Report Summary Industry Investment Rating No industry investment rating is provided in the report. Core View The report suggests that the medium - to long - term outlook for precious metals may be bullish. For the short - term, the volatility of London gold is continuously narrowing, and attention should be paid to the support at the 3300 level and the short - term direction choice. The support level for London silver is around 37.3. The operation strategy is to maintain the idea of buying on dips [5]. Summary by Directory 1. Market Review - On Wednesday, the precious metals market was generally volatile. The market fluctuated sharply due to the news that Trump might fire Powell in advance. The US dollar index is facing key resistance at 99 (60 - day moving average) and 100. The 10Y US Treasury yield is approaching the 4.5% watershed, which may have a negative impact on precious metals in the short term. The influence of the US dollar's appreciation on RMB - denominated precious metals is relatively limited. The surrounding US stocks fluctuated slightly higher, Bitcoin rose, crude oil fluctuated, and the South China Non - ferrous Metals fluctuated [2]. - COMEX gold 2508 contract closed at $3354.2 per ounce, up 0.52%; US silver 2509 contract closed at $38.125 per ounce, up 0.04%. SHFE gold 2510 main contract was at 776.66 yuan per gram, down 0.2%; SHFE silver 2510 contract was at 9152 yuan per kilogram, down 0.35% [2]. - Fed's permanent voting member Williams said that the US economy is expected to grow by about 1% this year, and the unemployment rate is expected to rise to 4.5% by the end of the year. The overall inflation rate in June may be 2.5%, and the core inflation rate may be 2.75%. Tariffs are in the "initial stage" of affecting the economy and are expected to push up the inflation rate by one percentage point in the remaining time of 2025 and in 2026 [2]. - The Fed's Beige Book showed that from the end of May to the beginning of July, economic activity increased slightly, and the economic outlook was neutral to slightly pessimistic. Only two regions expected economic activity to grow, while other regions expected it to remain flat or decline slightly [2]. 2. Interest Rate Cut Expectations and Fund Holdings - The expectation of an interest rate cut in September has slightly cooled. According to CME's "FedWatch" data, the probability that the Fed will keep interest rates unchanged in July is 95.9%, and the probability of a 25 - basis - point cut is 4.1%. In September, the probability of keeping interest rates unchanged is 43.7%, the probability of a cumulative 25 - basis - point cut is 54%, and the probability of a cumulative 50 - basis - point cut is 2.2%. In October, the probability of keeping interest rates unchanged is 19.4%, the probability of a cumulative 25 - basis - point cut is 48.3%, the probability of a cumulative 50 - basis - point cut is 31%, and the probability of a cumulative 75 - basis - point cut is 1.3% [3]. - In terms of long - term funds, the SPDR Gold ETF's holdings increased by 3.15 tons to 950.79 tons; the iShares Silver ETF's holdings decreased by 36.73 tons to 14819.29 tons. For inventory, SHFE silver inventory decreased by 9.9 tons to 1212.8 tons, and SGX silver inventory increased by 7.3 tons to 1327.2 tons in the week ending July 4 [3]. 3. This Week's Focus - This week, focus on the US retail sales data and weekly initial jobless claims on Thursday evening. At 22:00 on Thursday, Fed Governor Kugler will speak on the housing market and the outlook for the US economy [4]. 4. Price and Inventory Tables - The precious metals' futures and spot price table shows the latest prices, daily changes, and daily change rates of SHFE gold and silver, SGX gold and silver, CME gold and silver, etc. For example, SHFE gold main - continuous contract is at 776.66 yuan per gram, down 0.48% [6]. - The inventory and holding table shows the latest values, daily changes, and daily change rates of SHFE and CME gold and silver inventories and holdings, as well as SPDR gold and SLV silver holdings. For example, SHFE gold inventory is 28872 kilograms, with no change [14]. 5. Other Market Data - The stock - bond - commodity summary table shows the latest values, daily changes, and daily change rates of the US dollar index, US stocks, crude oil, copper, US Treasury yields, etc. For example, the US dollar index is at 98.3222, down 0.31% [20].

Inflation and Tariffs - Inflation in the United States accelerated in June, with the Consumer Price Index growing 2.7% year over year, up from 2.4% in May, marking the highest level since February [1] - Month over month, inflation climbed 0.3%, an increase from a 0.1% rise the previous month [1] - Tariffs imposed under President Trump are raising costs for everyday goods, with core prices (excluding food and energy) increasing to 2.9% from 2.8% [2] Impact of Tariffs - The inflation increase coincides with tariffs enacted by the Trump administration, including a 10% levy on all imports, 50% duties on steel and aluminum, 30% on Chinese goods, and 25% on imported automobiles [3] - Gasoline prices rose 1% from May to June, grocery prices climbed 0.35%, and appliance prices increased for the third consecutive month [3] - Major companies like Walmart, Nike, and Mitsubishi have acknowledged passing higher costs onto consumers, with some firms previously stockpiling inventory to delay price hikes [4] Dividend Investing Strategy - Dividend investing is highlighted as a viable strategy due to its income generation, providing a steady stream of income even amid market volatility [4] - Companies with a strong history of dividend growth may continue to increase dividends, which can help offset rising interest rates [5] - Dividend-paying stocks are often found in defensive sectors such as utilities, consumer staples, and healthcare, which can provide stability during economic downturns [6] Benefits of Dividend Stocks - Reinvesting dividends can enhance compounding returns, leading to exponential growth over the long term [7] - Dividend-paying stocks can serve as a hedge against inflation, as companies that can pass on increased costs to customers may maintain or increase profitability [7] ETFs for Dividend Investing - Vanguard Dividend Appreciation ETF (VIG) is the largest in the dividend space with an AUM of $93 billion, holding 337 stocks and charging 5 bps in annual fees [9] - Vanguard High Dividend Yield ETF (VYM) has an AUM of $61.8 billion, holding 582 stocks and charging 6 bps in annual fees [11] - iShares Core Dividend Growth ETF (DGRO) tracks 397 companies with sustained dividend growth, has an AUM of $32.5 billion, and charges 8 bps in fees [12] - SPDR Portfolio S&P 500 High Dividend ETF (SPYD) provides exposure to high dividend income stocks with an AUM of $7 billion, holding 77 stocks and charging 7 bps in annual fees [13] - Schwab U.S. Dividend Equity ETF (SCHD) offers exposure to 103 high-dividend-yielding U.S. companies, with an AUM of $71.3 billion and charging 6 bps in annual fees [14]

Market Performance - The stock market has recently reached new heights, with the S&P 500 and Nasdaq Composite surging approximately 26% and 35% respectively since early April [1][2] Investment Risks - Investing at record highs can be risky due to high stock prices and potential downturns that could lead to immediate portfolio value drops [2][10] - Historical data suggests that investing in ETFs at peak prices can still yield positive outcomes for long-term investors [2][4] Long-term Investment Strategy - Historical trends indicate that there is no bad time to invest if a long-term perspective is maintained [4][11] - For instance, investing in an S&P 500 ETF before the Great Recession would have resulted in a 75% total return over 10 years despite initial losses [5][6] - The S&P 500 has never experienced negative total returns over any 10-year period in the last 82 years, although it has seen negative returns in 33% of one-year periods [8][9] Portfolio Preparation - To navigate market uncertainty, investors are advised to ignore short-term fluctuations, build an emergency fund, and invest in fundamentally strong companies [10][12] - Investing in robust companies or S&P 500 ETFs is recommended as they are more likely to withstand market volatility [12]

Group 1 - The Value Lab focuses on long-only value investment strategies, aiming to identify mispriced international equities with a target portfolio yield of approximately 4% [1] - The iShares Core S&P U.S. Growth ETF (IUSG) is noted for its low expense ratios and high correlation with major indices, aligning closely with iShares ETFs that track the S&P 500 [2] - The Valkyrie Trading Society consists of analysts who share high conviction investment ideas in developed markets, emphasizing downside protection and potential for outsized returns in the current economic climate [3]

Group 1: Market Overview - ETFs across various categories attracted $24.1 billion in capital last week, with year-to-date inflows reaching $593.4 billion, indicating a strong trend towards another trillion-dollar year in inflows [1] - Investor appetite was broad-based, with U.S. fixed-income ETFs leading inflows at $6.3 billion, followed by international equity ETFs at $6.2 billion and U.S. equity ETFs at $5.7 billion [2] - The significant inflows occurred amid a volatile stock market, with the S&P 500 hitting a new record before pulling back due to escalating trade tensions and tariff announcements from President Trump [3] Group 2: Top ETFs - Vanguard S&P 500 ETF (VOO) was the top asset creator, pulling in $2.7 billion, tracking the S&P 500 Index with an AUM of $697 billion and an average daily volume of 7.7 million shares [4] - SPDR Portfolio S&P 500 ETF (SPLG) saw inflows of $1.6 billion, with an AUM of $76.8 billion and an average daily volume of 11 million shares [5] - iShares Bitcoin Trust (IBIT) attracted $1 billion in capital, with an AUM of $80 billion and an average daily volume of 45 million shares, making it the most traded Bitcoin ETF [6] - iShares Core MSCI Emerging Markets ETF (IEMG) pulled in approximately $977 million, holding 2,688 stocks with an AUM of $97.7 billion and an average daily volume of about 10 million shares [7] - Financial Select Sector SPDR Fund (XLF) accumulated about $740 million, focusing on 73 companies in the financial services sector, with an AUM of $51.4 billion and an average daily volume of 38 million shares [8]

Core Insights - The WisdomTree Emerging Markets High Dividend ETF (DEM) is designed to provide broad exposure to the emerging markets, focusing on high dividend yielding stocks [1][5] - The ETF has amassed over $3.09 billion in assets, making it one of the larger ETFs in the Broad Emerging Market category [5] - DEM has a 12-month trailing dividend yield of 4.91% and an annual operating expense ratio of 0.63% [7] Fund Management and Index - The fund is managed by WisdomTree and seeks to match the performance of the WisdomTree Emerging Markets High Dividend Index, which is fundamentally weighted [5][6] - The index measures the performance of the highest dividend yielding stocks selected from the WisdomTree Emerging Markets Dividend Index [6] Performance Metrics - DEM has added approximately 15.94% and is up about 7.87% year-to-date as of July 15, 2025 [10] - The ETF has traded between $37.51 and $46.16 over the past 52 weeks, indicating a stable price range [10] - With a beta of 0.60 and a standard deviation of 15.15% over the trailing three-year period, DEM is classified as a medium risk investment [10] Sector Exposure and Holdings - The fund's assets are primarily in US Dollars, accounting for about 66.36% of total assets, followed by Euro and Hungarian Forint [8] - The top 10 holdings represent approximately 109.37% of DEM's total assets under management, indicating a concentrated investment strategy [8] Alternatives in the Market - Other ETFs in the emerging markets space include Vanguard FTSE Emerging Markets ETF (VWO) and iShares Core MSCI Emerging Markets ETF (IEMG), which have significantly larger asset bases of $91.85 billion and $97.69 billion respectively [12] - VWO has a lower expense ratio of 0.07% compared to DEM, while IEMG has an expense ratio of 0.09% [12]

Core Insights - The WisdomTree U.S. Quality Dividend Growth ETF (DGRW) is designed to provide broad exposure to the Style Box - Large Cap Value category and was launched on May 22, 2013 [1] - DGRW is managed by WisdomTree and has amassed over $16 billion in assets, making it one of the largest ETFs in its category [5] - The fund seeks to match the performance of the WisdomTree U.S. Quality Dividend Growth Index, which consists of dividend-paying stocks with growth characteristics [5] Fund Characteristics - DGRW has an annual operating expense ratio of 0.28%, which is competitive within its peer group [6] - The fund has a 12-month trailing dividend yield of 1.50% [6] - The top 10 holdings account for approximately 135.11% of total assets under management, indicating a concentration in a few key stocks [8] Performance Metrics - Year-to-date, DGRW has gained about 5.88% and is up roughly 7.86% over the last 12 months as of July 15, 2025 [10] - The fund has a beta of 0.85 and a standard deviation of 14.33% over the trailing three-year period, categorizing it as a medium-risk investment [10] - DGRW has approximately 304 holdings, which helps to diversify company-specific risk [10] Alternatives and Comparisons - Other ETFs in the same space include iShares Core Dividend Growth ETF (DGRO) and Vanguard Dividend Appreciation ETF (VIG), with DGRO having $32.45 billion in assets and VIG having $92.94 billion [12] - DGRO has a lower expense ratio of 0.08%, while VIG has an expense ratio of 0.05% [12] - Investors may consider traditional market cap weighted ETFs for potentially lower-risk options [13]

Core Insights - The Vanguard S&P Small-Cap 600 ETF (VIOO) is a passively managed ETF launched on September 9, 2010, with assets exceeding $2.95 billion, targeting the Small Cap Blend segment of the US equity market [1] Costs - The ETF has an annual operating expense ratio of 0.07%, making it one of the least expensive options in its category, and it offers a 12-month trailing dividend yield of 1.50% [3] Sector Exposure and Top Holdings - The ETF has a significant allocation to the Financials sector, comprising approximately 19.30% of the portfolio, followed by Industrials and Consumer Discretionary [4] - The top individual holding, Slcmt1142, accounts for about 0.71% of total assets, with the top 10 holdings representing around 3.08% of total assets under management [5] Performance and Risk - VIOO aims to replicate the performance of the S&P SmallCap 600 Index, having lost about -1.24% year-to-date and gained approximately 3.81% over the past year as of July 15, 2025 [6] - The ETF has a beta of 1.07 and a standard deviation of 21.72% over the trailing three-year period, indicating a medium risk profile with 609 holdings to diversify company-specific risk [7] Alternatives - VIOO holds a Zacks ETF Rank of 2 (Buy), indicating favorable expected returns, low expense ratios, and positive momentum, making it a strong choice for investors interested in the Small Cap Blend segment [8] - Other comparable ETFs include the iShares Russell 2000 ETF (IWM) with $66.42 billion in assets and an expense ratio of 0.19%, and the iShares Core S&P Small-Cap ETF (IJR) with $82.01 billion in assets and an expense ratio of 0.06% [9] Bottom-Line - Passively managed ETFs like VIOO are increasingly popular among retail and institutional investors due to their low costs, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [10]

Core Insights - The FlexShares Quality Dividend Defensive ETF (QDEF) is a smart beta ETF launched on December 14, 2012, providing broad exposure to the Style Box - All Cap Blend category [1] - QDEF aims to match the performance of the Northern Trust Quality Dividend Defensive Index, focusing on high-quality, income-oriented U.S. equity securities [5][6] Fund Management and Performance - Managed by Flexshares, QDEF has accumulated assets of over $445.48 million, positioning it as an average-sized ETF in its category [5] - The ETF has gained approximately 7.36% year-to-date and 13.87% over the past year, with a trading range between $62.50 and $75.33 in the last 52 weeks [10] Cost Structure - QDEF has an annual operating expense ratio of 0.37%, which is competitive within its peer group, and a 12-month trailing dividend yield of 1.77% [7] Sector Allocation and Holdings - The ETF's largest sector allocation is in Information Technology, comprising about 29.5% of the portfolio, followed by Healthcare and Financials [8] - Top holdings include Apple Inc (6.32%), Nvidia Corp, and Microsoft Corp, with the top 10 holdings accounting for approximately 37.02% of total assets [9] Risk Profile - QDEF has a beta of 0.84 and a standard deviation of 13.90% over the trailing three-year period, indicating a medium risk profile [10] Alternatives - While QDEF is a viable option for investors seeking to outperform the Style Box - All Cap Blend segment, alternatives such as iShares Core S&P Total U.S. Stock Market ETF (ITOT) and Vanguard Total Stock Market ETF (VTI) are also available [11][12]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The medium - to long - term trend of precious metals may be bullish. Driven by recent events, the short - term price of precious metals is expected to remain strong. However, close attention should be paid to the US precious metal import tariff policy, as the failure of the tariff policy may lead to a correction in precious metal prices and cross - market spreads. For short - term trading, the support levels for gold are 3300 - 3320 and then 3200, with resistance at 3365 and then 3400. London silver has broken through the resistance in the 37 - 37.3 area, and the upside may extend to the 40 area. The strategy of buying on dips is still recommended [5]. 3) Summary by Relevant Catalogs 3.1 Market Review - Last week, precious metal prices generally showed a strong performance, with significant increases in silver and palladium. The premium of precious metal prices in the US market over London spot prices widened significantly, possibly due to concerns about additional tariffs on other key imported minerals after Trump unexpectedly imposed a 50% tariff on copper imports. The prices of palladium, platinum, and silver in the US market have reached new highs. Attention should be paid to the future direction of Trump's import tariff policy on precious metals [1]. - Regarding trade tariffs, the implementation of reciprocal tariffs was postponed from July 9 to August 1. Starting from August 1, the US will impose different tariff rates on various countries, such as 25% on Japan, South Korea, etc., 30% on South Africa, Bosnia and Herzegovina, etc., and 50% on Brazil [1]. - In terms of the Fed's monetary policy, Fed Governor Waller said that a rate cut in July could be considered, and he supported continuing the balance - sheet reduction and increasing the proportion of short - term assets [1]. 3.2 Fund and Inventory - Long - term fund holdings: Last week, the SPDR Gold ETF holdings decreased by 0.02 tons to 947.64 tons, and the iShares Silver ETF holdings decreased by 110.22 tons to 14758.5 tons [2]. - Short - term fund holdings: According to the CFTC持仓 report as of July 8, the non - commercial net long positions in gold increased by 988 contracts to 202968 contracts, with long positions increasing by 3054 contracts and short positions increasing by 2066 contracts. The non - commercial net long positions in silver decreased by 4879 contracts to 58521 contracts, with long positions decreasing by 1968 contracts and short positions increasing by 2911 contracts [2]. - Inventory: COMEX gold inventory decreased by 1.2 tons to 1143 tons, and COMEX silver inventory decreased by 135.7 tons to 15393.7 tons. SHFE gold inventory increased by 3.13 tons to 24.59 tons, and SHFE silver inventory decreased by 36.15 tons to 1303.6 tons. The Shanghai Gold Exchange silver inventory (as of the week of July 4) decreased by 3.33 tons to 1319.9 tons [2]. 3.3 This Week's Focus - Data: Focus on the US CPI data on Tuesday evening [3]. - Events: - Domestic: On Monday at 10:00, the State Council Information Office will hold a press conference to introduce the import and export situation in the first half of 2025; at 15:00, it will hold a press conference on the financial statistics in the first half of 2025. On Tuesday at 10:00, it will hold a press conference on the national economic operation in the first half of 2025 [3]. - Overseas: There are multiple speeches by Fed officials and the Bank of England governor throughout the week, and the Fed will release the Beige Book of Economic Conditions on Thursday. In addition, US President Trump plans to make a "major statement" on the Russian issue this week [3][4]. 3.4 Price and Related Ratios - The table shows the latest prices, daily changes, and daily change rates of various precious metal futures and spot contracts, as well as the gold - silver ratio [6]. - The table also presents the latest values, daily changes, and daily change rates of stock, bond, and commodity market indicators, including the US dollar index, Dow Jones Industrial Average, WTI crude oil, etc. [18].