Market Overview - The FTSE 100 index in London closed at 9132.81 points on July 31, down 4.13 points, a decline of 0.05% [1] - All three major European stock indices experienced declines on the same day [1] Top Gainers - Financial stocks led the gains in the London stock market, with the following notable increases: - St. James's Place, a financial investment firm, saw its stock rise by 11.89% - DCC plc, a commercial services company, increased by 9.49% - Rolls-Royce Holdings plc rose by 8.50% - Rightmove plc, a UK real estate sales network, gained 2.79% - Prudential plc, an insurance and financial investment firm, increased by 2.73% [1] Top Losers - Consumer stocks faced the largest declines, with the following notable decreases: - Mondi Group, a paper company, fell by 12.07% - London Stock Exchange Group dropped by 7.91% - Antofagasta plc, a mining company, decreased by 5.89% - Diageo plc, a beverage company, declined by 4.46% - Anglo American plc fell by 3.72% [1] Other European Indices - The CAC 40 index in Paris closed at 7771.97 points, down 89.99 points, a decline of 1.14% [1] - The DAX index in Frankfurt closed at 24065.47 points, down 196.75 points, a decline of 0.81% [1]

Economic Growth - Hong Kong's GDP for the second quarter of 2025 is estimated to have grown by 3.1% year-on-year, marking the tenth consecutive quarter of positive growth [1][4] - Private consumption expenditure increased by 1.9% year-on-year in the second quarter of 2025, while total fixed capital formation rose by 2.9% [1] Economic Drivers - The economic expansion is supported by strong export performance and improved local demand, with external demand showing resilience [4] - The "export rush" effect was driven by a temporary easing of U.S. tariff measures, leading to accelerated growth in overall merchandise exports [4] - The tourism sector has seen significant growth, contributing to the expansion of service exports, alongside active financial and related business services due to a thriving local stock market [4] Investment and Business Environment - The Hong Kong government is actively supporting industries facing challenges through measures aimed at enhancing market development and digital transformation [1][4] - The government has facilitated approximately 1,300 businesses to establish or expand operations in Hong Kong from 2023 to mid-2025, expected to generate over HKD 160 billion in direct investment and create more than 19,000 jobs [10] Regional Integration - The Greater Bay Area (GBA) is highlighted as a key opportunity for Hong Kong, with the government emphasizing participation in GBA development to leverage complementary advantages with other cities [10][11] - The integration with the GBA is seen as a pathway for Hong Kong to enhance its role as a high-end consumption and service center for GBA residents [14][15] Tourism and Consumer Trends - The number of visitors to Hong Kong exceeded 13 million in the first half of the year, with a notable shift towards "deep travel" and "cultural tourism" among mainland tourists [14] - The local retail sector has shown signs of recovery, particularly in bustling commercial areas like Causeway Bay [9]

Core Insights - Automatic Data Processing (ADP) reported a revenue of $5.13 billion for the quarter ended June 2025, marking a year-over-year increase of 7.5% and exceeding the Zacks Consensus Estimate by 1.5% [1] - The earnings per share (EPS) for the same period was $2.26, up from $2.09 a year ago, representing an EPS surprise of 1.8% over the consensus estimate [1] Financial Performance Metrics - Average paid PEO worksite employees during the period were 761, slightly above the two-analyst average estimate of 757 [4] - Revenues from interest on funds held for clients were $307.8 million, exceeding the estimated $286.31 million by 7.3% and reflecting an 11.2% increase year-over-year [4] - Revenues excluding interest on funds held for clients and PEO revenues were $3.16 billion, surpassing the $3.13 billion estimate, with a year-over-year change of 7.3% [4] - PEO revenues reached $1.66 billion, above the estimated $1.63 billion, showing a 7.2% increase compared to the previous year [4] - Employer Services segment revenues were $3.47 billion, exceeding the four-analyst average estimate of $3.43 billion, with a year-over-year change of 7.7% [4] - Other segment revenues reported a loss of $3 million, slightly worse than the estimated loss of $2.44 million, but reflecting a year-over-year improvement of 25% [4] Stock Performance - ADP shares returned -0.5% over the past month, contrasting with the Zacks S&P 500 composite's increase of 3.4% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Viewpoint - The emergence of a "Pretend to Work Unlimited Company" in Hangzhou reflects a creative solution to the challenges faced by recent graduates and those temporarily out of work, offering a paid service for individuals to simulate a working environment for a fee of 30 yuan per day [1][2]. Group 1: Company Overview - The company was inspired by a recent graduate, Xiao Chu, who proposed the idea of creating a business to accommodate those struggling to find jobs [1]. - The company has attracted around 30 to 40 individuals over two months, with most participants seeking a better working atmosphere rather than simply pretending to work [3]. Group 2: User Experience - Users like Ms. Zhu, who previously worked in e-commerce, found that working from home decreased their productivity and opted for the company's service to enhance their work efficiency [3]. - Participants reported improved productivity and valuable networking opportunities with other aspiring entrepreneurs during their time at the company [3]. Group 3: Market Trends - Multiple companies have been established under the name "Pretend to Work," indicating a growing trend in this niche market, with several of these companies currently operational [4]. - Various companies have applied for trademarks related to "Pretend to Work," covering diverse sectors such as education, finance, and apparel, suggesting a potential expansion of this concept [6].

日前，首届中国（上海）优化营商环境创新实践案例发布会在沪举行。会上发布了市级部门、区级政府、街镇三个组别的"十 佳创新实践案例"以及30个"优秀创新实践案例"。其中，"四维突破"驱动徐家汇区域经济新飞跃，入选首届上海优化营商环境创新实 践案例。 工作站通过深入商会活动、政企交流座谈等渠道，精准把握企业对知识产权维权的需求脉搏。针对企业提出的商标、专利等海 内外确权申请需求，工作站提供了一站式专业指导与规划服务，帮助企业构建起坚实的知识产权保护体系。 面对企业关心的知识产权维权难题，工作站邀请了资深律师、专利代理师及品牌交易谈判专家组成"智囊团"，进行深入探讨与 解答。无论是跨国知名品牌的维权困境，还是跨境化妆品电商的品牌防御注册需求，工作站都能提供量身定制的解决方案与前瞻性 建议。 在上海这座国际大都市的心脏地带，徐家汇作为西南部的核心商圈，始终扮演着经济引擎与文化地标的重要角色。面对市场经 济的深刻变革与中小企业发展的诸多挑战，徐家汇街道以"四维突破"为战略支点，全面优化营商环境，驱动区域经济迈向新高度。 零工驿站：激活就业"蓄水池"，打造灵活用工新生态 在徐家汇商圈的繁华背后，不少中小企业面临着用工难题。 ...

Group 1 - The core index of the London stock market, the FTSE 100, closed at 9136.32 points, up by 54.88 points, representing a 0.60% increase from the previous trading day [1] - All three major European stock indices experienced gains, with the CAC40 index in Paris rising to 7857.36 points, up by 56.48 points or 0.72%, and the DAX index in Frankfurt reaching 24217.37 points, up by 247.01 points or 1.03% [1] Group 2 - In the London stock market, entertainment stocks led the gains, with notable increases including Game Workshop Group up by 5.44%, AstraZeneca up by 3.41%, and Rolls-Royce Holdings up by 2.51% [1] - Conversely, chemical stocks faced declines, with Croda International down by 10.38%, and other notable declines including Rentokil Initial down by 3.57% and Glencore down by 3.41% [1]

Economic Growth - Malaysia's GDP grew by 4.5% year-on-year in Q2, exceeding market expectations and slightly higher than the previous quarter's 4.4% [1] - The growth was primarily driven by strong domestic consumption, with significant contributions from the services and agriculture sectors [1] Sector Performance - The services sector was the main driver of economic growth in Q2, growing by 5.3% compared to 5.0% in Q1, supported by wholesale and retail trade, transportation, and business services [1] - Agriculture showed notable improvement with a 2.0% growth in Q2, up from 0.6% in Q1, largely due to increased palm oil production [1] - The construction industry continued its strong growth, achieving an 11% increase in Q2, despite a slowdown from 14.2% in Q1, driven by non-residential and specialized construction activities [2] - Manufacturing growth slowed to 3.8% in Q2 from 4.1% in Q1, but key sectors like electrical, electronic, and food processing remained robust [2] - The mining and quarrying sector faced challenges, contracting by 7.4% in Q2, worsened from a 2.7% decline in Q1, primarily due to falling oil and gas production [2] Domestic Consumption - Strong domestic consumption was a key factor in Q2 economic growth, supported by a stable labor market and low unemployment rates, which bolstered household spending [2] - Government cash assistance programs, such as SARA and STR, provided additional support to household spending, alleviating economic pressure on families [3] Trade and Policy Challenges - Despite exceeding growth expectations, Malaysia's economy faces challenges from global trade uncertainties, with exports unexpectedly declining by 3.5% in June [3] - Potential tariffs from the U.S. on Malaysian exports, particularly a proposed 25% tariff effective August 1, could significantly impact the export market [3] - The slowdown in major export markets may also affect export demand, alongside domestic policy adjustments that could pressure economic growth [3] Future Outlook - The central bank anticipates a slowdown in economic growth in the second half of the year but expects the annual growth rate to exceed 4.5% [4] - Continued domestic demand growth and government policy support are expected to provide some buffer for the economy [4] - The central bank is closely monitoring trade and tariff developments and is likely to implement further interest rate cuts later in the year to support economic growth [4]

Core Viewpoint - Acco Group Holdings, a Hong Kong-based company, has filed for an IPO aiming to raise up to $7 million, with plans to list on NASDAQ under the ticker symbol ACCL [1][2]. Group 1: IPO Details - The company plans to issue 1.4 million shares at a price range of $4 to $6 per share, targeting a total fundraising of $7 million [2]. - Based on the midpoint of the proposed price range, Acco Group Holdings would have a fully diluted market capitalization of approximately $69.5 million [2]. Group 2: Business Operations - Acco Group Holdings provides corporate secretarial and accounting services in Hong Kong and intellectual property registration services in Singapore [2]. - As of December 31, 2024, the company has 2,902 active clients in Hong Kong and 210 active clients in Singapore, with the majority of its revenue coming from corporate secretarial services [2]. Group 3: Company Background - Founded in 2009, Acco Group Holdings is preparing for its public offering [2].

Group 1 - The third China International Supply Chain Promotion Expo (Chain Expo) was held from July 16 to 20, showcasing 78 participating companies and covering an exhibition area of 2,600 square meters with over 1,000 exhibits [1] - Shandong enterprises displayed innovations in key sectors such as new generation information technology, agricultural equipment, and port logistics, attracting significant audience engagement [1] - Tianzhong Kangyuan Pharmaceutical introduced nutritional supplements at the expo, receiving positive feedback, particularly from the demanding European and American markets, leading to multiple international business negotiations [1] Group 2 - The "One Plate of Goods" strategy was highlighted by Shandong enterprises, emphasizing the construction of an efficient and resilient supply chain ecosystem that integrates production and consumption [2] - This ecosystem aims to break internal business barriers and link global partners, supporting the transition from foreign trade to domestic sales while extending into cultural and enterprise services [2] Group 3 - Lan Jian Intelligent showcased a 4.5-meter high dynamic three-dimensional shelf intelligent system, featuring multiple Spider-Man box robots and T40 picking robots for smart selection of goods [3] - The intelligent warehousing system also supports vertical planting technology and soil-free cultivation, producing pollution-free, additive-free hydroponic vegetables, exemplifying smart agriculture applications [3] - Shandong has leveraged its geographical advantages and comprehensive industrial system to enhance its supply chain resilience and integrate deeply into global supply chains, showcasing the vitality of local enterprises at the expo [3]

Group 1 - The core viewpoint emphasizes the importance of balancing public welfare projects with business interests, as seen in the ongoing rainwater and sewage renovation project in Jiulong Town, which faced initial resistance from local shop owners due to construction barriers [1] - The Jiulong Town Social Governance Center has implemented a new multi-faceted dispute resolution model focusing on "reasoning, evaluating, clarifying, and determining" to address conflicts and protect the rights of local businesses while maintaining project progress [1] - A comprehensive online and offline social governance mechanism has been established, allowing for efficient handling of public grievances through a unified platform, cross-departmental collaboration, and coordinated responses to emergencies and complex issues [1] Group 2 - Jiulong Town has developed a robust social governance network by integrating various community offices and 32 grids, ensuring timely identification, handling, and feedback of issues through multiple reporting channels [2] - The town has adopted a "one-stop" service approach to address community grievances, promoting collaboration among departments to enhance responsiveness and efficiency in governance [2] - A performance evaluation mechanism has been established to ensure that all public requests receive timely responses and resolutions, thereby improving overall service delivery [2] Group 3 - The integration of various social organizations and service platforms within Jiulong Town has strengthened grassroots governance, uniting resources for essential services like elderly care, childcare, healthcare, education, and employment [3] - By leveraging community networks, the town has engaged diverse stakeholders, including local party members, community workers, and residents, to enhance public service delivery and address community needs effectively [3] - Platforms have been created in villages to gather public opinion and involve residents in governance, ensuring that minor issues are resolved locally while significant matters are escalated appropriately [3]