【环球网财经综合报道】据Investing.com等外媒报道，标普全球公布最新数据显示，中国7月标普全球服务业采购经理人指数（PMI）录得52.6，较前值50.6 显著回升，并超出预期。 数据显示，7月标普全球综合PMI为50.8，虽然较前值51.3略有下滑，但仍连续第二个月处于扩张区间。 标普全球报告显示，受访服务业企业普遍表示，新增业务是支撑今年下半年活动量增长的关键因素。新订单的增加速度达到有记录以来最快的一年，企业将 这种回升归因于基础需求条件的改善和整体业务环境的向好。 值得注意的是，服务业外部需求出现三个月来首次回升。旅游活动的增加和贸易条件更加稳定的报告推动新出口业务量实现2月以来最快增长。 在就业方面，随着工作负荷的增加和企业信心的提升，服务业公司在7月积极增聘员工。劳动力产能的扩张也使得积压工作量的增长有所放缓，反映出企业 经营状况的改善。 整体企业信心在7月有所改善，服务业界的乐观度升至四个月来最高水平。企业普遍对未来持积极态度，这种乐观情绪主要源于对更佳经济条件和改善的全 球贸易流将支持未来一年新销售和活动增长的预期。 外媒报道称，中国服务业在充满不确定性的经济形势下仍然是一大亮点。服务 ...

Core Insights - China's service sector accelerated its expansion in July, with new business orders increasing and sales expenses rising for the first time in six months, leading to improved business sentiment at its highest level since March [1][5]. Group 1: Service Sector Performance - The S&P Global Services PMI for July was reported at 52.6, up from 50.6, marking the fastest expansion rate in over a year and remaining in the expansion zone for 31 consecutive months [1]. - The S&P Global Composite PMI for July was 50.8, a slight decline from 51.3, but still indicating expansion for the second consecutive month [3]. Group 2: Business Conditions and Sentiment - Respondents from the service sector indicated that new business supported growth in activity for the second half of the year, with new orders increasing at the fastest rate on record, attributed to improved underlying demand conditions and positive business outlook [5]. - External demand saw its first increase in three months, driven by rising tourism activities and more stable trade conditions, resulting in the fastest growth in new export business in two months [5]. Group 3: Employment and Confidence - Increased workloads and improved confidence led service companies to hire more employees in July, while the expansion of labor capacity resulted in a slowdown of backlog work growth [5]. - Overall business confidence improved, reaching a four-month high, driven by expectations of better economic conditions and improved global trade supporting future sales and activity growth, although still below long-term averages [5]. Group 4: Cost and Pricing Dynamics - The latest survey indicated a rise in sales expenses in July, suggesting enhanced confidence as companies were able to pass on higher costs to customers for the first time in six months [6]. - The performance of the service sector in July contrasted with the slowing trend in manufacturing [6].

实施消费供给提质行动，培育消费品工业特色镇，实施消费以旧换新及数码产品购新补贴，推行服 务消费合同示范文本，健全农村电商寄递服务体系，聚焦扩大优质供给，推动消费升级。 实施消费环境引领行动，构建异地异店退换货机制，深化"三省一区"执法协作，支持沈阳、大连创 建国际消费中心城市，优化入境旅游供给，用足用好过境免签政策，突出创新示范和国际合作。 实施消费秩序优化行动，建立各级消费者权益保护部门联席会议制度、实施食品安全"十大提升工 程"，完善进出口商品质量安全监测，加强缺陷产品召回管理，开展"守护消费"铁拳行动，规范市场秩 序，保障消费安全。 目前，我省市场监管部门积极引导经营者参与实施"无忧退""线上解""就近诉"，持续优化消费环 境。"无忧退"即线下购物无理由退货服务，全省已有3353家实体店承诺实施无理由退货服务，并在中消 协"消费查"平台公示。"线上解"即在线消费纠纷解决机制，截至6月底，全省已发展2014家单位。"就近 诉"服务是指紧贴消费场景设立12315消费维权服务站，截至目前，全省已设立12315消费维权服务站630 家。 从今年起，我省开启为期三年的消费环境提升工程，打造"放心消费在辽宁"品牌。 ...

东京股市两大股指周一大跌。日经225种股票平均价格指数收盘下跌1.25%，东京证券交易所股票价格 指数下跌1.10%。 上周五美国公布的7月新增非农就业数据和制造业景气指数双双低于市场预期，令当天纽约股市三大股 指全面受创。4日，东京股市延续这一跌势，两大股指当天跳空低开。早盘期间，日经股指一度急挫900 多点，跌破40000点关口。下午交易时段，大盘跌幅有所缩小。当天，景气敏感股票、银行类股票遭到 抛售。 至收盘时，日经指数下跌508.90点，收于40290.70点；东证指数下跌32.45点，收于2916.20点。 从板块来看，东京证券交易所33个行业板块多数下跌，银行业、矿业、服务业等板块领跌；其他制品、 房地产业、精密机器等5个板块上涨。 （文章来源：新华财经） ...

Group 1: Manufacturing PMI Overview - In July, the Manufacturing Purchasing Managers' Index (PMI) was 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [1][3] - Large enterprises had a PMI of 50.3%, down 0.9 percentage points, while medium-sized enterprises saw a PMI of 49.5%, up 0.9 percentage points, and small enterprises had a PMI of 46.4%, down 0.9 percentage points [3][4] - The production index was at 50.5%, a decrease of 0.5 percentage points, indicating continued expansion in manufacturing production [3][4] Group 2: Demand and Inventory Indicators - The new orders index was 49.4%, down 0.8 percentage points, suggesting a slowdown in market demand for manufacturing [4] - The raw materials inventory index was 47.7%, down 0.3 percentage points, indicating a continued reduction in major raw material inventories [4] - The employment index was 48.0%, up 0.1 percentage points, showing a slight improvement in employment conditions within the manufacturing sector [4] Group 3: Non-Manufacturing PMI Overview - In July, the Non-Manufacturing Business Activity Index was 50.1%, a decrease of 0.4 percentage points, remaining above the critical point [7] - The construction industry business activity index was 50.6%, down 2.2 percentage points, while the service industry index was 50.0%, down 0.1 percentage points [9] - The new orders index for non-manufacturing was 45.7%, down 0.9 percentage points, indicating a decline in market demand [11] Group 4: Price and Employment Trends in Non-Manufacturing - The input price index was 50.3%, up 0.4 percentage points, indicating an overall increase in input prices for non-manufacturing enterprises [11] - The sales price index was 47.9%, down 0.9 percentage points, suggesting a decrease in overall sales prices [11] - The employment index for non-manufacturing was 45.6%, up 0.1 percentage points, indicating a slight improvement in employment conditions [11] Group 5: Composite PMI Overview - The Composite PMI Output Index was 50.2%, a decrease of 0.5 percentage points, but still above the critical point, indicating overall expansion in production and business activities [15]

Core Insights - The Swiss services PMI for July is reported at 41.8, a decrease from the previous value of 48.5 [1] Group 1 - The decline in the services PMI indicates a contraction in the Swiss services sector, as a PMI below 50 signifies a reduction in activity [1]

Group 1: Economic Indicators - The manufacturing PMI for July is at 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a marginal decline in manufacturing sentiment[9] - The new orders index for manufacturing PMI is at 49.4%, down 0.8 percentage points, indicating a return to contraction territory[12] - The production index for manufacturing PMI is at 50.5%, a decrease of 0.5 percentage points, but still within the expansion range[15] Group 2: Supply and Demand Dynamics - Both supply and demand have weakened, with the supply-demand gap widening in July[9] - The new export orders index is at 47.1%, down 0.6 percentage points, reflecting a decline in external demand[12] - The marginal consumption propensity of residents is at 65.52%, a decrease of 0.08 percentage points year-on-year, indicating cautious consumer spending[13] Group 3: Policy Impact and Market Outlook - The "anti-involution" policy is expected to marginally improve PPI growth, supporting corporate profit expectations[2] - The BCI profit forecast index for July is at 44.26, an increase of 0.48 points, indicating improved profit expectations[18] - If inflation recovery is sustainable in Q3, the capital market may stabilize and trend positively in August[26] Group 4: Risks and Challenges - Risks include potential escalation of global trade tensions and geopolitical conflicts[27] - The impact of extreme weather on construction and service sectors has been significant, leading to a slowdown in expansion momentum[21][22]

伯克希尔Q2营业利润同比下降3.8%，净利润暴跌59%，现金储备3440亿美元接近历史高位但为三年来首次下降，对特 朗普政府实施的严厉关税政策发出强烈警告。 8月2日，伯克希尔二季度交出了一份喜忧参半的成绩单。营业利润111.6亿美元较去年同期下降3.8%，虽然降幅有限， 但这一数字反映出公司核心业务面临的结构性压力。更值得注意的是，净利润123.7亿美元同比暴跌59%，这一巨幅下 滑很大程度上受到投资组合估值变化的拖累。 伯克希尔在财报中称，关税等国际贸易政策紧张局势在2025年上半年加速发展，对其多元化业务构成威胁，警告 称，"几乎所有经营业务以及股票投资都可能面临不利后果，这可能显著影响未来业绩"。受贸易政策影响，旗下服装 和玩具品牌收入出现不同程度下滑。 尽管股价较历史高点下跌超过10%，该公司在2025年上半年并未回购任何股票。现年94岁的巴菲特此前宣布将于今年 底卸任CEO职务，Greg Abel将接任这一角色。 以下为伯克希尔二季度财报要点： 营收：Q2营收925.15亿美元，市场预期919.63亿美元，上年同期936.53亿美元； 营业利润：Q2营业利润111.6亿美元，同比下降3.8%； 净 ...

Core Insights - Berkshire Hathaway's Q2 2025 financial report shows significant changes in key metrics, with revenue at $92.515 billion, slightly above market expectations but down from $93.653 billion year-over-year. Net profit fell 59% to $12.37 billion, exceeding market expectations of $10.703 billion [1][3]. Financial Performance - The operating profit for Q2 was $11.16 billion, a 3.8% decrease from $11.6 billion in the same period last year. The performance across business segments varied, with BNSF Railway showing strong growth, achieving operating income of $1.47 billion, up 19% year-over-year, reflecting a recovery in U.S. goods transportation demand [3]. - The energy sector also performed well, contributing an operating profit of $702 million, a 7.2% increase year-over-year. Manufacturing, service, and retail sectors reported operating profits of $3.6 billion, up 6.5% [3]. - The insurance underwriting business faced challenges, with underwriting profit at $2.5 billion impacted by approximately $1.2 billion in losses from Southern California wildfires. Insurance underwriting revenue decreased by 12% to $1.99 billion, while insurance investment income slightly increased by 1.4% to $3.37 billion. The float remained at $174 billion, providing low-cost investment capital [3]. Investment Strategy - The company maintained a cautious approach to stock investments, selling approximately $3 billion in stocks during Q2, marking the 11th consecutive quarter of net stock sales. No stock buybacks were conducted during this period [4]. - As of the end of Q2, the top five holdings included American Express, Apple, Bank of America, Coca-Cola, and Chevron, accounting for 67% of the fair value of the portfolio [4]. - Cash and cash equivalents stood at $344.1 billion, a slight decrease from $347 billion at the end of Q1, marking the first decline in cash reserves in three years, yet remaining near historical highs [4]. - The company recognized a $3.8 billion impairment loss on its investment in Kraft Heinz, attributing it to a continuous decline in fair value and current economic uncertainties. The book value of its Kraft Heinz holdings was reduced to $8.4 billion, with the company still holding a 27.4% stake [4].

Core Viewpoint - Berkshire Hathaway's Q2 financial results show a mixed performance with strong revenue but significant declines in net profit and investment income, highlighting challenges in certain business segments and investment decisions [2][4][5]. Financial Performance - Q2 revenue reached $92.515 billion, exceeding market expectations of $91.963 billion, but down from $93.653 billion year-on-year [4]. - Net profit was $12.37 billion, a 59% year-on-year decline, yet above market expectations of $10.703 billion [4]. - Investment income fell to $4.97 billion, down over 73% year-on-year [2][4]. - Cash reserves slightly decreased from $347 billion to $344.1 billion, marking the first decline in three years [2][4]. Business Segment Analysis - BNSF Railway reported operating income of $1.47 billion, a 19% increase year-on-year, reflecting a recovery in U.S. goods transportation demand [4]. - Berkshire's energy segment contributed $702 million in operating profit, up 7.2% year-on-year [4]. - Manufacturing, service, and retail sectors generated $3.6 billion in profit, a 6.5% increase year-on-year [4]. - Insurance underwriting profit was $2.5 billion, impacted by $1.2 billion in losses from Southern California wildfires, with insurance revenue down 12% year-on-year [5]. Investment Decisions - A significant impairment loss of $3.8 billion was recognized on the investment in Kraft Heinz, marking it as one of Buffett's few investment missteps [7][8]. - Berkshire's stake in Kraft Heinz has seen a 62% decline since the merger in 2015, while the S&P 500 has risen over 200% in the same period [7][8]. - Berkshire has been net selling stocks for 11 consecutive quarters, with $3 billion in stock sales in Q2, and did not engage in stock buybacks during this period [11]. Market Sentiment and Future Outlook - Concerns over the transition of leadership as Buffett plans to step down as CEO by the end of 2025 have led to a decline in stock price, with a drop of over 12% since the announcement [12][13]. - Analysts express worries about the "Buffett premium" diminishing, alongside fears of a peak in the property casualty insurance cycle and a lack of new investment activities [14].