A 'Now Hiring' paper sits on the table as recruiters for Teleperformance company engage job seekers at the Mega JobNewsUSA South Florida Job Fair held in the Amerant Bank Arena on Sept. 25, 2025 in Sunrise, Florida.Employment growth was essentially flat in September, according to data from investment giant Carlyle that seeks to fill in data gaps created by the government shutdown.The firm said its proprietary data showed job growth of just 17,000 from the month, which would be even less than the 22,000 gain ...

Economic Overview - The macroeconomic policies have shown effectiveness, allowing the national economy to maintain a steady and progressive development despite external complexities and extreme weather conditions [3]. Industrial Performance - From January to July, the industrial added value of large-scale enterprises increased by 6.3% year-on-year [4]. Service Sector - The service production index saw a year-on-year growth of 5.9% during the same period [4]. Consumer Spending - The total retail sales of consumer goods reached 284,238 billion yuan, reflecting a year-on-year increase of 4.8% [5]. Investment Trends - Fixed asset investment (excluding rural households) totaled 288,229 billion yuan, showing a year-on-year decline of 6% [6]. - When excluding real estate development investment, fixed asset investment grew by 5.3% [7]. Trade Performance - The total value of goods import and export amounted to 256,969 billion yuan, with a year-on-year growth of 3.5% [8].

1. Report Industry Investment Rating - The investment rating for the asphalt industry is "oscillating" [3]. 2. Core Viewpoints of the Report - The price of asphalt is affected by the weak cost side due to the six - consecutive - day decline in crude oil prices, while its own supply - demand contradiction is not prominent. In the short term, asphalt will follow the trend of crude oil and show an oscillating trend [3]. 3. Summary by Relevant Catalogs 3.1 Main Viewpoints and Strategy Overview - **Supply**: In August, the domestic refinery asphalt production plan is 2.41 million tons, a month - on - month increase of 130,000 tons (5%) and a year - on - year increase of 490,000 tons (25%). Imported asphalt from South Korea has a reduced arrival volume, supporting the increase in import prices [3]. - **Demand**: The release of demand is lower than expected. Rain in some northern regions has hindered rigid demand, and the actual trading atmosphere in the southern market is weak. This week's shipment volume is 418,000 tons, a month - on - month slight decrease of 0.2% [3]. - **Inventory**: This week, the domestic refinery inventory is in a destocking state, especially in North China. The social inventory has a slight accumulation, with the most obvious accumulation in East China [3]. - **Cost**: International oil prices have declined across the board due to multiple negative factors, and the price of US oil has fallen below the key level of $65 [3]. - **Investment Viewpoint**: In the short term, the supply - demand contradiction is not prominent, and it will follow the trend of crude oil, showing an oscillating trend [3]. - **Trading Strategy**: Unilateral trading should focus on the oscillating trend, and for arbitrage, pay attention to the 9 - 12 reverse spread [3]. 3.2 Price - The report presents the mainstream market prices of heavy - traffic asphalt in East China, South China, and other regions, as well as the import prices from South Korea and Singapore [5][12]. 3.3 Spread, Basis, and Delivery Profit - **Spread**: The report shows the historical data of asphalt cracking spread and the spread between asphalt and coking materials [17][18]. - **Basis**: It presents the basis data of asphalt in main regions such as South China, East China, and Shandong [21]. 3.4 Supply - **Scheduled Production**: In August, the production plans of different refinery groups vary. The planned production of local refineries has increased year - on - year and month - on - month [3]. - **Capacity Utilization**: The report shows the capacity utilization rates of asphalt in different regions and time periods [34][37]. - **Maintenance Loss**: It presents the weekly and monthly maintenance loss data of asphalt in China [41]. 3.5 Cost and Profit - The report shows the production gross profit data of asphalt in Shandong and the price, premium, and port inventory data of diluted asphalt [45][48]. 3.6 Inventory - **Refinery Inventory**: This week, the domestic refinery inventory is in a destocking state, especially in North China [3]. - **Refinery Inventory Rate**: It presents the inventory rate data of refineries in different regions and time periods [56]. - **Social Inventory**: This week, the domestic social inventory has a slight accumulation, with the most obvious accumulation in East China [3]. 3.7 Demand - **Shipment Volume**: This week's shipment volume is 418,000 tons, a month - on - month slight decrease of 0.2%. The shipment volume in Shandong has decreased significantly, while that in East China has increased significantly [3]. - **Downstream Operating Rate**: It presents the operating rate data of downstream industries such as road - modified asphalt, building asphalt, and waterproofing membranes [65][69].

Market Influence - Over a decade ago, Chinese economic indicators held little sway in overseas investment decisions, with the Purchasing Managers' Index (PMI) being the primary exception [1] - Currently, the focus on China's economic data, including CPI, M2, imports/exports, and unemployment rate, is second only to that of the United States [1]

Group 1 - The core viewpoint of the article highlights that since April, economic indicators have reflected a complex backdrop shaped by trade tensions [1] Group 2 - The International Monetary Fund (IMF) emphasizes the impact of trade tensions on global economic performance [1]

Group 1 - The article provides a summary of key events and data related to gold ahead of the May non-farm payroll report [1] - It highlights the importance of economic indicators in influencing gold prices and market sentiment [1] - The article suggests that upcoming economic data could impact investor behavior and gold demand [1] Group 2 - The focus is on the relationship between economic performance and gold market trends [1] - It emphasizes the need for investors to stay informed about economic releases that could affect gold [1] - The article indicates that fluctuations in economic indicators may lead to volatility in gold prices [1]

Group 1 - The core viewpoint of the articles highlights the impact of Trump's announcement to raise tariffs on imported steel and aluminum from 25% to 50%, which led to a significant increase in the gold market by nearly $28 on the same day [1] - Key economic data and policy events to watch this week include ADP employment data, non-farm payroll reports, public statements from Federal Reserve officials, and a crucial speech by Fed Chair Powell [1] - Technical analysis indicates that gold prices are currently under pressure below the key resistance level of $3325, with a bullish trend forming in the one-hour moving average system [3] Group 2 - The suggested trading strategy involves taking short positions on gold if it rebounds to the $3325 resistance level, with a stop loss set at $3333 and a target range of $3310 to $3290 [3] - The analysis emphasizes the importance of monitoring the $3325 resistance level closely for potential trading opportunities [3]