宏观研究 证 券 研 究 报 告 【宏观快评】5 月美国非农数据点评 就业稳中趋弱，亮点在时薪增长 主要观点 ❖ 5 月非农数据简述：新增非农就业小幅超预期 1、新增非农就业小幅超预期，录得 13.9 万，预期 13 万。就业增长集中在 3 个 行业，教育保健服务（+8.7 万，前值+10 万）、休闲酒店业（+4.8 万，前值+2.9 万）、金融业（+1.3 万，前值+0.3 万），其他服务业（+0.9 万，前值-0.2 万）、 交运仓储（+0.58 万，前值-0.81 万）的就业亦有小幅增长。专业和商业服务、 采矿、制造业、零售、政府部门的就业萎缩。精简政府效果逐步体现，联邦政 府人员就业净减少 2 万，上月减少 1.3 万。罢工对本月非农就业基本无影响。 2、失业率持平于 4.2%。从失业原因来看，再就业和新入职者增加，分别带来 失业人数增加约 5.3 万、2.4 万，离职者减少导致失业人数大幅下降约 15.1 万， 企业裁员（永久失业）基本保持不变。此外，如果今年年内要连续三个月触发 衰退预警的萨姆法则，大概需要下半年失业率升至 4.6%及以上。 3、时薪增速超预期，环比 0.4%，预期 0.3%，前值 ...

宏观月报 / 2025.06.07 ■ 证券研究报告 陈兴 分析师 SAC 证书编号: S0160523030002 chenxing@ctsec.com 马乐怡 联系人 maly@ctsec.com 相关报告 1. 《就业不断下修 -- 4 月美国非农数 2025-05-03 据解读》 2. 《就业暂时回暖 -- 3月美国非农数 据解读》 2025-04-05 3. 《就业市场广泛降温 -- 2月美国非 农数据解读》 2025-03-08 4. 《就业下修，薪资强劲——1月美国 非农数据解读》 2025-02-08 5. 《零售支撑就业改善 -- 2024 年 12 月美国非农数据解读》 2025-01-11 夜心观点 就业前值再下修,劳动参与率下降。5月新增非农就业人数下降至 13.9万 * 人,同时 3 月和 4 月合计下修 9.5 万人。今年以来,新增非农就业人数持续下 调,或意味着当前就业水平存在一定程度的高估。分行业来看,新增就业主要 来源从政府转向服务业。5月服务业新增就业较上月提升,政府裁员影响仍在 持续显现,联邦政府就业自1月以来已减少 5.9万人。而制造业更容易受到关 税政策的影响,新增就 ...

Group 1 - The core viewpoint emphasizes the importance of developing the marine economy and building a strong marine province in Guangdong, which is seen as crucial for both the province and the nation [2][3] - Guangdong has established a Marine Strong Province Construction Work Committee, led by the provincial party secretary, to coordinate efforts across various departments to promote marine economic development [1][3] - In 2024, Guangdong's marine GDP reached 2.002 trillion yuan, maintaining its position as the largest marine economy in China for 30 consecutive years, contributing 27% to the region's nominal economic growth [2][3] Group 2 - The newly passed "Regulations on Promoting High-Quality Development of the Marine Economy" will take effect on July 1, 2023, marking a significant step in Guangdong's efforts to enhance its marine economy [3][4] - The marine economic structure in Guangdong shows a high proportion of the tertiary industry at 65.6%, which is 6 percentage points higher than the national average, indicating a need for better balance with primary and secondary industries [3] - The current transition in China's marine economy towards deep-sea resource development presents new opportunities for Guangdong, which is encouraged to leverage technology and innovation in marine sectors [3][4]

Core Insights - The core issue for small and medium-sized enterprises (SMEs) is how to allocate their financing effectively, impacting their future survival and development [1][3]. Financing and Fund Allocation - According to the "2024 China SME Financing Development Report," SMEs primarily use funds for daily operations, with operational expenses accounting for approximately 93% of total funding [4][6]. - SMEs face high operational cost pressures due to their smaller scale and limited financial reserves, leading to a "short, small, frequent, and urgent" financing demand [6][9]. - The report indicates that SMEs prioritize maintaining daily operations over expanding production, market development, and product innovation, which limits their competitiveness [9][12]. Industry-Specific Insights - Different industries exhibit varying focuses on "developmental investments." For instance, the wholesale and retail sectors have the highest operational expense ratios, with wholesale reaching 97.26%, a year-on-year increase of 0.44% [13][14]. - In terms of R&D spending, the software and information technology services sector leads with an 8.73% allocation, despite a year-on-year decline of 10.55% [15]. - The non-metallic mineral products industry has the highest marketing expenditure ratio at 5.72%, showing a significant year-on-year increase of 54.59% [15]. Challenges and Recommendations - SMEs face significant survival pressure in a competitive market, primarily allocating funds to daily operations, which restricts resources for R&D and marketing, hindering their ability to innovate and grow [17]. - To ensure survival while investing in future growth areas like technology innovation and market expansion, SMEs need to adopt new operational strategies, explore digital solutions, and diversify financing channels [17].

2025.06. 06 | ○ 壹企查 | | 查企业 · 图 深度思考 ○ 浙江娃哈哈实业股份有限公司 × × 童一下 | | | 应用 · 老户特惠 日APP ■ ■ ■ | | --- | --- | --- | --- | --- | --- | | 基本信息 88 | | 司法信息 9 | 经营诊断 418 知识产权 企业发展。 | | 经营状况 324 DeepSeek ® | | 变更记录 38 Q发生变更时提醒我 | | | | | 变更项目 ▼ 业 下载数据 ◎ 晉企查 | | 序号 | 变更日期 | 变更项目 | 变更前 姓名:宗馥莉*,证件号码:H * | | 变更后 姓名:叶雅琼,证件号码: | | | | | 姓名:胡艳红,证件号码: 姓名:余强兵,证件号码: | | 姓名:洪蝉弹,证件号码: 好名:生留感,让什言妇, | | | | | 姓名:宗庆后,证件号码: | | 姓名:尹绪琼,证件号码:"* | | | | 高级管理人员备案(董 | 姓名:宗庆后,证件号码: | | 姓名:宗馥莉,让件号码:H* | | 2025-05-28 | | 事、监事、经理等) | | | | | ...

Core Viewpoint - The recent tightening of U.S. regulatory policies and escalating geopolitical tensions have reignited discussions about the return of Chinese concept stocks (Chinext stocks) to Hong Kong, with the Hong Kong government implementing measures to solidify its position as the preferred destination for these listings [1][7]. Group 1: Market Trends - Since the reform of the listing system in 2018, 33 Chinese concept companies have chosen to list in Hong Kong, accounting for over 70% of the total market capitalization of all Chinese concept stocks [3][4]. - The trend shows that large-cap leading companies are often the first to initiate the return process, with 12 companies having a market capitalization exceeding 1 trillion HKD [4][5]. - As of June 5, 2023, 73% of the top quartile of Chinese concept stocks have achieved a dual listing, with 45% completing a primary dual listing and 26% achieving a secondary listing in Hong Kong [5]. Group 2: Industry Distribution - Chinese concept stocks are primarily concentrated in three sectors: new consumption, technology, and mid-to-high-end manufacturing, with retail accounting for 54% of the new consumption sector [6]. - The valuation discount previously faced by Chinese concept stocks in the Hong Kong market has been gradually alleviated due to increased market activity since last year [6]. Group 3: Government Initiatives - The Hong Kong government is committed to making the region the preferred destination for the return of Chinese concept stocks, with proactive measures being taken by the Securities and Futures Commission and the Hong Kong Stock Exchange [7][8]. - Hong Kong's financial market is characterized by its dual attributes of global capital allocation and local market familiarity, making it an attractive option for Chinese companies looking to return [8]. Group 4: Advantages of Returning to Hong Kong - The flexibility and inclusiveness of Hong Kong's regulatory environment provide significant advantages for Chinese concept stocks, including the ability to retain VIE structures and tax incentives [8]. - Hong Kong serves as a "safe haven," allowing for effective liquidity support from mainland funds while facilitating international capital inflows [7][8].

近期，在美国监管政策加码、地缘局势紧张背景下，中概股回归再成热点话题。香港特区政府以制度优 化、互联互通升级等举措，希望巩固其作为中概股回归"首选地"的地位。 在港股市场上，阿里、京东、网易等头部企业率先完成双重上市或第二上市，中小市值中概股亦将逐步 跟进。日前，香港财经事务及库务局副局长陈浩濂透露，自2018年上市制度改革以来，已有33家中概股 到香港上市，市值在所有中概股的市值中占比超过七成。 不过，业界有声音认为，港股市场在容量、流动性及估值折价等方面的短板，仍有待突破。这种情况正 在发生变化，近期港元汇率频繁触及强方兑换保证，香港金管局多次干预，折射资金汹涌流入态势。随 着6月港股通扩容及流动性支持工具（LMM）推出，中概股回归或将从单纯的避险转向主动的市场化布 局。 大企业率先回归 Wind统计显示，自2018年至今，已有33家中概股企业选择回归港股上市。其中，21家完成双重主要上 市，这类企业的市值占比超过六成；另外12家企业则采取第二上市的方式。 目前多数头部中概股已实现赴港上市，在市值排名前1/4的中概股中，已有73%（市值占比，下同）的 中概股实现两地上市，其中45%的企业已完成双重主要上市 ...

Core Points - The productivity of American workers declined significantly in the first quarter, with a final value decrease of 1.5%, which is worse than the initial estimate of 0.8% [1] - This marks the first decline since the second quarter of 2022, indicating potential challenges for businesses [1] - Labor costs surged by 6.6% in the first quarter, with a year-over-year increase of 1.9%, surpassing the previously reported 1.3% [1] Economic Impact - Businesses are facing rising costs due to tariffs on imported goods, which may further strain profitability [1] - Economic uncertainty is expected to hinder consumer and business spending, leading to cautious financial guidance from companies in sectors such as airlines, retail, and automotive manufacturing for 2025 [1] - Overall, the decline in productivity and the rise in labor costs could pressure corporate profits moving forward [1]

三是彰显"效"，由表及里解题见效。调研组聚焦企业的急难愁盼，特别是中小民营企业在高质量发展中 面临的问题和瓶颈，对政策问题现场释惑答疑，对具体事项"量身定制"解决方案并形成台账，结合央地 政府反馈情况实时更新，截至目前已协调解决问题近七成。重点走访"戈壁滩打拼'蛋鸡第一股'"晓鸣股 份（300967）、"中国风电减速机第一股"威力传动（300904）、"智能工厂制造第一股"巨能股份等新上 市"小而专"细分行业龙头企业，聚焦做优做强主业、培育新质生产力等开展深入交流，帮助解决问题困 难。同时，建立"走访调研+宣传引导"工作机制，在走访中引导企业积极践行社会责任，鼓励利用资本 市场发展新质生产力。同时协调主流媒体积极参与，强化宣传引导效果，助力企业高质量发展。今年以 来，围绕"谈高质量发展"主题积极开展董事长系列专访，阅读量已累计突破300万次。 一是聚焦"全"，一企一策问需纾困。在2024年走访辖区上市公司全覆盖基础上，今年以来，再次联合走 访上市公司5家次，力争实现年底第二轮全覆盖走访。近期与自治区有关部门对国家高新技术、制造业 单项冠军及传统制造业上市公司开展专题走访，解读"并购六条"、分红等相关政策要求。 ...

天眼查工商信息显示，近日，健之佳医药连锁集团股份有限公司出资40000万元成立河北健之佳唐人连 锁药房有限公司，持股100%，所属行业为零售业。 资料显示，河北健之佳唐人连锁药房有限公司成立于2024年8月27日，法定代表人为蓝波，注册资本 40000万人民币，公司位于唐山市，许可项目：药品零售;食品互联网销售;食品销售;酒类经营;医疗服务; 生活美容服务;道路货物运输（不含危险货物）;城市配送运输服务（不含危险货物）;第二类增值电信业 务;互联网信息服务;药品互联网信息服务;医疗器械互联网信息服务;第三类医疗器械经营;消毒器械销售 （依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以批准文件或许可证件为 准）食品销售（仅销售预包装食品）;食品互联网销售（仅销售预包装食品）;婴幼儿配方乳粉及其他婴 幼儿配方食品销售;特殊医学用途配方食品销售;保健食品（预包装）销售;健康咨询服务（不含诊疗服 务）;远程健康管理服务;会议及展览服务;市场调查（不含涉外调查）;租赁服务（不含许可类租赁服 务）;非居住房地产租赁;第二类医疗器械销售;日用化学产品销售;互联网销售（除销售需要许可的商 品）;第一类医疗 ...