Core Points - The central bank has a total of 16,632 billion yuan in reverse repos maturing this week [1] - The maturing reverse repos are scheduled as follows: 4,958 billion yuan on Monday, 4,492 billion yuan on Tuesday, 3,090 billion yuan on Wednesday, 2,832 billion yuan on Thursday, and 1,260 billion yuan on Friday [1]

据央视新闻消息，美国贸易代表宣布新一轮关税"基本已定不作调整"，引发全球贸易紧张局势加剧。特 朗普政府的关税政策针对多个国家，包括加拿大、印度和巴西，显示出美国以关税作为地缘政治工具的 意图。欧洲与美国的贸易协议被批评为不平等条约，印度面临严苛关税待遇，美国对巴西的制裁被视为 政治动机。分析指出，美国的关税政策可能反噬自身，导致美国民众承担额外费用，引发国际社会对贸 易战的担忧。国际货币基金组织提醒，全球经济面临重大风险。 ...

Core Viewpoint - The expectation of a bumper soybean harvest in the U.S. is putting downward pressure on the market, raising concerns about where the last line of defense for bullish investors lies [1] Group 1: Market Impact - The favorable weather conditions are contributing to the increased yield expectations for U.S. soybeans, which is negatively affecting market prices [1] - The market is experiencing significant pressure as the bullish sentiment struggles against the backdrop of anticipated high production levels [1] Group 2: Investor Sentiment - Investors are questioning the sustainability of bullish positions in light of the overwhelming supply forecast [1] - The article suggests that the current market dynamics may force investors to reassess their strategies as the potential for price declines increases [1]

Group 1 - The core point of the article is that Japan's monetary base decreased by 3.9% year-on-year in July [1]

Core Insights - Japan's monetary base decreased by 3.9% year-on-year in July, compared to a previous value of -3.5% [1] Group 1 - The decline in Japan's monetary base indicates a tightening of monetary conditions [1] - The year-on-year decrease suggests potential challenges for economic growth and liquidity in the market [1]

Core Viewpoint - The decline in oil prices is attributed to weak economic data from the United States, raising concerns about future demand, compounded by OPEC+'s decision to increase production [1] Group 1: Economic Indicators - The U.S. job market shows signs of cooling, with factory activity experiencing the fastest contraction in nine months, leading to market concerns about weak oil demand [1] Group 2: OPEC+ Production Decision - OPEC+ has reached an agreement to increase production by 547,000 barrels per day starting in September, which adds further pressure on oil prices [1]

日经225指数期货在早盘交易中下跌2.4%。 ...

日本7月基础货币年率 -3.9%，前值-3.50%。 ...

Core Viewpoint - Japan's base money in July decreased by 3.9% year-on-year, compared to a previous value of -3.5% [1] Group 1 - The year-on-year decline in Japan's base money indicates a tightening monetary environment [1] - The change from -3.5% to -3.9% suggests a worsening trend in liquidity conditions [1]

中金指出，现制茶饮/餐饮公司密集上市提高板块效应，在消费环境尚待拐点情况下，具备自身增长动 能的公司股价表现领先，也因此获得相对较高估值水平，而其余部分与宏观周期相关度高的头部公司估 值仍低于历史中枢。展望2025年下半年，我们看好在服务消费享有自身成长和潜在政策促进的背景下， 强内功综合性龙头和高成长性细分龙头的增长机遇。 ...