Group 1: Legislative Developments - The U.S. House of Representatives successfully passed a key procedural vote for multiple cryptocurrency-related bills, marking a significant victory for the digital asset industry, aided by Trump's intervention [1] - The Hong Kong Securities and Futures Commission extended the time for visiting professionals to provide virtual asset services from 30 days to 45 days, facilitating more flexible operations in the region [3] Group 2: Market Trends and Performance - Despite a favorable market environment, cryptocurrency spot trading volume fell by 22% in Q2 2025, from $4.6 trillion in Q1 to $3.6 trillion, primarily due to decreased altcoin trading activity and liquidity [2] - The total trading volume for cryptocurrency derivatives in Q2 was $20.2 trillion, only slightly down by 3.6%, indicating resilience in this segment amid broader market adjustments [2] - Bitcoin's price momentum has paused after breaking $120,000, with a potential local bottom at $114,000, suggesting that a pullback to around $110,000 could solidify the current bullish trend [3] Group 3: Innovations and Initiatives - French lawmakers proposed a pilot program to use surplus nuclear power for Bitcoin mining, potentially generating annual revenues of $100 million to $150 million, while also addressing maintenance costs and energy waste [4] - Citigroup is exploring the issuance of a stablecoin for cross-border payments, joining other major banks in considering stablecoin projects [8] - Bank of America is preparing to launch a stablecoin, awaiting legal clarity, indicating a cautious approach to entering the cryptocurrency space [9] Group 4: Investment Strategies and Market Sentiment - ARK Invest sold $8.7 million worth of Bitcoin ETF shares, possibly to capitalize on recent market momentum and reduce risk exposure ahead of the Consumer Price Index (CPI) release [10] - The founder of LD Capital expressed a cautious stance in the current market, opting to wait for clearer conditions before making further moves, while maintaining a long-term bullish outlook on the crypto market [12] - Momentum 6's partner indicated that altcoins may experience a strong rally in the next 1 to 2 months, with Bitcoin potentially targeting $150,000, suggesting a favorable environment for market rotation [13] Group 5: Regulatory Concerns - UK lawmakers are calling for a ban on cryptocurrency political donations due to concerns over traceability and potential foreign interference, highlighting the need for updated legislation [6]

特朗普对鲍威尔持续施压，再次搅动市场，并引发一个关键问题：若这位总统真的解雇身处困境的美联 储主席，后续将发生什么？ 此举在美国史上尚无先例，几乎必定会引发一场牵动华盛顿和华尔街的标志性诉讼，最终由美国最高法 院裁决。 最高法院对禁令的裁决很可能成为终局判决。虽然败诉方可继续诉讼，但大法官们后续自我推翻的可能 性微乎其微。 若案件诉至最高法院，可能如何裁决？ 最高法院5月的判决显示，特朗普不能无故解雇鲍威尔。在允许特朗普无需理由解雇其他两家机构官员 时，多数大法官明确表示该判决不意味着总统对美联储拥有类似权力。法院称美联储是"结构独特、准 私人的实体"。 不过裁决仍保留以"正当理由"解雇鲍威尔的可能性。若案件诉至最高法院，特朗普的"胜诉纪录"可能使 其占据优势。保守派占绝对多数的最高法院屡次拒绝质疑特朗普的判断，去年授予总统广泛刑事豁免 权，今年又批准多项请求允许其面临法律挑战的政策生效。 最新风波爆发于7月16日，有报道称特朗普可能很快对鲍威尔采取行动。这位美联储主席因未听从降息 呼吁而长期处于总统的瞄准镜下。特朗普随后否认报道，称鲍威尔被撤换"极不可能，除非他因欺诈必 须离职"。 这指向美联储总部装修费用 ...

Group 1 - The core viewpoint of the article emphasizes the importance of the Federal Reserve's independence, as expressed by major bank CEOs in response to President Trump's discussions about potentially firing Fed Chairman Jerome Powell [2][4] - CEOs from Goldman Sachs, Bank of America, and Citigroup publicly defended the Fed's independence, stating it is crucial for the U.S. economy and financial markets [2][3] - Concerns were raised that political pressure on the Fed could undermine its credibility and disrupt global markets, particularly affecting the status of U.S. Treasury securities and the dollar [4] Group 2 - The total assets of the banks led by the mentioned CEOs exceed $12 trillion, highlighting their significant influence in the financial sector [3] - Trump indicated he might have "justifiable reasons" to dismiss Powell, citing excessive spending on renovation projects, but later stated he does not plan to take any action [4] - Bank of America CEO Moynihan noted that the stability of the Fed is critical not only for the U.S. but also for the global economy, given the size of the U.S. economy and its debt [4]

Group 1 - U.S. businesses reported increased challenges due to labor shortages and rising import tariffs, leading to a cautious economic outlook [1][3] - The latest Federal Reserve Beige Book indicates a slight improvement in economic activity, but uncertainty remains high, causing businesses to be cautious [1][3] - Multiple industries expect sustained cost pressures, which may lead to faster consumer price increases in the coming months [3][4] Group 2 - Employment has seen slight growth, but many businesses plan to delay major hiring or layoffs until uncertainty decreases [3][6] - Immigration enforcement measures under the Trump administration are impacting various sectors, with labor shortages delaying project completions and affecting service availability [3][4] - The Federal Reserve is closely monitoring the effects of tariffs on inflation and overall economic conditions, with concerns about potential price increases due to higher import tariffs [6][7]

Group 1 - The market reacted negatively to reports that President Trump was considering replacing Federal Reserve Chairman Jerome Powell, with declines in U.S. stocks, the dollar, and long-term Treasury bonds, while short-term bonds rose due to increased rate cut expectations [1] - After Trump's statement denying any plans to replace Powell, the market showed signs of recovery, but the initial reaction indicated significant uncertainty and concern among investors [1] - Key data reflected market panic, with the two-year Treasury yield dropping by 8 basis points and the ten-year yield falling by 5 basis points, while the Bloomberg dollar spot index shifted from a 0.2% gain to a 0.7% loss [1] Group 2 - Analysts believe that replacing Powell would not be a "magic bullet" for economic issues, highlighting the importance of the successor's influence on the Federal Reserve's decision-making [4] - Predictions suggest that if Powell were to be replaced, the trade-weighted dollar could drop by 3%-4% within 24 hours, and the fixed income market could see a sell-off of 30-40 basis points [4] - Concerns were raised about the precedent set by threatening to dismiss the Federal Reserve Chairman, indicating a dangerous signal of breaking norms to achieve objectives [4] Group 3 - Trump's ongoing criticism of the Federal Reserve's interest rate policies and recent comments about the rising costs of renovations at the Fed's headquarters suggest potential justifications for his desire to remove Powell [4] - Market confidence could decline, leading to more rate cut expectations, a weaker dollar, and increased term premiums if Powell's replacement were to occur [4] - Experienced traders familiar with "Trump market dynamics" view the situation as a typical day in the market, indicating a level of desensitization to such political maneuvers [4][5]

Core Viewpoint - President Trump is considering the possibility of firing Federal Reserve Chairman Jerome Powell, which could have significant implications for financial markets [1][5][10] Group 1: Trump's Actions and Statements - Trump expressed dissatisfaction with Powell's performance, referring to him as "terrible" and likening conversations with him to speaking to "a chair" [7] - He has previously indicated he would not force Powell to resign but has criticized the Fed for not lowering interest rates quickly enough [8][9] - Trump's administration has been increasing pressure on Powell, with some officials publicly accusing him of mismanaging a costly renovation project at the Fed's headquarters [5] Group 2: Market Reactions - Following the news of Trump's comments, spot gold prices rose nearly $20, while the dollar index fell by 25 points, indicating market volatility in response to potential changes in Fed leadership [3] Group 3: Legal and Institutional Context - The legal framework surrounding the firing of a Fed Chairman is complex, as federal law states that the Chairman can only be dismissed "for cause," and recent Supreme Court rulings suggest Trump may lack the authority to do so [5][10] - Historically, the Fed operates independently from other government branches, allowing it to make monetary policy decisions without political interference [5]

Group 1 - The Producer Price Index (PPI) remained flat in June, with a revised increase of 0.3% in May, indicating the mildest annual increase since September last year at 2.3% year-on-year [1] - Core PPI, excluding food, energy, and trade services, also remained flat, with a year-on-year increase of 2.5%, marking the smallest increase since the end of 2023 [1] - Service costs played a crucial role in suppressing inflation, with a month-on-month decrease of 0.1%, largely driven by a 4.1% drop in travel accommodation prices and a 2.7% decline in air passenger service prices, the largest drop since May of last year [1] Group 2 - The report is significant for the Federal Reserve as some components of the PPI are directly used to calculate the Personal Consumption Expenditures (PCE) price index, which is a key inflation indicator for the Fed [2] - Current market expectations suggest that the Federal Reserve will maintain interest rates in the July meeting to observe the actual impact of trade policies [2] - There are signs of tariff-related inflation in the PPI, with durable goods costs rising significantly for two consecutive months, marking the largest cumulative increase in three years [2]

这次提出的1.98万亿欧元预算，与上一个预算周期（2021年至2027年）的1.2万亿欧元（相当于欧盟产出 的1%）相比，有了显著增长。这笔庞大的预算金额可能会遭到一些欧盟成员国的反对，这些国家本身 就面临预算问题，并将主要通过国家出资来承担大部分资金。 欧盟近日提出一项接近2万亿欧元（约合2.3万亿美元）的七年预算计划，旨在应对从全球经济竞争加剧 到国防需求增长等一系列挑战。 据匿名知情人士透露，该计划经过周二深夜至周三凌晨的紧张谈判后达成，将于2028年启动。 长期以来，关于欧盟预算的辩论一直充满争议，因为欧盟需要在农业和对较贫穷成员国的区域资助等相 互竞争的需求之间进行权衡。 今年的提案将指导欧盟在2028年至2034年期间的支出重点。鉴于欧盟旨在加强其国防能力并提高竞争 力，同时面临他国日益激烈的经济竞争，此次提案显得尤为敏感。 前欧洲央行行长马里奥·德拉吉（Mario Draghi）去年发布的一份报告曾警告，欧盟正面临每年8000亿欧 元的投资缺口。 当前的长期预算支持约50个欧盟基金，涵盖从科研到能源项目等领域。其资金主要来源于成员国的出 资，其中经济较富裕的国家是共同基金的净贡献者。 （文章来源 ...

Group 1 - Postal Savings Bank of China plans to invest 10 billion RMB to establish a financial asset investment subsidiary [1] - Precision Steel Structure has signed a contract for the Saudi Arabia World Cup venue project worth approximately 550 million RMB [1] - Anker Innovations is researching and evaluating equity financing in the Hong Kong capital market to enhance its global strategy [1] Group 2 - Zhongrong Electric plans to invest 1.141 billion RMB in the construction of the Sinok New Energy Technology Park [1] - Kesi Co., one of the actual controllers, plans to reduce its stake by up to 3% [1] - Huicheng Vacuum's shareholder plans to reduce its stake by up to 3% [1] Group 3 - Zhongchong Co. plans to reduce its stake by up to 1.5% due to shareholder funding needs [1] - Tailin Bio's controlling shareholder plans to reduce its stake by up to 1.5% [1] - Taiji Group intends to repurchase shares worth between 80 million and 120 million RMB [1] Group 4 - Guosheng Pharmaceutical's innovative hepatitis B drug GST-HG131 has been included in the breakthrough treatment list but does not guarantee market approval [2] - Zhongchen Technology's revenue from humanoid robot-related products accounts for less than 1% of total revenue [2] - Baoxiniang's director has reduced his stake by 46,880 shares [2] Group 5 - Hesheng Silicon Industry's controlling shareholder is transferring 5.08% of shares at a price of 43.9 RMB per share [2] - ST Zhongdi's controlling shareholder's shares will be judicially disposed of due to a financial dispute [2] - Baogang Co. plans to produce 390,000 tons of rare earth concentrate in 2025 [2] Group 6 - Shanghai Wumao's stock has hit the limit up for four consecutive trading days, with a cumulative increase of 46.45% [2] - Donghu High-tech's shareholder plans to reduce its stake by 1.26% [2] - Pinggao Electric has won bids from the State Grid totaling approximately 1.45 billion RMB [2] Group 7 - Toxin Pharmaceutical plans to invest 10 million RMB in Jiangsu Jinsan Biotechnology [2] - Fule New Materials' shareholder plans to reduce its stake by up to 1.33% [3] - Jindi Co. plans to invest 1.5 billion RMB to establish a subsidiary in Chongqing [3] Group 8 - Bihua Co.'s director has reduced his stake by 424,000 shares [3] - Shangfeng Cement's controlling shareholder has released a pledge on 1.24% of shares [3] - Pinming Technology expects a net profit increase of 231.79% to 302.89% for the first half of 2025 [3] Group 9 - CanSino has received approval for clinical trials of its trivalent polio vaccine [3] - Wili Transmission's president has resigned for personal reasons [3] - ST Jinglun expects a net loss of 19 million to 22 million RMB for the first half of 2025 [3] Group 10 - Hainan Mining's memorandum of understanding with AJLAN & BROS COMPANY FOR MINING has been terminated [3] - Sheneng Co. reported a 1.7% decrease in power generation for the first half of 2025 [3] - Zhejiang Energy Power's power generation increased by 4.48% in the first half of 2025 [4]

Group 1: Inflation and Economic Outlook - Goldman Sachs indicates that potential inflation in the U.S. remains relatively mild, although price pressures are expected to increase during the summer months, with July and August CPI reports being critical [1] - BlackRock notes that the U.S. CPI shows early signs of tariff-driven price increases, particularly in household appliances and entertainment products, suggesting that the full impact of tariffs has yet to materialize [1] - Bank of America reports that 38% of investors view a trade war-induced global recession as the biggest tail risk event, while 20% cite inflation hindering Fed rate cuts as the second-largest risk [3] Group 2: Investor Sentiment and Market Trends - Bank of America finds that 34% of investors believe shorting the dollar is currently the most crowded trade, marking a shift from previous preferences for gold [4] - A significant 59% of investors now believe a recession is unlikely, a notable change from 42% in April, with 65% expecting a soft landing for the economy [5] - Bank of America also reports a record increase in investor positions in euros, with a net 20% of investors overweight in euros, the highest since January 2005 [6] Group 3: Sector-Specific Insights - ING analysts expect the Eurozone economy to receive some support from a rebound in factory output, driven by preemptive stockpiling ahead of anticipated U.S. tariffs [7] - ING also warns that if France fails to implement spending cuts to reduce the budget deficit, the euro may face downward pressure [10] - Citic Securities highlights the investment value in the energy storage sector, driven by ongoing market reforms and the establishment of a capacity pricing mechanism [13]