智通财经APP获悉，9月25日，香港劳工及福利局局长孙玉菡在回复议员提问时表示，香港建造业未来5 年每年平均政府工务工程开支将由900亿港元增加至1200亿港元，随着经济复苏而私营工程量回升，建 造业未来数年人力需求仍然殷切。 他指，雇员再培训局为香港本地劳动人口提供培训及再培训服务，其中，协助待业及失业人士掌握不同 行业的职业技能提升就业机会，亦为失业率较高的行业提供专门的再培训支援，提升竞争力。香港政府 会继续密切监察经济及就业市场的变化，适时检讨及调整各项措施及就业服务。 孙玉菡指，香港建造业议会积极统筹业界加强培训建造业工友，包括去年推出的"一专多能"兼读制短期 课程，并提供津贴，鼓励建造业工友提升技术以增加就业机会，议会亦会加强就业配对服务，包括实体 招聘会和网上职位及课程配对，协助建造业工友获得空缺及培训资讯。 ...

Group 1: Federal Reserve Actions - The Federal Reserve has lowered the federal funds rate by 25 basis points to a range of 4.00%-4.25%, marking the first rate cut since December 2024, and indicated two more cuts may occur this year, with one expected next year instead of the previously anticipated two to three [2] - Following the Fed's announcement, the Hong Kong Monetary Authority and the Monetary Authority of Macao also reduced their base rates by 25 basis points to 4.5% [2] Group 2: Market Reactions - The U.S. dollar index initially fell but then rebounded significantly after the Fed's decision, moving from 96.3 to 97.18, while the euro exchange rate strengthened from 1.191 to 1.179 [3] - U.S. Treasury yields for the 10-year note dropped by 5 basis points to around 4.00% before recovering to approximately 4.05% [5] Group 3: Economic Indicators - The decline in short-term rates alongside a slight increase in long-term rates suggests a steepening yield curve, reflecting market concerns about "stagnant economic growth but rising prices," which aligns with the Fed's current worries regarding employment data and inflation [7] - Despite the Fed's rate cut, the strengthening dollar has led to a decrease in gold prices, which had previously reached new highs, indicating a potential profit-taking phase among traders [8] Group 4: Stock Market Performance - The U.S. stock market showed mixed results, with the Dow Jones Industrial Average rising by 0.57%, while the Nasdaq and S&P 500 indices fell by 0.33% and 0.10%, respectively [10] - Notable performances included Goldman Sachs, which rose by 1.11%, and Caterpillar, which increased by 2.27%, benefiting from the lower interest rates [10] Group 5: Chinese Stocks - Chinese stocks, represented by the Nasdaq Golden Dragon China Index, rose by 2.85%, with Alibaba and Baidu continuing their upward momentum, gaining 2.44% and 11.34%, respectively [12] - However, there are concerns about potential profit-taking as the market shifts focus from "expectations" to "realities," with significant recent gains in stocks like Baidu and Alibaba prompting caution [12][13] Group 6: Future Outlook - The market is entering a "verification period" where the focus will shift to whether companies can deliver solid earnings to support their stock prices, especially in light of the recent strong performance of Chinese tech stocks [13] - The Fed's rate cut has led to a complex scenario where the market must navigate between economic slowdown and inflation, indicating that future volatility will be driven more by economic data and corporate earnings rather than policy speculation [14][15]

Group 1 - The unemployment rate for June to August 2025 remains unchanged at 3.7%, compared to the previous three months [1] - The total employment increased by approximately 9,300 people, rising from 3,671,300 to 3,680,600 [1] - The total labor force also increased by about 15,400, from 3,816,200 to 3,831,600 [1] Group 2 - The number of unemployed individuals rose by approximately 6,000, from 145,000 to 151,000 [1] - The underemployment rate increased from 1.4% to 1.6% during the same period [1] - The Secretary for Labour and Welfare, Sun Yuhan, noted that the employment situation will continue to be influenced by the operating conditions of individual industries [2]

Group 1 - The ISM Manufacturing PMI in the US rose from 48.0 in July to 48.7 in August, but still below the market expectation of 49.0, marking the sixth consecutive month of contraction [1] - The New Orders Index increased from 47.1 to 51.4, while the Production Orders Index significantly dropped from 51.4 to 47.8 [1] - US construction spending in July decreased by 0.1% month-over-month, marking the third consecutive month of decline, which has raised expectations for a 25 basis point rate cut by the Federal Reserve in September [2] Group 2 - Investors are awaiting the upcoming US employment report, which may further influence the Federal Reserve's rate cut decisions [4] - A recent court ruling stated that former President Trump lacked the authority to implement most of his tariff policies, potentially affecting nearly 70% of US imports if upheld [4] - If the ruling stands, only 16% of imports would incur tariffs, leading to lower than expected federal revenue and potentially widening the fiscal deficit [4] Group 3 - The US yield curve has steepened, with short-term rates reflecting rate cut expectations while long-term rates have risen due to concerns over increasing fiscal deficits [6] - Major US stock indices declined, with the Dow Jones Industrial Average down 0.55%, the Nasdaq down 0.82%, and the S&P 500 down 0.69%, while Nvidia and Tesla saw declines of 1.95% and 1.35% respectively [6] - Chinese stocks performed well, with the Nasdaq Golden Dragon China Index rising by 0.52%, driven by significant gains in companies like Baozun and NIO [6] Group 4 - Concerns over fiscal deficits in Europe have increased, with criticism of France's proposed budget freeze and Germany's infrastructure investment plans [7] - Eurozone inflation in August was reported at 2.1%, slightly above market expectations, reinforcing the view that the European Central Bank will maintain interest rates in its upcoming meeting [7] - The US dollar index has risen above 98.45, supported by a weaker euro and yen amid global economic concerns [7] Group 5 - Gold prices have risen due to strong demand from ETFs and central banks, although adjustments occurred following a rebound in the US dollar index [9] - The US stock market stabilized, with Google winning a significant antitrust case, allowing it to retain its Chrome browser business without divestiture [11] - Following the ruling, stocks of Google and Apple saw significant after-hours gains of 6.76% and 3.08% respectively, leading to a rebound in US stock futures [12]

Core Viewpoint - The company reported a significant decline in revenue and a net loss for the first half of 2025, primarily due to a sluggish real estate market and slow growth in the construction industry in Hong Kong [1] Financial Performance - Revenue for the six months ended June 30, 2025, was HKD 44.017 million, representing a year-on-year decrease of 36.56% [1] - The net loss for the period was HKD 1.446 million, which is a reduction of 21.41% compared to the previous year [1] - Basic loss per share was HKD 0.14 [1] Industry Context - The decline in performance is attributed to the downturn in the real estate sector and the slow growth in the construction industry in Hong Kong, which has affected developers' ability to build and reduced the number of new projects available for tender [1] - Several projects faced delays or suspensions in their commencement or construction progress during the reporting period [1]

Core Viewpoint - Wan Shun Group Holdings (01746) reported a significant decline in revenue and an increase in net loss for the six months ending June 30, 2025, primarily due to a sluggish real estate market and slow growth in the construction industry in Hong Kong [1] Financial Performance - The company achieved revenue of HKD 44.017 million, representing a year-on-year decrease of 36.56% [1] - The net loss for the period was HKD 1.446 million, which is a year-on-year decrease of 21.41% [1] - Basic loss per share was HKD 0.14 cents [1] Industry Context - The decline in revenue and increase in losses are attributed to the poor performance of the real estate sector in 2025 and the slow growth in the construction industry in Hong Kong [1] - The slowdown in the construction sector has affected developers' ability to build and has reduced the number of new projects available for tender [1] - Several projects faced delays or suspensions in their commencement and/or construction progress during the reporting period [1]

Group 1 - The "Standard Chartered Hong Kong SME Leading Business Index" for Q3 2025 has dropped 3.3 points to 40.5, marking the lowest level since Q2 2022, indicating a decline in local SMEs' confidence in business revenue for the season [1] - All five sub-indices have decreased, with the most significant drops in business conditions and profit performance [1] - The global economy sub-index has fallen for three consecutive quarters, with a cumulative decline of 15.6 since Q4 2024, reflecting the impact of US monetary policy shifts, high tariff policies, and ineffective economic stimulus measures on consumer spending and global trade [1] Group 2 - Despite global economic uncertainties, Hong Kong SMEs demonstrate resilience, with several key industries maintaining stable growth, particularly construction and accommodation and food services, benefiting from large infrastructure projects and international events [2] - Over 90% of surveyed SMEs plan to maintain or increase investments this season, with 5% intending to boost investment, focusing on digital transformation projects such as IT systems, online marketing, e-commerce, and employee training [2] - The Hong Kong government has successfully attracted tourists through international events, which has positively impacted economic development, although the index indicates a waning effect from pre-export boosts and rising interest rates may expose SMEs to new economic slowdowns [2]

Core Viewpoint - The company expects a revenue increase of approximately 30% to 35% for the six-month period ending June 30, 2025, compared to the previous period, but anticipates a larger loss for equity holders [1][2]. Financial Performance - Revenue is projected to rise due to new contracts awarded last year and during the current period, which have provided a satisfactory level of workload [1]. - The expected loss for equity holders is estimated to be between HKD 21 million and HKD 26 million, compared to a loss of approximately HKD 10.5 million in the previous period [1]. Factors Contributing to Loss - The increase in loss is attributed to a challenging and uncertain business environment in Hong Kong, with significant credit risk, particularly in the construction industry, due to financial constraints faced by major developers [2]. - The company has made substantial provisions for bad debts and expected credit losses related to receivables and contract assets to address potential default risks [2]. - The period also incurred significant costs related to litigation and arbitration cases, with hearings for arbitration expected to conclude in the first half of 2025 and litigation hearings anticipated to finish by the end of August 2025 [2]. - Some offsetting factors include considerable interest income from restricted cash provided as performance guarantees by Fok Hing Insurance (Hong Kong) Limited and fair value gains on financial assets [2].

Group 1 - The Hong Kong Construction Association supports the government's push for large-scale public infrastructure projects to enhance community facilities and urban environments, especially as private sector projects decline [1] - The government plans to maintain an average annual expenditure of approximately HKD 120 billion on basic engineering over the next five years, but the actual rollout of public projects has been significantly slower than expected [1] - As of now, only over 40 major projects worth more than HKD 30 billion have been approved since January 2025, making it unlikely to meet the annual target of HKD 120 billion by the end of the year [1] Group 2 - The Hong Kong Construction Association urges the government to balance the proportion of large, medium, and small projects in its planning and to anticipate human resource needs to stabilize the employment market [2] - The association emphasizes that fiscal deficits should not be a reason to halt or reduce public welfare projects, but rather, investments in these projects should be viewed as a means to stimulate the economy and boost confidence [2] - The association expects the government to adopt a "infrastructure first" approach, viewing public works as essential for economic transformation and competitiveness, while also advocating for close communication and collaboration with the industry [2]

Group 1 - The core viewpoint indicates that the significant downward revision of June non-farm data reflects substantial disruptions to the U.S. economy due to tariffs, suggesting that the resilience of the U.S. economy should not be overestimated, and the direction of interest rate cuts remains highly certain [2][4][17] - In July, non-farm employment increased by 73,000, which is below the expected 110,000, and the previous value was revised down from 147,000 to 14,000, indicating pressure on the U.S. job market [6][11][22] - The unemployment rate in July rose to 4.2%, up from 4.1% in the previous month, while the average hourly wage increased by 3.9% year-on-year, exceeding the expected 3.8% [1][6][31] Group 2 - In July, the financial activities, healthcare, and retail sectors added 15,000, 79,000, and 16,000 jobs respectively, showing a stable demand in the service sector [3][22] - The manufacturing sector has seen negative job growth for three consecutive months, indicating insufficient production willingness among enterprises [3][22] - The labor force participation rate decreased to 62.2% in July, down from 62.3% in the previous month, with a notable decline in employment willingness among younger demographics [26][31] Group 3 - The downward revision of June non-farm data was primarily due to significant adjustments in government, leisure, and hotel employment, which collectively accounted for a 90,000 downward revision, representing nearly 70% of the total revision [12][17] - The cumulative downward revision for May and June non-farm data reached 258,000, while the July employment figure of 73,000 is a significant drop compared to the average monthly increase of over 100,000 in the first quarter [4][17] - The market anticipates that the Federal Reserve will cut interest rates three times in 2025, with an 80% probability for the first cut in September [4][21][37] Group 4 - The average hourly wage growth has shown an upward trend, with a month-on-month increase of 0.3% in July, higher than the previous 0.2% [37][39] - The service sector's job growth in July rebounded to 96,000, compared to a previous value of 16,000, indicating a relatively stable demand in the service industry [22][31] - The overall economic environment remains challenging, with second-quarter GDP growth at 3.0%, driven by a "import rush" effect, while core GDP growth has declined [18][22]