Core Viewpoint - The State Council has issued a three-year action plan (2025-2027) to promote employment for people with disabilities, aiming to enhance their employment quality and ensure they share in the benefits of modernization [1] Group 1: Employment Initiatives - The action plan includes ten measures such as promoting employment in government and public institutions, supporting self-employment and flexible employment for people with disabilities, and enhancing vocational skills for disabled university graduates [1] - The first phase of the action plan aimed to create 1 million new jobs for people with disabilities, with a reported achievement of 1.648 million new jobs and a 4.8 percentage point increase in employment rate from 2022 to 2024, exceeding the target [1] Group 2: Success Stories - Chen Liangjie, a chief technician at a packaging company, has trained dozens of disabled employees to obtain vocational skill certificates, demonstrating the potential for disabled individuals to excel in professional fields [2] - The "Beautiful Workshop" initiative, launched in 2022, aims to support disabled women in finding employment through handcrafting, contributing to their income [2] Group 3: Community and Social Support - The "Hope Home," established by a spinal cord injury patient, has created job opportunities for disabled women, leading to significant employment and income increases for participants [3] - The action plan emphasizes the need for social forces to establish a network of employment counselors and vocational assessment professionals to enhance employment services for people with disabilities [3][4] Group 4: Challenges and Future Outlook - The employment of people with disabilities faces challenges such as uneven distribution across urban and rural areas, lower education levels, and misconceptions among employers regarding the capabilities of disabled individuals [4] - The role of employment counselors is highlighted as crucial for improving the success and stability of disabled individuals in the workforce, fostering a more inclusive employment environment [4]

Core Viewpoint - The Suzhou Housing Provident Fund Management Center has optimized the implementation details for the housing provident fund system for flexible employment, effective from July 1, marking the launch of version 3.0 of the pilot program, which will last for three years and aims to enhance policy attractiveness and assist flexible employment individuals in addressing housing issues [1][3]. Group 1: Key Innovations and Upgrades - The upgraded pilot policy emphasizes "two major innovations, five major upgrades, and six major benefits" [3]. - "Six major benefits" include low-interest loans, deposit subsidies, rental support, points for mobile populations, tax incentives, and interest payments [3]. - "Two major innovations" focus on promoting urban-rural integration and introducing a supplementary provident fund system [3]. - "Five major upgrades" consist of: - **Model Upgrade**: Offering both monthly and flexible deposit options without a deposit ceiling, with a minimum deposit equal to 10% of the city's minimum monthly wage [3]. - **Withdrawal Upgrade**: Allowing flexible employment individuals to withdraw their provident fund without material requirements, with no restrictions on time, amount, or frequency [3][4]. - **Subsidy Upgrade**: Continuing to provide account opening and deposit subsidies, with interest subsidies set at 30% of the provident fund's interest rate, distributed annually [4]. - **Loan Upgrade**: Enhancements in loan offerings for flexible employment individuals [4]. - **Experience Upgrade**: Improvements in user experience related to the provident fund system [4]. Group 2: Target Audience and Policy Scope - The pilot program targets flexible employment individuals aged 16 and above who have not reached the legal retirement age, including urban individual businesses, part-time workers, and those in new employment forms [1][3]. - The policy also supports rural residents in participating in the provident fund system and facilitates housing loans for self-built or renovated homes, promoting urban-rural integration and common prosperity [1][3].

会议强调，要"用好政策空间、找准发力方向，扎实推动经济高质量发展""大力推动现代化产业体系建设""通过增 加居民收入扩大消费""切实优化民营企业发展环境""加大民生保障力度"等。其中，消费、住房、就业等工作部署 事关你我，一起来了解。 7月24日，中共中央政治局召开会议，分析研究当前经济形势，部署下半年经济工作。习近平总书记主持会议。 消费是畅通国内大循环的关键环节和重要引擎，也是人民群众对美好生活的直观需求。本次会议强调，"要积极扩 大国内需求，发挥消费拉动经济增长的基础性作用"，再一次把扩大消费摆在了重要位置。同时，会议紧扣消费升 级的趋势和方向，强调要提振汽车、电子产品、家居等大宗消费，推动体育休闲、文化旅游等服务消费。 今年以来，随着扩大内需各项政策措施落地生效，内需潜力持续释放，中国经济增长由去年的以投资和出口拉动 为主转为今年的以消费和投资拉动为主，其中消费对经济增长贡献明显提升。从全年来看，随着消费环境继续改 善、支撑消费增长的有利条件越来越多，消费有望继续扩大。 会议强调: 要切实防范化解重点领域风险，适应我国 房地产市场供求关系发生重大变化的新形 势,适时调整优化房地产政策,因城施策 用好政 ...

证 券 研 究 报 告 【宏观快评】6 月美国非农数据点评 就业状况指数指向"half full"还是"half empty"？ 主要观点 ❖ 6 月非农数据简述：新增非农就业再超预期 1、新增非农就业超预期，录得 14.7 万，预期 10.6 万。就业增长集中在 4 个行 业，政府部门（+7.3 万，前值+0.7 万）、教育保健服务（+5.1 万，前值+8.3 万）、 休闲酒店业（+2 万，前值+2.9 万）、建筑业（+1.5 万，前值+0.6 万）。罢工结 束贡献约 0.56 万的新增就业。 2、失业率从 4.2%下行至 4.1%，预期 4.3%。劳动参与率从 62.4%降至 62.3%。 3、时薪增速低于预期，环比 0.2%，预期 0.3%，前值 0.4%。周工时从 34.3 小 时降至 34.2 小时，处于 2015 年以来的绝对低位水平。周薪环比下降 0.1%，今 年以来首次录得负值。 4、市场降息预期明显降温，美股和美元指数上涨，长端美债利率上行。期货 市场定价的7月降息概率从25.3%降至4.7%，9月降息概率从91%降至70.7%， 全年降息次数从 2.6 次降至 2.1 次。 ❖ 6 月非农 ...

Group 1: Core Insights - The June non-farm payroll report revealed a significant increase of 147,000 jobs, surpassing market expectations of 110,000, while the unemployment rate unexpectedly dropped to 4.1%, below the anticipated 4.3% [1][3] - The job growth was primarily driven by a surge in government employment, particularly in education-related positions, which accounted for nearly half of the new jobs, indicating a structural imbalance in employment growth [3][9] - The report raised concerns about the sustainability of job growth, as private sector job additions were only 74,000, reflecting a moderate economic vitality [3][10] Group 2: Market Reactions - Following the release of the non-farm data, the financial markets experienced a rapid shift, with the dollar index rising by 0.6%, marking the largest single-day increase in three months, while gold prices fell sharply [5][6] - The expectations for a July interest rate cut by the Federal Reserve plummeted, with the probability of maintaining rates rising from 76.7% to 93.3%, indicating a fundamental shift in market pricing logic [4][5] Group 3: Political and Monetary Policy Dynamics - The release of the non-farm data sparked a heated debate in the U.S. political and financial spheres, highlighting the tension between political influence and the independence of monetary policy [7][8] - President Trump claimed credit for the job growth, labeling it the "Trump effect," despite the fact that a significant portion of the job increase came from government sectors, undermining the narrative of private sector prosperity [7][9] Group 4: Future Outlook and Concerns - The report highlighted three major concerns: the sustainability of job growth, the ongoing uncertainty surrounding trade policies, and the potential for a shift in Federal Reserve policy [9][10] - Analysts expressed differing views on the Fed's future actions, with some suggesting that the likelihood of rate cuts has diminished, while others warned that economic indicators could still prompt a policy shift later in the year [8][10]

Group 1 - The core viewpoint of the articles indicates that despite uncertainties in the U.S. economy due to President Trump's tariff policies, the job market remains robust with significant job growth in June [2][4][14] - The U.S. added 147,000 jobs in June, surpassing expectations of 117,500, with the unemployment rate decreasing from 4.2% to 4.1% [2][4] - Job growth was primarily driven by healthcare (+58,600 jobs), leisure and hospitality (+20,000 jobs), and state and local government (+80,000 jobs), while private sector job growth was only 74,000, the lowest since October 2024 [4][5] Group 2 - The labor force participation rate has declined, and the unemployment rate for Black workers rose by 0.8 percentage points to 6.8%, the highest level since January 2022 [5][9] - Average hourly earnings increased by $0.08 (0.2%) to $36.30, with the year-over-year growth rate dropping from 3.9% to 3.7% [5][12] - The report indicates a potential slowdown in labor demand due to rising tariffs and restrictive monetary policies, which may hinder hiring activities [4][11] Group 3 - The job market has shown low turnover rates, with hiring activity at a near ten-year low, suggesting employers are retaining their workers amid economic uncertainty [8][9] - Initial claims for unemployment insurance decreased slightly, indicating that layoffs have not accelerated, but finding new jobs remains challenging for many [9][11] - The Federal Reserve is closely monitoring economic data, with expectations of maintaining high interest rates due to concerns over inflation and the impact of tariffs [11][12][14] Group 4 - Wall Street reacted positively to the employment report, with major indices rising, reflecting investor optimism about the resilience of the U.S. economy despite trade policy uncertainties [14] - The strong job report has led to a surge in U.S. Treasury yields and reduced expectations for an imminent rate cut by the Federal Reserve [14]

7月，新疆姑娘李美玲将前往塔里木油田，在大漠戈壁中开启自己的职业生涯。 李美玲是西南石油大学石油与天然气工程学院油气储运工程专业2025届毕业生。尽管与男性相比，女性 在这个行业面临着更多的不便和困难，但经过专业学习和实践，她作出了"去油田从基层干起"的职业决 定。 "我们穿着工服、戴着安全帽，去油气场站现场观摩过，也和在那里工作的学长、前辈深入地聊过。"李 美玲认为，这份工作专业对口，也符合自己投身能源工业的职业规划。 为强化岗位对接、完善工作机制、凝聚工作合力，西南石油大学建立了"全覆盖、全过程、精准化、特 色化"的基层就业指导体系：大一入学教育，激发基层就业热情；大二社会实践活动，感知基层就业情 况；大三就业考察实践，了解基层就业需求；大四求职应聘行动，实现基层就业梦想。 "基层是吸纳高校毕业生就业的广阔空间，更是高校毕业生成长成才的'蹲苗地''大舞台'。"西南石油大 学招生就业处处长肖虎说，西南石油大学把引导毕业生到基层、到西部、到国家需要的地方建功立业， 当作学校就业工作的"重头戏"。 数据显示，近3年，西南石油大学毕业生中，80%以上在关系国家安全、国民经济命脉的重要行业、关 键领域和基层一线就业 ...

现货白银最终涨0.34%，报36.9690美元/盎司，本周累涨2.72%，持续震荡走高。 周五（7月4日）），现货黄金最终上涨0.33%，报3337.15美元/盎司，本周累计上涨1.92%，周一和周二 持续、平滑地走高，周三至周五持续高位震荡，其中周四亚太盘初达到3365.80美元、当天发布美国非 农就业报告时显著回落。 ...

Group 1 - The U.S. non-farm payrolls increased by 147,000 in June, significantly exceeding the market expectation of 110,000, indicating a stable labor market overall [1][2] - The unemployment rate remained steady at 4.1%, with long-term unemployment rising by 190,000 to 1.6 million, representing 23.3% of the total unemployed population, highlighting challenges for certain labor groups [2] - Job growth was primarily driven by state government and healthcare sectors, with state and local government jobs adding 73,000 positions, while the federal government cut 7,000 jobs in June [1][2] Group 2 - Market expectations for a Federal Reserve rate cut in July have significantly decreased, with the probability of a 25 basis point cut dropping from 18.6% to 4.7% following the strong employment data [2] - Analysts suggest that the Federal Reserve's decision on rate cuts remains uncertain, with a potential shift towards a more cautious approach in hiring observed in the private sector [2][3] - The focus may shift to U.S. inflation data, particularly the Consumer Price Index (CPI) set to be released on July 15, as the labor market remains stable [3]

Core Viewpoint - The article emphasizes the importance of empowering women in employment and entrepreneurship, aligning with Xi Jinping's directives for high-quality development [1] Group 1: Women's Employment and Entrepreneurship - The government aims to enhance women's career skills and support their employment and entrepreneurship efforts [1] - There is a focus on promoting the "Sister Home Service" brand to drive high-quality development in the home service industry [1] - The initiative encourages the transformation of women's handicraft skills into economic opportunities, thereby increasing employment and income [1] Group 2: Policy Implementation and Support - Policies will be detailed and implemented to effectively expand employment channels for women [1] - There is a call to encourage and support more women in starting their own businesses [1] - The article highlights the need for women's organizations to extend their reach into enterprises and urban-rural communities to better serve women [1]