（文章来源：人民日报） 其中，人工智能行业专场将组织71家用人单位，提供售前解决方案经理、数字化工程师等岗位，招聘需 求超900人次；现代服务行业专场将组织38家用人单位，提供营销专员、售后工程师等岗位，招聘需求 超1000人次；轻工行业专场将组织6700余家用人单位，提供机械工程师、工艺工程师等岗位，招聘需求 超9.3万人次；建筑行业专场将组织68家用人单位，提供工程技术员、工程管理员等岗位，招聘需求超 1000人次。 "就业在线"平台开展"人社（就业）局长进直播间"直播带岗活动，组织制造业、批发和零售业、信息传 输业等行业用人单位，提供设备工程师、生产经理、质量总监等岗位。 8月25日至8月31日，百日千万招聘专项行动推出人工智能、现代服务、轻工、建筑行业4个线上招聘专 场，共有6800余家用人单位参与，招聘需求超9.5万人次。 ...

央视网消息：据人力资源社会保障部公众号消息，8月25日至8月31日，百日千万招聘专项行动推出 人工智能、现代服务、轻工、建筑行业4个线上招聘专场，由相关行业协会、人力资源服务机构组织， 共有6800余家用人单位参与，招聘需求超9.5万人次。 人工智能行业专场将组织71家用人单位，提供售前解决方案经理、数字化工程师、人工智能应用工 程师、算法工程师等岗位，招聘需求超900人次。 现代服务行业专场将组织38家用人单位，提供营销专员、售后工程师、室内设计师等岗位，招聘需 求超1000人次。 轻工行业专场将组织6700余家用人单位，提供机械工程师、工艺工程师、产品质检员、高分子材料 工程师等岗位，招聘需求超9.3万人次。 建筑行业专场将组织68家用人单位，提供工程技术员、工程管理员、机械设计师、造价员等岗位， 招聘需求超1000人次。 8月28日19:00，"就业在线"平台开展"人社（就业）局长进直播间"直播带岗活动，来自江西省、湖 北省、湖南省人力资源社会保障厅的就业工作相关负责人做客直播间。活动组织制造业、批发和零售 业、信息传输、软件和信息技术服务业等行业用人单位，提供设备工程师、生产经理、质量总监、电气 工程 ...

2025 年 8 月 28 日 晨会速递 分析师点评 重点交流 【海外 TMT】精密线缆解决方案商，立讯控股赋能"数据中心+汽车"业务发展—— 汇聚科技（1729.HK）首次覆盖报告(买入) 汇聚科技是定制电线互连方案供应商，立讯精密是控股股东。基于：1）AI 算力维持 景气度，公司数据中心电线组件、特种线缆、服务器 ODM 业务收入持续高速增长； 2）汽车智能化趋势推动汽车线缆需求高速增长，Leoni K 与公司汽车线束相关业务 有望持续发挥渠道、技术等协同效应。我们认为公司具备一定的标的稀缺性和溢价空 间，首次覆盖，给予汇聚科技"买入"评级。 总量研究 【宏观】"反内卷"推动制造业盈利好转——2025 年 7 月工业企业盈利数据点评 7 月受利润率改善推动，工业企业利润同比降幅继续收窄。结构上，原材料行业利润 同比增速大幅反弹，主要受益于"反内卷"政策推动原材料价格上涨。当前随着"反 内卷"政策逐步落地，对于投资端调控、治理低价无序竞争的效果陆续显现，制造业 利润率迎来好转，未来随着市场供需关系的逐步调节，企业将陆续摆脱"以价换量" 局面，企业盈利也将迎来曙光。 行业研究 【建筑】周观点：上海发布楼市新政 ...

Group 1 - The report highlights the formation of a new global trade framework in the "post-tariff" era, emphasizing the reduction of trade deficits and the return of manufacturing to the U.S. as key objectives of the Trump administration [4][6][25] - The average rate of the new "reciprocal tariffs" is approximately 20%, down from 29% in April, indicating a narrowing of differences among various economies [7][14] - The report constructs a quantitative assessment framework based on three dimensions: price elasticity, share resilience, and capacity elasticity, to analyze the competitive advantages and challenges faced by Chinese manufacturing [4][8] Group 2 - Chinese manufacturing maintains a price advantage, with most products showing a price advantage concentrated in the 0%-75% range, suggesting that even under extreme assumptions of tariff costs, many products still hold competitive pricing [8][10] - The resilience of market share is crucial, as certain products like small appliances and air conditioners exhibit both price advantages and strong market shares, indicating higher demand resilience [8][10] - The report notes that while tariff risks cannot be completely eliminated, the globalization of supply chains is mitigating some of these risks, particularly in key manufacturing sectors [9][10] Group 3 - Certain core products from Chinese manufacturing are expected to maintain strong export competitiveness despite current tariff conditions, with specific categories like electronics and home appliances showing notable resilience [10][22] - The report emphasizes that U.S. importers may find it less cost-effective to switch suppliers in the short term, as the overall impact of tariffs on exports is lower than anticipated [10][22] - The analysis suggests that the ongoing trade negotiations and tariff adjustments will continue to shape the competitive landscape for Chinese manufacturing in the global market [25]

Group 1 - The macroeconomic background during 2013-2015 showed a significant decline in economic growth and price indicators, leading to a liquidity-driven bull market despite unresolved issues [3][8][19] - The decline in PPI had a greater impact on policy and liquidity than on profitability, indicating a decoupling of stock market performance from earnings during the latter part of the bull market [3][19][23] - The influx of resident funds into the stock market was primarily through bank-securities transfers and margin financing, with a notable increase in public fund issuance in the first half of 2015 [3][41][51] Group 2 - The market performance from 2013 to 2015 was characterized by weak earnings but abundant funds, resulting in a significant bull market [3][36][41] - The stock market experienced a structural bull market in 2013, followed by a comprehensive bull market in 2014 despite worsening economic conditions [3][36][37] - The improvement in the supply-demand structure of the stock market was a fundamental driver of the bull market, aided by a decrease in IPOs and an increase in margin financing [3][55] Group 3 - The market style shifted from TMT to financial cycles and back to TMT, with small-cap stocks performing strongly in the early and late stages of the bull market [3][27][36] - The strongest performing sectors during the bull market included TMT, new consumption, and value stocks driven by themes like the Free Trade Zone and Belt and Road Initiative [3][27][36] Group 4 - The financial sector saw significant gains in the second half of 2014, attributed to a turning point in real estate policy and an influx of resident funds into undervalued cyclical stocks [3][36][39] - The opening of the Shanghai-Hong Kong Stock Connect and subsequent interest rate cuts contributed to the rapid rise of financial stocks in late 2014 [3][39][41] Group 5 - The growth of growth stocks during 2013-2015 was driven by the booming mobile internet sector, with public funds increasing their positions in sectors like electronics and media [3][5][21] - The rapid increase in new A-share accounts in 2014-2015 was facilitated by the development of internet finance and the relaxation of account opening restrictions [3][51][53]

Core Viewpoint - The article emphasizes the need for China and New Zealand to accelerate bilateral economic and trade cooperation, particularly in advanced fields such as food science, low-carbon technology, agricultural economy, digital trade, and biopharmaceuticals [1][7]. Bilateral Trade Overview - In 2024, the bilateral trade volume between China and New Zealand reached $20.15 billion, with China exporting $7.74 billion and importing $12.42 billion [2]. - From January to June 2025, the cumulative trade volume was $10.85 billion, showing a year-on-year growth of 6.3%, with exports from China decreasing by 1.6% and imports increasing by 10.8% [2]. Economic Cooperation Landscape - The economic relationship has evolved beyond traditional goods trade to include diversified cooperation in areas such as deep processing of agricultural products, technological innovation, green finance, and the digital economy [3]. - The implementation of the China-New Zealand Free Trade Agreement (FTA) has led to a significant increase in bilateral trade, with nearly NZD 30 billion growth since its inception [3]. Trade Surplus and Policy Environment - New Zealand has maintained a trade surplus with China for eight consecutive years from 2017 to 2024, aided by the favorable policy environment created by the FTA [4]. - New Zealand's unique resources and technological advantages in food science, environmental protection, and agricultural economy have driven trade growth, particularly in dairy, meat, timber, fruits, and organic products [4]. Strategic Initiatives and Future Prospects - New Zealand has established a strategic advantage in bilateral cooperation with China through various pioneering initiatives, including being the first developed country to sign a comprehensive FTA with China [5]. - The upgraded FTA has significant implications for China's new development pattern and high-quality opening-up, facilitating cooperation in key areas like dairy and forestry [6]. Continued Cooperation and Future Directions - The ongoing benefits from the upgraded FTA are expected to inject continuous momentum into bilateral trade, with a focus on expanding market access and reducing institutional transaction costs [7]. - Future cooperation should prioritize advanced fields such as food science, low-carbon technology, agricultural economy, digital trade, and biopharmaceuticals, establishing a new model for South-South cooperation [7].

Group 1 - The core viewpoint of the news is that the market has improved its profit expectations for growth sectors, particularly in the context of the ChiNext 50 ETF, which has seen a rise of over 1.8% [1] - Profit forecasts for various sectors including electricity and utilities, non-ferrous metals, pharmaceuticals, real estate, chemicals, coal, and light industry have been raised for 2025/2026 [1] - The pharmaceutical sector is experiencing high trading activity, ranking above the 80th percentile, with significant net purchases in pharmaceuticals, electronics, and computers [1] Group 2 - The ChiNext 50 ETF (159375) tracks the ChiNext 50 Index (399673), which includes 50 large-cap, liquid stocks from the ChiNext market, focusing on sectors like semiconductors, information technology, communications, and pharmaceuticals [1] - The index reflects the performance of innovative and high-growth companies, characterized by high R&D investment and significant strategic emerging features [1] - The communication and military sectors have seen increased allocations from actively managed equity funds, with the communication sector's financing buy-in ratio exceeding the 90th historical percentile [1]

Group 1: Strategy Overview - The report emphasizes that the Chinese economy is undergoing a transformation, leading to a "transformation bull market" in the stock market, with expectations for new highs in the future [1][15][16] - Key investment themes include a focus on financials, growth sectors, and certain cyclical industries, as the market adjusts and gains confidence [1][2][3] Group 2: Key Investment Recommendations - The August stock selection includes: 1. Banking: China Merchants Bank 2. Non-bank: CICC and New China Life Insurance 3. Overseas Technology: Tencent Holdings and Kuaishou-W 4. Electronics: Cambricon Technologies, Chipone Technology, and Suzhou Tianmai 5. Computing: Dingjie Smart and Anheng Information 6. Machinery: Hengli Hydraulic and Mingzhi Electric 7. Military: AVIC Shenfei 8. Coal: Shaanxi Coal and Chemical Industry 9. Light Industry: Sun Paper 10. Agriculture: Muyuan Foods 11. Transportation: SF Express 12. Pharmaceuticals: MicroPort Medical 13. Real Estate: China Resources Mixc Lifestyle 14. Utilities: Huadian International Power [1][4][12] Group 3: Banking Sector Insights - The banking sector is expected to face revenue pressure but maintain positive net profit growth, with a gradual recovery in net interest margins anticipated [22][23] - China Merchants Bank is projected to benefit from economic recovery, with an upward revision of net profit growth forecasts for 2025-2027 [25][26][27] Group 4: Non-Banking Sector Insights - The impact of the new tax on bond interest income is expected to be limited for the non-banking sector, with continued optimism for growth in this area [30][32] - CICC is forecasted to see significant profit growth driven by active trading and investment recovery, with an increase in EPS estimates for 2025-2027 [33][34] Group 5: Technology Sector Insights - Major tech companies are increasing capital expenditures significantly, particularly in AI, indicating a robust growth trajectory for the sector [43][45] - Tencent is expected to leverage AI to enhance its core business, with revenue and profit projections being adjusted upwards for 2025-2027 [45][46][47]

Policy Overview - The new growth stabilization plan for key industries is set to be released, focusing on structural optimization and elimination of outdated capacity[1] - The previous plan (2023-2024) successfully achieved industrial added value growth targets across most key industries, with specific targets set for various sectors[3] Industry Performance - The power equipment sector aimed for an average annual growth rate of approximately 9%, while the non-ferrous metals sector had targets of 5.5% for both 2023 and 2024[3] - The automotive industry exceeded its 2023 target of 5% growth, achieving a 13% increase, while the non-ferrous metals sector grew by 7.5% in 2023 and 8.9% in 2024[3] Growth Targets and Achievements - Seven out of ten key industries met or exceeded their industrial added value growth targets, with the light industry achieving a growth rate of 3.4%, slightly below the target of 4%[3] - The construction materials sector fell short of its targets, with a decline of 0.5% in 2023 and 1.4% in 2024, against a target of 3.5% and 4% respectively[3] Future Expectations - The new growth stabilization plan is expected to be effective until 2026, likely maintaining industrial added value targets similar to the previous plan[4] - The upcoming policies may emphasize supply-side governance, balancing production efficiency with capacity optimization[7] Risks and Considerations - Potential risks include slower-than-expected economic recovery and uncertainties in external markets, which could impact the effectiveness of the growth stabilization policies[6] - The balance between production limits and sustainable profitability remains a critical concern, particularly in high-emission industries like steel[7]

Investment Rating - The report maintains a "Buy" rating for several key stocks in the financial and manufacturing sectors, including Beike-W, China Resources Land, New China Life Insurance, Qilu Bank, Sungrow Power Supply, and others [54]. Core Insights - The report highlights the investment outlook for the financial and manufacturing industries, emphasizing the recovery of corporate earnings and the potential for stock price appreciation in the context of macroeconomic conditions and policy expectations [5][10][11]. Financial Sector Summary - The financial sector is expected to see a continuation of performance recovery in Q2, with a focus on high-elasticity stocks. The insurance sector is projected to benefit from improved new business value and investment returns [20][21]. - Qilu Bank is noted for its strong growth in credit market share and improving asset quality, with a projected net profit growth of 16.5% in the first half of 2025 [22][26]. Real Estate Sector Summary - The real estate sector is anticipated to experience a rebound due to policy easing and potential for price recovery. Key companies like Beike-W and China Resources Land are highlighted for their strong fundamentals and growth potential [11][12][19]. Manufacturing Sector Summary - The manufacturing sector, particularly in machinery and electrical new energy, is expected to benefit from global competitiveness and accelerated overseas expansion. Companies like Haitian International are positioned to gain from increased export demand [27][35]. - The report emphasizes the importance of new technologies and market trends in the electrical new energy sector, with a focus on storage and solar energy [27][29]. Environmental Sector Summary - The environmental sector, particularly waste incineration and water services, is highlighted for its long-term investment value, with companies like Hanlan Environment and Beijing Water Group recommended for their stable cash flow and growth potential [46][50].