每经AI快讯，10月3日消息，英国9月服务业PMI终值为50.8，前值51.9。 ...

Core Insights - The final value of the Eurozone Services PMI for September is reported at 51.3, slightly below the forecast of 51.4 and unchanged from the previous value of 51.4 [1] Summary by Category - **Economic Indicators** - Eurozone Services PMI for September stands at 51.3, compared to an expected 51.4 and a prior value of 51.4 [1]

Core Viewpoint - The final value of France's services PMI for September is reported at 48.5, a decrease from the previous value of 48.9, indicating a contraction in the services sector [1] Group 1 - The services PMI value of 48.5 suggests that the services industry in France is experiencing a decline [1] - The previous PMI value was 48.9, showing a slight decrease in performance [1]

每经AI快讯，10月3日，德国9月服务业PMI终值为51.5，预估52.5，前值52.5。 ...

Core Insights - Eurozone's September manufacturing PMI preliminary value is 49.5, below the expected 50.7 and the previous value of 50.7 [1] - Services PMI preliminary value increased from 50.5 to 51.4, exceeding the expected 50.5 [1] - Composite PMI preliminary value for September is 51.2, slightly above the expected 51.1 and previous value of 51 [1] Germany - Germany's September manufacturing PMI preliminary value is 48.5, lower than the expected 50 and previous value of 49.8 [1] France - France's September manufacturing PMI preliminary value is recorded at 48.1, marking a three-month low [1] - France's September composite PMI preliminary value is recorded at 48.4, indicating a five-month low [1]

Core Insights - The preliminary manufacturing PMI for the UK in September is reported at 46.2, which is below the expected 47.1, indicating a contraction in the manufacturing sector [1] - The preliminary services PMI for the UK in September is reported at 51.9, also below the expected 53.5, suggesting slower growth in the services sector [1] Manufacturing Sector - The manufacturing PMI of 46.2 reflects a decline in manufacturing activity, as values below 50 indicate contraction [1] - The actual PMI is lower than market expectations, which may signal ongoing challenges in the manufacturing industry [1] Services Sector - The services PMI of 51.9 indicates that the sector is still growing, but at a slower pace than anticipated [1] - The deviation from the expected 53.5 suggests potential headwinds for the services industry moving forward [1]

Market Performance - The Hang Seng Index closed at 25,058, down 1.12% for the day but up 24.92% year-to-date [1] - The Hang Seng Tech Index fell 1.85% to 5,578, with a year-to-date increase of 24.86% [1] - The A-share market saw significant declines, with the ChiNext Index dropping over 4% [5] Currency and Commodity Trends - The Renminbi Index stood at 96.570, showing a 0.90% increase over the past month but a 3.33% decrease over six months [2] - Brent crude oil prices decreased by 1.51% to $67.00 per barrel, while gold prices rose by 5.02% to $3,542.73 per ounce [2] Economic Indicators - U.S. labor productivity increased by 3.3% in Q2, marking the largest gain of 2023 [9] - The U.S. trade deficit widened to $78.3 billion in July, the highest in four months, driven by a 5.9% increase in imports [12] - The ISM Services PMI rose to 52 in August, indicating expansion in the services sector [13] Company-Specific Developments - FWD Group reported a more than 100% year-on-year increase in new business annualized premium in Hong Kong and Macau [17] - New World Development's basic profit increased by 0.5% year-on-year, with a dividend payout remaining stable [19] - The company reported a significant drop in property development gross margin to 12% from 26% the previous year [20] IPO and Market Activity - Recent IPOs showed varied performance, with some stocks like Jiaxin International Resources seeing a first-day gain of 177.84% [31] - The upcoming IPO of Daxing Technology is set for September 9, 2025, with a proposed offer price of 49.5 HKD [31]

Market Overview - Global markets showed mixed performance, with the Hang Seng Index closing at 25,343, down 0.60% for the day but up 26.34% year-to-date [1] - The Shanghai Composite Index fell by 1.16% to 3,814, while the Shenzhen Composite Index decreased by 1.41% to 2,380 [1] - In the US, the Dow Jones Industrial Average decreased slightly by 0.05% to 45,271, while the S&P 500 rose by 0.51% to 6,448 [1] Sector Performance - The Hang Seng Financial Index fell by 0.72% to 44,195, while the Hang Seng Real Estate Index dropped by 1.23% to 18,116 [2] - The healthcare sector showed resilience, with medical devices and innovative drugs performing well [3] Company Analysis: VILIZHIBO (9887 HK) - VILIZHIBO focuses on developing next-generation immuno-oncology therapies, with a broad product pipeline including immune checkpoint inhibitors and T-cell engagers [4] - The company has established proprietary platforms for drug innovation, including the LeadsBody platform for CD3 T-cell engagers and the X-body platform for 4-1BB agonists [4] - LBL-024, targeting PD-L1/4-1BB, is in the registration clinical stage and shows promising clinical data, with an overall response rate (ORR) of 33.3% in specific cancer patients [5] Company Analysis: China Life (2628 HK) - China Life reported a net profit increase of 7% to 40.9 billion RMB for the first half of 2025, despite a 31% decline in Q2 due to rising insurance service costs [7] - The new business value grew by 20.3% to 28.5 billion RMB, driven by significant growth in bancassurance channels [8] - The company’s core equity assets increased, benefiting from realized capital gains and dividend income [8] Company Analysis: JS Global (1691 HK) - JS Global's SharkNinja brand continues to see high growth in the Asia-Pacific region, with market share in Australia and New Zealand increasing significantly [10] - The company is shifting focus from scale to profitability, with expectations of improved gross and net margins due to product upgrades and SKU optimization [11] - Despite a slight decline in sales, the company anticipates a recovery in overseas sales and improved profitability in the coming years [12]

Hot News - The joint working group of the Ministry of Finance and the People's Bank of China held its second group leader meeting, aiming to continue promoting the stable and healthy development of China's bond market and ensuring the effective implementation of fiscal and monetary policies [1] - In August, RatingDog's China Services PMI reached 53, the highest since May 2024, with seasonal performance better than last year's 51.6 and the annual average [1] - Atlanta Fed President Bostic believes one rate cut this year is appropriate, but it may change based on inflation and employment [1] - Shandong coke producers resumed production on September 3 after a 30%-50% production cut from August 16 to September 3, with the current overall开工 rate at 68.61%, down 7.53% from the previous period [1] - From August 1-31, retail sales of new energy passenger vehicles in China reached 1.079 million, a 5% year-on-year increase and a 9% month-on-month increase, with a retail penetration rate of 55.3%. Cumulative retail sales this year reached 7.535 million, a 25% year-on-year increase. Wholesale sales reached 1.292 million, a 23% year-on-year increase and a 9% month-on-month increase, with a wholesale penetration rate of 53.6%. Cumulative wholesale sales this year reached 8.926 million, a 33% year-on-year increase [2] Key Focus - The report highlights coking coal, p-xylene, Shanghai silver, crude oil, and Shanghai gold as key areas of focus [3] Night Market Performance - The night market performance shows the following sectoral changes: Non-metallic building materials rose 2.72%, precious metals 29.41%, oilseeds and fats 10.78%, non-ferrous metals 21.49%, soft commodities 2.42%, coal, coke, and steel 14.28%, energy 2.87%, chemicals 12.01%, grains 1.10%, and agricultural and sideline products 2.93% [3] Sectoral Positions - The report presents the five-day change in commodity futures sector positions, including Wind agricultural and sideline products, Wind grains, Wind chemicals, Wind energy, Wind coal, coke, and steel, Wind non-ferrous metals, Wind commodity composites, Wind soft commodities, Wind oilseeds and fats, Wind precious metals, and Wind non-metallic building materials [4] Performance of Major Asset Classes - Equity markets: The Shanghai Composite Index fell 1.16%, the SSE 50 fell 1.07%, the CSI 300 fell 0.68%, the CSI 500 fell 1.34%, the S&P 500 rose 0.51%, the Hang Seng Index fell 0.60%, the German DAX rose 0.46%, the Nikkei 225 fell 0.88%, and the UK FTSE 100 rose 0.67% [5] - Fixed-income markets: The 10-year Treasury futures rose 0.21%, the 5-year Treasury futures rose 0.17%, and the 2-year Treasury futures rose 0.04% [5] - Commodity markets: The CRB Commodity Index fell 0.56%, WTI crude oil fell 2.74%, London spot gold rose 0.74%, LME copper fell 0.05%, and the Wind Commodity Index rose 1.30% [5] - Other markets: The US Dollar Index fell 0.17%, and the CBOE Volatility Index remained unchanged [5]

Group 1 - The final value of the UK services PMI for August is 54.2, which exceeds the expected value of 53.6 and matches the previous value of 53.6 [1]