Core Viewpoint - Beijing has recognized three new demonstration zones and 32 pilot enterprises for the integration of advanced manufacturing and modern service industries, aiming to enhance the depth and breadth of this integration across various sectors [1][2]. Group 1: Demonstration Zones and Pilot Enterprises - Three new demonstration zones have been established: Chaoyang New Quality Productivity Integration Demonstration Zone, Tongzhou Urban Sub-center Future Design + Health Integration Innovation Demonstration Zone, and the Western Beijing Yongding River Dual Industry Integration Demonstration Zone [1]. - A total of 32 new pilot enterprises have been recognized, including 10 leading pilot enterprises and 22 growing pilot enterprises, covering seven key areas of integration development [1]. Group 2: Policy and Future Plans - The Beijing Municipal Development and Reform Commission has emphasized the importance of integrating industries as a key strategy for building a modern industrial system, with ongoing efforts in policy mechanisms, pilot leadership, and integration ecology [2]. - Future plans include nurturing and constructing integration pilot demonstrations, aiming to create a "ten parks and hundred enterprises" development pattern, while summarizing successful integration models and cases for broader application [2].

北京时间6月4日晚间，美国5月ADP就业数据（俗称"小非农"）以3.7万的新增就业人数震惊市场，仅为预期值11万的三分之一，创2023年3月以来最低增 幅。数据公布后，美元指数短线跳水20个基点，一度跌破99关口至98.9783，现货黄金则飙升6美元至3354.52美元/盎司，凸显市场对经济前景的担忧与避险 需求的激增。叠加当日公布的美国5月ISM服务业PMI降至49.9（近一年首次萎缩），以及特朗普政府上调钢铝关税至50%的政策冲击，黄金多头迎来多重利 好共振。 当日公布的美国5月ISM服务业PMI进一步加剧了市场恐慌。该指数从4月的51.6骤降至49.9，为2024年6月以来首次跌破荣枯线，新订单指数更暴跌5.9个点至 46.4，创近两年最大跌幅。分项数据中，支付价格指数跳升至68.7（2022年11月以来最高），显示企业成本压力仍在累积，而就业指数从50.2降至49.2，印证 劳动力市场恶化。 一、小非农数据"暴击"美元，降息预期白热化 此次ADP数据的疲软程度远超市场预期。此前，市场普遍预测5月私营部门就业将新增11万人，但实际仅为3.7万，且4月数据从8万下修至6万，显示劳动力 市场加速降温。数据公 ...

主要受"五一"假期效应带动，5月居民出行、餐饮消费等较此前更为活跃，服务业景气度上升。6月5日 公布的5月财新中国通用服务业经营活动指数（服务业PMI）录得51.1，较4月上升0.4个百分点，显示服 务业经营扩张速度加快。5月服务业新订单增加，就业指数升至六个月新高，市场信心小幅改善，但成 本和销售价格一升一降，企业盈利承压。 ...

Core Viewpoint - The service sector activity in the U.S. fell into contraction for the first time in nearly a year due to a sharp decline in demand and the impact of tariff increases on the economy, leading to accelerated price rises [1] Group 1: Service Sector Performance - The ISM service index dropped by 1.7 points to 49.9 in May, indicating a contraction as it fell below the neutral level of 50, which was below market expectations [1] - The most significant decline was observed in new orders, while the prices paid index reached its highest level since the end of 2022, highlighting the pronounced effects of increased import tariffs on demand and inflation [1] Group 2: Market Reactions - Following the release of the ISM data, U.S. Treasury yields decreased, and the gains in the S&P 500 index narrowed [1] Group 3: Business Sentiment - Steve Miller, chairman of the ISM survey committee, noted that the overall index does not indicate severe contraction but reflects the uncertainty experienced by surveyed businesses [1] - Respondents reported challenges in forecasting and planning due to ongoing tariff uncertainties, leading to delays or reductions in orders until more clarity is achieved [1]

Core Viewpoint - Beijing Friendship Store is undergoing a significant renovation to revitalize its business model and attract more consumers by introducing diverse service offerings alongside traditional retail [1][6][8]. Group 1: Renovation and New Offerings - The renovation includes the introduction of a medical beauty institution, a dental hospital, and a youth travel agency, enhancing the service-oriented business model [1][3]. - The project features the first physical store of "Super Zhuangzhuang," which specializes in second-hand luxury goods and electronic products, attracting a steady flow of customers since its opening [3][4]. - The "Friendship Garden" area has been transformed into a popular social spot with various dining options, contributing to the overall consumer atmosphere [4][6]. Group 2: Strategic Positioning and Market Competition - The store is strategically located along Chang'an Avenue, benefiting from high foot traffic and consumer potential, which is crucial for its competitive positioning [4][8]. - The renovation aims to enhance the store's brand uniqueness, service quality, and marketing activities to compete effectively with other commercial entities in the CBD area [1][8]. - The project is part of a broader trend of upgrading traditional commercial spaces in the CBD, with other nearby projects also undergoing significant transformations to attract consumers [8][9]. Group 3: Future Development Plans - Future plans include hosting diverse cultural events such as fashion shows, music festivals, and art exhibitions, aiming to create a vibrant community space [7][8]. - The store's design will focus on a garden-style ecological layout, enhancing the shopping experience and promoting cross-industry collaborations [7][8]. - The expected reopening in the second half of the year will mark a new chapter for the Friendship Store, positioning it as a cultural and commercial hub [6][7].

对关税的担忧消退 英国5月服务业恢复温和增长 金十数据6月4日讯，调查显示，英国服务业上月恢复温和增长，此前对特朗普加征关税的担忧导致该行 业在4月份出现一年半以来的首次萎缩。5月英国服务业PMI终值上修还提振了包括规模较小的制造业在 内的综合PMI，使其超过了荣枯分水岭50。标普全球经济总监蒂姆·摩尔表示："对美国关税的担忧消 退，全球金融市场复苏，客户信心增强，都有助于支撑产出增长。"4月出口订单大幅下滑的趋势大幅逆 转，而整体新订单下滑速度也较前月放缓，令对未来产出的预期升至去年10月以来最高水平。 ...

点 击 蓝 字 关 注 我 们 本文全文共 2461 字，阅读全文约 8 分钟 2025年1—4月份全国规模以上工业企业利润增长1.4% 2025年5月中国采购经理指数运行情况 2025年1—4月份全国规模以上工业企业利润增长1.4% 1—4月份，全国规模以上工业企业实现利润总额21170.2亿元，同比增长1.4%（按可比口径计算）。 1—4月份，规模以上工业企业中，国有控股企业实现利润总额7022.8亿元，同比下降4.4%；股份制企业实 现利润总额15596.4亿元，增长1.1%；外商及港澳台投资企业实现利润总额5429.2亿元，增长2.5%；私营企业 实现利润总额5706.8亿元，增长4.3%。 1—4月份，采矿业实现利润总额2875.0亿元，同比下降26.8%；制造业实现利润总额15549.3亿元，增长 8.6%；电力、热力、燃气及水生产和供应业实现利润总额2745.8亿元，增长4.4%。 1—4月份，主要行业利润情况如下：农副食品加工业利润同比增长45.6%，有色金属冶炼和压延加工业增 长24.5%，电气机械和器材制造业增长15.4%，专用设备制造业增长13.2%，通用设备制造业增长11.7%，计算 ...

【交易策略】 此前特朗普再度提高关税，造成全球贸易格局以及经济增长的恶化风险增加，叠加俄乌局势进一步升 温，使得市场避险情绪加剧，贵金属由此大幅上涨。随着市场情绪的稳定，金银价格再度恢复震荡。短 期预计贵金属价格将在政策信号与宏观数据公布的影响下保持偏强。 周三的一项私营部门调查显示，日本服务业活动的增长放缓幅度低于 5 月份的预期。au Jibun Bank 日本 服务业采购经理人指数 （PMI） 的最终读数从 50.8 初值修正至 51.0。这低于上个月的最终数据 52.4， 尽管它表明服务活动连续第二次扩张。 该数据使人们对日本央行 在下半年再次加息充满希望，并在亚洲时段小幅提振日元。与此同时，日本 央行行长植田一男周二听起来很谨慎，并在议会中表示，海外贸易政策、经济和价格形势的不确定性仍 然极高。 植田补充说，没有预设的加息计划，除非经济足够强劲，否则他不会推动提高利率。此外，有报道称， 如果主要反对党提交不信任动议，日本首相石破茂可能会解散国会以提前举行大选，这可能会限制日元 的任何进一步上涨。 【白银期货最新行情】 6月4日 收盘价（元/千克） 当日涨跌幅 成交量（手） 持仓量（手） 沪银主力 8 ...

金十数据6月4日讯，法国5月份服务业收缩的速度略低于最初的估计，但由于贸易关税的不确定性，企 业增长预期降至5年低点。数据显示，法国5月服务业PMI从4月的47.3升至48.9。该指数仍低于50荣枯 线，但好于初步预估的47.4。综合PMI从4月份的47.8升至49.3。然而，服务业企业预期指数从4月份的 52.3降至50.2，为5年来最低水平。汉堡商业银行经济学家乔纳斯·费尔德胡森表示：整体市场状况仍然 受到限制，国内外需求都在继续下降，尽管速度有所放缓。虽然市场需求出现了暂时复苏的迹象，但对 未来一年改善的乐观情绪进一步恶化，这表明服务业仍对持续的不确定性感到不安。 法国服务业低迷有所缓解，但乐观情绪减弱 ...

Group 1: PMI Data Overview - In May 2025, the manufacturing PMI recorded 49.5%, slightly up from 49% in April[5] - The non-manufacturing business activity index was at 50.3%, down from 50.4%[5] - The composite PMI output index increased to 50.4% from 50.2%[5] Group 2: Sector Performance - In May, the production and new orders PMI were 50.7% and 49.8%, respectively, indicating improvements[5] - High-tech and equipment manufacturing sectors showed PMIs of 50.9% and 51.2%, both in the expansion zone[5] - The raw materials sector PMI was at 47%, indicating insufficient production and demand[5] Group 3: Export and Import Trends - New export orders PMI rose to 47.5% from 44.7%, signaling a key demand recovery[5] - Import PMI also increased to 47.1% from 43.4%, reflecting a significant rebound[5] - Despite improvements, external trade orders are expected to have limited long-term impact due to high tariffs[5] Group 4: Business Size Impact - Large enterprises' PMI was 50.7%, while medium and small enterprises recorded 47.5% and 49.3%, respectively[5] - Large enterprises were crucial for the PMI rebound, with their production and demand indices returning above the neutral line[5] Group 5: Price Stability and Service Sector - The factory price and major raw material purchase price PMIs were 44.7% and 46.9%, indicating price stability[5] - The service sector showed slight recovery with business activity and new orders indices at 50.2% and 46.6%[5]