服贸会主宾国澳大利亚国家馆开馆 "最大团展"拓合作良机 中新社北京9月10日电 (记者 吕少威)2025年中国国际服务贸易交易会(下称"服贸会")10日在北京开幕。 当日下午，主宾国澳大利亚正式开启国家馆，展台面积达360平方米，创下服贸会历届主宾国之最。 9月10日，2025年中国国际服务贸易交易会主宾国澳大利亚开启国家馆。杨郁然 摄 今年，澳大利亚首次担任服贸会主宾国，组建了参展以来最大规模的展团，包括澳新银行、阿德莱德大 学、澳大利亚旅游局等近60家机构和企业。 开馆仪式上，澳大利亚贸易部长法瑞尔在视频致辞中指出，澳大利亚将在本届服贸会重点展示绿色经 济、国际教育、金融财会、医疗保健、食品及旅游等领域的领先实力。 法瑞尔说，澳中不仅拥有坚实的贸易伙伴关系，更保持着长久的社会与文化纽带。服贸会为澳方企业提 供了与中国主要采购商和伙伴会晤的良机，既能巩固现有合作关系，也能建立新的纽带。 中国商务部副部长盛秋平在仪式现场表示，服务贸易是中澳经贸合作最具活力的领域之一，也是未来的 重要增长引擎。两国在教育、旅游等传统优势领域合作基础深厚，在绿色发展、数字经济、科技创新等 新兴领域合作前景广阔，发展潜力巨大。 记 ...

今日港股走势分化，金融、地产续涨，科技股持续活跃，医药股、新消费板块普跌。指数方面，恒生科 技指数上涨1.3%，中证港股通互联网指数上涨1.1%，恒生港股通新经济指数上涨0.2%，中证港股通消 费主题指数上涨0.1%，中证港股通医药卫生综合指数下跌1.1%。Wind数据显示，截至昨日，恒生科技 ETF易方达（513010）连续10个交易日获净流入，合计超20亿元，最新规模达176亿元、创历史新高。 | 恒生新经济ETF | | | 513320 | | --- | --- | --- | --- | | 跟踪恒生港股通新经济指数 | | | | | 该指数由港股通范围内、属于 "新经济"行业中市值最大的 | 令日 该指数涨跌 | 该指数 滚动市盈率 | 该指数自2018年 以来估值分位 | | 50只股票组成,主要包括信息 | | | | | 技术、可选消费、医疗保健行 11 | 0. 2% | 24. 8倍 | 55. 4% | | 恒生科技ETF易方达 | | | 513010 | | 跟踪恒生科技指数 | | | | | 该指数由港股上市公司中与科 | 令日 | 该指数 | 该指数自2020年 | | ...

Group 1: Labor Market Overview - The unemployment rate in the U.S. rose to 4.3% in August, marking a new high in nearly four years, which is significantly above market expectations [1] - Non-farm payrolls increased by only 22,000 in August, a sharp decline from the revised 79,000 in July, and well below economists' expectations of 75,000 [1] - The number of permanent job losses increased to 1.915 million in July, indicating a shift from temporary layoffs to long-term structural reductions [3] Group 2: Sector Performance - Job growth in August was primarily driven by the healthcare sector, which added 31,000 jobs, although this is below the average monthly increase of 42,000 over the past year [3] - Manufacturing experienced job losses for the fourth consecutive month, shedding 24,000 jobs, largely due to tariff impacts and supply chain restructuring [3] - Federal government employment decreased by 15,000 in August, with a total reduction of 97,000 jobs since January [3] Group 3: Economic Implications - The weak labor market has raised concerns about the economic outlook, with some economists suggesting that the economy is sliding towards recession [1][4] - The average hourly wage for non-farm employees rose to $36.53 in August, a 0.3% month-over-month increase and a 3.7% year-over-year increase, although reduced working hours have raised concerns about economic growth [7] - The Federal Reserve is expected to lower interest rates in response to the weak employment data, with a potential 25 basis point cut anticipated in the upcoming policy meeting [7] Group 4: Political and Structural Factors - Political factors have influenced economic data, with President Trump dismissing the head of the Bureau of Labor Statistics over alleged manipulation of employment data [4] - Young graduates face a high unemployment rate of 6.6%, the highest in a decade, indicating that entry-level positions now often require several years of experience [5] - The OECD has downgraded the U.S. economic growth forecast for 2025 to 1.6%, warning that tariffs could push the unemployment rate above 4.4% by early 2026 [11]

Group 1 - The event "China International Import Expo Goes to China Resources" was held in Huizhou, Guangdong, focusing on the health sector and attracting over 30 Fortune 500 companies [1] - The event aims to enhance cooperation between central enterprises and international partners, leveraging the opportunities in the Chinese health market [1] - China Resources Group's seven business units, including China Resources Pharmaceutical and China Resources Sanjiu, expressed import procurement needs during the event [1] Group 2 - European health companies reported that the China International Import Expo has significantly aided their market entry by connecting them with distributors, agents, and quality customers [2] - These companies are optimistic about the growth prospects in the Chinese market, citing its large scale advantage [2] - Some companies suggested that China should align its medical device market access standards more closely with international standards to facilitate broader consumer access [2]

丨证券研究报告丨 1 战略数据研究丨专题报告 [Table_Title] 盈利质量、红利风格交易活跃度有所回暖—— W124 市场观察 报告要点 [Table_Summary] 当周上证指数波动有所加剧，市场成交量有一定回落，成长风格周内出现回调但在当周最后一 个交易日以创业板为代表出现强势反弹。从成交活跃度来看，市场风格切换可能仍在进程中。 基础风格中红利当周成交活跃度有所回升，高盈利质量活跃度持续回升。一级行业中煤炭、保 险等高股息板块周度拥挤度分位仍位于底部，微盘指数拥挤度继续回落；基金重仓 50 领涨机 构重仓系列；行业板块内医疗领涨，医疗龙头大幅跑赢医疗红利。风格跟踪，价值稳健、价值 景气类复合策略领涨。主题行情中，新能源反弹带动低碳领袖 30/60 周度领涨。 分析师及联系人 [Table_Author] 陈洁敏 SAC：S0490518120005 SFC：BUT348 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Title 盈利质量、红利2] 风格交易活跃度有所回暖—— W124 市场观察 [Table_Summary2] 度量市场 ...

Core Viewpoint - The rise of false medical advertisements, particularly on short video platforms, poses significant risks to consumers, comparable to telecommunication fraud [1][2]. Group 1: Impact of False Medical Advertisements - False medical advertisements create a "ripple effect," negatively impacting the healthcare industry and undermining public trust in medical professionals [2]. - Common fraudulent products include magnetic therapy mattresses, ganoderma lucidum spore powder, and various health supplements, which are often promoted by fake "doctors" using pseudoscientific claims [2]. Group 2: Consumer Behavior and Risks - Consumers, like the case of a man whose mother spent tens of thousands on sheep milk powder, often fall victim to these scams due to emotional attachment and misinformation [1]. - The fraudulent marketing strategies involve creating urgency through live broadcasts, where links are frequently changed to evade detection [1]. Group 3: Prevention Measures - Regulatory bodies have issued guidelines to clean up misleading medical content on social media, emphasizing the need for collaboration among platforms, the public, and regulatory authorities [3]. - Platforms are encouraged to implement strict penalties, including permanent bans and credit sanctions against violators [3]. Group 4: Warning Signs of Fraud - Consumers are advised to avoid engaging with suspicious advertisements that promise miraculous cures for serious conditions, as these often lead to exorbitant costs for ineffective treatments [4].

美联储9月降息稳了。 9月5日，美国劳工部发布8月非农就业数据，新增就业人数再次低于市场预期。劳动力市场的疲软表现让投资者对美联储降息预期大幅提升。 数据发布后，美元指数直线跳水，一度跌近0.8%，目前仍有约0.7%的跌幅；黄金则直线拉升，现货黄金目前涨超1%，最高触及3594.76美元/盎司，再刷新 历史纪录。 继续疲软的就业数据市场对美联储9月降息的预期进一步提升。利率互换显示，交易员预计美联储在9月会议上降息25个基点的概率达96%。 就业数据继续疲软 数据显示，美国8月季调后非农就业人口增2.2万人，预期增7.5万人，前值由增7.3万人修正至增7.9万人；失业率4.3%，预期4.3%，前值4.2%。平均每小时 工资同比升3.7%，预期升3.8%，前值升3.9%；环比升0.3%，预期升0.3%，前值升0.3%。 报告显示，与7月份新增7.9万人相比，8月增长明显放缓。修正还显示，6月份就业数据甚至为负增长1.3万人。 虽然招聘速度缓慢，但当月平均时薪较上月增长了0.3%，符合预期，但3.7%的年增长略低于预期的3.8%。分行业看，联邦政府的工资减少阻碍了招聘，联邦 政府岗位减少招聘1.5万人；医疗保健行 ...

Group 1 - The core viewpoint of the articles indicates a significant slowdown in U.S. job growth, with the unemployment rate rising to its highest level since 2021, raising concerns about a potential worsening labor market [1][2][3] - In August, non-farm payrolls increased by only 22,000, far below the expected 75,000, while the unemployment rate rose to 4.3% [2][3] - Job growth has been concentrated in healthcare, leisure, and hospitality, while sectors such as information, finance, manufacturing, federal government, and business services saw substantial job losses [2][3] Group 2 - The average job growth over the past three months is only 29,000, marking the weakest employment growth phase since the pandemic began, with job additions consistently below 100,000 for four consecutive months [3] - The disappointing employment report has increased expectations for a Federal Reserve interest rate cut in September, with a 98% probability of a 25 basis point cut anticipated [4] - The yield on the two-year U.S. Treasury note fell to 3.5%, and the ten-year note yield dropped to 4.1%, both reaching five-month lows, indicating a market reaction to the employment data [3]

分析师：8月美国医疗保健和社会援助领域的就业人数增加约4.7万人 。这是自2022年1月以来的最小月度增幅。鉴于该行业在过去三年中占所有新增就业岗位的40%以上，这可以说是对整个劳动力市场的重大警示。 ...

Core Viewpoint - PwC announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Share Buyback Details - The company will repurchase 788,000 shares at a total cost of HKD 1.1032 million [1] - The buyback price per share is set at HKD 1.4 [1] - The buyback is scheduled to take place on September 5, 2025 [1]