欧洲美元是在美国境外流通的美元存款，以银行账本上的数字形式存在，而非实物货币。这种账本货币 体系通过全球银行网络实现了高效的资金流动，成为现代全球化经济的核心支柱。 长期以来，美元被普遍认为是全球储备货币，但这一观点存在重大误解。自20世纪50年代中期以来，真 正的储备货币并非美元，而是欧洲美元（Eurodollar）。欧洲美元是在美国境外流通的美元存款，以银 行账本上的数字形式存在，而非实物货币。这种账本货币体系通过全球银行网络实现了高效的资金流 动，成为现代全球化经济的核心支柱。重要的是，欧洲美元的创造和流动完全不在美国监管范围之内， 这使其独立于美国货币当局的控制。 一个独特的全球货币 欧洲美元体系起源于20世纪50年代，当时国际贸易和金融活动的全球化需求推动了超越国家边界的通用 货币的出现。冷战时期，美元在国际交易中的广泛使用促使欧洲等地的银行机构不断累积并持有美元存 款，这些存款被称为欧洲美元。其中，欧洲银行所持有来自苏联的美元存款最为醒目。 储备货币的核心功能是作为中介货币，连接不同经济体系，促进国际贸易和资本流动。传统观念认为美 元是全球储备货币，但这种看法忽略了欧洲美元的实际主导地位。欧洲美元 ...

Core Points - The article discusses the political dynamics in the U.S. following Trump's return to power, highlighting the conflict between populist leaders, academic elites, tech oligarchs, and progressive state governments [1][6] - Trump's aggressive policy initiatives aim to dismantle established institutions and alliances, leveraging political opportunities to reshape the political landscape [1][6] Group 1: Harvard University - Harvard is portrayed as a symbolic target for conservatives, representing both knowledge power and leftist moral discourse [2] - Trump's administration has frozen approximately $2.2 billion in research funding from the National Science Foundation (NSF), National Institutes of Health (NIH), and the Pentagon to Harvard [2] - Proposed tax increases on wealthy schools and restrictions on international student admissions are aimed at diminishing Harvard's influence and reallocating federal funds to other institutions [2] Group 2: California - California is described as a "laboratory" for progressive policies, with significant implications for national policy [3] - Trump's federal immigration enforcement actions target sanctuary cities, threatening to suspend federal infrastructure funding for non-compliance [3] - The introduction of "reverse green transfer payments" links federal funding to state emissions targets, effectively reducing California's share of federal infrastructure funds [3] Group 3: Elon Musk - Musk is identified as a key player whose relationship with Trump has soured, leading to public disputes over policy impacts on his businesses [4] - The cancellation of electric vehicle tax credits could result in over $3 billion in annual losses for Tesla, affecting its clean energy transition efforts [4] - Musk's ambitions for his platform X face regulatory challenges from the government, particularly concerning financial transactions and data privacy [4] Group 4: Political Strategy - Trump's negotiation tactics involve leveraging funding and regulatory pressures against Harvard, California, and Musk to gain political advantage [5] - The strategy creates uncertainty, compelling opponents to react defensively, thereby consolidating Trump's influence [6] - The ongoing political battles have led to structural shifts in the U.S. political, business, and academic landscapes, with various stakeholders recalibrating their strategies in response [6]

同期，美国投资者净卖出外国证券428亿美元（即对外证券投资净流入），上月为净买入213亿美元（即 对外证券投资净流出），结束了连续五个月净买入外国证券。其中，净卖出外国债券132亿美元，上月 为净买入160亿美元；净卖出外国股票296亿美元，上月为净买入53亿美元。 值得一提的是，2020年3月美股十天四次熔断期间，美国股市、债市和国际金价齐跌，唯有美元指数上 涨。当月，外国投资者分别净减持美国长期和短期证券资产2419亿和96亿美元，美国投资者净减持外国 证券资产1138亿美元，而美国银行业对外负债净额增加4738亿美元，刷新历史纪录。同期，美国国际资 本净流入3149亿美元，刷新了当时的月度历史新高（这个纪录直到2024年9月录得净流入3756亿美元才 被打破）。这反映，在疫情大流行、经济大停摆的背景下，投资者抛售一切资产包括传统避险资产，逃 向美元流动性，美元的避险作用凸显。而2025年4月，外资抛售美国证券与美国银行业对外负债净额下 降、美元指数大跌如影随形，反映关税风暴下的美元避险作用正在褪色。 从投资者主体看，官方外资净卖出美国证券，私人外资仍为净买入。当月，官方外资净卖出173亿美 元，较多卖出 ...

面对强劲的增长势头、新兴车企的迅猛发展以及美国政府极具不确定性的经贸政策，全球各大车企都在 调整发展战略。 国际能源组织（IEA）日前发布的题为"世界电动汽车预测"报告称，2025年全球纯电动汽车（BEV）和 混合动力汽车（HEV电混、PHEV插电混）新车销量将比去年增长25%，达到1700万辆，每4辆新车中就 有1辆是纯电动或混合动力汽车。该机构还预测，到2030年，纯电动和混合动力汽车的销量将增至占总 销量的40%以上。仅今年1~4月，纯电动和混合动力汽车销量同比增加了35%。 面对强劲的增长势头、新兴车企的迅猛发展以及美国政府极具不确定性的经贸政策，全球各大车企都在 调整发展战略，力争在激烈且不确定的市场竞争中求生存、求发展。 日本各大车企也在进行相应调整，一改过去对于纯电动汽车的不屑，纷纷加大投入，一方面追赶纯电动 汽车的市场走势；另一方面着力布局混合动力汽车，扩大自身混动优势，图汽车电动化大势。从丰田公 司和本田公司的汽车电动化战略的最新调整或可窥见日本车企着力发展混合动力汽车之究竟。 两大车企的战略调整 1.丰田公司的"全方位战略"偏重混合动力汽车。 4月30日丰田公司发布的新"协作体制"修正了其 ...

Group 1 - Company announced the research results of three GLP-1 innovative drugs at the 2025 ADA conference, with HDM1005 selected for oral presentation and HDM1002-102 and semaglutide injection results displayed as posters [1][2] - HDM1005 is a dual-target long-acting agonist for GLP-1 and GIP, with a Phase I study showing significant weight loss and metabolic improvements in participants [3][4] - HDM1002, an oral non-peptide GLP-1 receptor agonist, demonstrated good safety and weight loss effects in a Phase 1b study, with further clinical development planned [4] Group 2 - Semaglutide injection's Phase III study involved 494 type 2 diabetes patients, showing comparable efficacy to Novo Nordisk's treatment, with lower adverse event rates [5] - Company has a robust pipeline with 133 projects under development, focusing on endocrine, autoimmune, and oncology fields, with significant R&D investment [5][6] - In the endocrine sector, the company is developing a diverse range of GLP-1 products, including HDM1005 and HDM1002, with ongoing clinical trials [6] Group 3 - In oncology, the company aims to establish a leading drug development platform, with over 30 innovative drug candidates, including ADCs and small molecules [7][8] - The first ADC project, HDM2005, received orphan drug designation from the FDA, with ongoing clinical trials for various cancer indications [8] - The company has a comprehensive pipeline in the autoimmune field, with over 20 products in development, targeting various conditions [9] Group 4 - The company ranked 41st in the "2025 Global Pharmaceutical Companies Top 50" list, marking a significant recognition of its competitive strength [1][10] - The successful presentation of GLP-1 drugs at the ADA conference highlights the company's advancements in metabolic disease treatment [10] - The company continues to focus on innovation and research to provide better solutions for global patients [10]

美高级官员承认B-2轰炸机未完全摧毁伊朗福尔多核设施 智通财经6月22日电，据央视新闻，当地时间6月22日，一名美国高级官员承认，B-2轰炸机对伊朗福尔 多核设施的袭击并没有摧毁这座戒备森严的设施，但造成了严重损坏。美国国防部长赫格塞思当日稍早 时就美国对伊朗发起袭击一事举行新闻发布会。赫格塞思表示，美国摧毁了伊朗核计划，但袭击行动并 没有针对伊朗军队或伊朗人民。美军参谋长联席会议主席凯恩还在新闻发布会上称，包括B-2隐形轰炸 机在内的超过125架美国飞机参与了此次行动。 ...

美国副总统万斯当地时间6月22日表示，不知道是否有人知道美国总统特朗普究竟是什么时候决定打击 伊朗的。他说，特朗普并非轻率地采取这一行动，但这为重启与伊朗的关系与对话提供了机会。万斯还 表示，不担心这会成为一场旷日持久的冲突，美国不希望伊朗政权更迭，希望与伊朗就长期解决方案进 行对话。他还强调，特朗普的行为并未超越总统权限。(央视新闻) ...

6月20日， 国家金融监督管理总局青岛监管局（下称：青岛监管局）公布相关行政处罚信息， 因五类监管问题，陆家嘴信托被罚420万元。 登录新浪财经APP 搜索【信披】查看更多考评等级 智通财经记者 | 邹文榕 年内又有机构吃到"大额"罚单。 青岛监管局披露，五类违法违规事由分别涉及"关联交易管理不到位、信托项目管理严重不审慎、证券投资信托产品违反监管规定、固有资产五级分类不准 确、产品风险信息披露不及时"等内容。相关负责人也收到相应警告、处罚。 6月16日，国家金融监督管理总局安徽监管局披露，因存在"员工行为管理不到位"和"投资者适当性管理不到位"两项问题，安徽国元信托有限责任公司（下 称：国元信托）被罚85万元，时任国元信托总裁于强，以及时任两位业务员工高海婵、王金来分别收到监管警告并处罚款6万元。 伴随月内两张罚单应声落地，年内信托机构罚单规模已破千万元，机构及个人合计达到1111.37万元。 | | 机构被罚/ 力π | 员工并罚/ 力π | 被处罚事由 | 处罚机构 | 发布时间 | | --- | --- | --- | --- | --- | --- | | 陆家嘴信托 | 420 | 10 | 关 ...

内容速览 为有源头活水来——习近平同志在闽金融论述与实践启示 今日摘要 习近平总书记高度重视金融工作。他在福建工作期间，就对金融领域一系列重大命题进行了深邃的前瞻 思考和实践探索，形成了大量原创性理念、开创性实践，取得了标志性成果，为开拓中国特色金融发展 之路提供了理论与实践的源头活水，为新征程上金融强国建设注入不竭的智慧力量。 王沪宁会见泰国国会主席兼下议院议长。 "以旧换新"政策持续激发消费市场新活力。 "三夏"时节，气象科技助力粮食稳产增收。 暑期来临，新疆旅游市场热度攀升，当地多措并举，提升游客便利度和体验感。 美国称，打击伊朗核设施。伊朗谴责美国公然违反联合国宪章和国际法。 【在希望的田野上·三夏时节】智慧气象护航三夏生产 金融是"国之大者"，关系中国式现代化建设全局。习近平总书记高度重视金融工作，在福建工作期间， 就对金融领域一系列重大命题进行了深邃的前瞻思考和实践探索，形成了大量原创性理念、开创性实 践，取得了标志性成果，为开拓中国特色金融发展之路提供了源头活水，对做好当下的金融工作具有极 为重要的指导意义。 王沪宁会见泰国国会主席兼下议院议长 全国政协主席王沪宁22日在京会见泰国国会主席兼下议 ...

Core Argument - The silver sector is gaining attention as a potentially more explosive investment opportunity compared to gold, driven by unique fundamentals and increasing demand for green technology [1][2]. Industry Overview - Silver serves as an industrial workhorse, with over 50% of annual consumption linked to industrial applications, making it essential for sectors like photovoltaic cells and electric vehicles [3]. - The silver market is facing a structural supply deficit for the fifth consecutive year, where demand consistently exceeds supply from mining and recycling, providing strong price support [4]. - Favorable macroeconomic trends, including potential interest rate cuts by the U.S. Federal Reserve and a downtrend in the U.S. dollar, are expected to boost silver demand [5][6]. Investment Opportunities - The Gold/Silver ratio remains above historical averages, suggesting that silver may be undervalued compared to gold, indicating potential for price appreciation [7]. - Direct exposure to silver can be achieved through investment vehicles like the iShares Silver Trust, which has shown a year-to-date net asset value total return of approximately 33% [11][12]. - Mining companies such as First Majestic Silver and Pan American Silver present opportunities for leveraged returns, with First Majestic benefiting from significant revenue leverage to silver prices and Pan American pursuing strategic acquisitions to enhance its portfolio [14][17].