Core Viewpoint - The US services PMI is expected to decline to 50.2, down from 50.8, indicating a less optimistic outlook for the services sector while still remaining in the expansion zone [1] Summary by Relevant Sections - **PMI Expectations** - The anticipated value for the ISM services PMI is 50.2, which is a decrease from the previous value of 50.8 [1] - **Sector Outlook** - The outlook for the services sector is not optimistic, but it is expected to remain in an expansion state compared to the manufacturing sector [1] - **Analyst Insights** - Analysts from Wells Fargo noted that the decline last month was one of the largest in nine months, primarily due to a significant drop in the employment index and a slowdown in both domestic and international orders [1] - **Business Activity and Confidence** - Despite relatively resilient business activity, the overall situation appears discouraging, and further deterioration in business confidence could severely impact the industry [1]

分析师：因关税加持，本周的贸易帐值得关注 金十数据5月5日讯，财经网站Forexlive分析师：本周将是经济事件清淡的一周，美国非农就业变化数据 公布后通常都是如此。周一，美国将公布ISM服务业PMI，周二将公贸易帐，这些数据通常不会引起太 多关注，但鉴于目前与关税相关的紧张局势，值得关注。 ...

Group 1 - The article mentions that stock markets in China, Japan, the UK, and South Korea are closed for the day [1] - It highlights that the US will release the April Services PMI and ISM Non-Manufacturing PMI later tonight [1]

Group 1 - The final value of Australia's April S&P Global Services PMI is 51, down from the previous value of 51.4 [1] - The final value of Australia's April S&P Global Composite PMI is also 51, unchanged from the previous value of 51.4 [1]

①14:30 瑞士4月CPI月率； ②16:30 欧元区5月Sentix投资者信心指数； ③21:45 美国4月标普全球服务业PMI终值； ④22:00 美国4月ISM非制造业PMI。 周一（5月5日）重点关注财经事件和经济数据 ...

澳大利亚4月标普全球服务业PMI终值 51，前值51.4。 ...

专业服务业发展水平是衡量地区现代社会经济发达程度的重要标志，是城市软实力的集中体现。 作为广州"12218"现代化产业体系8个现代服务业之一，专业服务业主要包括法律服务、财税服务、咨询 服务、广告服务、人力资源服务等10个行业。加快发展专业服务业，推进服务业制造业"两业融合"，是 广州建设"12218"现代化产业体系的重要内容。 最新数据显示，广州高端专业服务业展现活力，今年1—2月实现营业收入增长14.5%。其中，广告服务 业营业收入同比增长30.5%，法律服务同比增长16.8%。目前，广州已初步形成以人力资源服务、广告 服务等千亿级行业为引领，特色细分行业竞相发展的格局，助推城市能级和产业综合配套功能不断提 升，以"专业服务含金量"成就"经济发展高质量"。 人力资源服务：搭建产业与人才的桥梁 先透过一组数据感知广州人力资源服务业的澎湃活力：全市人力资源服务机构近2600家，行业年度营收 突破1800亿元，各业态蓬勃发展，多层次宽领域产业体系进一步健全，可以满足企业不同阶段的需求、 覆盖求职者的整个职业生命周期。 "作为现代服务业和生产性服务业的重要门类和新兴产业，人力资源服务业在匹配市场需求、优化资源 配 ...

在生产性服务业提质增效、持续赋能的同时，泰安市批零住餐业、文化旅游业、居民服务业等生活性服 务业也向高品质和多样化升级。 漫步新泰市滨湖新区，生态绿道蜿蜒延伸，智能扫洗车高效作业，生态公厕融入景观带，这些美丽变化 得益于山东健康集团城市服务公司的精细化改造。"我们从城市的'细枝末节'着手，助力城市既有颜值 又有品质。"公司负责人陈丹介绍，企业创新"公共服务+城市微更新+可持续运营"模式，已签约46个城 市服务项目，正从传统物业、环卫服务向城市综合运营转型。未来，企业还将拓展智慧停车、健康共享 陪护、城市园林绿化等民生服务领域，助力打造更宜居、更智慧的现代化城市。 今年一季度，泰安服务业实现增加值505.6亿元，同比增长7.2%，高于全省1.2个百分点，跃居全省第2 位，近年来首次高于全市GDP和第二产业增速，不仅在总量上持续攀升，更在质量、效益上实现全面跃 升，对泰安经济增长的拉动作用持续增强。 数字赋能生产性服务业跑出"加速度" 石横特钢集团有限公司通过智能配煤系统，融合配煤工艺机理模型与人工智能技术，使配煤准确率提升 至98%以上，年节约煤炭成本超千万元。这一转变背后，是山东征途科技股份有限公司与华为公司 ...

Core Viewpoint - A federal judge has ruled that Apple can no longer collect commissions on transactions occurring outside the App Store, which poses a significant challenge to its high-margin services business [1][6]. Financial Impact - The immediate financial impact of the ruling is uncertain, but it introduces risks to Apple's commission-based revenue model [2][9]. - Apple's services business reported record revenues of $26.6 billion, growing by 11.6%, although this growth has slowed from 14% in the previous quarter [3][4]. Business Model Changes - The ruling stems from a prior injunction related to the Epic Games lawsuit, which required Apple to allow third-party payment links, thus affecting its ability to charge a 30% commission [6][8]. - Apple estimated that the revenue impact of moving to a no-commission model could range from hundreds of millions to billions, depending on developer adoption rates [8]. Competitive Landscape - The ruling may enable companies like Epic and Spotify to attract Apple customers to transact directly, potentially diminishing Apple's revenue from the App Store [7][8]. - In 2022, App Store developer billings reached $1.1 trillion, with over 90% of that amount going to developers without any commission paid to Apple [8]. Ongoing Legal Challenges - Apple plans to appeal the ruling, indicating that the commission-based model is facing significant uncertainty moving forward [9].

公司研究 FY2Q25 业绩略超预期，需持续关注关税进展 ——苹果（AAPL.O）FY2Q25 业绩跟踪 买入(维持) 当前价：213.32 美元 作者 2025 年 5 月 2 日 分析师：付天姿 CFA，FRM 执业证书编号：S0930517040002 021-52523692 futz@ebscn.com 分析师：黄铮 执业证书编号：S0930524070009 021-52523825 huangzheng1@ebscn.com 市场数据 | 总股本(亿股) | 150.22 | | --- | --- | | 总市值(亿美元)： | 32,045.09 | | 一年最低/最高 | 169.2-260.1 | | (美元)： | | | 近 3 月换手率： | 39.1 | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -5.9 | 0.3 | 12.1 | | 绝对 | -4.4 | -9.5 | 23.9 | 资料来源：Wind 相关研报 FY1Q25 营收&利润创单季新高, 期待 4 月 ...