瑞士央行：就業增長目前適度，低於長期平均水平。

TotalEnergies said Q2 oil trading performed strongly amid market volatility from the Middle East conflict, while gas trading was weak. Oil trading profits are expected to "remain at the strong levels seen in Q1," and downstream earnings and cash flow are expected to "grow sharply." The company's integrated LNG business is expected to "decline significantly" given the weak European LNG market. TotalEnergies' upbeat oil-trading outlook is consistent with signals from other international majors; Western oil companies are poised to report strong earnings as results are released later this month.

CITIC Securities says China’s pharmaceutical sector combines essential demand with high certainty, supported by continued strong growth in domestic biopharma financing. Starting Q3, core pipelines of domestic innovative drugs are expected to produce major data readouts that could act as catalysts and accelerate value realization for assets with global potential. Policy reforms are gradually shifting pricing back toward a clinical-value and demand-driven market pricing mechanism, creating a more stable domestic market environment and a longer-term supportive growth backdrop. CITIC recommends focusing on healthcare industry investment opportunities, citing higher conviction for both alpha and beta from the sector over the next 3–5 years.