欧元区通胀数据显示出微妙变化。6月年化通胀率从1.9%反弹至2%，恰好触及欧洲央行设定的物价目 标。这一数据与市场预期保持一致，但背后的结构性特征值得关注。服务价格同比上升3.3%，食品和 烟酒价格上升3.1%，而能源价格则下降2.7%。核心通胀率维持在2.3%的水平，表明价格压力仍然存 在。 美国6月ADP就业数据的疲软表现为美联储政策预期带来新的变数。专业和商业服务以及医疗保健和教 育领域的就业岗位下降，成为服务业就业减少的主要原因。ADP首席经济学家理查德森指出，企业在招 聘上的犹豫态度以及不愿意补充离职员工，导致了就业岗位的减少。 这一数据引发了对即将公布的6月非农就业报告的高度关注。瑞银预计6月非农就业人数或仅增加10万 人，失业率或创2021年新高。花旗的预测更为悲观，认为非农就业仅增加8.5万人。如果6月就业数据表 现异常疲软，美联储最早可能在7月份采取降息行动。 美国就业市场的疲软表现与欧元区相对稳定的通胀环境形成对比。这种差异可能为欧元兑美元汇率提供 支撑因素。当前欧元兑美元汇率在1.17-1.18区间波动，市场正在权衡两大央行政策分化的影响。 美股市场的表现也反映出投资者对经济前景的复杂情 ...

Core Viewpoint - The onshore Chinese yuan (CNY) against the US dollar reported a decline, closing at 7.1717 on July 4, 2023, reflecting a drop of 95 basis points from the previous night’s close [1] Summary by Relevant Sections - **Exchange Rate Movement** - The CNY/USD exchange rate decreased by 95 basis points [1] - The closing rate was 7.1717 [1] - **Trading Volume** - The trading volume for the day was reported at 26.294 billion USD [1]

香港金管局日内第二度入市 再买入127.56亿港元 金十数据7月4日讯，港元汇价偏弱，日内再度触发7.85兑每美元的弱方兑换保证，香港金管局在周四纽 约汇市交易时段第二度入市，再买入127.56亿港元，并沽出美元，以捍卫联系汇率。连同稍早时买入的 168.78亿港元，金管局日内合共承接296.34亿港元沽盘，香港银行体系总结余下周一将降至1145.41亿港 元。 ...

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has purchased HKD 29.634 billion to defend the currency peg system [1] Group 1 - The HKMA's intervention is aimed at maintaining the stability of the Hong Kong dollar's peg to the US dollar [1] - This action reflects the ongoing pressure on the Hong Kong dollar amid market fluctuations [1] - The purchase of HKD 29.634 billion indicates a significant commitment to uphold the currency's value [1]

Core Viewpoint - The USD/JPY exchange rate experienced a significant increase, rising by 0.93% to 144.99 JPY following the release of the U.S. non-farm payroll report, breaking out of a narrow trading range earlier in the day [1] Summary by Relevant Sections - **Exchange Rate Movement** - The USD/JPY rose to 144.99 JPY, with a daily trading range of 143.45 to 145.23 JPY [1] - The currency pair surged from around 143.80 JPY to above 145 JPY after the employment report was released [1]

周四（7月3日），韩元兑美元最终跌0.60%，报1364.54韩元。 ...

Core Viewpoint - The U.S. Treasury Secretary, Janet Yellen, indicated that if the EUR/USD exchange rate reaches 1.20, it would provoke significant reactions from Europeans [1] Group 1 - The statement highlights the sensitivity of European stakeholders to fluctuations in the euro against the dollar [1]

市场洞察 - 重点报道 --- Market Insights - Marquee Market Insights | Markets | Interest Rates 市场洞察 | 市场 | 利率 Hong Kong: How much would Hibor rise? | GS EM Marketstrats ⾹港：Hibor 会涨多少？| ⾼盛新兴市场 策略 Earlier this week, HKMA spent another US$2.5bn defending the peg at 7.85, after spending US$1.2bn last week. This means Aggregate Balance (AB) will decline to HKD144bn (vs peak of HKD173bn) but is still well above pre-May level of HKD44bn, indicating liquidity remains flush. The rise of front-end Hibor has been limited from r ...

Group 1 - The USD/JPY exchange rate increased by 0.93%, currently at 144.99, following the release of the U.S. non-farm payroll report, and has continued to fluctuate at high levels [1] - U.S. Deputy Treasury Secretary Faulkender highlighted that the issue with Japan pertains to "non-tariff barriers" [1]

| 投资者关系 | □分析师会议□媒体采访 □业绩说明会 特定对象调研 | | --- | --- | | 活动类别 | □新闻发布会 □路演活动□现场参观 □其他 | | 参与单位名称 | Point 72-Ricky Tsang、Miriam Lu、Christina Cong，中信证券-冯重光、张政，国惠基金 | | 及人员姓名 | 曹楠楠、毕瑞泽，富达国际-关向欣、董如枫、盛楠，开源证券-吕明、张霜凝，泰康资管 | | | -王琦，嘉实基金-黄福大，大家资管-张萌、钱怡，平安基金-李景瀚，长城基金-韩林 | | 时间 | 2025年7月3日 | | 地点 | 线上：腾讯会议、Zoom | | | 线下：中山 | | 上市公司 接待人员姓名 | 董事会秘书方玲玲 | | | 参加公司组织的调研活动（线下）的来访人员按深交所规定签署了《承诺书》。 | | | 投资者与公司的交流情况： | | | 问：特朗普发文称与越南达成的关税协议，新的关税政策对公司业务有何影响？客户将 | | | 如何与制造商分担关税成本？ | | | 答：美国对越南最新关税政策的细则目前尚未完全明确，仍需等待后续的信息。以往关 | ...