加密货币热度高涨，黄金回到主舞台：申万期货早间评论-20250523

Core Viewpoint - The article discusses the rising interest in cryptocurrencies and the return of gold to the forefront of investment discussions, highlighting the current market dynamics and economic indicators affecting various asset classes [1]. Group 1: Domestic and International News - President Xi Jinping supports the EU's strategic autonomy and its role in international affairs [1] - The People's Bank of China conducted a 500 billion MLF operation with a one-year term on May 23 [1] - President Trump is set to attend a cryptocurrency dinner in Virginia, emphasizing the U.S.'s dominance in the cryptocurrency and Bitcoin sectors [1] Group 2: Market Overview - Major indices and government bonds experienced slight declines, with current valuations of major indices in China remaining low, indicating a favorable long-term investment opportunity [1][3] - The real estate market has not stabilized, and external negative influences persist, prompting the central bank to maintain a supportive monetary policy [1][4] Group 3: Precious Metals - Gold and silver prices have retreated due to a rebound in the U.S. dollar, with concerns over U.S. debt and economic pressures following the passage of a tax reform bill that will increase federal debt by approximately $3.8 trillion over the next decade [2][16] - The market is currently in a phase of expecting a de-escalation of trade conflicts, with gold and silver entering a period of consolidation, although long-term support for gold remains strong [2][16] Group 4: Stock Indices - The U.S. stock indices showed mixed results, with the banking sector leading gains while beauty and social services sectors lagged [3][8] - The total trading volume in the market was 1.14 trillion yuan, with significant fluctuations in various index futures [3][8] - The valuation levels of major indices in China are still considered attractive for medium to long-term investments [3][8] Group 5: Government Bonds - The yield on the 10-year government bond rose to 1.685%, with the central bank's net injection of 900 billion yuan and a scheduled LPR reduction of 10 basis points [4][9] - The U.S. tax reform bill's passage has raised concerns about the country's debt situation, impacting bond yields [4][9] Group 6: Industry News - As of the end of April, China's total installed power generation capacity reached 3.49 billion kilowatts, a year-on-year increase of 15.9%, with solar power capacity growing by 47.7% [7]