每经记者｜李彪 每经编辑｜毕陆名 同时，6月份，全国城镇调查失业率为4.8%，与上月持平，比上年同月下降0.1个百分点，继续保持历史 低位；31个大城市城镇调查失业率为4.7%，与上月持平，比上年同月下降0.2个百分点。 今年上半年，居民收入稳定增长，就业形势稳中向好。 国家统计局新闻发言人毛盛勇指出，从就业来看，全国城镇调查失业率连续三个月都低于5%，5、6月 份是4.8%，这个水平是2016年国家统计局建立全国劳动力月度调查制度以来最低的水平。 中国劳动学会副会长苏海南告诉《每日经济新闻》记者，上半年城镇调查失业率持续保持较低的水平， 主要是受经济发展、结构调整以及就业政策推动等多个方面的影响，下半年的就业情况可能会有一些不 确定因素，需要提前做好相应的准备工作。 服务占居民消费比重约50% 2018年上半年，居民收入保持稳定增长。毛盛勇介绍，上半年，全国居民人均可支配收入14063元，同 比名义增长8.7%，扣除价格因素实际增长6.6%。按常住地分，城镇居民人均可支配收入19770元，同比 名义增长7.9%，扣除价格因素实际增长5.8%；农村居民人均可支配收入7142元，同比名义增长8.8%， 扣除价格 ...

Macro Strategy - The report indicates that the US non-farm payroll data for June exceeded expectations, leading to a delay in interest rate cuts to September, with the 10-year US Treasury yield rising by 6.89 basis points to 4.346% [1][8] - The ISM services PMI returned above the expansion line, reflecting strong economic data, while the unemployment rate decreased, contributing to a positive market sentiment [1][8] - The signing of Trump's "One Big Beautiful Bill" (OBBB) increased the debt ceiling by $5 trillion to $41 trillion, which may shift market dynamics from "buy the rumor, sell the news" [1][8] Industry Analysis - The insurance sector is expected to benefit from the expansion of the Bond Connect southbound scheme, allowing more non-bank institutions to invest in Hong Kong's bond market, which could alleviate asset pressure on insurance companies [6][18] - The report notes that the demand for savings remains strong, and with regulatory guidance and proactive transformation by insurance companies, liability costs are expected to gradually decrease, easing pressure from interest rate spreads [6][18] - The valuation of the insurance sector is currently at historical lows, with estimates for 2025 ranging from 0.61 to 0.95 times PEV and 0.99 to 2.15 times PB, indicating significant upside potential [6][18] Company Analysis - Zorui Pharmaceutical is projected to achieve a revenue growth of approximately 12% in H1 2025, with net profit expected to increase by 24.3% to 31.06% year-on-year, indicating strong performance [7] - The company is focusing on strategic expansion in the "Wuling Mushroom+" segment, which is anticipated to drive growth in the medium term [7] - The forecasted net profit for Zorui Pharmaceutical for 2025-2027 is estimated at 6.55 billion, 8.41 billion, and 10.41 billion respectively, with corresponding PE valuations of 20, 16, and 13 times [7]