斯蒂芬・米兰表示，若获得确认出任美联储理事会空缺席位，他将以白宫经济顾问委员会主席的身份休 无薪假。 周四，在参议院银行委员会的确认听证会上，特朗普总统提名的美联储理事候选人米兰表示，在担任美 联储理事期间（任期至2026年1月31日），他不会完全辞去白宫的职务。他将接替阿德里亚娜・库格 勒，库格勒于8月初意外辞职。 米兰的任命正值外界猜测特朗普将寻求提名一位 "影子主席" 并在美联储获得足够影响力之际，这引发 了人们对美联储独立性的担忧。米兰在担任美联储理事的同时保留白宫职位，可能会进一步加剧这些担 忧。 米兰在听证会上表示："律师已告知我，合法的做法是从经济顾问委员会休无薪假，停止相关工作。如 果律师有其他建议，我会遵守法律并听从律师的意见。" 他补充道："我被提名的任期为四个半月。如果我被提名并确认担任更长的任期，而不仅仅是几个月， 我绝对会辞职。" 特朗普一直力推大幅降息，批评现任美联储主席鲍威尔迟迟不采取行动。在听证会上，米兰多次承诺维 护美联储的独立性，并强调政府中没有人要求他承诺放宽货币政策。 美联储下次政策会议将于9月16日至17日举行。 责任编辑：栎树 ...

9月1日起，一项惠及消费者的政策正式落地——财政部等四部门推出的个人消费贷款贴息政策，让符合 条件的消费者在支付贷款利息时，能够直接享受财政资金补贴。目前，大部分银行都已做好准备，完成 了系统开发，上线消费贷贴息功能。 当然，任何政策都需在实施过程中不断完善。如何确保贴息资金精准发放到真正有消费需求的居民手 中，是政策执行过程中需要重点关注的问题。这需要金融机构加强对贷款用途的审核和监管，确保贷款 资金确实用于消费领域。如何平衡风险控制与便利享受，需要相关部门加强监测和引导。此外，贴息政 策势必增加财政支出，需合理评估政策的长期可持续性，以及对财政收支平衡的影响。 消费贷贴息政策，体现了国家对民生的关注，通过减轻居民消费负担，提升居民的生活品质，增强人民 群众的获得感和幸福感。但消费者也需理性看待政策红利，根据自身实际需求和还款能力适度借贷，避 免过度负债。贴息只是帮消费者节省了一部分需要归还的贷款利息，不可错误理解为免息贷款，更不可 错误理解为贷款反而有利息可拿。 消费是经济循环的终点也是新起点。消费贷贴息政策，有望激活消费市场的一池春水，通过真金白银的 补贴畅通经济循环。政策最终成效或许尚待观察，但其开创 ...

Core Viewpoint - The People's Bank of China (PBOC) is conducting a 1 trillion yuan reverse repo operation to maintain ample liquidity in the banking system, indicating a supportive monetary policy stance [1] Group 1: Monetary Policy Actions - On September 5, the PBOC will carry out a 1 trillion yuan reverse repo operation with a term of 3 months (91 days) using a fixed quantity, interest rate bidding, and multiple price levels [1] - This operation is a continuation of the same amount as there are 1 trillion yuan of 3-month and 300 billion yuan of 6-month reverse repos maturing in the same month [1] Group 2: Market Implications - The ongoing reverse repo operations are aimed at injecting liquidity into the market, which is expected to help stabilize market expectations [1]

9月4日（周四），伦敦金属交易所（LME）期铜回落，受累于美元坚挺，以及投资者在价格升至五个 月最高后获利了结，市场关注关键的美国就业数据和关税不确定性。 伦敦时间9月4日17:00(北京时间9月5日00:00)，LME三个月期铜下跌77.5美元，或0.78%，收报每吨 9,898.0美元。 哥本哈根盛宝银行（Saxo Bank）大宗商品策略主管Ole Hansen称："这似乎只是在这些经济数据公布前 的获利了结。" 他补充说："另外，10,000美元这一关口目前似乎是铜价相当坚固的阻力，基本面还不够强劲，无法冲 破该关口。" 周五至关重要的非农就业报告将就美联储未来几次政策会议的预期给出更多线索。 美国8月民间就业岗位增幅小于预期，劳动力市场状况正在松动。周四公布的ADP全国就业报告显示， 美国8月民间就业岗位增加5.4万个，接受调查的经济学家预计为增加6.5万个，7月增幅略微上修至10.6 万个，前值为10.4万个。 根据对经济学家的调查，政府周五备受关注的就业报告可能会显示，美国8月非农就业岗位料增加7.5万 个，7月为增加7.3万个。 美元指数持稳，使以美元计价的大宗商品对使用其他货币的买家来说更加昂 ...

据报道，司法部律师已向相关方发出传票，以调查库克是否在房贷申请中存在欺诈行为。 美国司法部已对美联储理事库克涉嫌房贷欺诈展开刑事调查。此举发生在库克就特朗普总统对其罢免行 为提起诉讼、案件正在法院审理之际，进一步加剧了白宫与美联储之间的紧张关系。 一些专家认为，这种行为是一种"法律战"，特朗普及其盟友正利用职权打击政敌，进一步扰乱政治和金 融体系的平衡。 责任编辑：栎树 库克由拜登总统于2022年任命，任期长达14年，至2038年结束。她是美联储历史上首位非裔女性理事。 案件目前由美国联邦地区法官Jia Cobb审理，预计将加速审理进程，最终可能提交至最高法院裁决。 特朗普对白宫与美联储的关系一直持对抗态度，试图削弱央行的独立性。今年早些时候，特朗普曾威胁 罢免美联储主席鲍威尔，理由是其未能及时降息，但在投资者强烈反对后暂时收回此举。 特朗普还曾指控鲍威尔在美联储总部翻新工程中存在"欺诈行为"，该项目成本超出预期，引发市场争 议。 此次对库克的调查，是司法部今年第三次针对民主党或民主党任命官员发起的房贷欺诈调查。此前，美 国司法部长邦迪已任命特别检察官，调查白宫对白加州参议员Adam Schiff和纽约州总检 ...

Group 1 - The core viewpoint is that there is currently no evidence that higher tariffs on imported goods are causing an overall surge in inflation trends, according to New York Fed President Williams [2] - Williams predicts that interest rate cuts will become appropriate over time, although he did not specify the timing or pace of these cuts [2][3] - The labor market has shown signs of cooling due to high interest rates, with significant slowdowns in job growth since May [2][3] Group 2 - Williams expects the unemployment rate to gradually rise to around 4.5% next year due to the combined impact of trade and immigration policies [3] - Short-term inflation rates may spike above 3%, but are projected to decline to 2.5% by 2026 and further to 2% by 2027, aligning with the Fed's inflation target [3] - The path of interest rates post-September meeting remains unclear, with some officials advocating for a series of rate cuts in the next three to six months [4]

Group 1: Sports Industry Development - The State Council issued an opinion to promote the high-quality development of the sports industry, aiming for a total scale exceeding 7 trillion yuan by 2030 and cultivating a number of world-influential sports enterprises and events [2][3]. Group 2: Electronic Information Manufacturing - The Ministry of Industry and Information Technology and the State Administration for Market Regulation released a growth action plan for the electronic information manufacturing industry, targeting an average growth rate of around 7% for major sectors from 2025 to 2026, with an overall annual revenue growth of over 5% [2][3]. - By 2026, it is expected that the revenue scale and export ratio will maintain the top position among 41 industrial categories, with five provinces achieving over 1 trillion yuan in revenue from electronic information manufacturing [2][3]. Group 3: Stock Market and Company Announcements - China Shipbuilding announced that the A-shares of China Heavy Industry will be delisted on September 5, 2025, as part of a stock swap merger [7]. - Agricultural Bank's stock surged over 5%, marking the highest single-day increase since May 2023, with a total market value reaching 2.63 trillion yuan and a year-to-date increase of 47.45% [3][7].

近几个月美国就业增长明显放缓 近几个月来，由于企业应对需求担忧、成本上升以及总统特朗普反复无常的贸易政策带来的持续经济不确定性，招聘活动已明显降温。这给美联储官员带来 了更大压力，要求他们介入并支持日益放缓的劳动力市场。 经济学家预计周五将发布的就业报告将延续疫情以来美国最疲软的就业增长态势，这很可能促使美联储决定降息。 根据对经济学家的调查中值预测，8月份非农就业人数可能增加7.5万人，这将是就业增长连续第四个月低于10万人。失业率预计升至4.3%，为2021年以来的 最高水平。 其他指标和调查也显示劳动力市场正在疲软。周三公布的数据显示，7月份美国职位空缺降至10个月来的最低水平——Evercore ISI的分析师表示，这一数据 使就业报告更难阻止9月份降息。 周四公布的政府数据显示，上周美国失业救济申请人数升至6月以来最高水平。再就业服务机构Challenger， Gray & Christmas的另一份报告显示，招聘计划 降至有记录以来8月份的最弱水平，而计划裁员人数则有所增加。 "劳动力市场基本上处于冻结状态，"Santander US Capital Markets LLC首席美国经济学家斯蒂芬· ...

Group 1 - The State Council issued 20 measures to boost sports consumption and promote high-quality development of the sports industry, aiming for a total scale exceeding 7 trillion yuan by 2030 [4] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation released the "Action Plan for Stable Growth of the Electronic Information Manufacturing Industry for 2025-2026" [5] - The expected average growth rate of the added value of the computer, communication, and other electronic equipment manufacturing industries is around 7% for 2025-2026, with an annual revenue growth rate of over 5% for the electronic information manufacturing industry [6] Group 2 - The semiconductor industry, particularly AI chips, is experiencing significant market fluctuations, with a notable decline in the market value of companies like Cambrian [10][11] - Cambrian's market value dropped by over 100 billion yuan due to a passive adjustment in the sample weight of the Sci-Tech Innovation 50 Index, despite a 4347.82% year-on-year increase in revenue [11] - Huawei launched its new generation of foldable phones starting at 17,999 yuan, capturing a 75% market share in the foldable phone segment [12] Group 3 - The banking sector's performance in the first half of 2025 showed improvement, with profit and revenue growth benefiting from financial policies and a recovering capital market [19] - The brokerage sector is seeing active interest from funds, with significant gains in stocks like Pacific Securities and Huayin Securities [19] - The consumer sector, represented by retail stocks, is showing resilience, with companies like Guofang Group and Bubugao experiencing stock price increases [19]

Group 1 - The upcoming employment report is expected to show the weakest job growth in the U.S. since the pandemic, potentially prompting the Federal Reserve to consider interest rate cuts [1][5] - Economists predict a non-farm payroll increase of only 75,000 jobs in August, marking the fourth consecutive month of job growth below 100,000 [1][4] - The unemployment rate is anticipated to rise to 4.3%, the highest level since 2021 [1] Group 2 - Recent months have seen a significant slowdown in U.S. job growth due to companies facing demand concerns, rising costs, and economic uncertainty stemming from trade policies [2][3] - The labor market is described as being in a "frozen" state, with businesses pausing hiring decisions until the economic situation becomes clearer [3] - Job growth in August is expected to be concentrated in a few sectors, particularly healthcare, leisure, and hospitality [3] Group 3 - The July employment report indicated a downward revision of job growth, altering perceptions of the labor market among economists and policymakers [4] - There are concerns about the integrity of U.S. employment data following significant revisions, which may suggest a more prolonged weakness in the labor market [4] Group 4 - The Federal Reserve is under increasing pressure to act as labor market conditions weaken, with Chairman Powell expressing openness to interest rate cuts [5][6] - Other indicators, such as a drop in job vacancies and an increase in unemployment claims, further complicate the outlook for the labor market [5] - Market expectations are leaning towards a 25 basis point rate cut in the upcoming Federal Reserve meeting, although future actions remain uncertain [5] Group 5 - The dual mandate of achieving full employment and stable prices is creating a challenging environment for policymakers, with potential disagreements among Federal Open Market Committee members [6] - The labor market is expected to be a key factor in interest rate decisions in the coming months, with a potential for rapid changes [6]