Group 1 - The core viewpoint of the article highlights the increasing interest of European institutional investors in diversifying their portfolios by considering investments in China, with specific mention of a German pension fund's recent investment delegation to a Hong Kong asset management firm [1][3][6] - The article notes that the German pension fund KZVK has entrusted $50 million to Fuqua Asset Management (Hong Kong) for investments in Chinese stocks, indicating a significant move towards Chinese market exposure [1][3] - It is mentioned that while there has been a general slowdown in new investment mandates from overseas institutional investors, there are signs of upcoming tenders from institutions in the UK, Spain, and Italy for investment in China [3][4] Group 2 - Wellington Management, a major US asset management firm, suggests that despite a decline in US stock dominance, there is a compelling case for investors to reconsider their exposure to Chinese equities, citing a 53% decrease in global investors' allocation to Chinese stocks since 2020 [6][7] - The firm outlines several reasons for this potential investment, including attractive market valuations, improving fundamentals, and a more resilient economic model in China [6][7] - Additional factors include signs of stabilization in the real estate market, increased fiscal support from local governments, and a strategic shift towards diversifying trade partnerships beyond the US, particularly with Europe [7]

Core Viewpoint - China's foreign exchange reserves reached $3.3174 trillion by the end of June 2025, marking a $32.2 billion increase from the end of May, with a growth rate of 0.98% [1][3]. Group 1: Foreign Exchange Reserves - As of June 2025, China's foreign exchange reserves have remained above $3.2 trillion for 19 consecutive months, and have exceeded $3.3 trillion since September 2024 [1][3]. - The increase in reserves in June was influenced by macroeconomic policies and growth prospects of major economies, leading to a decline in the US dollar index and an overall rise in global financial asset prices [2][3]. - The US dollar index fell by 2.5% in June, reaching a three-year low, while non-US currencies appreciated against the dollar, contributing to the increase in foreign exchange reserves [3]. Group 2: Gold Reserves - By the end of June 2025, China's official gold reserves stood at 7.39 million ounces, an increase of 70,000 ounces from the previous month, with the central bank having increased its gold holdings for eight consecutive months [2][5]. - The ongoing global economic slowdown and geopolitical instability are driving central banks to continue accumulating gold, which is viewed as a hedge against inflation and a means of diversifying reserves [5]. - A recent survey indicated that over 90% of central banks expect to continue increasing their gold reserves in the next 12 months, with nearly 43% planning to add to their gold holdings [5].

上天天基金APP搜索【777】注册即可 领500元券包 ， 优选基金10元起投！限量发放！先到先得！ 虚拟资产交易，又有持牌机构准备入场。 7月7日，国金证券在投资者互动平台确认，其全资子公司国金证券（香港）有限公司正在积 极筹备申请香港虚拟资产相关交易牌照。为推进具体申请事宜，该子公司已与国际及香港地 区具备丰富经验的机构展开多轮接触。国金证券（香港）有限公司持有香港证监会颁发的业 务牌照包括：第1号：证券交易；第2号：期货合约交易；第4号：就证券提供意见；第6号： 就机构融资提供意见；第9号：提供资产管理。 工银亚洲研究报告显示，随着应用场景的不断拓展，稳定币正从加密世界的"幕后英雄"走向 现实经济的"前台"，其作为一种新型金融基础设施，提升传统金融体系运营效率和推动新型 金融业态探索的价值正得到更多关切。 来源：中国基金报 免责声明 文章封面图来源于AI，以上观点来自相关机构，不代表天天基金的观点，不对观点的准确性 和完整性做任何保证。收益率数据仅供参考，过往业绩和走势风格不预示未来表现，不构成 ↓ 点击"阅读原文" 国金证券表示，公司将持续加大对境外业务的积极拓展，通过发挥香港子公司拥有第1、第 2、 ...

道指、纳指均跌近1% 中概股逆势上涨 当地时间周一，美股全线下跌，道指跌0.94%报44406.36点，标普500指数跌0.79%报6229.98点，纳指跌 0.92%报20412.52点。 （图片来源：东方财富APP，统计截至2025/7/7，不作投资推荐） 盘面上，大型科技股多数下跌。个股方面，特斯拉跌超6%，苹果跌逾1%，谷歌跌超1%，英伟达跌 0.69%，微软跌0.22%，Meta跌0.09%，亚马逊涨0.03%。 当地时间7月7日，美股三大指数全线下跌。截至收盘，道指、纳指均跌近1%。 消息面上，美国关税政策发生新变化主导了市场情绪。据新华社报道，美国总统特朗普7日表示， 将从 8月1日起分别对来自日本、韩国等14个国家的进口产品征收25%至40%不等的关税 。此外， 白宫新闻 发言人卡罗琳·莱维特7日下午在记者会上说， 特朗普计划签署行政令，延长"对等关税"90天暂缓期，将 实施时间从7月9日推迟到8月1日 。 此外，马斯克宣布成立"美国党"引发市场担忧。特斯拉跌6.79%，公司总市值损失超680亿美元。 银行股、能源股全线走低，芯片股普遍下跌，费城半导体指数跌1.88%。其中，ARM跌超5%，迈 ...

Core Viewpoint - The article discusses President Trump's pressure on the Federal Reserve to lower interest rates, aiming to align monetary policy with his fiscal priorities, which could lead to inflation and economic stagnation in the long run [2][4]. Group 1: Trump's Objectives - Trump's push for lower interest rates is intended to facilitate financing for the recently passed tax cuts, breaking the traditional link between budget deficits and interest rates [4][5]. - The article warns that this "fiscal dominance" approach is historically associated with economic crises in emerging markets, potentially leading to a dangerous combination of inflation and stagnation [4][5]. Group 2: Economic Indicators and Market Reactions - Despite a projected budget deficit increase to $3 trillion over the next decade, the yield on the 10-year U.S. Treasury bond has decreased from 4.55% in May to 4.35% recently, indicating market expectations of future rate cuts [6]. - Treasury Secretary Mnuchin emphasized that the government will act according to Trump's wishes regarding the Federal Reserve's leadership and criticized current Fed Chair Powell for not lowering rates promptly [8]. Group 3: Federal Reserve's Position - The Federal Reserve has maintained its interest rate policy, with the target range set at 4.25% to 4.5%, while the two-year Treasury yield has fallen to around 3.88%, suggesting a disconnect in market signals [8]. - The upcoming Federal Reserve meeting on July 10 is anticipated to provide insights into their monetary policy stance, especially in light of strong employment data [9].

摘要 3、 "反内卷"行情持续，周期板块逆势上涨，从历史行情看未来主线，如何做好资产配置？ 真话白话说财经，理财不说违心话 --这是第1381 篇白话财经- - 今天，A股三大指数震荡分化，沪指收红，创业板指跌超1%。不过个股涨多跌少，有超3200只个股上涨。 (图片来源：东方财富APP，统计截至2025/7/7，不作投资推荐） 两市成交额出现缩量，为1.21万亿元，盘面上，电力、地产、传媒等板块逆势上涨，创新药、贵金属等板块跌幅居前。 1、今天，A股三大指数出现震荡，沪指收红，创业板指跌超1%，个股涨多跌少，发生了什么？ 2、 强化高频交易监管，三大交易所新规正式实施，影响几何？A股冲击3500点能否成功？ 7月7日起，沪深北三大交易所《程序化交易管理实施细则》正式开始实施，将加强程序化交易监测监控，强化高频交易监管。 短期来看， 新规限制高频交易，使得 中小盘股活跃度下降，间接影响创业板流动性。 但长期来看，前海开源基金首席经家杨德龙表示，新规的发布有利于减少程序化交易对市场波动的影响、提振投资者信心，推动资本市场长期健康发 展。 2、板块分化，电力受利好政策上涨，科技承压。 今天，创新药 、消费电子等科 ...

财经图解 . 财经大事早知道，关注东方财富股票！ 日前，高层会议提出"依法依规治理企业低价无序竞争，推动落后产能有序退出"，"反内卷"预期强化， 相关概念股近期表现较强。 政策发布后，各行业纷纷响应。头部光伏玻璃企业宣布自7月起集体减产30%，以缓解行业"内卷式"竞 争；中国水泥协会发布《关于进一步推动水泥行业"反内卷""稳增长"高质量发展工作的意见》，明确优 化产业结构；钢铁行业部分钢厂也收到减排限产通知。这些举措迅速传导至市场端，近日国内期货市场 铁矿石、多晶硅、焦煤等品种均有一定的上涨。 以下文章来源于财经图解 ，作者乘桴于海 仅供投资者参考，不构成投资建议 免责声明 文章转载自公众号"财经图解"，以上观点来自相关机构，不代表天天基金的观点，不对观点 的准确性和完整性做任何保证。收益率数据仅供参考，过往业绩和走势风格不预示未来表 分享、点赞、在看 顺手三连越来越有钱 内卷式恶性竞争是指行业内企业为争夺有限市场份额，通过低价倾销、重复建设等方式过度消耗资源， 导致全行业利润下降、创新停滞的现象。反内卷政策旨在通过规范市场竞争、淘汰落后产能，引导行业 从"量的扩张"转向 "质的提升"。 申万宏源表示，"反内 ...

Core Viewpoint - The article discusses the enduring significance of gold in Chinese culture and investment, highlighting its historical context and current market dynamics, while emphasizing the need for a strategic approach to gold investment in light of recent trends and economic conditions [4][5][6]. Group 1: Historical Context and Cultural Significance - The Lu Gong Postal and Currency Market in Shanghai has been a significant venue for gold trading since 1983, reflecting the deep-rooted cultural connection of Chinese people to gold [4]. - The article references the phenomenon of "Chinese aunties" purchasing 300 tons of gold in a single quarter in 2013, showcasing the strong demand for gold in China [5]. Group 2: Current Investment Trends - There is a notable increase in gold purchases among younger generations, driven by a desire for asset appreciation as traditional investment avenues like real estate face downturns [7]. - The article suggests that gold is increasingly viewed as a viable investment option due to the declining value of other assets, such as diamonds [7]. Group 3: Market Dynamics and Investment Strategies - The concept of "buying gold in chaotic times" is discussed, with three types of chaos identified: inflation, currency devaluation, and economic stagnation [9][10]. - Historical data indicates that merely reacting to geopolitical conflicts by purchasing gold may not yield favorable outcomes, emphasizing the importance of specific conditions for gold investment [11]. - The article warns against the common misconception of gold as a safe asset, highlighting its historical volatility and the challenges in predicting short-term price movements [14]. Group 4: Long-term Outlook and Recommendations - The article posits that the long-term outlook for gold is positive due to ongoing challenges to U.S. credit and the likelihood of increased fiscal deficits [15]. - Recommended investment strategies include purchasing physical gold or gold-themed funds, with a suggested allocation of around 10% of an investment portfolio to gold for risk management [16][17]. - The article advises against high leverage in gold investments and suggests maintaining a comfortable holding range of 5-15% to avoid forced selling during market fluctuations [17].

Core Viewpoint - The solid-state battery industry is accelerating from 0 to 1, with significant market enthusiasm reflected in a cumulative increase of over 30% in the solid-state battery index since April 8, 2023 [1]. Group 1: Industry Developments - Recent announcements indicate that solid-state battery mass production is at a critical point, with multiple companies revealing their production plans [2]. - CATL has stated its commitment to solid-state battery technology, aiming for small-scale production by 2027 [2]. - Guoxuan High-Tech has completed its first solid-state battery pilot line and is conducting road tests [2]. - Yiwei Lithium Energy plans to achieve breakthroughs in solid-state battery production technology by 2026 and aims to launch a high-energy density solid-state battery by 2028 [2]. - SAIC Group intends to release over 10 models globally within three years and aims to implement solid-state batteries in vehicles by 2027 [2]. - Changan Automobile plans to invest in a joint venture for battery production, targeting solid-state battery validation by 2026 and gradual mass production by 2027 [2]. - Xiaomi Automotive has filed a patent related to solid-state battery technology [2]. Group 2: Market Outlook - Dongwu Securities predicts that small-scale applications of solid-state batteries will begin in 2027, with large-scale applications expected post-2030 in sectors like energy storage and robotics [3]. - Guotai Junan Securities highlights the formal initiation of solid-state battery industrialization, with significant progress since 2025 [3]. - The collaboration between automotive manufacturers and battery producers is a notable trend in the solid-state battery development landscape [3]. - Solid-state batteries are recognized for their high energy density and safety, making them suitable for various applications, including automotive and robotics [3].

Core Viewpoint - The A-share banking sector has shown strong performance recently, with all 42 listed bank stocks rising since the beginning of the year, and 20 of them reaching historical highs [1] Group 1: Market Performance - In the past two and a half years, 11 bank stocks have doubled in value [1] - Analysts attribute the strong performance to factors such as stable operations in the banking industry, high dividend yield, and increased allocation of long-term funds like insurance capital [1] Group 2: Future Outlook - According to Xiangcai Securities, the banking sector is expected to continue its upward trend into the first half of 2025, driven by market preferences and improved fundamentals [1] - China Galaxy Securities indicates that the monetary policy is likely to remain moderately loose, with potential for further rate cuts, supporting net interest margins [1] - The accumulation of positive factors in the banking sector's fundamentals suggests a potential turning point in performance, with increased allocation from public funds expected to benefit major stocks [1]