每日投行/机构观点梳理（2025-05-13）

Group 1: Commodity Market Insights - Citigroup has lowered its short-term gold price target to $3,150 per ounce, expecting gold to consolidate in the $3,000-$3,300 range in the coming months [1] - Goldman Sachs indicates that mid-term risks for oil prices are skewed to the downside, predicting Brent and WTI crude prices to average $60 and $56 per barrel respectively in 2025, based on strong global supply growth and demand slowdown [2] - Goldman Sachs also forecasts that OPEC+ will stop increasing oil production starting in August due to slowing economic activity and weak oil demand [3] Group 2: Trade and Currency Implications - Nomura has upgraded Chinese stocks to "tactical overweight" following an unexpected U.S.-China tariff agreement, which is expected to support positive risk sentiment in global markets [1] - Deutsche Bank notes that the recent easing of the global trade war has an unclear impact on the U.S. dollar, suggesting that positive trade news benefits global economic growth more than the U.S. itself [4] - CICC suggests that if tariffs are further reduced, the Federal Reserve may have the opportunity to cut interest rates in the latter half of the year to alleviate growth pressures [5] Group 3: Domestic Market Developments - CITIC Securities expects that the issuance of new special bonds will exceed 1 trillion in both the second and third quarters of 2025, driven by a more accommodative monetary policy [10] - CITIC Securities maintains a positive outlook on the U.S. internet sector over the next 6-12 months, anticipating strong performance from major internet companies despite potential adjustments due to tariff policy changes [11] - Deutsche Bank's chief economist emphasizes a bullish outlook on A-shares, focusing on three main lines: domestic demand, trade recovery, and technology [12]