Core Points - The U.S. labor market remains stable with a non-farm employment increase of 147,000 in June, maintaining an unemployment rate of 4.1% [1][4] - Job growth is concentrated in state government and healthcare sectors, with state government adding 47,000 jobs and healthcare contributing 39,000 jobs [2] - Wage growth is moderate, with average hourly earnings rising by 0.2% to $36.30, while average weekly hours worked slightly decreased [3] Employment Trends - The state government sector saw significant job additions, particularly in education, which accounted for 40,000 of the new jobs [2] - The federal government continues to reduce its workforce, with a loss of 7,000 jobs in June and a total of 69,000 jobs cut since January [2] - Long-term unemployment is a growing concern, with 1.6 million individuals unemployed for 27 weeks or more, representing 23.3% of the total unemployed [4] Labor Market Dynamics - The labor force participation rate remains unchanged at 62.3%, with approximately 6 million individuals willing to work but not actively participating in the labor market [6] - The number of marginally attached workers has increased to 1.8 million, indicating a rise in individuals who are discouraged about job prospects [6] - Revisions to previous employment data show an upward adjustment, with April and May's non-farm employment figures increased by a total of 16,000 jobs [7]

Group 1: IPO Market Overview - In 25H1, A-shares issued 48 new stocks, raising a total of 38 billion yuan, with a month-on-month decrease of 5 stocks but a year-on-year increase of 5 stocks[3] - The number of newly accepted IPO projects reached 150, with 123 accepted in June alone, indicating a recovery in the IPO market[3] - As of June 30, 2025, there are 298 IPO projects pending approval, with a total proposed fundraising of 281.4 billion yuan[3] Group 2: Market Performance and Trends - The average first-day increase for new stocks in 25H1 was 215.7%, although this represents a decrease of 143 percentage points from the previous period[3] - The average price-to-earnings (PE) ratio for new stocks in 25H1 was 20 times, with a discount of 41% compared to comparable companies, marking a historical high for the discount rate[3] - The proportion of new stocks that exceeded their fundraising targets increased, with over 40% of new stocks experiencing oversubscription in June[3] Group 3: Participation and Allocation - The number of participants in offline inquiries increased significantly, with the average number of participants in the main board, ChiNext, and Sci-Tech Innovation Board rising by 8%, 14%, and 11% respectively[3] - The allocation ratio for preferred participants decreased significantly, with main board, ChiNext, and Sci-Tech Innovation Board allocation ratios at 0.0133%, 0.0272%, and 0.0401% respectively, reflecting a month-on-month decline of 18%, 19%, and 17%[3] - The expected return for 2 billion yuan scale preferred/non-preferred participants in 25H2 is projected to be 2.77% and 2.03% respectively[3] Group 4: Risks and Future Outlook - Risks include potential changes in the IPO review pace, adjustments in issuance regulations, fluctuations in investor participation, and the quality/quantity of application projects[3] - The expectation for 25H2 is a stable increase in the volume of new stocks, with a projected first-day increase of 140%-180%, which is lower than the average level in the first half of the year[3]

Labor Market Overview - In June, non-farm employment increased by 147,000, with the unemployment rate remaining stable at 4.1% [1][3] - The unemployment rate has been within a narrow range of 4.0% to 4.2% since May 2024 [1] Employment by Demographics - The unemployment rate for Black individuals rose to 6.8%, while adult women and White individuals saw a decrease to 3.6% [1] - Long-term unemployment (27 weeks or more) increased by 190,000 to 1.6 million, accounting for 23.3% of total unemployment [1] Labor Force Participation - The labor force participation rate remained unchanged at 62.3%, with the employment-population ratio steady at 59.7% [1] Part-Time Employment - The number of individuals working part-time for economic reasons was 4.5 million, showing little change [2] - There were 6 million individuals not in the labor force but willing to work, remaining stable from the previous month [2] Non-Farm Employment Growth - Non-farm employment growth was primarily in state government and healthcare sectors, with federal government jobs continuing to decline [3] - State government employment increased by 47,000, mainly in education, while federal jobs decreased by 7,000 [3] Healthcare Sector - The healthcare industry added 39,000 jobs in June, consistent with the average monthly increase of 43,000 over the past year [3] Wage Growth - Average hourly earnings for private non-farm employees rose by $0.08 (0.2%) to $36.30, with a year-over-year increase of 3.7% [4] - Average weekly hours for private non-farm employees slightly decreased by 0.1 hours to 34.2 hours [5] Employment Adjustments - Revisions to previous months showed an increase in April's non-farm employment from 147,000 to 158,000 and May's from 139,000 to 144,000 [5]

Core Viewpoint - The article discusses the upcoming U.S. non-farm payroll report for June, highlighting expectations of a slowdown in job growth and potential implications for Federal Reserve policy [4][5][6]. Economic Indicators - Economists predict an increase of 110,000 in non-farm payrolls for June, a decrease from 139,000 in May, with the unemployment rate expected to rise slightly from 4.2% to 4.3% [4]. - Year-over-year wage growth is anticipated to remain steady at 3.9%, while month-over-month growth is expected to slow from 0.4% in May to 0.3% [4]. Labor Market Trends - There are signs of a cooling labor market, with a notable increase in continuing unemployment claims, reaching nearly 2 million, the highest level since November 2021 [9]. - The ADP report indicates a surprising reduction of 33,000 jobs in the private sector for June, marking the first monthly job loss since March 2023 [9]. Unemployment Rate Predictions - There is a divergence among economists regarding the unemployment rate, with some predicting it could rise to 4.4% due to weak job growth and challenges in the summer hiring season for college graduates [10]. - Factors such as immigration policies and labor force participation rates are influencing unemployment metrics, with some analysts suggesting that the actual unemployment rate could be higher if not for a decline in labor force participation [10]. Sector-Specific Insights - Economists are closely monitoring various sectors, including leisure and hospitality, healthcare, construction, manufacturing, and trade and transportation, for signs of employment trends [12]. - The leisure and hospitality sector showed strong hiring in May, but this trend may reverse in June due to reduced consumer spending on travel and related services [12]. Market Reactions - The S&P 500 index has recently reached new highs, driven by investor optimism regarding potential Fed rate cuts and trade agreements [15]. - A disappointing jobs report could trigger a sell-off in the stock market, with predictions that a non-farm payroll figure below 100,000 or an unemployment rate of 4.4% could lead to at least a 1% decline in stocks [15]. Gold Market Outlook - The article suggests that if the non-farm payroll data is below expectations, it could lead to a new round of dollar selling and increase the likelihood of Fed rate cuts, which would be bullish for gold prices [16]. - Conversely, better-than-expected employment data could alleviate concerns about the labor market and delay expectations for aggressive Fed easing, potentially putting downward pressure on gold [17].

Group 1 - The market is focusing on the performance expectations of the technology sector, particularly in sub-sectors like optical modules and PCBs that benefit from the digital economy and 5G development [1] - The central bank's monetary policy committee suggested increasing the intensity of monetary policy adjustments, guiding credit structure towards technology innovation, consumption, and support for small and micro enterprises [1] - The continuous deepening of reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market aims to effectively support technological innovation, with increased financial policy support for the tech sector [1] Group 2 - Chinese securities firms are innovating in virtual asset businesses, with firms like Guotai Junan International obtaining upgraded virtual asset trading licenses, which may lead to new performance increments and enhance competitive advantages through digital finance [1] - The central bank, along with multiple departments, issued guidelines to support consumption, emphasizing structural monetary policy tools and increasing credit support for key service consumption areas [1] - The Sci-Tech Innovation and Entrepreneurship ETF tracks the Sci-Tech Innovation 50 Index, which includes 50 emerging industry stocks with significant market capitalization and liquidity, reflecting the overall performance of listed companies in China's tech innovation sector [1]

Core Viewpoint - The Hang Seng Healthcare Index has shown strong performance, with significant increases in constituent stocks, indicating a positive trend in the healthcare sector [1][2]. Group 1: Market Performance - As of July 3, 2025, the Hang Seng Healthcare Index rose by 1.67%, with notable gains from stocks such as Huahao Zhongtian Pharmaceutical-B (+16.97%) and Ascentage Pharma-B (+7.11%) [1]. - The Hang Seng Healthcare ETF (Jia Shi, 159557) increased by 1.48% [1]. - The ETF recorded a turnover of 6.64% and a transaction volume of 21.35 million yuan, with an average daily transaction volume of 46.55 million yuan over the past month [2]. Group 2: Fund Performance - The latest scale of the Hang Seng Healthcare ETF reached 315 million yuan, marking a one-year high, with the latest share count at 221 million, also a three-month high [2]. - The ETF has seen a net inflow of 2.048 million yuan recently [2]. - Over the past year, the net value of the ETF has increased by 68.77%, ranking 16th out of 122 QDII equity funds, placing it in the top 13.11% [2]. Group 3: Valuation Metrics - The current price-to-earnings ratio (PE-TTM) of the Hang Seng Healthcare Index is 27.19, which is in the 9.23rd percentile over the past three years, indicating a valuation lower than 90.77% of the historical data [2]. Group 4: Sector Composition - The top ten weighted stocks in the Hang Seng Healthcare Index account for 57.72% of the index, including companies like Innovent Biologics, BeiGene, and WuXi Biologics [3][5]. - The top stocks have shown varied performance, with notable increases in companies like XinDa Biologics (+6.12%) and Kangfang Biologics (+6.95%) [5]. Group 5: Industry Outlook - According to Xiangcai Securities, the domestic innovative drug industry is expected to reach a turning point in 2025, shifting from capital-driven to profit-driven growth, presenting opportunities for both performance and valuation recovery [6]. - The commercialization of innovative products and the acceleration of research outcomes are expected to support market recovery [6].

根据美国自动数据处理公司（ADP）2日盘前发布的就业报告显示，2025年6月美国私人部门就业人数首 次出现下降，减少了33,000人，远低于预期的增加10万人。这一数据表明美国劳动力市场可能正在放 缓，引发市场关注，并可能影响美联储的货币政策决议。 CFRA Research的首席投资策略师萨姆·斯托瓦尔表示，如果6月份官方就业数据也未能如预期增长，美 联储可能会考虑在7月会议上进一步降息。此外，股市在报告发布后出现压力，投资者情绪更显谨慎。 受市场对美国就业市场恶化担忧和美国宣布与越南达成贸易协议影响，纽约股市三大股指2日低开，早 盘震荡，随后走势出现分化，收盘时纽约股市三大股指涨跌互现。 截至当天收盘，道琼斯工业平均指数比前一交易日下跌10.52点，收于44484.42点，跌幅为0.02%；标准 普尔500种股票指数上涨29.41点，收于6227.42点，涨幅为0.47%；纳斯达克综合指数上涨190.24点，收 于20393.13点，涨幅为0.94%。 板块方面，标普500指数十一大板块七涨四跌。能源板块和材料板块分别以1.70%和1.33%涨幅领涨，医 疗板块和公用事业板块分别以0.97%和0.87%跌 ...

Group 1 - The U.S. private sector employment market has shown its first negative growth signal in over two years, primarily concentrated in the services sector, raising concerns about the pace of labor market slowdown [1] - The ADP report indicates that private sector employment increased by only 29,000 in May, followed by a decrease of 33,000 in June, which was unexpected by economists [1] - The services sector experienced a significant job loss of 66,000 in June, particularly in professional and business services, healthcare, and education [4] Group 2 - Following the ADP data release, U.S. Treasury yields fell, stock index futures declined, and the dollar's gains narrowed, leading traders to increase bets on at least two rate cuts by the Federal Reserve by the end of 2025 [2] - The probability of a 25 basis point rate cut in July rose from 20.7% to 24.3% after the ADP data was published [2] - The average employment growth rate over the three months ending in May has slowed to 18,700, the lowest level since the onset of the pandemic [4] Group 3 - Employment numbers decreased by 24,000 in the Midwest and 20,000 in the West, while only the South saw a net increase [4] - Large enterprises with over 500 employees added 30,000 jobs, while small businesses with fewer than 20 employees saw a net loss of 29,000 jobs [4] - The proportion of consumers who believe "job opportunities are plentiful" fell to its lowest point in over four years in June [4]

联合健康服务活 动在三江县久元 养老院温情开 粤桂同心护桑 榆，医疗协作暖 侗乡_南方+_南 方plus 为持续深化粤桂 医疗协作成果， 积极响应广西壮 族自治区关于开 展2025年老年健 康宣传周活动的 号召，切实将东 部优质医疗资源 送到三江群 众"家门口"，在 吴川驻三江粤桂 协作工作组的大 力指导与支持 下，2025年6月 26日，一场主题 为"粤桂协作送 关爱，健康科普 暖桑榆"暨"老年 健康宣传周"的 四位资深专家， 与三江侗族自治 县妇幼保健医护 骨干共同组 成"银发健康护 卫队"，为80余 位养老院老人提 供了专业的血压 测量、慢性病咨 询与个性化诊疗 建议，专家们一 对一耐心解答， 将东部先进的诊 疗理念和防治知 识送到长者身 边，有效缓解了 老人"看病难"的 问题。活动特别 安排了中医养生 科普讲座，在三 江县当地医疗机 构健康教育科周 月梅主任的主持 下，将中医"节 气与十二时辰养 生"的博大智慧 融入日常生活， 从春分食芽、夏 展。 此次活动由粤桂 协作机制统筹协 调，吴川市妇幼 保健院与三江侗 族自治县妇幼保 健院携手实施， 聚焦老年人健康 需求，精心打 造"义诊+科普 +心理关怀" ...

Group 1 - The core viewpoint indicates that the US manufacturing sector remains sluggish in June, with new orders weak and input prices rising, suggesting that tariffs imposed by the Trump administration continue to hinder businesses' planning capabilities [2] - The latest data shows that the ISM manufacturing PMI for June increased slightly from May's six-month low of 48.5 to 49.0, marking the fourth consecutive month below 50, indicating contraction in the manufacturing sector, which accounts for 10.2% of the economy [2] - Despite economic uncertainties, the labor market remains stable, as evidenced by an unexpected rise in job vacancies in May to the highest level since November of the previous year, with job openings increasing from a revised 7.4 million in April to 7.77 million in May, surpassing economists' expectations [2] Group 2 - COMEX gold prices are currently trading at $3342.10 per ounce, down 0.23%, with a daily high of $3354.80 and a low of $3340.70 [3] - The short-term outlook for COMEX gold indicates resistance levels at $3380-$3390 and support levels at $3230-$3240 [3]