美国总统特朗普又干了一件打破惯例的事：提前曝光了本应12小时后官方正式公布的部分就业数据。 美东时间1月9日周五上午8点30分，美国劳工统计局（BLS）公布了2025年12月美国非农就业报告，全年的就业数据由此出炉。数据公布后，财经媒体和观 察人士发现，特朗普于美东时间8日晚8点20分在旗下社交媒体平台上发布的一张图表已经包含了本应9日公布的12月数据。 有"新美联储通讯社"之称的《华尔街日报》首席经济记者Nick Timiraos转发了社交媒体上网友根据官方数据整理的1月以来每月私人部门和政府部门就业数 据增减情况，并补充说明指出， 以下截图可见，特朗普公布的上述图表显示，自"1月以来"，美国的私人部门合计增加65.4万个工作岗位，政府部门的就业岗位净减少18.1万个。这与BLS周 五公布的私人部门2025年新增就业人数完全吻合。该图表贴文发布比官方预定的发布时间早了约12小时，以图表发布的时间计算，特朗普应该至少提前12小 时得到了周五才公之于众的12月就业数据，并提前半天将它曝光。 特朗普的发帖时间为美东时间周四晚8点20分，当时白宫经济顾问委员会（CEA）已获得12月就业报告、但BLS尚未公开发布数据 ...

新华财经北京1月9日电加拿大统计局1月9日发布数据显示，尽管加拿大就业人数连续第四个月增长，但 劳动力供给的快速扩张导致失业率再度上升。12月全国失业率环比上升0.3个百分点，达到6.8%，高于 市场预期的6.7%。 当月，加拿大新增就业岗位8,200个，使过去四个月累计就业增长达188,800人。这一表现超出经济学家 此前预测的减少2,500人。就业增长主要由全职岗位推动，当月全职就业增加50,200人，同时自雇人数亦 有所上升。行业层面，医疗保健和社会援助领域新增20,800个职位，建筑业增加11,200个岗位。然而， 兼职就业人数减少42,000人，部分抵消了整体就业增长。 12月劳动力规模（即就业人口与积极求职者总和）激增81,000人，为2024年11月以来最大单月增幅，主 要由安大略省和魁北克省带动。劳动参与率因此上升至65.4%。 加拿大统计局指出，尽管美国关税政策对出口和投资构成压力，劳动力市场仍展现出一定韧性。然而， 失业率连续第二个月维持在6.8%的高位——该水平为2021年以来除疫情期间外的最高值——引发市场 对劳动力市场真实健康状况的重新评估。 当前失业率上升并非源于岗位流失，而是更多 ...

Core Viewpoint - The CCER methodology is undergoing significant expansion, with a total of 18 methodologies expected by the beginning of 2026, aimed at addressing key gaps in China's Nationally Determined Contributions (NDC) for greenhouse gas emissions reduction [1][4]. Group 1: Methodology Expansion - The Ministry of Ecology and Environment has introduced 12 new CCER methodologies in 2025, focusing on renewable energy utilization, energy efficiency improvements, agricultural waste resource utilization, ecosystem carbon sinks, and non-CO2 greenhouse gas reductions [1][4]. - The highest number of methodologies pertains to forestry carbon sinks (5), followed by the energy sector (4) and fugitive emissions [1]. Group 2: Market Development - Since its launch in January 2024, the voluntary greenhouse gas reduction trading market has seen over 5,700 accounts opened by various stakeholders, with a cumulative transaction volume of 921.94 million tons and a transaction value of 650 million yuan, averaging about 70 yuan per ton [3][7]. - The market is expected to facilitate the registration of projects that will achieve approximately 125 million tons of voluntary greenhouse gas reductions [3][7]. Group 3: New Fields and Incentives - The new methodologies incorporate six new fields into the voluntary reduction trading market, including oil and gas field recovery, ecosystem carbon sinks, agricultural waste resource utilization, renewable energy utilization, energy efficiency improvements, and sulfur hexafluoride reductions [4][5]. - The methodologies are designed to support green technologies and new business models, providing clear revenue expectations and reducing initial application costs for green technologies [5]. Group 4: Data Quality and Management - A comprehensive data quality management system is being established, ensuring reliable data acquisition, storage, and calculation, with mechanisms for cross-verification and internal management by project owners [6]. - The methodologies aim to focus on economically feasible projects, simplifying the development process and allowing for the bundling of smaller projects to reduce costs [6]. Group 5: Future Directions - The Ministry of Ecology and Environment aims to create a transparent, unified, and widely participatory voluntary greenhouse gas reduction trading market that aligns with international standards, contributing to carbon neutrality goals and the development of a green economy [8].

Core Viewpoint - The report from Huatai Securities indicates that the industry prosperity index shows initial signs of a turning point in December, corroborated by an unexpected rebound in PMI [1] Sector Summaries - **Upstream Resources and Public Industries**: Significant improvement in the last three months, particularly in sectors such as non-ferrous metals, coal, certain chemical products, paper, and ordinary steel driven by price increases [1] - **TMT (Technology, Media, and Telecommunications)**: Accelerated progress in AI applications, leading to improved conditions in gaming and software, with a positive trend in computing power storage and passive components [1] - **Capital Goods and Intermediate Products**: Improvement noted in sectors like new energy, automation equipment, and engineering machinery, with export orders potentially being advanced due to the later timing of the 2026 Spring Festival [1] - **Consumer Goods**: Recovery observed in dairy products, beer, and livestock sectors [1] - **Infrastructure Chain**: The construction PMI rose above the threshold in December, indicating a recovery in the construction industry [1] - **Independent Prosperity Cycle**: Notable performance in sectors such as military electronics [1] Investment Recommendations - The report suggests continuing to position for the spring market with a balanced allocation between growth and cyclical sectors, recommending a focus on non-ferrous metals, chemicals, military, storage, gaming, new energy (batteries/wind power), and pharmaceuticals at a monthly level [1] - Additionally, short-term thematic investments are favored, with a focus on humanoid robots, brain-machine interfaces, and domestic computing power, considering trading congestion [1]

Economic Activity Index - The China High-Frequency Economic Activity Index (YHEI) as of January 6, 2026, is 1.13, an increase of 0.05 from December 30, 2025, driven by a rise in the coastal coal freight index [1][3] - The "import dry bulk freight index" remained stable at 1.15, indicating consistent shipping costs [1][3] Manufacturing Sector - The manufacturing PMI for December 2025 is 50.1%, up 0.9 percentage points from the previous month, marking a return to expansion for the first time since April 2025 [17] - High-tech manufacturing, equipment manufacturing, and consumer goods sectors saw PMIs of 52.5%, 50.4%, and 50.4%, respectively, all above the neutral line [17] - New orders index rose from 49.2% to 50.8%, and the production index increased by 1.7 percentage points to 51.7% [2][17] - The procurement volume index also returned to expansion at 51.1%, indicating increased demand for raw materials [2][17] Non-Manufacturing Sector - The non-manufacturing business activity index for December 2025 is 50.2%, up 0.7 percentage points, indicating a return to expansion [18] - The construction and service sectors reported indices of 52.8% and 49.7%, respectively, with construction rebounding after four months of contraction [18] Price Trends - The producer price index increased by 0.7 percentage points to 48.9%, while the main raw material purchase price index remains high at 53.1% [2][17] Financial Market Indicators - The central bank's net cash withdrawal through open market operations was 695.9 billion yuan, with a reverse repurchase rate of 1.4% [5] - The overnight interbank rate decreased by 1 basis point to 1.33%, while the seven-day repo rate fell by 66 basis points to 1.49% [8] Real Estate Market - In the week ending January 6, 2026, new and second-hand home transaction areas in first-tier cities fell by 48.57% and 38.95%, respectively [30] - Second-tier cities saw a decline of 59.67% and 23.04% in transaction areas for new and second-hand homes [30] Consumer Behavior - The average daily box office for movies reached 154 million yuan, an increase of 78.64 million yuan from the previous week [32]

Group 1 - The U.S. labor market shows signs of cooling, with job openings unexpectedly declining for the second consecutive month in November to 7.146 million, below the October level and significantly under the market expectation of 7.61 million, marking the lowest level since September 2024 [1] - The total number of job openings remained around 7.1 million, with hiring and total separations both stable at 5.1 million in November. The voluntary quit rate was approximately 3.2 million, while layoffs and discharges numbered around 1.7 million, indicating limited overall fluctuations [1][2] - The JOLTS report, released monthly by the Bureau of Labor Statistics (BLS), focuses on labor demand, contrasting with the unemployment rate that reflects labor supply. A decrease in job openings is interpreted as a sign of weakening demand [1] Group 2 - From a long-term perspective, JOLTS data shows a downward trend in job openings, hiring, and voluntary quits since mid-2022, with job openings experiencing the most significant decline. Since September 2024, hiring and quit numbers have stabilized, but job openings continue to trend downward [2] - The ratio of job openings to unemployed individuals is a critical indicator of labor market tightness. In November, there were approximately 7.831 million unemployed individuals and 7.146 million job openings, resulting in a ratio of 0.91 job openings per unemployed person, significantly lower than pre-pandemic levels and the lowest since March 2021 [2] - The job openings rate in November fell to 4.5%, down from 4.7% in October, and decreased by approximately 885,000 positions compared to the same month last year. Notably, sectors such as accommodation and food services, transportation and warehousing, utilities, and wholesale trade saw significant reductions in job openings, while construction added about 90,000 positions [2] Group 3 - In November, the hiring rate was 3.2%, slightly lower than in October, while the voluntary quit rate increased to 2.0%, with notable increases in quits within the accommodation and food services sector. The layoff and discharge rate was 1.1%, slightly below October, with declines in layoffs in healthcare, accommodation, food services, and local government sectors [3] - Analyzing the business cycle, the six-month moving average indicates that job openings remain higher than hiring numbers but have returned to pre-pandemic levels. Both hiring and quitting rates are significantly below historical highs, while layoffs and discharges have been slowly rising but remain slightly below pre-pandemic levels [3] - Analysts suggest that the quit rate typically inversely correlates with the layoff rate, reflecting worker confidence and the economic cycle stage. However, it is important to note that JOLTS data has a limited historical span and monthly data can be volatile, warranting caution in overinterpretation based on single-month data [3]

点 击 蓝 字 关 注 我 们 本文全文共 2532 字，阅读全文约 8 分钟 2025年12月中国采购经理指数运行情况 一、中国制造业采购经理指数运行情况 12月份，制造业采购经理指数（PMI）为50.1%，比上月上升0.9个百分点 ，升至扩张区间。 从企业规模看，大型企业PMI为50.8%，比上月上升1.5个百分点，高于临界点；中型企业PMI为49.8%， 比上月上升0.9个百分点，仍低于临界点；小型企业PMI为48.6%，比上月下降0.5个百分点，低于临界点。 从分类指数看，在构成制造业PMI的5个分类指数中，生产指数、新订单指数和供应商配送时间指数均高 于临界点，原材料库存指数和从业人员指数均低于临界点。 2025年12月中国采购经理指数运行情况 2025年前11个月我国服务进出口总额同比增长7.1% 2025年以旧换新相关商品销售额超2.6万亿元 二、中国非制造业采购经理指数运行情况 12月份，非制造业商务活动指数为50.2%，比上月上升0.7个百分点，重返扩张区间。 分行业看，建筑业商务活动指数为52.8%，比上月上升3.2个百分点；服务业商务活动指数为49.7%，比上 月上升0.2个百分点。从服 ...

除华为外，腾讯以93.2亿欧元排名第20名；阿里巴巴以75.4亿欧元排名第31位，比亚迪（BYD）排名第37位，中国 台湾地区的台积电排名第41位，中国建筑集团排名第42位。除此之外，多家中国科技企业也强势入围前一百，包括 中国移动（58名）、小米（77名）、中兴通讯（80名）、百度（82名）、美团（92名）等。 近日，欧盟执委会发布的《2025年欧盟工业研发投资记分板》（2025 EU Industrial R&D Investment Scoreboard）显 示，2024会计年度全球前2000家企业的研发投资总额达到1.446万亿欧元（约合人民币11万亿元），同比增长 6.3%。增速略高于2023年，但是低于2014年以来的平均增长率。 | EU countries | Companies | R&D | Non-EU countries | Companies | R&D | | --- | --- | --- | --- | --- | --- | | Germany | 109 (110) | 114.6 | પાટ | 674 (705) | 680.8 | | France | 53 (52) ...

Core Viewpoint - China State Construction Sixth Engineering Division (CSCEC 6th Bureau) has issued a 5.04 billion yuan asset-backed security (ABS) for its headquarters building, the Zhongjian Center, located in Tianjin, as part of a strategy to enhance asset management and diversify financing options [1][2][4]. Group 1: Financial Product Details - The ABS issued is a type of real estate investment trust (REIT) known as an inter-institutional REIT, which allows for flexible asset admission and efficient issuance processes [6]. - The total area of the Zhongjian Center is approximately 57,000 square meters, featuring a 100% occupancy rate with various high-profile tenants [2][4]. - The issuance aims to create a model for a full-cycle commercial operation, enhancing the company's asset management capabilities [4]. Group 2: Financial Performance and Debt Situation - As of Q3 2025, CSCEC 6th Bureau reported total revenue of 54.759 billion yuan, a year-on-year increase of 1.92%, while net profit was 909 million yuan, up 3.73% [4]. - The company faces significant debt pressure, with short-term borrowings amounting to 15.624 billion yuan and non-current liabilities due within one year totaling 3.549 billion yuan, against cash reserves of only 11.275 billion yuan [4]. - The total bond issuance by CSCEC 6th Bureau stands at 5 billion yuan, with 4.5 billion yuan maturing within one year [4]. Group 3: Market Context and Future Outlook - The inter-institutional REIT market is expected to see explosive growth, with an estimated issuance scale of approximately 47.5 billion yuan by the end of 2025, marking a threefold increase from the previous year [6]. - The issuance of such financial products is seen as beneficial for companies, allowing them to realize profits from asset valuations and reduce overall liabilities [8][9]. - The regulatory environment is supportive, with recent policy updates expanding the types of assets eligible for REITs, including commercial office spaces and hotels [8].

Core Viewpoint - China State Construction Sixth Engineering Division (CSCEC Sixth Bureau) has sold its headquarters building, the Zhongjian Center, for 504 million yuan, utilizing it as an underlying asset for an asset-backed securities (ABS) issuance on the Shanghai Stock Exchange [1][2]. Group 1: Financial Product Details - The ABS issuance, named "CITIC Construction - China State Construction Commercial Property Holding Type Real Estate Asset Support Special Plan," has a total scale of 504 million yuan and a term of 30 years [1][2]. - The Zhongjian Center, located in the core area of Tianjin's Hedong District, has a total construction area of approximately 57,000 square meters, featuring a 5A standard office building and various commercial facilities [2]. Group 2: Financial Performance and Debt Situation - As of Q3 2025, CSCEC Sixth Bureau reported total operating revenue of 54.759 billion yuan, a year-on-year increase of 1.92%, and a net profit of 909 million yuan, up 3.73% year-on-year. However, the net profit attributable to shareholders decreased by 36.95% to 412 million yuan [5]. - The company faces certain debt pressures, with short-term borrowings reaching 15.624 billion yuan and non-current liabilities due within one year amounting to 3.549 billion yuan, while cash and cash equivalents stand at 11.275 billion yuan [5]. Group 3: Market Context and Future Prospects - The issuance of institutional REITs is expected to see explosive growth in 2025, with a cumulative issuance scale of approximately 47.5 billion yuan and 22 products by the end of the year, marking a threefold increase in new issuances compared to 2024 [8]. - The benefits of issuing institutional REITs include allowing the company to bring its existing assets onto the balance sheet, potentially increasing profits by reducing total liabilities [10].