Group 1: Impact on Economic Data Integrity - Trump's decision to dismiss the BLS director has raised concerns about the integrity of U.S. economic statistics, with experts warning that it may lead to public skepticism regarding the accuracy of economic data [1][3] - The dismissal is seen as a politicization of data that should remain independent and credible, with long-lasting negative effects anticipated [1][3] Group 2: Labor Market Data Challenges - The July employment report indicated a significant slowdown in job growth, with only 73,000 jobs added, far below the expected 104,000, and previous months' data revised downward by a total of 258,000 jobs [2][4] - The BLS faces systemic challenges, including funding shortages and declining survey response rates, which complicate the accurate measurement of labor supply and demand [4][5] Group 3: Federal Reserve Personnel Changes - Following the dismissal of the BLS director, a Federal Reserve governor announced her resignation, creating opportunities for Trump to appoint new members to the Fed's board [2][8] - Trump's criticism of the Fed's current leadership and potential changes in personnel could reshape the decision-making environment regarding monetary policy and regulatory discussions [7][8]

Group 1 - Goldman Sachs conducted a survey of 333 investors, revealing that Europe is viewed as the most attractive region for investment in the second half of this year [1] - This marks the first time since 2018 that Europe has become the primary target for investors, while interest in North America has sharply declined [1] - The report indicates that 28% of asset allocators plan to increase their investments in Europe, whereas only 2% intend to reduce their investments in the region [1] Group 2 - The European stock market is expected to outperform the U.S. market in the first half of 2025, driven by fiscal measures and a surprising return of defense spending plans [1] - In contrast, the U.S. stock market faces challenges due to concerns over tariffs and the impact of artificial intelligence trade shrinkage on the economy [1]

Group 1 - The article highlights that the U.S. stock market has been reaching historical highs, with the S&P 500 index experiencing significant gains, while the Shanghai Composite Index also recently surpassed 3600 points, marking an annual peak [1] - Major international investment banks, including Goldman Sachs and Deutsche Bank, have issued warnings about increasing market risks, citing high levels of speculative activity and record margin debt exceeding $1 trillion [1] - The potential for a Federal Reserve interest rate cut is seen as a key factor that could sustain the U.S. bull market amidst rising risks [1] Group 2 - Goldman Sachs economists predict a higher than 50% chance of a Federal Reserve rate cut in September, which is earlier than previously anticipated [2] - The political landscape in Japan is shifting, with the ruling coalition facing challenges after recent election losses, which may impact the yen and Japanese stock market [3] - A series of significant political and economic events are expected in August and September, including tariff negotiations and Federal Reserve decisions, which could influence global capital markets [3]

经济担忧加剧，标普500指数创5月以来最大单日跌幅 摩根士丹利策略师Michael Wilson周一表示，由于未来一年的企业盈利前景强劲，投资者应该趁美国股 市抛售之际买入。 Wilson在报告中写道，尽管标普500指数面临劳动力市场疲软和关税相关通胀的压力，这可能会推迟美 联储的降息行动，但投资者应将任何回调视为买入良机。 Wilson表示："正如我们对盈利修正广度的分析所证明的那样，持续复苏已经开始。尽管美联储目前仍 维持利率不变，但今年晚些时候通胀势头减弱以及劳动力市场疲软，应会促成一轮强劲的降息周期。" 美国股市创纪录的涨势上周戛然而止，标普500指数先是连续六个交易日创下历史新高，随后却遭遇了 四连跌。上周五，由于数据显示美国就业增长放缓、失业率上升，以及美国总统唐纳德.特朗普对贸易 伙伴加征了一系列关税，股市应声下跌。 高盛集团策略师David Kostin表示，公司高管们迄今似乎对自身能够减轻关税对利润的影响充满信心。 他表示，尽管下半年关税对营收增长的压力应该会加大，但大型科技股的盈利以及2026年的财政政策应 该会为股市带来支撑。 摩根士丹利的Wilson表示，人工智能的广泛应用、美元的走弱 ...

战略定力：坚守长期逻辑的决策韧性。市场情绪扰动：欧佩克联盟增产、非农数据疲软、印度采购暂停等事件引发短期恐慌，但高盛维持原预测不变。定力 支撑点：结构性要素优先，美国经济潜在增长率放缓、经合组织（OECD）库存累积速度加快等慢变量，权重高于地缘政治快变量；核心假设稳固：俄罗斯 供应韧性（折扣策略+中印需求）、美国衰退风险可控，构成预测基石。软实力体现：在信息过载的市场中，高盛通过拒绝短期噪音干扰，彰显其基于深度 研究的战略自信，强化市场对其预测的信任黏性。 资源整合力：多维风险对冲的决策智慧。核心逻辑：软实力的基础在于对分散资源的系统化整合能力。高盛维持油价预测不变的核心，在于其将供应中断风 险（俄罗斯、伊朗制裁）与需求下行风险（美国关税、经济疲软）进行动态对冲评估。供应端：俄罗斯折扣收窄、印度暂停采购等地缘事件可能削减全球原 油供给（上行风险）。需求端：美国经济衰退预期、制造业萎缩、就业市场降温可能抑制石油消费（下行风险）。软实力体现：高盛未因单方面信息（如欧 佩克联盟增产或地缘冲突）调整预测，而是通过整合多维矛盾变量，形成风险平衡的判断，体现了金融机构的系统性资源评估能力。 环境适应力：动态响应市场不确定 ...

本文源自：金融界 作者：行情君 资料显示，中国国际金融股份有限公司(中金公司,601995.SH,3908.HK)成立于1995年,凭借率先采用市场 最佳实践以及深厚的专业知识,我们完成了众多开创先河的交易,并深度参与中国经济改革和发展,与客户 共同成长。我们的目标是打造成为具有国际竞争力的一流投资银行。我们一直致力于为多元化的客户群 体提供高质量金融增值服务,建立了以研究和信息技术为基础,投资银行、股票业务、固定收益、资产管 理、私募股权和财富管理全方位发展的均衡业务结构。凭借深厚的经济、行业、法律、法规等领域的专 业知识,我们优质的服务获得了广泛认可。 *注：AH股是指同时在A股和港股上市的公司，溢价（A/H）越大，说明H股相比A股越便宜。 8月4日，上证指数涨0.66%，收报3583.31点，恒生指数涨0.92%，收报24733.45点。 中金公司AH溢价达101.49%，位居AH股溢价率第30位。当日收盘，中金公司A股报35.92元，涨幅 0.08%，H股报19.5港元，上涨2.09%。 ...

全球市场周一开盘陷入了寂静，A股、美元、黄金几乎都没怎么波动。这有点出入预料——既没有因为 降息预期升温而上涨，也没有因为上周五的大跌而恐慌。 · 一方面，下次发布非农数据市场还会不会相信？如果不信任，那么波动将加剧。特朗普解雇了劳工统 计局局长，并称数据受到操纵。 · 另一方面，市场上很多人还没意识到"二次伤害"正在逼近。9月美国劳工部还要发布2025年3月的"基准 修正"初步估计。根据高盛的预测，可能会再砍掉 55-95万人。换句话说，接下来可能还要再平均"月 减"4.5万到8万人。如果属实，将是2010年以来最大的一次下修。这不仅是修正过去，也是重新定义当 前的"真实就业水平"。 安静背后，并非是因为缺少催化剂，而是"怀疑气氛持续加重"。 第一，初步答案将交给今晚，届时看美股的表现，如果其能够止跌，那么市场将迅速忘记当前的痛苦。 第二，美元的走势也是备受关注的，如果其能够收涨，证明非农数据不过是"一日行情"——焦点将迅速 转向下周的通胀数据，以及下个月的非农数据。 第三，上周五的非农就业报告发布，可能令就业数据上升到了与通胀数据同样重要的程度。不过，现实 的一个问题是——美国就业数据失去了信任——4月和 ...

Core Insights - Since 2025, the global trade landscape has undergone profound changes, with tariff wars and geopolitical factors significantly impacting Chinese companies' "going out" strategy [1] - Despite numerous challenges, opportunities remain in cross-border mergers and acquisitions (M&A) projects that exhibit industrial synergy, technological complementarity, and market expansion potential [1] - The London Stock Exchange Group (LSEG) has initiated a series of offline seminars to discuss and exchange views on these topics with experts from various fields [1] Event Information - The event will take place on August 5, 2025, from 14:30 to 17:30 at Hellas House, Shanghai [3] - The agenda includes multiple theme presentations, such as a review of the Chinese M&A market in the first half of the year and discussions on risks and challenges in overseas markets like Indonesia [2][4] Speakers - Xiang Chen, Co-Head of International Business and Executive General Manager at Huatai United Securities, has nearly 15 years of experience in overseas investment and cross-border M&A [5] - Luo Xingguo, Professor and Vice Chair of the Finance Department at Zhejiang University, specializes in derivatives, green finance, and credit risk [6] - Huang Xuchun, Partner at Global Law Firm, has extensive experience in M&A and cross-border licensing transactions, particularly in the life sciences and healthcare sectors [7] - Feng Kai, Senior Investment Banking Data Manager at LSEG, has 16 years of experience in transaction data and is responsible for M&A data in mainland China and Taiwan [8] - Ling Yufeng, Senior Client Learning Manager at LSEG, has nearly 20 years of experience providing financial information solutions to various clients [9]

智通财经8月4日电，高盛分析师Aurelia Waltham预计，三季度余下时间里铁矿石交易价格将在每吨95美 元至100美元之间。 ...

Group 1 - Goldman Sachs reaffirmed its oil price forecast, predicting an average of $64 per barrel for Brent crude in Q4 2025 and $56 per barrel in 2026, but noted increasing risks to its baseline estimates due to recent developments [1] - The bank highlighted downward risks to its forecast of 800,000 barrels per day demand growth for 2025-2026, citing rising U.S. tariff rates, additional secondary tariff threats, and weak U.S. economic activity data [3] - Goldman Sachs' economists indicated that the weak data suggests the U.S. economy is currently growing below potential, increasing the likelihood of a recession in the next 12 months [3] Group 2 - OPEC+ agreed to increase oil production by 547,000 barrels per day in September, marking the latest move in a series of accelerated production increases to regain market share [3] - Goldman Sachs assumes that OPEC+ will maintain its production quotas unchanged after September, anticipating a faster pace of OECD commercial inventory builds and a decline in seasonal demand support [3]