析认为，企业就业人数的下降表明，即使在特朗普政府暂时放宽了关税谈判期限之后，疲软的劳 动力市场也没有任何改善。公司填补的空缺职位比一年前少，在经济加速之前不太可能招募更多的人。 由于经济不确定性阻碍了招聘，6月份美国私人部门就业人数两年多来首次下降，引发了人们对经济健 康的担忧，并加大了外界对美联储降息的押注。市场的注意力将转向今晚公布的政府非农就业报告，这 可能成为本月美联储是否提前降息的关键催化剂。 数据意外下滑 美国人力调查公司ADP Research周三发布的数据显示，6月美国私营公司裁员3.3万人，这是自2023年3 月以来的首次下降，远不及市场 ...

德国机械制造业呼吁美欧尽快化解贸易争端 智通财经7月2日电，德国机械设备制造商联合会发布最新数据显示，今年5月，德国机械和设备制造业 实际新订单量同比增长9%。尽管去年同期基数较低，但在当前全球不确定性较高，尤其是美欧贸易摩 擦持续的背景下，这一增长仍被业界视为积极信号。德国机械设备制造商联合会首席经济学家约翰内斯 ·格尔南特当天在一份声明中表示，订单数据反映出行业对下半年形势"谨慎乐观"的预期。他坦言，全 球经济不确定性依然突出，特别是在当前美欧贸易争端未解决的背景下，亟需欧盟与美国尽快达成协 议，避免局势进一步升级。 ...

由于投资者在美国就业数据公布前保持观望，未敢大举押注，周三国际黄金价格小幅下跌，日内波动幅度 不到20美元，该就业数据预计将进一步揭示美联储未来的政策路径。美元重新获得买盘，扭转隔夜因对美 国关税和特朗普"大而美法案"引发的担忧而导致的跌势，从而限制金价的上行空间。 晚间风险数据预警！ 20.15分：市场目前的关注焦点转向今天稍晚将发布的美国ADP私营部门就业数据，以及周四公布的6月非 农就业数据，这些数据将为劳动力市场状况提供更多线索。鉴于贸易不确定性、地缘政治紧张局势加剧、 美元走软以及央行购买量不断增加，黄金仍处于高位。 对于晚间黄金走势的看法！ 黄金今天回撤的空间并不大，也并没有给到我们今天白盘想进场多单的机会，而目前来说，晚间还有ADP 的数据影响，但当前趋势来看的话黄金涨势还是依旧保持稳定，波动虽说对比昨天较小，但触及上方之前 的压力位也并没有大幅度的下跌，那么今天晚间的思路还是看涨！ 而对于今晚的趋势上来说，兴言还是保持低多看涨的趋势不变，而下方的支撑可先关注3325附近的支撑即 可，回撤到位继续跟进多单，上方目标看向3350-55一线！同时若趋势有新的变动兴言也会在实盘中实时给 出！ 所谓一个 ...

惠誉：贸易战和政策不确定性破坏2025年全球信用前景。 ...

金十数据7月2日讯，由于经济的不确定性使雇主感到不安，美国私营企业上个月的就业人数出现两年多 来的首次下降。根据ADP发布的全国就业报告，美国6月份总共减少了3.3万个工作岗位，相比之下，5 月份的就业岗位增加了2.9万个。这是2023年3月以来首次报告就业人数下降。接受《华尔街日报》调查 的经济学家此前预计，当月新增就业岗位将增至10万个。ADP首席经济学家Nela Richardson说："尽管 裁员仍然很少见，但招聘的犹豫和不愿替换离职员工导致上个月就业人数减少。"然而，经济放缓尚未 影响到年度薪酬增长，6月份的增幅为4.4%，仅略低于5月份的4.5%。 美国私营部门就业人数意外减少 ...

Group 1 - The COMEX gold price is currently at $3344.90 per ounce, showing a slight decline of 0.15% with a high of $3354.80 and a low of $3337.20 [1][3] - Economic uncertainty is heightened due to President Trump's cancellation of Temporary Protected Status (TPS) for over 380,000 individuals, with an expected impact on employment [3] - UBS economists predict that the TPS-related layoffs could lead to a reduction of approximately 5,000 jobs in June, contributing to a lower non-farm employment increase forecast of 85,000 jobs [3] Group 2 - The 90-day tariff suspension implemented by the Trump administration is set to expire on July 9, adding to economic uncertainty [3] - A Kansas City Fed survey indicates that about 25% of surveyed companies have reduced hiring, and 21% have conducted layoffs due to economic conditions [3] - Short-term resistance levels for COMEX gold are identified between $3380 and $3390, while support levels are between $3230 and $3240 [1][3]

Core Viewpoint - The Deputy Governor of the Bank of Thailand stated that concerns regarding political uncertainty have not increased and should not impact government spending and trade negotiations [1] Group 1 - The Deputy Governor emphasized that the current political landscape does not pose heightened risks to economic stability [1] - Government spending is expected to remain unaffected by political uncertainties, indicating a stable fiscal environment [1] - Trade negotiations are also anticipated to proceed without disruption, reflecting confidence in ongoing economic policies [1]

Group 1 - Gold prices are stabilizing after two days of rebound, hovering below a one-week high, influenced by a slight recovery in the dollar and improved market risk appetite, but limited by expectations of Federal Reserve rate cuts and trade uncertainties [1] - The international gold market shows a bullish sentiment with a long upper shadow in the monthly candlestick, indicating significant selling pressure above, while the market is closely watching for U.S. data and comments from President Trump regarding rate cuts [2] - Short-term resistance for gold is identified in the 3355-3360 range, with potential upward targets of 3375-3380 and 3400, while support is seen at the 3315 level, below which further declines could occur [4] Group 2 - The domestic gold market, including Shanghai gold and other products, has seen a recent increase, with significant profits noted from previous bottom-buying strategies, although a temporary pullback is expected [4] - Support levels for Shanghai gold are around 775, while for other products, it is at 766, with expectations of continued upward movement after the current adjustment phase [4] - The overall bullish trend remains intact, with targets set at 795 for Shanghai gold and 790 for other products, indicating a need for patience among investors [4]

尽管短期政治危机出现转机，但深层结构性矛盾仍难消解。瑞士隆奥银行指出，贸易与旅游两大支柱产业面临的挑战远超政局变动本 身。若特朗普政府最终落实关税威胁，泰国出口将遭受直接冲击，而当前10%基准关税的延长预期，反而被花旗集团视为潜在利好， 认为这可能成为稳定市场的"安全垫"。 估值洼地效应虽吸引部分价值投资者关注，SET指数11.7倍的预期市盈率较五年均值折价24.5%，但专业机构普遍持谨慎立场。 Valverde投资公司创始人John Foo警示，政治混沌与经济疲软的双重夹击，将使泰国股市在未来数月持续承压。 当前泰国经济面临三重压力：首当其冲的是与美国贸易谈判的悬而未决。白宫拟对泰国商品加征36%惩罚性关税的威胁始终高悬，而 泰国既未获得特定行业豁免，又因政治僵局拖累谈判进程，出口前景蒙上阴影。其次，新财年预算及经济刺激方案因政局动荡面临推 迟风险，这在消费持续疲软的背景下，可能进一步加剧经济下行压力。泰国政府5月已将2025年经济增长预期大幅下调1个百分点至 1.3%，远落后于印尼、菲律宾等东盟邻国，外国游客数量锐减更是雪上加霜。 资本流动数据印证着投资者的谨慎态度：截至6月，海外机构投资者已连续九个月净 ...