Group 1 - The JOLTS job openings in the US for March fell significantly to 7.192 million, below the expected 7.5 million, marking the lowest level since September of the previous year [5][16] - The job openings to unemployment ratio decreased to 1.0, the lowest since September, indicating a softening labor demand amid economic uncertainty [3][10] - Most industries saw a decline in job openings, particularly in construction, transportation, private education, and real estate, while the financial and insurance sectors experienced growth [8] Group 2 - Layoff numbers decreased, with March layoffs reaching the lowest level since June of the previous year, while hiring remained stable [8] - The number of voluntary resignations rose to 3.332 million in March, the highest since July of the previous year, suggesting increased confidence among workers in finding new opportunities [8][10] - The JOLTS report is a key labor market indicator closely monitored by the Federal Reserve, reflecting the ongoing assessment of labor market conditions [14]

证券代码：000090 证券简称：天健集团 公告编号：2025-40 重要内容提示： 登录新浪财经APP 搜索【信披】查看更多考评等级 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ （二） 非经常性损益项目和金额 √适用 □不适用 单位：元 ■ 其他符合非经常性损益定义的损益项目的具体情况 □适用 √不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 □适用 √不适用 公司不存在将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性 损益项目界定为经常性损益的项目的情形。 （三） 主要会计数 ...

Core Insights - The fifth national economic census in Xi'an reveals significant growth in the number of legal entities engaged in the secondary and tertiary industries, with a total of 470,800 units by the end of 2023, marking a 91.1% increase compared to the end of 2018 [1][2] Group 1: Legal Entities and Employment - By the end of 2023, the number of legal entities in the secondary and tertiary industries reached 470,800, an increase of 224,500 units, or 91.1% from 2018 [1] - The number of individual business operators reached 651,300, an increase of 118,600, or 22.3% [1] - Employment in the secondary and tertiary industries totaled 5.2973 million, an increase of 1.2681 million, or 31.5% since 2018 [2] Group 2: Industry Breakdown - The top three industries in terms of legal entities in the secondary and tertiary sectors are wholesale and retail (127,800 units, 27.2%), construction (86,200 units, 18.3%), and rental and business services (71,700 units, 15.2%) [1] - In individual business operators, the leading sectors are wholesale and retail (285,900 units, 43.9%), accommodation and catering (120,800 units, 18.6%), and information transmission, software, and IT services (63,100 units, 9.7%) [2] Group 3: High-Tech and Digital Economy - The number of legal entities in the information transmission, software, and IT services sector grew by 155.4% to 39,824 units, with employment increasing by 58.6% to 325,357 [3] - The high-tech manufacturing sector saw a 68.9% increase in legal entities, totaling 500, which represents 27.4% of all large-scale manufacturing entities [4] - The digital economy core industry had 45,903 legal entities, generating an annual revenue of 655.57 billion, with digital product manufacturing accounting for 54.7% of this revenue [6]

这座建筑以373.5米的高度成为迪拜的新地标，也是全球最高的酒店类建筑。中国铁建以"三天一层"标准层的施工速度，创造了当时迪拜房建市场标准层 施工的最快纪录。 迪拜全球最高的酒店由中国铁建承建 而这也只是中国建筑企业在中东基建的冰山一角。目前，中国在中东地区的基建项目累计投资额已经达到数千亿美元。包括卡塔尔世界杯场馆，沙特吉达 国际机场，阿联酋拉斯海玛的豪宅，沙特阿拉伯的城镇化项目，沙特交通隧道，中东的许多标志性大型建筑，都烙着"中国建造"清晰的钢印。 2024年12月6日，中铁十八局承建的全球最高酒店类建筑——迪拜蓝天酒店顺利通过竣工验收。 回顾中国建筑企业在中东的发展历程，经历了从少到多的发展历程。从2013年至2017年，中国与中东国家大中型基建合作项目的合同总额从184.6亿美元 翻了3倍，达到556.6亿美元。到2022年时，中国企业已经成为了中东地区第一大基建工程承包商。 近两年，中国与中东国家在基建领域的合作还在深入，2024年，中国建筑企业在中东和北非的阿拉伯国家地区获得的合同总额近千亿美元，其中绝大部分 由中东地区贡献。 中国建筑建材产业在国内是红海市场，几乎完全饱和，已经缺乏大型基建项目上 ...

Group 1: Rothschild Family - The Rothschild family is known for their historical financial maneuvers, such as Nathan Rothschild's strategic selling of British bonds during the Waterloo battle, which allowed them to profit significantly from the ensuing market panic [4][5] - The family maintains a low profile in modern times, engaging in substantial investments like the $27 billion restructuring of an energy giant, while adhering to traditional practices [5][7] Group 2: Rockefeller Family - The Rockefeller family, originally from the oil industry, successfully diversified their wealth after the breakup of Standard Oil, with descendants now managing significant real estate and investments [8][10] - Recently, the family has taken unconventional steps, such as insuring lunar assets in anticipation of space tourism, showcasing their continued influence and wealth [12] Group 3: DuPont Family - The DuPont family has a legacy that began with explosives and has evolved into a diverse conglomerate, producing everything from ammunition to beauty products [14][16] - Their unique approach to maintaining family lineage includes strict marriage rules, resulting in a notable focus on preserving their wealth and influence [18] Group 4: Bei Family - The Bei family, with roots in traditional Chinese medicine, has a rich history dating back to the Ming Dynasty, emphasizing cultural heritage and craftsmanship [19][21] - Their contributions to architecture, particularly through the work of architect I.M. Pei, reflect a blend of modernity and tradition, encapsulating their family's legacy [23] Group 5: Wealth Preservation Strategies - These elite families utilize advanced information networks, educational rigor, and a facade of modesty to maintain their wealth across generations [24][25] - The Rothschilds, Rockefellers, and Beis have all demonstrated unique methods of wealth management that intertwine cultural significance with financial acumen [24][25]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The overall economic performance of Heilongjiang Province in 2024 shows a GDP of 16476.9 billion yuan, with a growth rate of 3.2% compared to the previous year [8] - The three major industries' contributions to GDP are as follows: primary industry at 3203.3 billion yuan (2.9% growth), secondary industry at 4147.3 billion yuan (-0.2% decline), and tertiary industry at 9126.2 billion yuan (4.7% growth) [8] - The province's population at the end of 2024 is 30.29 million, with an urbanization rate of 68.05%, reflecting a 0.94 percentage point increase from the previous year [14] - The agricultural sector shows a total output value of 5904.1 billion yuan, with a growth of 3.1%, and a grain production of 8001.7 million tons, maintaining the top position among provinces [20] - Industrial production has seen a decline of 3.1% in the added value of large-scale industries, with notable growth in the petrochemical industry at 7.9% [24][25] - Fixed asset investment increased by 6.0%, with significant growth in infrastructure investment at 11.0% [32][33] - The retail market shows a total social retail sales of 5738.9 billion yuan, growing by 1.9%, with a notable increase in online retail sales by 9.2% [34][35] - The province's foreign trade reached a total value of 3122.8 billion yuan, with exports growing by 14.4% [36] Summary by Sections Economic Overview - Heilongjiang's GDP reached 16476.9 billion yuan, with a growth of 3.2% [8] - The three industries' contributions are 19.4% for primary, 25.2% for secondary, and 55.4% for tertiary [8] Population and Employment - The total population is 30.29 million, with an urbanization rate of 68.05% [14] - Urban employment increased by 37.7 million, exceeding the annual target by 125.5% [17] Agriculture - Total agricultural output value is 5904.1 billion yuan, with a growth of 3.1% [20] - Grain production is 8001.7 million tons, maintaining the top position nationally [20] Industry - Industrial added value decreased by 3.1%, with the petrochemical sector growing by 7.9% [24][25] - High-tech manufacturing increased by 4.1% [25] Investment - Fixed asset investment grew by 6.0%, with infrastructure investment up by 11.0% [32][33] Trade - Total foreign trade value reached 3122.8 billion yuan, with exports increasing by 14.4% [36] Consumer Market - Social retail sales totaled 5738.9 billion yuan, growing by 1.9% [34] - Online retail sales increased by 9.2% [35]

本报记者 孟珂 3月31日，国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。数据显示，3月份，制造业采购 经理指数（PMI）、非制造业商务活动指数和综合PMI产出指数分别为50.5%、50.8%和51.4%，比2月份上升0.3个百分点、0.4 个百分点和0.3个百分点。 文韬认为，大型企业供需继续保持较快增长。随着一揽子存量政策和增量政策以及各项助力中小企业政策持续发力，加上 众多项目开工，中小企业回稳运行。 值得关注的是，三大重点行业PMI稳中有升。装备制造业、高技术制造业和消费品行业PMI分别为52.0%、52.3%和 50.0%，比2月份上升1.2个百分点、1.4个百分点和0.1个百分点，景气水平连续两个月回升；高耗能行业PMI为49.3%，比2月份 下降0.5个百分点。 展望二季度，文韬预计，叠加前期实施的一揽子存量政策和增量政策继续落地显效，二季度宏观经济预计继续取得"量的 稳定增长"和"质的较快提升"。企业对后市预期也较为乐观，3月份制造业生产经营活动预期指数为53.8%，连续6个月运行在 54%左右的较好水平。 数据显示，3月份，非制造业商务活动指数为50.8%，比上月上升 ...

Core Viewpoint - The divergence between PMI and EPMI is primarily due to the differentiation in the economic conditions of emerging and traditional industries, with the former showing stronger performance in March [1][8]. Manufacturing Sector - In March, the manufacturing PMI increased moderately by 0.3 percentage points to 50.5%, which is below market expectations [1][8]. - The EPMI for strategic emerging industries rose significantly by 10.6 percentage points to 59.6%, indicating a strong recovery in these sectors [1][8]. - High-tech and equipment manufacturing sectors saw substantial PMI increases of 1.4 and 1.2 percentage points, reaching 52.3% and 52% respectively, while traditional sectors like consumer goods manufacturing only saw a marginal increase of 0.1 percentage points to 50% [2][13]. - The production index for EPMI surged by 21.6 percentage points, contrasting with a slight increase of 0.1 percentage points in the manufacturing PMI production index, which reached 52.6% [2][17]. Non-Manufacturing Sector - The non-manufacturing PMI rose by 0.4 percentage points to 50.8%, with the construction sector's PMI increasing by 0.7 percentage points to 53.4%, although this was weaker than seasonal expectations [3][5]. - The service sector's PMI increased by 0.3 percentage points to 50.3%, but this was also below the same period in previous years [3][5]. - The construction sector remains constrained by weak real estate investment, while the service sector is limited by the performance of life services [3][22]. Future Outlook - There are increasing risks to exports, but potential improvements in the economy may arise from accelerated import substitution and recovery in the service sector and real estate sales [3][31]. - The manufacturing sector may receive support from accelerated import substitution in industries like electrical and mechanical equipment, while the construction and service sectors show signs of recovery [3][31]. Regular Tracking - The manufacturing PMI continues to show a mild recovery, with production and new order indices slightly increasing [4][37]. - The non-manufacturing PMI reflects a general improvement, with both construction and service sectors showing slight increases [5][46].

第六， 本轮货币政策仍存在宽松空间，最快二季度可能落地降准。一则政府工作报告、一季度货币政策委员 会例会仍强调适时降准降息；二则外需正继续受全球贸易环境影响，需政策更积极对冲扩内需，经验上每一轮 出口下行周期均对应总量宽松周期。 2021 年以来降准间隔时点大约在 3-8 个月，上一轮降准在 2024 年 9 月末，以 3-8 月外推，今年二季度可能会有一轮降准。但需注意的是，降准主要目的是为银行补充中长期 流动性，缓解银行扩表支持实体经济的流动性约束，打开实体融资成本下降空间，进而稳定信用环境，不一定 会带来狭义流动性中枢的变化。事实上， 2021 年以来的降准，大部分都未改变 DR007 中枢。对于利率而 言，可能更重要的是降息（预期），而这一点在内外均衡、银行息差等约束下，时间窗口并不明朗。 第七， 然后是经济基本面。在前期报告《修复结构性失衡》中，我们曾介绍了一个利率定价框架：利率本质 上是高融资需求部门的价格，建筑业景气度在很大程度上决定利率走势。 2016 年四季度、 2020 年二季度 利率趋势反转，除名义增长确认底部外，更重要的是还伴随着建筑业景气度、实体融资需求的修复。本轮建筑 业在去年四季 ...