Group 1 - The Hong Kong private sector is experiencing a further contraction, with the S&P Global Hong Kong Purchasing Managers' Index (PMI) dropping from 49 in May to 47.8, marking the largest decline since April 2022 [1] - New orders for businesses have decreased for five consecutive months, attributed to tight customer budgets and uncertainty in U.S. trade policies, leading to a significant reduction in business activity [1] - The production output has seen its most notable decline in a year, as both domestic and overseas business volumes have sharply reduced compared to May [1] Group 2 - Companies are cautiously managing employee recruitment due to concerns about business prospects, with pessimism among businesses reaching its highest level since September 2020 [1] - Input costs have risen, but the increase is the smallest since February 2021, with wage inflation slowing down helping to suppress cost increases [1] - The overall business confidence has dropped to its lowest level in nearly five years, raising concerns about the future performance of the sector [2]

Economic Indicators - In June, the U.S. non-farm payrolls increased by 147,000, surpassing economists' expectations of 110,000, while the unemployment rate fell to 4.1%, contrary to predictions of a rise to 4.3% [1] - The U.S. initial jobless claims for the week ending June 28 were 233,000, lower than the market expectation of 240,000 and a decrease from the previous week's 237,000 [1] - The U.S. trade deficit in goods and services for May was $71.5 billion, wider than the expected $70.8 billion and an increase from the previous value of $61.6 billion [1] Legislative Developments - The U.S. House of Representatives passed the "Big and Beautiful" tax and spending bill with a vote of 218 to 214, which has faced criticism for reducing federal aid and increasing long-term debt while providing tax cuts for the wealthy and large corporations [2] - The ISM non-manufacturing index for June was reported at 50.8, slightly above the expected 50.6, indicating a rebound in business activity and orders, although the employment index showed the largest contraction in three months [2] International Trade and Monetary Policy - The European Commission President stated that the EU is prepared to reach a principle agreement with the U.S. on tariffs, but will take countermeasures to protect the European economy if negotiations fail [2] - The European Central Bank's governing council member indicated that market expectations for another rate cut this year are reasonable, as multiple factors suggest inflation risks are more likely to trend downward [2] Japanese Economic Developments - The Bank of Japan received key support for its interest rate hike process, with companies agreeing to a 5.25% wage increase, the largest in 34 years, and summer bonuses averaging 4.37%, reaching a record of 991,000 yen [3] - A hawkish BOJ committee member suggested that the rate hike cycle would only be "briefly paused" before resuming [3]

中国香港6月标普全球制造业PMI 47.8，前值49。 ...

Economic Outlook - Thailand's economic growth forecast for 2025 has been revised down to a range of 1.5% to 2% due to political instability and uncertainty affecting domestic economic drivers, particularly exports and government budget spending [1] - The World Bank has lowered its GDP growth forecast for Thailand in 2025 by 1.1%, now predicting a growth rate of only 1.8% due to global economic uncertainties leading to domestic economic weakness [1] - The Thai Commercial Bank's Economic Information Center has also reduced its growth forecast for 2026 to 1.4%, attributing the decline to trade tensions, changes in US policy, domestic economic vulnerabilities, and limited fiscal space [1] Trade and Exports - Despite a 14.9% increase in exports in the first five months of the year, this growth is primarily attributed to a surge in imports before the expiration of a 90-day tariff suspension by the US [2] - If the US imposes a 10% tariff, Thailand's economic growth rate may stabilize around 2%, but an increase to 18% could reduce the growth rate to approximately 1.5% [2] - The Thai Chamber of Commerce predicts that exports may shrink by over 10% in the second half of the year, potentially leading to near-zero growth for the entire year of 2025, which would directly impact manufacturing and employment [2] Political Stability and Investment - The ongoing political uncertainty, particularly with the suspension of Prime Minister Petongtarn, raises concerns about the stability of the current ruling coalition and the potential for government collapse before the next budget is passed [1] - Foreign investors have been net sellers of Thai stocks for nine consecutive months, with a total sell-off of $3.9 billion, reflecting concerns over the political outlook [2] - The performance of the Thai economy in the second half of the year will depend on several variables, including US Federal Reserve monetary policy, a rebound in tourism, and the speed of domestic budget spending [3]

Group 1 - The U.S. tariff policy is causing economic isolation, harming American consumers and businesses, and threatening decades of progress in global cooperation and prosperity [1][2] - The unilateral tariff measures have raised concerns internationally, leading to price increases and business uncertainties that are already evident [1][2] - The U.S. international image is deteriorating as unilateral actions undermine the rule-based international order, affecting global economic cooperation and supply chain stability [1] Group 2 - Tariffs are expected to be passed on to consumers, resulting in price increases for various goods, with an average loss of $4,400 per American household according to a Yale study [2] - The reduction in imports is weakening competition for domestic producers, leading to further price hikes and potential layoffs in sectors reliant on global supply chains [2] - The lack of transparency and coherence in U.S. trade policies is inhibiting long-term planning for businesses, stifling innovation and growth, and reducing competitiveness both domestically and internationally [2]

Group 1: Employment Data - In June, the ADP employment numbers in the U.S. decreased by 33,000, marking the first negative growth since March 2023, with May's figures revised down to an increase of only 29,000 [1] - The service sector saw a significant decline, losing 66,000 jobs, primarily in professional and business services, as well as healthcare and education [1] - Despite the job losses, year-on-year wage growth remained stable at 4.4%, only slightly down from 4.5% in May [1] Group 2: Trade Relations - President Trump announced that Vietnam agreed to open its market to U.S. products at zero tariffs, while U.S. exports to Vietnam would face at least a 20% tariff [3] - The trade deficit with Vietnam exceeds $123 billion, with the U.S. importing over $136 billion from Vietnam in 2024 [3] - The potential trade agreement could impact China's transshipment trade, as Vietnam's supply chain heavily relies on Chinese technology and materials [4] Group 3: Technology Exports - The U.S. government has lifted some export restrictions on EDA software to China, which could enhance China's semiconductor design capabilities [5] - Major EDA companies hold approximately 82% of the Chinese market, indicating a significant reliance on U.S. technology [5] - The easing of restrictions may encourage Chinese firms to increase their preference for domestic EDA software solutions [6] Group 4: Real Estate Policies - Guangzhou is proposing a "commercial to public loan" policy to convert commercial housing loans to public housing loans when the public loan rate is below 75% [7] - This policy aims to stimulate demand in the real estate market while ensuring liquidity safety [8] Group 5: Gaming Market - Tencent and ByteDance are competing for the burgeoning mini-game market, which is projected to generate revenues of 39.836 billion yuan in 2024, a 99.18% increase year-on-year [9] - The mini-game sector benefits from low entry barriers and high user engagement, making it an attractive area for both companies [10] Group 6: IPO Activity - In the first half of the year, A-share IPO applications exceeded the total for the previous year, with 177 companies applying [11] - The total financing scale reached 38 billion yuan, a 25.53% increase year-on-year [12] - The surge in IPO applications is attributed to companies rushing to submit before the financial reports expire [12] Group 7: Market Trends - A-share new account openings reached 1.65 million in June, a 53% year-on-year increase, with a total of 12.6 million new accounts in the first half of the year [13] - The overall trading volume in June was 26.72 trillion yuan, reflecting a 79.57% increase compared to the previous year [13] - The market's performance in June was characterized by a lack of significant upward momentum, despite the increase in new accounts [14]

广东韶能集团股份有限公司 章 程 （ 2025 年 7 月 修 订 ） 目 录 第二条 公司系依照《股份有限公司规范意见》和其他有关规定 成立的股份有限公司（以下简称"公司"）。公司已按照有关规定， 对照《公司法》进行规范，并依法履行了重新登记手续。 公司经广东省体改委和广东省企业股份制试点联审小组粤股审 【1993】3 号文批准，以定向募集方式设立；•在广东省韶关市工商行 政管理局注册登记，取得营业执照，营业执照号码 440200000001466。 第三条 公司于 1996 年 8 月 9 日经中国证券监督管理委员会批准， 首次向社会公众发行人民币普通股二千伍佰万股，均为向境内投资人 发行。于 1996 年 8 月 30 日在深圳证券交易所上市。 第四条 公司注册名称：广东韶能集团股份有限公司 英文名称为： GuangDong ShaoNeng Group CO.•,LTD. 第五条 公司住所：广东省韶关市武江区武江大道中 16 号 邮政编码：512026。 第六条 公司注册资本为人民币壹拾亿零捌仟零伍拾伍万壹仟陆 佰陆拾玖元整。 第八条 代表公司执行公司事务的董事为公司的法定代表人，董 事长为代表公司执 ...

Group 1 - The core theme of the global digital economy conference is the integration and application of AI technology across various industries, highlighting its potential for innovation and transformation [1] - The "Artificial Intelligence Integration Application Development Forum" emphasized a focus on practical applications and scenario-driven approaches [1] - The LBE (Large Space Theater) experience project showcased at the conference demonstrated the immersive capabilities of AI and VR, transforming traditional gaming into an open universe for players [1] Group 2 - The gaming industry is rapidly adopting AI technology, with companies like China Film Year Year Technology Co., Ltd. presenting a 3D content creation tool that allows users to generate realistic 3D characters based on verbal descriptions [5][8] - AI is revolutionizing traditional industries, such as manufacturing, by integrating with IoT and big data to create customizable digital solutions for various sectors [8] - The MogoMind AI model from Mushroom Car Union Information Technology Co., Ltd. is enhancing real-time traffic management and decision-making capabilities for autonomous vehicles through a cloud-based system [9]

美国6月制造业就业人口变动 -0.7万人，预期 -0.2万人，前值 -0.8万人。 ...

Group 1 - Vietnam's economy is expected to grow faster in the second quarter, driven by manufacturing and trade, with a year-on-year growth of 7.67% [1] - This estimate will bring the economic growth rate for the first half of the year to approximately 7.31%, compared to a growth rate of 6.93% in the first three months [1] - Manufacturing in Vietnam grew by 10% in the first half of the year, and exports increased by 14.4%, resulting in a trade surplus of 7.63 billion USD [1]