新华财经北京7月25日电（记者刘玉龙）中国证监会7月24日召开证监会系统党的建设暨2025年年中工作 会议（以下简称"会议"）强调，牢牢把握市场要稳、监管要严、功能要强、队伍要过硬这四个着力点， 不断集聚稳的力量、壮大进的动能，持续稳定和活跃资本市场，更好服务经济持续回升向好和中国式现 代化大局。 ——全力巩固市场回稳向好态势 往后看，会议提出，证监会系统要认真贯彻落实党中央、国务院决策部署，牢牢把握市场要稳、监管要 严、功能要强、队伍要过硬这四个着力点，不断集聚稳的力量、壮大进的动能，持续稳定和活跃资本市 场，更好服务经济持续回升向好和中国式现代化大局。 证监会提出了全力巩固市场回稳向好态势、深化改革激发多层次市场活力、进一步固本培元、持续提升 监管执法效能、精准防控资本市场重点领域风险、稳步推进高水平制度型开放、增强资本市场重大问题 研究的权威性和影响力七项重点工作。 关于全力巩固市场回稳向好态势，证监会提出，进一步健全稳市机制，增强市场监测监管和风险应对的 有效性、前瞻性，加强预期引导。 关于深化改革激发多层次市场活力。会议提出，推动科创板改革举措落地，推出深化创业板改革的一揽 子举措，持续推进债券、期 ...

提到墨尔本北部，人们通常会想到Brunswick、Northcote、Carlton、Coburg和 Fitzroy North等充满活力 的地区。 这些地方因其独特的咖啡馆文化、时尚氛围和创意社区而闻名，是墨尔本最受欢迎 的区域之一。 然 而，在这些耀眼的明星地区中，还隐藏着一颗鲜为人知的明珠——Princes Hill。 这个小巧精致的社区虽然很少有人知晓，却深受当地居民喜爱。 据Domain网站报道，Princes Hill是维州五年来租金涨幅最小的地区，该地区独立 房屋的每周中位数租 金保持在750澳元，仅比五年前高出1.4%。 （图片来源：Domain） Jellis Craig Inner North房产公司的合伙人兼物业管理主管Nicole Katsivelas 表示，与邻近的Carlton或 Brunswick相比，Princes Hill的出租房源较少，这限制 了数据样本，多年来抑制了价格的变动。 她说："Princes Hill的房屋质量和风格都很优雅，通常面积较大。这是一个非常 宜居的地区，大多数房 屋都是业主自住，因此很少有房产出租。" Cotality（前身为CoreLogic）的数 ...

央行：拓宽保障性住房再贷款使用范围 持续巩固房地产市场稳定态势 智通财经5月9日电，央行发布2025年第一季度中国货币政策执行报告，下一阶段，加快建立完善养老金 融体系，支持中国式养老事业。支持提振和扩大消费，引导金融机构从消费供给和需求两端，积极满足 各类主体多样化资金需求。拓宽保障性住房再贷款使用范围，持续巩固房地产市场稳定态势，完善房地 产金融基础性制度，助力构建房地产发展新模式。 ...

Core Viewpoint - The decline in the Estonian construction market appears to have halted, with signs of stabilization, particularly in the Infrastructure segment supported by Rail Baltica projects, while private sector orders in the Buildings segment show some revival [1][2]. Financial Performance - The group's revenue for Q1 2025 was €39,355 thousand, a decrease of approximately 15% compared to €46,245 thousand in Q1 2024 [23][17]. - The gross profit for Q1 2025 was €1,802 thousand, maintaining a gross margin of 4.6%, consistent with the same period last year [9][3]. - The operating profit for Q1 2025 was €191 thousand, down from €386 thousand in Q1 2024, reflecting a decline in revenue [10][3]. Segment Performance - The Buildings segment generated 93% of the group's revenue, amounting to €36,584 thousand, while the Infrastructure segment contributed €2,766 thousand [24][23]. - Revenue from the Buildings segment decreased by 16%, while the Infrastructure segment saw a smaller decline of 1.5% [23][24]. - The gross margin for the Buildings segment was 7.5%, while the Infrastructure segment recorded a negative gross margin of (24.6)% [9][3]. Order Book and Contracts - The order book increased by 43% year-on-year, reaching €283,548 thousand as of March 31, 2025, with significant contributions from Rail Baltica contracts [4][31]. - New contracts signed in Q1 2025 totaled €111,276 thousand, a substantial increase from €17,617 thousand in Q1 2024 [31][32]. Cash Flow and Financial Position - The group experienced a net cash outflow of €249 thousand from operating activities in Q1 2025, compared to an inflow of €5,422 thousand in Q1 2024 [13][8]. - Cash and cash equivalents at the end of Q1 2025 were €7,399 thousand, down from €16,083 thousand at the end of Q1 2024 [16][8]. Employee and Cost Management - The average number of employees in Q1 2025 was 411, a decrease of around 3% from the previous year [35][36]. - Staff costs increased by 22% to €4,795 thousand in Q1 2025, attributed to salary increases [36][35]. Market Performance - Approximately 98% of the group's revenue in Q1 2025 was generated in Estonia, with Ukraine contributing about 2% [20][21]. - The group continues to provide services in Ukraine under contracts signed in 2023, although progress has been slower than planned [20].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The heightened US tariffs are expected to significantly impact the Chinese economy and labor market, with a focus on labor market stability as a critical concern for policymakers [2][3] - The report estimates that approximately 16 million jobs are involved in the production of goods exported to the US, with significant vulnerabilities in sectors such as wholesale and retail sales, communication equipment, apparel, and chemical products [2][4][30] - The outlook for US-China tariffs and Chinese exports remains uncertain, with potential for a significant contraction in exports if high tariffs persist [4][38] Summary by Sections Economic Impact - The Trump administration's tariff increases have led to a reduction in the GDP growth forecasts for China, with projections for 2025 and 2026 lowered by 0.5 percentage points to 4.0% and 3.5% respectively [3] - Historical data indicates that during the 2008-09 global financial crisis, a similar decline in exports resulted in substantial employment pressures, particularly among low-skilled migrant workers [2][7] Labor Market Analysis - The report utilizes input-output analysis to quantify the impact of US tariffs on the labor market, highlighting that labor market pressures are expected to increase if exports decline sharply [2][27] - The labor intensity of US-bound goods exports is higher than that of the overall manufacturing sector, indicating that job losses could be significant in affected industries [20][26] Policy Responses - In response to potential unemployment pressures, the Chinese government has indicated plans to enhance unemployment insurance rebates and implement a comprehensive employment stabilization package [3][39] - Historical trends suggest that the People's Bank of China (PBOC) typically cuts policy rates in response to labor market weaknesses, with expectations for monetary easing in the near future [39][40]