美国5月平均每小时工资月率 0.4%，预期0.30%，前值0.20%。 ...

Group 1 - The core viewpoint of the news highlights the performance and potential of the high-end equipment ETF, indicating a stable liquidity and significant market interest in the defense sector [2] - As of June 5, the high-end equipment ETF has a recent average daily trading volume of 62.60 million yuan, with a total trading volume of 24.83 million yuan on a specific day [2] - The latest scale of the high-end equipment ETF reached 1.25 billion yuan, with a balanced inflow and outflow of funds recently [2] - The top ten weighted stocks in the CSI High-end Equipment Sub-index account for 45.86% of the index, with key players including AVIC Shenyang Aircraft, AVIC Optical, and Aero Engine Corporation of China [2] - The release of the "Important Military Facility Protection Regulations" on May 26 emphasizes the protection of enterprises involved in national defense research and production, enhancing the institutional support for national defense modernization [2] Group 2 - The military industry sector is experiencing a re-evaluation of military trade logic due to regional conflicts, which is expected to break through domestic military product pricing bottlenecks and achieve sustainable long-term returns [2] - The defense and military industry sector is characterized by long-term growth certainty, with the current "14th Five-Year Plan" entering its final year and industry disturbances largely eliminated [2] - The recovery of downstream demand and optimization of production capacity structure contribute to a high safety margin for the sector [2] - Investors can consider the CSI High-end Equipment Sub-index 50 ETF linked fund (018028) to capitalize on industry rotation opportunities [3]

备受瞩目的美国5月非农就业报告即将公布，然而，在此之前，一系列先行指标已释放出令人担忧的信 号，预示着美国劳动力市场可能正在经历一次显著的降温。 尤其值得警惕的是，小型企业（员工少于50人）成为就业流失的重灾区，净减少1.3万个岗位，这可能 反映出宏观政策不确定性对微观经济主体，特别是抗风险能力较弱的小企业的直接影响。 ADP的疲软并非孤例。近期公布的多项高频数据也指向劳动力市场的冷却： 与此同时，企业面临的成本压力也在加大。一季度单位劳动力成本被大幅上修至6.6%，而生产率却下 降1.5%，这种"成本上升、效率下降"的组合正在挤压企业的盈利空间。 特别是ADP数据的"爆冷"，更是加剧了市场对就业前景的悲观情绪，并进一步推升了对美联储降息的预 期。 周三（六月四号）公布的美国5月ADP私营部门就业数据显示，新增就业人数仅为3.7万人，远逊于市场 普遍预期的11.4万人。这一数字不仅创下了自2023年3月以来的新低，其与预期值高达5个标准差的巨大 偏差，更是近三年来的最大落差，无疑给市场带来了强烈冲击。 5 月ADP私营部门就业数据 从行业分布看，疲软态势较为普遍：商品生产部门岗位减少2000个；服务业虽有增长 ...

欧洲央行行长拉加德：工资指标指向2025年将进一步缓和。 ...

欧洲央行：工资增长仍然较高，但持续放缓。 ...

Core Insights - Moody's analysis indicates that Japan's wage growth is expected to slow down due to the impact of increased tariffs on production and shipping [1] - In April, Japan's inflation-adjusted wages fell by 1.8% compared to the previous year, highlighting the ongoing challenges faced by households [1] - Persistent inflation is putting pressure on consumer spending and creating policy challenges ahead of the upcoming upper house elections in July [1] Economic Impact - The increase in tariffs is anticipated to hinder wage growth in Japan, leading to a more difficult economic situation in the coming months [1] - The decline in real wages, as evidenced by the 1.8% drop, suggests that households are experiencing reduced purchasing power [1] - The combination of stagnant wage growth and ongoing inflation is likely to complicate economic conditions further [1]

智通财经APP获悉，周四公布的日本最新工资数据对寻求进一步加息以推进货币政策正常化的日本央行而言是一个积极的进展。数据显示，日本4月基本工 资同比增长2.2%，高于3月经修正后的1.4%;名义工资同比增长2.3%，不及经济学家预期的2.6%。一项更稳定的工资趋势指标则显示，全职工人的工资同比 上涨了2.5%，连续第20个月保持在2%或以上(该指标避免了抽样问题，也不包括奖金和加班费)。但不利的一方面是，实际薪资收入同比下降了1.8%，大于 市场预期的1.6%降幅。 在年度劳资谈判之后，工资前景普遍乐观。日本企业连续第二年承诺将工资提高5%以上。据日本最大工会联合会Rengo的最新统计，一些工人获得了30多年 来最大幅度的加薪。根据日本央行以往研究，这些加薪将在6月左右的工资单中更全面地体现出来。 不过，也有一些经济学家警告称，美国总统特朗普的关税可能压缩企业利润，限制部分企业为员工提供更慷慨薪资的能力。日本央行在其最新的展望报告中 指出，名义工资增长的速度可能会因企业利润下降而在未来放缓，但并未进一步说明具体背景。 Bloomberg Economics经济学家Taro Kimura指出，前几个月的数据受到闰 ...

日本4月加班工资年率 0.8%，前值-1.1%。 ...

美联储褐皮书：工资继续以温和速度增长 金十数据6月5日讯，美联储褐皮书表示，自上次报告以来，就业情况基本没有变化。大多数地区称就业 持平，3个地区报告就业轻微至适度增长，2个地区报告就业略有下降。许多地区报告员工流动率降低， 空缺职位的申请者增多。普遍存在关于不确定性导致招聘延迟的评论。所有地区都提到劳动力需求下 降，理由包括工作时长和加班减少、招聘暂停以及裁员计划。一些地区报告某些行业出现裁员，但这些 裁员并不普遍。两个地区指出，对于许多受访对象而言，招聘计划自年初以来没有变化。工资继续以温 和速度增长，尽管许多地区报告工资压力普遍缓解。少数地区表示，生活成本上升继续对工资构成上行 压力。 ...

Group 1: Job Market Overview - The private-sector payrolls report from ADP for May shows a weak job creation of +37K, significantly below the projected +110K, marking the lowest tally since March 2023 [1][2] - The average job creation over the past four months is only +82K, compared to +197K in the previous four months, indicating a substantial decline in job growth [2] - Goods-producing jobs decreased by -2K, while services added a modest +36K jobs, reflecting ongoing challenges in the labor market [3][4] Group 2: Sector Performance - The Leisure & Hospitality sector gained +38K jobs, followed by Financial Services with +20K and Construction with +6K, while Education & Health Services lost -13K and Professional/Business Services saw a decline of -27K [4] - Medium-sized companies (50-499 employees) led job gains with +49K, while large firms lost -3K and small businesses dropped -13K, highlighting the vulnerability of small-sized companies in the current labor market [5] Group 3: Wage Trends - Job Stayers experienced a +4.5% year-over-year wage increase, while Job Changers saw a +7.0% increase, indicating a generally healthy wage environment despite lower levels compared to previous periods [6] - Wages are stabilizing at robust levels, but there are no strong sectors driving significant hiring, leading to a hesitant job market [7] Group 4: Market Reaction - Following the ADP report, pre-market indexes shifted from positive to negative, with the Dow down -44 points, S&P 500 down -4, and Nasdaq down -20 [8] - Year-to-date performance shows the Dow at -0.7%, S&P at +0.7%, Nasdaq at +2.2%, and Russell 2000 at -6.5%, indicating mixed market sentiment [8]