李冈峰 欧洲天然资源基金 Commodity Discovery 特约分析师 这是一个主要从美国每周的CFTC数据公布基金(Managed Positions)在当地期货市场的各种部署，继而反映 现时市场对贵金属的情绪和对短/中期的一个价格判断。美国每周五收市后公布的CFTC数据，记录日为刚过 去的周二(如果过去一周原本工作日是假日的话数据出炉会延期)。 ** 目前 Nymex 钯金的参考性很低。 概要 最近收到很多咨询，比如金价是否已经过高？现在还能不能买黄金？金价大升是否主要由中国人 推动？简单来说，其实黄金也只是商品的一种， 而商品最看重的就是周期，或叫时机。 在牛市 里，向前走两步，后退一步，再前进两步，或需要整固一段时间后再冲上都是牛市里经常见到的 状态。 相反，一旦牛市完结，紧接下来的熊市有可能维持10年以上的时间，所以要回答以上的常 见问题，最重要的就是判断黄金是否还在牛市。 随着黄金的牛市越来越漫长，美股又没有出现大跌的情况下，现时市场的风险承受情绪明显高 昂，大量资金流进白银期货市场，导致美国的白银合约的多头上周急剧攀升，金银比大跌。 市场情绪越是亢奋，理论上越应保持冷静。 LSEG Wor ...

Group 1 - The core viewpoint emphasizes the importance of compliance with anti-money laundering (AML) and Know Your Customer (KYC) regulations, highlighting the advanced screening capabilities of the World-Check platform to help compliance teams identify potential criminal activities and minimize false positives [1] - Digital identity is identified as a key driver for adopting digital services, with solutions integrating digital identity verification, identity validation, and risk screening processes through a single efficient API [2] - Comprehensive KYC due diligence reports are available, providing in-depth insights and background checks on individuals or corporate entities, regardless of their industry, size, or geographical location [3]

Core Viewpoint - The roundtable discussion highlighted that disruptions in trade are not temporary but signify a fundamental restructuring of the global economic order, necessitating a new strategic realism mindset [3]. Group 1: Key Themes from the Discussion - The U.S. trade policy is undergoing a fundamental transformation [4]. - Economic policy has become synonymous with security policy, requiring businesses to adapt to a more fragmented and politicized market environment [6]. - The current U.S. government aims to shift the economy towards a manufacturing-based model, recognizing the risks of over-reliance on foreign supply chains, particularly in critical sectors like semiconductors and pharmaceuticals [7]. Group 2: Strategic Shifts in Global Trade - Data-driven scenario planning is replacing predictive models, as companies seek actionable insights to navigate long-term geopolitical uncertainties [5]. - The uncertainty surrounding U.S. global policy roles continues to persist, impacting international relations and trade dynamics [9]. - Countries are reassessing their positions in the market economy, leading to increased government intervention and the development of policies focused on national champions and economic resilience [12]. Group 3: Global Economic Order Changes - Long-standing allies of the U.S., such as Canada and the EU, face new tariff measures, eroding trust and complicating future cooperation [12]. - Concerns over the long-term dominance of the U.S. dollar as a reserve currency are emerging, with limited alternatives currently available [12]. - Japan and South Korea are quickly aligning their trade strategies with U.S. policies, while ASEAN countries seek to balance relations between the U.S. and China [12].

Core Insights - LSEG World-Check provides accurate and structured information to help businesses fulfill KYC and third-party due diligence obligations, trusted by major companies for over 20 years [1][3] Group 1: Product Overview - World-Check assists in meeting regulatory obligations, making informed decisions, and preventing businesses from being used for money laundering or corruption-related activities [3] - The database has been a reliable source of information for financial institutions and regulated non-bank sectors to comply with KYC, anti-money laundering, counter-terrorism financing, anti-bribery, and anti-corruption regulations [3] Group 2: Features and Benefits - The platform offers digital tools and functionalities that enhance the efficiency of wealth management advisors by providing real-time insights [4] - World-Check data is fully structured, aggregated, and deduplicated, and can be delivered in various formats, including on-premises, cloud-based, or third-party solutions [4] Group 3: Coverage and Data Sets - Coverage includes politically exposed persons (PEPs), close associates, family members, state-owned entities, and national investment enterprises [5] - Additional specific datasets include global sanctions lists, narrative and implicit sanctions, global regulatory and enforcement agency lists, negative media, and sanctioned securities [6]

本次活动由伦敦证券交易所集团主办，旨在促进金融交易市场的同业交流与合作，回顾2025年上半年交 易市场的重要事件，探讨当前宏观经济形势、政策影响及汇率走势，搭建一个同业间的交流平台。 活 动 信 息 扫描上方二维码 注册报名参与 我们的产品：LSEG 交易解决方案 LSEG的交易解决方案可为您的所有交易需求提供高效的工作流支持，从交易前分析到交易执行，直到交易后合规性 和存档支持。 日期: 2025年6月11日 (周三) 时间: 下午 5:00 - 7:00 地点: 北京 | 香港马会会所，东城区金宝街68号 活 动 流 程 17:00-17:30 签到 17:30-17:50 开幕致辞与分享 17:50后 晚宴&自由交流 *具体活动议程可能调整，以当天实际安排为准 *此次活动为闭门交流会，伦敦证券交易所集团（LSEG）保留最终解释权 解决方案 了解我们的交易服务和解决方案 优势 交易解决方案能为您带来哪些优势？ 我们的多资产交易解决方案涵盖交易前后的工作流，提供全面的实时数据、高效执行和可靠的交易后服务，让您自信 地执行交易。我们的数据和专业知识可为大宗商品、外汇、债券、信贷和股票市场的关键决策制定和执行提 ...

李冈峰 欧洲天然资源基金 Commodity Discovery 特约分析师 这是一个主要从美国每周的CFTC数据公布基金(Managed Positions)在当地期货市场的各种部署，继而反映 现时市场对贵金属的情绪和对短/中期的一个价格判断。美国每周五收市后公布的CFTC数据，记录日为刚过 去的周二(如果过去一周原本工作日是假日的话数据出炉会延期)。 概要 根据巴塞尔协议III（Basel III），从今年2025年7月1号开始，美国银行所持有的实金可被视为其 储备需求中的一级资产，相当于现金和美国国债——这个是绝对利好金价的信号——连玩财技玩 金融最厉害的美国，也不得不承认黄金的可靠性跟现金和国债一模一样。这意味着，将来更多基 金会视黄金为比国债和美元更稳健的定海神针。预期美国银行或会有新一轮买金条热潮。 至周五(29号)的金价/北美金矿股比率为 17.11X，较22号的17.39X跌1.6%，今年累跌10.6%。2024 年累升16.5%。2023年全年累积上升了13.2% (2022年+6.4%)，代表矿业股最少连续两年回报跑输 实金。且看今年金矿股票能否有突破。 LSEG Workspace用户可 ...

Core Viewpoint - The article discusses the recent release of the "Anti-Money Laundering Work Management Measures for the Legal Profession (Draft for Comments)" by the Ministry of Justice and the People's Bank of China, emphasizing the compliance responsibilities of law firms in anti-money laundering efforts [1][2]. Compliance Responsibilities - Law firms providing legal services related to Article 64, Section 2 of the Anti-Money Laundering Law must fully comply with anti-money laundering obligations [2]. - Law firms are required to establish internal control systems, including risk assessments, client identity verification, and maintaining due diligence information for at least 10 years [5]. - Continuous monitoring and reporting of client risks, identifying suspicious transactions, and taking special precautions for high-risk clients such as Politically Exposed Persons (PEPs) and Ultimate Beneficial Owners (UBOs) are mandated [5][6]. Internal Control and Due Diligence - Violations by law firms will result in penalties, and regulatory personnel will also be held accountable for negligence [3]. - Collaboration across departments and training for all lawyers on anti-money laundering practices are essential, with strict confidentiality of client data and investigation information [5]. Compliance Tools and Solutions - LSEG World-Check offers compliance tools that align with the requirements of the draft, including a global risk database and intelligent screening [4]. - The platform provides real-time monitoring of client risk changes, automatic generation of audit reports, and features for sensitive case screening to ensure data confidentiality [8][10]. - The solution supports customizable workflows and audit trails to meet the 10-year record-keeping requirement [10]. Case Studies and Evidence - A top 50 global law firm's China branch improved client onboarding screening efficiency by 80% using World-Check, reducing high-risk case review time to 15 minutes per case [13]. - A cross-border merger law firm successfully identified hidden connections to sanctioned entities, avoiding potential compliance losses amounting to hundreds of millions [13]. Training and Support - Free training sessions covering new regulations and high-risk country due diligence practices are available, along with customizable solutions for law firms of various sizes [13][21].

Group 1 - The article emphasizes the importance of innovative wealth management solutions that provide market-leading data and actionable insights for wealth advisors and investors to make confident decisions [3][4]. - It highlights the wealth management workflow solutions that offer insightful digital tools and features to help wealth management advisors access information in real-time and enhance their efficiency [4][5]. - The wealth data solutions are described as flexible and intuitive, providing advanced analytics and a customer-centric experience [5]. Group 2 - The article invites readers to click on "Read More" for additional information about LSEG's wealth management offerings, indicating a focus on expanding knowledge and engagement in the financial digitalization space [6].

Core Viewpoint - LSEG Data & Analytics provides actionable insights for the energy transition trend through its extensive data sets and unique analytical capabilities [1][2]. Group 1: Market Context - Energy market participants are facing unprecedented uncertainty due to ongoing geopolitical tensions, extreme weather events, and adjustments in energy transition-related policies [2]. - Extracting actionable insights from large volumes of unstructured data presents a significant challenge in the context of rapidly evolving global events impacting the energy market [2]. Group 2: Company Overview - LSEG Data & Analytics covers approximately 190 global commodity markets, including carbon, natural gas, LNG, hydrogen, coal, electricity, metals, oil, and agricultural products [2]. - The company has expanded its customer base to 40,000 clients and 400,000 end-users, enhancing its data sources and market coverage [3]. Group 3: Data and Analytical Capabilities - LSEG combines high-frequency data from transmission system operators, satellite imagery, web scraping tools, and machine learning algorithms for comprehensive analysis [3]. - Advanced modeling techniques and expert market insights are utilized to generate accurate supply-demand forecasts, forward-looking price predictions, and comprehensive risk assessments [3][5]. Group 4: Product Offerings - LSEG Workspace platform provides customizable dashboards, data visualization tools, and API access, allowing clients to explore supply-demand fundamentals, real-time pricing, and geopolitical analysis [4]. - The company offers various products, including daily pipeline flow dashboards for U.S. natural gas, detailed analyses of global hydrogen development, and reports on the long-term impact of energy transition on European electricity markets [4]. Group 5: Research and Development - LSEG has enhanced its product offerings by expanding proprietary data sets and optimizing forecasting models, improving real-time insight capabilities [5]. - The company has introduced automated anomaly detection technology in its natural gas analysis system, providing more accurate demand and inventory forecasts [5].

Group 1 - The article emphasizes the importance of innovative wealth management solutions that provide market-leading data and actionable insights for wealth advisors and investors to make confident decisions [3][4][5] - It highlights the flexibility and intuitiveness of the wealth management workflow solutions, which enhance the efficiency and capabilities of wealth management advisors by providing real-time information [4][5] - The article invites readers to learn more about LSEG's wealth management offerings and mentions that registration for the event requires approval [6]