Core Viewpoint - The article discusses the stable growth of China's economy in April, highlighting the resilience of external demand and the transition of new and old growth drivers, despite challenges such as declining real estate investment and low inflation pressures [6][21]. Supply Side: Stable Growth, Slowing Momentum - In April, the industrial added value of large-scale enterprises increased by 6.1% year-on-year, exceeding the market expectation of 5.2%, but down 1.6 percentage points from March [7] - The service production index grew by 6.0% year-on-year, slightly down from March [7] - High-tech industries maintained robust growth, with production increasing by 10.0%, while equipment manufacturing grew by 9.8% [7] Fixed Asset Investment: Slowing Growth, Real Estate Drag - Fixed asset investment grew by 4% year-to-date, slightly down from the previous value [10] - Infrastructure investment increased by 10.9%, while real estate investment saw a decline of 10.3%, worsening by 0.5 percentage points from the previous value [10][11] - Manufacturing investment growth slowed to 8.2%, influenced by tariff impacts and reduced willingness to invest among enterprises [16] Consumption: High Levels with Notable Highlights - Retail sales growth in April was 5.1%, slightly below the market expectation of 5.5% [19] - Significant growth was observed in categories such as communication equipment and home appliances, with increases of 20-30% [19] - The consumption of gold and jewelry surged by 25.3%, driven by high gold prices [19] Outlook: Consolidating Foundations, Maintaining Stability - The article anticipates that tariff negotiations will yield positive outcomes, improving the economic environment and supporting the goal of achieving a 5% growth rate [21] - The article suggests that while external demand remains stable, inflation may continue to be low, and the real estate market may remain weak [21]

4 月份，全国服务业生产指数同比增长 6.0% 。分行业看，信息传输、软件和信息技术服务业，租 赁和商务服务业，批发和零售业，金融业生产指数同比分别增长 10.4% 、 8.9% 、 6.8% 、 6.1% ，分别快于服务业生产指数 4.4 、 2.9 、 0.8 、 0.1 个百分点。 1-4 月份，全国服务业生 产指数同比增长 5.9% 。 1-3 月份，规模以上服务业企业营业收入同比增长 7.0% 。 4 月份，服 务业商务活动指数为 50.1% ，服务业业务活动预期指数为 56.4% 。其中，航空运输、电信广播电 视及卫星传输服务、互联网软件及信息技术服务、保险等行业商务活动指数位于 55.0% 以上较高景 气区间。 2025.05. 19 本文字数：2715，阅读时长大约4.5分钟 来源丨 国家统计局网站 4 月份，面对外部冲击影响加大、内部困难挑战叠加的复杂局面，在以习近平同志为核心的党中央坚 强领导下，各地区各部门认真贯彻落实党中央、国务院决策部署，坚持稳中求进工作总基调，完整准 确全面贯彻新发展理念，加快构建新发展格局，扎实推动高质量发展，加紧实施更加积极有为的宏观 政策，有力有效应对外部冲击 ...

4月份，全国服务业生产指数同比增长6.0%。分行业看，信息传输、软件和信息技术服务业，租赁和商 务服务业，批发和零售业，金融业生产指数同比分别增长10.4%、8.9%、6.8%、6.1%，分别快于服务业 生产指数4.4、2.9、0.8、0.1个百分点。1-4月份，全国服务业生产指数同比增长5.9%。1-3月份，规模以 上服务业企业营业收入同比增长7.0%。4月份，服务业商务活动指数为50.1%，服务业业务活动预期指 数为56.4%。其中，航空运输、电信广播电视及卫星传输服务、互联网软件及信息技术服务、保险等行 业商务活动指数位于55.0%以上较高景气区间。(中国网) ...

（2025年5月19日） 国家统计局 4月份，面对外部冲击影响加大、内部困难挑战叠加的复杂局面，在以习近平同志为核心的党中央坚强领导下，各地区各部门认真贯彻落实党中央、国务院 决策部署，坚持稳中求进工作总基调，完整准确全面贯彻新发展理念，加快构建新发展格局，扎实推动高质量发展，加紧实施更加积极有为的宏观政策，有 力有效应对外部冲击，生产需求平稳增长，就业形势总体稳定，新动能积聚成长，国民经济顶住压力稳定增长，延续向新向好发展态势。 一、工业生产较快增长，装备制造业和高技术制造业增势较好 4月份，全国规模以上工业增加值同比增长6.1%，环比增长0.22%。分三大门类看，采矿业增加值同比增长5.7%，制造业增长6.6%，电力、热力、燃气及水 生产和供应业增长2.1%。装备制造业增加值同比增长9.8%，高技术制造业增加值增长10.0%，分别快于全部规模以上工业增加值3.7和3.9个百分点。分经济 类型看，国有控股企业增加值同比增长2.9%；股份制企业增长6.6%，外商及港澳台投资企业增长3.9%；私营企业增长6.7%。分产品看，3D打印设备、工业 机器人、新能源汽车产品产量同比分别增长60.7%、51.5%、38. ...

Core Viewpoint - The economic environment significantly impacts corporate operations, reflected not only in layoffs but also in reduced salaries, with fluctuating wages serving as a buffer against operational pressures [1][6]. Wage Data Overview - As of 2024, the average annual salary for employees in non-private urban units is 124,110 yuan (10,342.5 yuan/month), which is 1.79 times that of private units [2][9]. - The nominal wage growth rates for private and non-private units in 2024 are 1.7% and 2.8%, respectively, down from 8.9% and 9.7% in 2021 [4][12]. Wage Growth Trends - The rapid decline in wage growth rates is attributed to the inclusion of more small and micro enterprises in the wage statistics, which typically have lower wage levels [6][12]. - The wage growth for non-private units has been consistently higher than that of private units since 2015, with non-private unit wages increasing from 3,044.9 yuan/month in 2010 to 10,342.5 yuan/month in 2024, a rise of approximately 7,300 yuan/month [9][10]. Industry-Specific Wage Dynamics - The education sector shows significant wage disparities, with non-private education units averaging 10,513.2 yuan/month in 2024, while private education units average 5,059.9 yuan/month [16]. - The financial and mining sectors have consistently reported high wage totals and growth rates, with both sectors exceeding 10% growth in 2022 and 2023 [16][18]. Negative Wage Growth - In 2024, there is a notable increase in industries experiencing negative wage growth, including healthcare and social work in non-private units, and manufacturing in private units [20].

Group 1 - The average annual salary for urban non-private sector employees in 2024 is 124,110 yuan, reflecting a nominal growth of 2.8% and a comparable growth of 2.6% [4] - The average annual salary for urban private sector employees is 69,476 yuan, with a nominal growth of 1.7% and a comparable growth of 4.0% [4] - The average annual salary for employees in large-scale enterprises is 102,452 yuan, showing a nominal growth of 4.4% and a comparable growth of 4.2% [4] Group 2 - The highest average salary levels in urban non-private and private sectors are found in the information transmission, software and information technology services, financial services, and scientific research and technical services industries [5] - The lowest average salary levels are concentrated in agriculture, forestry, animal husbandry, fishery, accommodation and catering, water conservancy, environmental and public facilities management, and other service industries [5] Group 3 - The data indicates a trend of narrowing wage disparities across different industries, regions, and job positions [6][10] - The stability in wage levels across industries suggests a correlation with the overall stabilization of the macroeconomic environment [8] - The information transmission and software services industry has maintained the highest average salary for several years, attributed to the growth of the digital economy [8][10]

Group 1: Industry Performance - The healthcare ETF rose by 2.02%, while the biotechnology index ETF increased by 1.61% [1][3] - The global airline industry ETF saw a gain of 1.07%, and the consumer discretionary ETF rose by 0.95% [1][3] - The technology sector ETF and banking sector ETF had minimal increases, with gains of up to 0.19% [1][3] Group 2: ETF Specifics - The healthcare ETF closed at $133.09, with a change of +2.63 (+2.02%) and a total market value of $254.69 billion, down 2.88% year-to-date [3] - The biotechnology index ETF closed at $121.16, with a change of +1.92 (+1.61%) and a total market value of $96.20 billion, down 8.28% year-to-date [3] - The global airline ETF closed at $22.74, with a change of +0.24 (+1.07%) and a total market value of $716.31 million, down 10.30% year-to-date [3] Group 3: Sector Trends - The energy sector ETF decreased by 0.15%, while the semiconductor ETF fell by 0.29% [2][3] - The utilities sector ETF increased by 1.47%, closing at $82.18, with a total market value of $119.30 billion, up 9.35% year-to-date [3] - The consumer staples ETF rose by 1.15%, closing at $82.07, with a total market value of $138.88 billion, up 4.95% year-to-date [3]

Group 1 - The meeting was chaired by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, focusing on the development of Dubai's economic and financial sectors [1][2] - The committee is responsible for approving high-level economic and financial policies, reviewing industry laws and regulations, and enhancing transparency and governance [1] - A comprehensive long-term agenda for the development of Dubai's financial sector was reviewed, emphasizing key pillars such as attracting global capital and enhancing Dubai's position as a leading asset and wealth management center [2] Group 2 - The agenda includes support for startups and scaling businesses, with a focus on attracting unicorn companies [2] - There is a commitment to developing a competitive and innovative banking and investment environment, alongside promoting digital transformation in the financial sector through virtual assets and fintech [2] - The committee will also work on updating relevant laws and regulations to improve transparency and governance in the economic and financial services sectors [2]

Core Viewpoint - The U.S. stock market opened with mixed performance among major industry ETFs, with healthcare and biotechnology ETFs rising nearly 1%, while energy ETFs fell close to 1% [1] Industry Summary - **Healthcare ETF**: Current price at $131.42, increased by $0.96 (+0.74%), with a trading volume of 1.58 million shares and a total market value of $25.15 billion, down 4.10% year-to-date [2] - **Biotechnology Index ETF**: Current price at $120.06, up by $0.82 (+0.69%), with a trading volume of 99,650 shares and a total market value of $9.53 billion, down 9.11% year-to-date [2] - **Energy ETF**: Current price at $85.01, decreased by $0.60 (-0.70%), with a trading volume of 1.36 million shares and a total market value of $21.29 billion, up 0.02% year-to-date [2] - **Global Airline ETF**: Current price at $22.61, increased by $0.10 (+0.47%), with a trading volume of 121,200 shares and a total market value of $712.06 million, down 10.83% year-to-date [2] - **Technology Sector ETF**: Current price at $234.00, decreased by $0.45 (-0.19%), with a trading volume of 604,400 shares and a total market value of $74.43 billion, up 0.81% year-to-date [2] - **Financial Sector ETF**: Current price at $51.30, increased by $0.02 (+0.04%), with a trading volume of 3.65 million shares and a total market value of $57.10 billion, up 6.53% year-to-date [2]

需要说明的是，可比口径是指扣除物价和第五次全国经济普查后单位覆盖范围变化的影响。通过第五 次全国经济普查，更多的小微企业新纳入劳动工资统计范围，统计覆盖面更为全面。 国家统计局人口和就业统计司司长王萍萍解读称，城镇私营单位年平均工资可比口径增速与名义增速 相比差异较大，主要是由于第五次全国经济普查后，劳动工资统计的覆盖范围更为完整。第五次全国 经济普查采用"地毯式"清查，确保了普查单位的不重不漏，普查后更多的小微企业纳入了劳动工资 统计范围，这部分单位就业人员工资水平相对较低，对城镇私营单位平均工资水平和名义增速带来一 定影响。 2025.05. 16 本文字数：1382，阅读时长大约3分钟 作者 | 第一财经 林靖 2024年，全国城镇单位就业人员年平均工资平稳增长。 国家统计局16日发布的数据显示，2024年，全国城镇非私营单位就业人员年平均工资124110元， 比上年增加3412元，名义增长2.8%，按可比口径增长2.6%。全国城镇私营单位就业人员年平均工 资69476元，比上年增加1136元，名义增长1.7%，按可比口径增长4.0%。 从这三大高收入行业的分布来看，北上广深以及杭州等大城市的相关高收入 ...