Group 1 - The number of job vacancies in the US decreased from a revised 7.71 million in May to 7.44 million in June, falling short of economists' expectations of 7.5 million [1][2] - Job vacancies saw a broad decline across various sectors, particularly in accommodation and food services, healthcare, and finance and insurance [2] - The hiring rate dropped to 3.3% in June, the lowest level since November of the previous year, indicating a slowdown in recruitment [2] Group 2 - The ratio of unemployed individuals to job vacancies fell to approximately 1:1 in June, significantly lower than the peak of 2:1 in 2022 [2] - There is a noted decrease in the number of voluntary resignations, suggesting a decline in workers' confidence in the job market [2] - Concerns have been raised by economists regarding the reliability of the job vacancy data due to low survey response rates and frequent data revisions [2]

Group 1 - The number of job vacancies in the U.S. decreased to 7.44 million in June, down from a revised 7.71 million in May, indicating a cooling trend in labor market demand [1][4] - The decline in job vacancies affected multiple sectors, including accommodation and food services, healthcare, and finance and insurance, suggesting a broad slowdown in job demand [1][4] - The current level of job vacancies remains above pre-pandemic averages, indicating overall healthy demand for labor, despite a slowdown in hiring pace [4] Group 2 - The hiring rate fell to 3.3% in June, the lowest since November of the previous year, while the ratio of job vacancies to unemployed individuals remained at 1.1, a key indicator monitored by the Federal Reserve [4] - Some economists have raised concerns about the reliability of the JOLTS data due to low response rates and frequent revisions, although similar indicators from job site Indeed also showed a decline in job postings [4] - The upcoming July non-farm payroll report is expected to provide further insights into the labor market, with predictions of slowing job growth and rising unemployment rates [5]

Core Points - MSCI Nordic Countries Index declined by 4.3%, marking the worst single-day performance since April 4, when it fell by 6.4%, closing at 343.08 points [1] - Among the 10 sectors, the Nordic healthcare sector performed the worst [1] - Novo Nordisk dropped by 23.1%, leading the decline among constituent stocks [1]

当地时间7月28日，美媒报道称，今年春夏毕业的大学生正遭遇十余年来（新冠疫情特殊时期除外）最 严峻的就业市场，22岁至27岁的学位持有者的失业率已攀升至近十年来的峰值。 美国大学生群体的失业率不仅超过整体失业率水平，两者间的差距更是创下三十多年来的新高。 大学生就业遇冷的背后，当下火热的人工智能（AI）正愈发受到关注，它是否是造成这一困境的罪魁 祸首？ 形势恶化 美国劳工部最新数据显示，6月非农部门新增就业14.7万人，失业率环比微降0.1个百分点至4.1%。这一 数据已连续多月稳定在4.0%至4.2%的窄幅区间，劳动力市场总体保持稳定。 美国失业率维持低位主要得益于裁员相对较少，然而实际招聘率已回落至2014年的水平。此外，新增就 业主要集中在医疗保健、政府部门及餐饮酒店行业，过去12个月里，在信息技术、法律服务、会计等大 学毕业生密集就业的行业，就业增长始终处于停滞状态。 纽约联邦储备银行警告称，大学毕业生的就业状况"明显恶化"。数据显示，2025年一季度，22岁至27岁 的大学毕业生平均失业率为5.8%，除新冠疫情特殊时期外，这是自2012年以来的最高水平，且显著高 于美国失业率水平。 另有数据显示，在 ...

Core Insights - The number of job vacancies in the U.S. decreased to 7.44 million in June, down from a revised 7.71 million in May, indicating a fluctuation in labor demand [1] Industry Impact - The decline in job vacancies was widespread, primarily affecting the accommodation and food services, healthcare, and finance and insurance sectors [1] - The report supports the notion of a cooling labor market, although the decline is gradual [1] Labor Market Conditions - Despite the decrease, job vacancies remain above pre-pandemic average levels, suggesting a relatively healthy demand for workers [1] - Recruitment has slowed down, and unemployed individuals are taking longer to find new jobs [1]

Core Viewpoint - The pharmaceutical sector has shown significant divergence in performance, with innovative drugs outperforming while other segments like medical devices and traditional Chinese medicine lag behind [1][2][3] Group 1: Performance Disparity - As of July 28, the performance gap among pharmaceutical theme funds exceeded 120%, with funds focused on Hong Kong innovative drugs leading the pack [1][2] - The China Securities Index for Hong Kong innovative drugs recorded a year-to-date increase of 111.08%, while the medical index only rose by 14.74% [2][3] - A total of 393 pharmaceutical-related funds were tracked, with the highest fund showing a net value increase of over 120% and the lowest at -3.08% [3] Group 2: Market Trends - The A-share pharmaceutical stocks continued to rise, with CRO concept stocks leading the gains, and multiple stocks increasing over 5% [2] - Hong Kong's biotechnology and healthcare indices also performed well, with increases of 4.11% and 3.82% respectively [2] - Despite the overall strong performance, there is a clear divide between the booming innovative drug sector and the underperforming medical and traditional Chinese medicine sectors [2][3] Group 3: Investment Strategies - Some fund managers have reduced their holdings in high-performing sectors like innovative drugs, opting for a balanced approach across medical devices and consumer healthcare [4] - The focus on defensive positions and dividend stocks has been noted as a reason for underperformance in certain funds [3][4] - Analysts suggest that while innovative drugs are currently strong, there are opportunities for valuation recovery in medical devices and healthcare sectors [6][7] Group 4: Risks and Future Outlook - The innovative drug sector's recent surge is attributed to favorable policies, successful international business development, and improved fundamentals [6] - However, there are accumulating short-term risks, including high trading congestion and potential regulatory hurdles [6] - Analysts from CITIC Construction Investment predict a recovery in the medical device sector's overall valuation, with several companies expected to turn profitable by 2025-2027 [7]

Group 1 - The core viewpoint is that Hong Kong stocks, particularly in the technology sector, are expected to outperform A-shares in the second half of the year due to a recovery in southbound capital inflows and the unique asset advantages of Hong Kong stocks [1] - Since July, there has been a significant acceleration in southbound capital inflows, with the inflow momentum returning to the mean plus one standard deviation level [1] - The rapid transformation of the AI industry is driving upward profitability in Hong Kong technology stocks, which may become a mid-term investment focus [1] Group 2 - Domestic large model breakthroughs are increasing, leading to a gradual increase in southbound allocations to Hong Kong technology stocks [1] - The easing of US-China trade tensions and technology export controls is expected to accelerate the iteration of domestic large models and the implementation of AI applications [1] - Hong Kong technology leaders are likely to regain relative advantages under the resonance of technology, capital, and policy [1] Group 3 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects investable Hong Kong-listed technology companies through the Stock Connect channel [1] - The index focuses on high-growth technology sectors, reflecting the overall performance of quality technology companies [1] - Other sectors such as Hong Kong dividends, new consumption, and innovative pharmaceuticals are also considered scarce compared to A-shares and are worth attention in the second half of the year [1]

Group 1 - The article emphasizes three main investment themes: new productive forces led by hard technology, consumption driven by a large aging population, and asset revaluation opportunities in a transforming economy [1][4][5] - Hard technology is identified as a core focus, with specific ETFs such as the Huabao AI ETF (159363) and the Huabao Sci-Tech AI ETF (589520) highlighted for their potential in the manufacturing sector [1][6] - The aging population trend is noted as a significant driver for consumption, with the Medical ETF (512170) being a key investment vehicle in this area [1][9][10] Group 2 - The article discusses the impact of "anti-involution" policies and large infrastructure projects on market dynamics, suggesting these will stimulate a new economic growth cycle [4][5] - The financial technology sector is highlighted as a high-growth area, with the Financial Technology ETF (159851) being the largest in terms of market size and liquidity [8][10] - The article points out that the banking sector, represented by the Bank ETF (512800), offers a safety net with a dividend yield of approximately 5.1% and a price-to-earnings ratio of 7.2, making it an attractive investment during economic transitions [13][14] Group 3 - The article mentions the importance of identifying core assets and emerging sectors within the A-share market, particularly through the Zhongzheng A500 ETF (563500) [1][13] - The Hong Kong Internet ETF is noted for its exposure to major players like Tencent and Alibaba, which are significant in the AI landscape [11][12] - The article suggests a strategic approach to investment, focusing on domestic demand and rigid consumption needs as key drivers for growth [16]

Core Viewpoint - Current southbound capital inflow momentum is recovering, suggesting that Hong Kong stocks may continue to outperform in the second half of the year [1] Group 1: Market Dynamics - Since July, southbound capital inflow has accelerated, with inflow momentum rebounding to the mean plus one standard deviation level [1] - The proportion of southbound buy transactions has risen to a high level, indicating strong investor interest [1] Group 2: Sector Focus - The ongoing AI industry transformation is expected to drive Hong Kong technology stocks as a mid-term investment theme [1] - Recent breakthroughs in domestic large models have led to increased southbound allocation towards Hong Kong technology stocks [1] - Easing of US-China trade tensions and relaxation of technology export controls are anticipated to accelerate the iteration of domestic large models and AI application deployment [1] Group 3: Investment Opportunities - Hong Kong stocks with scarce asset advantages, including dividends, new consumption, and innovative pharmaceuticals, are also worth attention in the second half of the year [1] - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), focusing on high-tech companies in information technology and healthcare sectors [1] - The index adopts a growth investment style, providing investors with an effective tool to participate in the development of the Hong Kong technology industry [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link A (015739) and Link C (015740) [1]

7月28日上榜港股通成交活跃榜个股中，微创医疗为近一个月首次上榜。 证券时报•数据宝统计显示，7月28日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 332.01亿港元，占当日港股通成交金额的24.88%，净买入金额32.47亿港元。 7月28日港股通成交活跃股榜单 上榜的成交活跃股中，阿里巴巴-W成交额为47.61亿港元，成交金额居首；其次是中芯国际、中国人 寿，成交金额分别为39.52亿港元、38.95亿港元。 | 证券代码 | 证券简称 | 成交金额 | 净买入金额 | 近一个月上榜次数 | 最新收盘价 | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | --- | | | | （亿港元） | （亿港元） | | （港元） | | | 00700 | 腾讯控股 | 38.39 | 5.98 | 20 | 555.500 | 0.91 | | 00981 | 中芯国际 | 39.52 | 1.55 | 20 | 53.100 | 0.66 | | 01788 | 国泰君安国际 | 35.70 | 0.53 | 20 | 6.720 | 9.45 | ...