Macroeconomic Data - The US September CPI data did not exceed expectations, with core inflation slightly declining while super core inflation remained resilient. The CPI year-on-year increased by 3%, higher than the previous value of 2.9% but lower than the expected 3.1%. The core CPI year-on-year also increased by 3%, lower than both the previous and expected values of 3.1%. Month-on-month, the CPI rose by 0.3%, lower than the previous value of 0.4% and the expected 0.4%. The core CPI month-on-month increased by 0.2%, lower than the previous value of 0.3% and the expected 0.3% [1]. PMI Data - Global PMI data showed divergence, with the US PMI rebounding above expectations, while the Eurozone manufacturing returned to the growth line, and manufacturing conditions in Germany and Japan remained poor. The US October Markit Composite PMI recorded 54.8, exceeding the expected 53.5 and previous 53.9. The US October Markit Manufacturing PMI recorded 52.2, slightly above the expected and previous values of 52. The US October Markit Services PMI recorded 55.2, higher than the expected 53.5 and previous 54.2. The Eurozone October Composite PMI preliminary value was 52.2, above the expected 51.1 and previous 51.2. The Eurozone October Manufacturing PMI recorded 50, exceeding both expected and previous values of 49.8. The Eurozone October Services PMI recorded 52.6, higher than the expected 51.2 and previous 51.3. Germany's October Composite PMI recorded 53.8, better than the expected 51.5 and previous 52. The October Manufacturing PMI for Germany was 49.6, slightly above the expected and previous values of 49.5. The October Services PMI for Germany was 54.5, exceeding the expected 51 and previous 51.5. Japan's October Composite PMI recorded 50.9, lower than the previous 51.3. Japan's October Manufacturing PMI recorded 48.3, lower than the previous 48.5. Japan's October Services PMI recorded 52.4, lower than the previous 53.3 [2]. Housing Market - US September existing home sales showed a marginal recovery, meeting expectations. The total number of existing home sales annualized increased by 1.5% month-on-month, in line with expectations and higher than the previous value of -0.2%. The total number of existing home sales annualized recorded 4.06 million units, consistent with expectations and higher than the previous value of 4 million units [3]. Major Index Performance - In the week from October 20 to 24, the S&P Oil & Gas Index rose by 3.91%, the Nasdaq 100 Index increased by 2.18%, and the S&P 500 Index gained 1.92%. Among the 11 sectors covered by the S&P 500, 9 sectors rose, with Information Technology leading at 2.75%, while Consumer Staples lagged at -0.59% [4]. Market Outlook - US stocks continued to reach new highs, supported by the easing of tariffs and weaker-than-expected CPI data. The CPI's delayed release indicated a slowdown in inflation, alleviating market anxiety and increasing the probability of a Federal Reserve rate cut in October. This rate cut is expected to aid traditional private demand, such as real estate and manufacturing investments, alongside fiscal stimulus and ongoing technology investment trends, suggesting a gradual recovery in the US credit cycle. As of last week, 29% of S&P 500 constituents had reported Q3 earnings, with 84% exceeding expectations. In addition to earnings growth, close attention is being paid to corporate cash expenditure outlooks [6].

Group 1: Macroeconomic Indicators - The NFIB Small Business Optimism Index for September recorded 98.8%, below the expected 100.6% and the previous value of 100.8% [1] - The NAHB Housing Market Index for October exceeded expectations, recording 37, higher than the expected 33 and the previous value of 32 [2] Group 2: Index Performance - The S&P Oil & Gas Index fell by 0.31% over the past week, while the Nasdaq 100 Index rose by 2.46% and the S&P 500 Index increased by 1.70% [3][4] - All 11 sectors of the S&P 500 Index saw gains, with the Communication Equipment sector leading at 3.64% [4] Group 3: Market Trends and Investment Opportunities - Following a decline, U.S. stocks rebounded last week, with gold prices reaching nearly $4,400, setting a new historical record [5] - Concerns about credit quality arose from reports of regional banks, but the market recovered due to easing tariffs and solid performance from several regional banks [5] - The S&P 500 Index is recognized as a benchmark for U.S. stocks, covering over 500 representative companies across 11 sectors, accounting for approximately 80% of the total market capitalization of U.S. stocks [5]

Macroeconomic Overview - The U.S. government shutdown continues due to the failure to pass a temporary funding bill, starting from October 1, 2025 [1] - The U.S.-China trade tensions are escalating, with the U.S. expanding export controls and adding 16 Chinese tech companies to the entity list [1] - In response, China is tightening export controls on rare earths and other materials, and has announced special port fees for U.S. vessels [1] - Former President Trump announced plans to impose significant tariffs on China starting November 1, 2025 [1] Consumer Confidence and Inflation - The University of Michigan's consumer confidence index for October recorded at 55, slightly above the expected 54 but below the previous value of 55.1 [1] - The consumer expectations index for October was recorded at 51.2, falling short of the expected 51.4 and previous 51.7 [1] - One-year inflation expectations for October were slightly lower at 4.6, compared to the expected 4.7 and previous 4.7 [1] - Five-year inflation expectations remained stable at 3.7, matching both the expected and previous values [1] Market Performance - The S&P Oil & Gas Index fell by 6.94% over the week from October 6 to October 10 [2] - The Nasdaq 100 Index decreased by 2.27% during the same period [2] - The S&P 500 Index dropped by 2.43%, with only two of its eleven sectors showing gains, led by utilities at 1.42% and energy down by 3.98% [2][3] Investment Direction - The recent tariff threats from Trump have triggered risk-averse trading, leading to declines in U.S. stocks and increases in gold prices [4] - The impact of these tariffs on U.S.-China trade and the economy is considered less severe than in April, with market reactions being more desensitized [4] - The BoShi S&P 500 ETF (513500) is highlighted as a tool for domestic investors to capture U.S. stock growth, tracking the S&P 500 Index which covers over 500 representative companies [4] - The BoShi Nasdaq 100 ETF (513390) focuses on the technology sector, which constitutes 57.87% of the index, featuring high-quality tech companies [5]

Group 1: US Macroeconomic Data - In August, US retail sales unexpectedly increased by 0.6% month-on-month, surpassing the expected 0.2% and matching the previous value [1] - Retail sales excluding automobiles rose by 0.7%, exceeding both the expected 0.4% and the previous value of 0.4% [1] - New housing starts in August fell significantly by 8.5% month-on-month, lower than the expected decline of 4.4% and the previous increase of 3.4%, totaling 1.307 million units [1] - Building permits in August also fell by 3.7%, not meeting the expected increase of 0.6% and worsening from the previous decline of 2.2%, with a total of 1.312 million permits issued [1] Group 2: Major Index Performance - For the week of September 15-19, the S&P Oil & Gas Index decreased by 0.11%, while the Nasdaq 100 Index increased by 2.22% and the S&P 500 Index rose by 1.22% [2] - Among the 11 sectors covered by the S&P 500, 5 sectors saw gains, with communication equipment leading at 3.37%, while real estate experienced a decline of 1.42% [2] Group 3: Investment Direction - Following the recent interest rate meeting, a new round of rate cuts is anticipated, with US stocks rising as a result [4] - The dot plot indicates that among 19 voting members, 9 expect one more rate cut this year, while another 9 anticipate two cuts, aligning with current market expectations [4] - The US economy may remain resilient, supported by strong AI sector investments and potential fiscal spending resuming in October, with traditional demand in manufacturing and real estate likely to respond quickly to monetary easing [4]

Macroeconomic Overview - US consumer inflation continues to rise, with the August CPI increasing by 2.9% year-on-year, up from 2.7% previously and in line with expectations [1] - Core CPI year-on-year growth remains at 3.1%, matching the previous value and expectations [1] - The August PPI year-on-year growth decreased to 2.6%, below the expected 3.3% and previous 3.1% [1] - Consumer confidence in the US remains low, with the September Michigan Consumer Sentiment Index at 55.4, below the expected 58 and previous 58.2 [1] Market Performance - The S&P Oil & Gas Index rose by 0.33% over the week, while the Nasdaq 100 Index increased by 1.86% and the S&P 500 Index rose by 1.59% [2][3] - Among the 11 sectors covered by the S&P 500, 10 sectors saw gains, with Information Technology leading at 3.09% and Consumer Staples declining by 0.15% [2][3] Investment Outlook - The recent non-farm employment data and moderate inflation figures have led the market to anticipate interest rate cuts starting in September, contributing to the rise in US stocks [2] - The market's expectation for rate cuts has slightly decreased compared to the previous week, but there remains a strong belief that cuts will commence in September [2] - The upcoming FOMC meeting is expected to signal the beginning of a series of rate cuts, which could support US growth in Q4 [2]

Macroeconomic Overview - In August 2025, the U.S. non-farm payrolls added only 22,000 jobs, significantly below the expected 75,000, with the previous month's figure revised up to 79,000 [1] - The labor force participation rate increased by 0.1 percentage points to 62.3%, while the unemployment rate remained steady at 4.3% [1] - Hourly wage growth slowed to 3.7% year-on-year, with a month-on-month increase of 0.3% [1] - The U.S. manufacturing and services sectors continue to show divergent trends, with manufacturing contracting and services expanding [1] - The ISM manufacturing index for August recorded 48.7, below the expected 49, while the ISM non-manufacturing index was at 52, exceeding both expectations and the previous value [1] - The ADP employment data for August showed a significant decline, with only 54,000 jobs added, falling short of the expected 68,000 and the previous 104,000 [1] Index Performance - For the week of September 1-5, the S&P Oil & Gas Index fell by 2.51%, while the Nasdaq 100 Index rose by 1.01% and the S&P 500 Index increased by 0.33% [2][3] - Among the 11 sectors covered by the S&P 500, five sectors saw gains, with communication equipment leading at 5.07%, while energy was the worst performer, declining by 3.52% [2][3] Investment Direction - The disappointing non-farm payroll data has led to increased expectations for interest rate cuts, resulting in a surge in gold prices and volatility in U.S. equities [4] - Market expectations for rate cuts have significantly risen, with projections indicating a potential cut starting in September [4] - The upcoming U.S. PPI and CPI data will be closely monitored as inflationary pressures remain concentrated in the fourth quarter [4] - The Bosera S&P 500 ETF (513500) is highlighted as a cost-effective investment tool for domestic investors to capture U.S. equity growth [4] - The S&P 500 Index is recognized as a benchmark for U.S. equities, covering over 500 representative companies across 11 sectors, accounting for approximately 80% of the total market capitalization [4] Nasdaq 100 ETF - The Bosera Nasdaq 100 ETF (513390) tracks the Nasdaq 100 Index, with a significant allocation of 57.87% in the information technology sector [5] - The index includes high-quality technology companies, providing exposure to various sectors such as consumer services, consumer goods, and healthcare [5]

Macroeconomic Summary - The US July PCE increased by 2.6% year-on-year, consistent with expectations and previous values, while the month-on-month increase was 0.2%, lower than the previous 0.3% [1] - The core PCE for July rose by 2.9% year-on-year, matching expectations and slightly higher than the previous 2.8%, with a month-on-month increase of 0.3% [1] - Durable goods orders in July fell by 2.8% month-on-month, better than the expected decline of 3.8% and previous decline of 9.4%, while core durable goods orders excluding transportation rose by 1.1%, exceeding expectations of 0.2% [1] - New home sales in July decreased by 0.6% month-on-month, falling short of the expected 0.5% increase and previous 4.1% increase, totaling 652,000 units, which was better than the expected 630,000 units but lower than the previous 656,000 units [1] Index Performance - The S&P Oil & Gas Index rose by 3.37% over the week, while the Nasdaq 100 Index fell by 0.35% and the S&P 500 Index decreased by 0.10% [2][3] - Among the 11 sectors of the S&P 500, 3 sectors saw gains, with Energy leading at 2.46% and Utilities lagging at -2.10% [2][3] Investment Direction - The Q2 GDP revision in the US showed stronger-than-expected growth driven by business investment, leading to expectations of interest rate cuts by the Federal Reserve, which could catalyze a recovery trade [4] - Market expectations for rate cuts have slightly increased, with a probability of 86.6% for cuts starting in September [4] - The BoShi S&P 500 ETF (513500) is highlighted as a tool for domestic investors to capture growth in the US stock market, tracking the S&P 500 Index which covers over 500 representative companies [4]

Macroeconomic Overview - In July, US inflation did not exceed expectations, with the CPI year-on-year at 2.7%, unchanged from the previous value and slightly below the expected 2.8%. The core CPI year-on-year rose to 3.1%, up from 2.9% and above the expected 3% [1] - The PPI data for July showed a significant increase, with a year-on-year rise of 3.3%, surpassing the expected 2.2% and the previous value of 2.3%. The core PPI also increased to 3.7%, exceeding both the expected 3% and the previous 2.6% [1] - Retail sales in July maintained resilience, with a month-on-month increase of 0.5%, below the expected 0.6% but revised up from a previous 0.6% [1] Consumer Confidence and Inflation Expectations - The University of Michigan's consumer confidence index for August recorded an initial value of 58.6, lower than the expected 62 and the previous value of 61.7. The one-year inflation expectation index rose to 4.9%, above the expected 4.4% and the previous 4.5% [2] Market Performance - For the week of August 11-15, major indices showed positive performance, with the S&P Oil & Gas Index up 0.92%, the Nasdaq 100 Index up 0.43%, and the S&P 500 Index up 0.93%. Among the 11 sectors covered by the S&P 500, 7 sectors increased, with healthcare leading at 4.62% [3] Investment Direction - US stocks experienced an upward trend, supported by slightly lower July CPI and core CPI, along with PPI exceeding expectations. The earnings per share (EPS) for S&P 500 companies grew by 11% year-on-year, surpassing market expectations by 4%, indicating relative economic stability in Q2 [5] - The market continues to anticipate interest rate cuts, with expectations remaining stable compared to the previous week. The geopolitical situation has shown signs of easing, which may enhance market risk appetite [5]

Macroeconomic Overview - The US non-farm payroll data for July showed a significant slowdown, with only 73,000 jobs added, below the expected 104,000, and previous months' data revised down by 258,000 to 19,000 and 14,000 respectively, indicating a cooling labor market since April [1] - The labor force participation rate unexpectedly declined by 0.1 percentage points to 62.2%, while the unemployment rate rose by 0.1 percentage points to 4.2% [1] - Hourly wage growth increased by 0.1 percentage points year-on-year to 3.9%, and month-on-month growth also rose by 0.1 percentage points to 0.3% [1] - The US GDP growth for Q2 exceeded expectations, with a significant increase to 3% from a contraction of 0.5% in Q1, driven by net exports contributing 5 percentage points to GDP [1] - The core PCE price index for June rose by 2.58% year-on-year, while the core PCE increased by 2.79%, slightly below the market expectation of 2.85% [1] - The ISM manufacturing PMI for July fell to 48, below the expected 49.5, with the employment index dropping further to 43.4 [1] Index Performance - The S&P Oil & Gas Index fell by 3.40%, the Nasdaq 100 Index decreased by 2.19%, and the S&P 500 Index dropped by 2.36% during the week of July 28 to August 1 [2][3] - Among the 11 sectors covered by the S&P 500, only two sectors saw gains, with Utilities leading at 1.52% and Materials lagging with a decline of 5.40% [2][3] Investment Direction - The US stock market experienced a pullback, with the Federal Reserve's July FOMC indicating a wait-and-see approach regarding the inflation effects of tariffs, while the July employment data fell short of expectations, raising recession concerns and increasing the likelihood of rate cuts in September [4] - Approximately 78% of S&P 500 companies that reported Q2 earnings exceeded market expectations, compared to 73% in Q1, suggesting relative economic stability in Q2 [4] - Market expectations for rate cuts have significantly increased, with an 83.6% probability of a rate cut starting in September [4] - The BoShi S&P 500 ETF (513500) is highlighted as a cost-effective investment tool for domestic investors to capture growth in the US stock market [4]

Macroeconomic Overview - The US GDP growth rate for Q1 2025 is -0.3%, below the expected -0.2% and significantly lower than the previous quarter's 2.5% [1] - Consumer spending, inventory changes, and fixed investment contributed positively to GDP growth, while government spending and net exports were negative factors [1] - Consumer prices increased while consumption volume decreased, with durable goods consumption affected by the seasonal decline in automotive sales, although service consumption remained resilient [1] - Residential investment growth rate declined year-on-year, while investment in computer equipment surged, boosting overall private fixed investment [1] - Wholesale inventory levels increased significantly, including upstream resources like oil and consumer goods such as furniture and clothing [1] - Trade deficit widened significantly due to increased imports of precious metals and chemicals, while mechanical and electronic imports also rose [1] Employment Data - The US added 177,000 jobs in April, exceeding the expected 138,000 [1] - The education and healthcare sectors showed the largest job growth, while transportation and warehousing sectors experienced increased demand due to trade policy uncertainties [1] - The labor participation rate increased, which may exert upward pressure on the unemployment rate, but the unemployment rate remained stable at 4.2% [1] Consumer Income and Spending - In March, US personal disposable income growth rate fell by 0.1 percentage points to 4.1%, while personal consumption expenditure growth rate also decreased by 0.1 percentage points to 5.6% [2] - The PCE price index year-on-year growth rate fell by 0.4 percentage points to 2.3%, and the core PCE growth rate decreased by 0.3 percentage points to 2.7% [2] Market Performance - For the week of April 28 to May 2, the S&P Oil & Gas Index rose by 1.39%, the Nasdaq 100 Index increased by 3.45%, and the S&P 500 Index grew by 2.92% [3] - Out of the 11 sectors covered by the S&P 500, 10 sectors saw gains, with the industrial sector leading at 4.32%, while the energy sector declined by 0.65% [3] Investment Direction - US stocks continued to rebound, with expectations around Trump's tariff policies impacting economic growth [5] - Stronger-than-expected non-farm payroll data indicates resilience in the US economy, alongside signs of easing in US-China trade tensions [5] - As of now, 71% of S&P 500 companies have reported Q1 earnings, with 69% exceeding expectations, slightly below the previous quarters' average of 75% [5] - Market expectations for interest rate cuts have decreased, with the probability of a May rate cut falling to 2% and potential cuts starting in July [5]