Group 1 - The core viewpoint emphasizes the need to pay attention to the downside risks in the labor market, particularly concerning declines in working hours and wages [1]

对于市场整体，重阳投资合伙人、战略研究部主管寇志伟并不悲观。他在近期表示，无论是中国内地市 场还是中国香港市场，现在的流动性都非常充裕，港元和美元的短期利率发生了历史上从没有过的背 离。中国内地经济和股票市场都在4月份经历了关税战的"压力测试"，表明韧性十足。这些因素意味 着，当前市场的下行风险并不大。 ...

Core Insights - Federal Reserve Governor Waller indicated that the economy and labor market face downside risks, while inflation is under upward pressure [1] - The impact of tariffs on inflation may become most pronounced in the second half of 2025 [1] Economic Outlook - The economy is experiencing potential downturns, which could affect overall growth and stability [1] - The labor market is also showing signs of vulnerability, suggesting a need for caution in economic forecasts [1] Inflation Concerns - Inflationary pressures are expected to rise, indicating challenges for monetary policy and consumer purchasing power [1] - The timing of tariff impacts on inflation suggests a delayed effect, with significant implications for economic planning and strategy in 2025 [1]