Core Insights - Nasdaq Dubai announced the successful listing of the dual-currency bonds issued by the National Development Bank, reinforcing Dubai's position as a center for international fixed income issuance and cross-border investment flows [1][2] Group 1: Bond Issuance Details - The bond issuance consists of two parts: a $500 million three-year floating rate bond with a spread of 30 basis points over the SOFR benchmark, and a €500 million three-year fixed rate bond with a coupon rate of 2.25% [1] - Moody's assigned an A1 credit rating to both parts of the bond, indicating high credit quality [1] - The euro-denominated portion saw a subscription rate of 15 times, setting a record for a single issuance by a Chinese financial institution, while the dollar-denominated portion had a subscription rate of 3 times, achieving the narrowest spread in similar issuances [1] Group 2: Investor Base and Market Impact - The investor base is diverse, including banks, sovereign institutions, investment funds, and asset management companies from financial centers such as Switzerland, Germany, the UK, Spain, the Middle East, and Asia [1] - Sovereign institutions, multilateral institutions, and government entities accounted for over 30% of the allocation in the euro-denominated portion [1] - Nasdaq Dubai has established itself as the preferred platform for Chinese issuers, with over $13.4 billion in fixed income instruments listed from major Chinese banks [2]

瑞银集团对全球多国中央银行管理层的一项最新年度调查结果显示，将近半数受访央行认为美国可能重 组其联邦债务。同时，超过七成受访央行将美国特朗普政府的关税政策等视为最大风险。报道指出，几 乎所有受调查央行都在追求储备 资产多样化，几乎所有受调查央行都看好黄金。67%的受调查央行认 为，从现在至2029年左右，黄金将是表现最佳的资产，而这一比例在2024年调查中仅为21%。 ...

瑞银集团对全球多国中央银行管理层的一项最新年度调查结果显示，将近半数央行认为美国可能重组其联邦债务。 受调查央行对全球经济前景的悲观情绪同样增加。这些央行去年曾广泛预期全球经济将软着陆。今年，相同比例的受调查央行预期全球经济最可 能出现的前景是滞胀。 这是2023年3月20日在瑞士日内瓦拍摄的瑞士信贷银行（左）和瑞银集团。新华社记者连漪摄 美国总统唐纳德·特朗普4日在白宫签署"大而美"税收和支出法案。路透社当时预期，这项法案将为36.2万亿美元的联邦债务规模再增3.4万亿美 元。 美国市场观察网站7日报道，瑞银的上述调查是在5月至6月进行的，涵盖了近40个国家的央行。 调查还显示，三分之二的受调查央行担忧美国联邦储备委员会独立性；将近半数央行担忧美国经济数据质量以及美国法治正在弱化。 这是2022年1月18日在美国纽约证券交易所外拍摄的华尔街路牌。新华社发（郭克摄） 尽管地缘政治风险依然困扰央行，但已非其最大担忧。74%的受调查央行说，它们认为的头号风险是特朗普政府对贸易和国际联盟的政策。特朗 普7月7日说，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。 3月28日，顾 ...

冰淇淋刺客退场，梦龙、茅台、哈根达斯都"割"不动了。 7月流火，2025年的夏天尤其燥热。在地球人都在遭遇高温"烤验"的当下，全球最大的冰淇淋公司来了。 7月1日，联合力华冰淇淋业务正式独立运营，成为梦龙冰淇淋公司（下称梦龙公司）。梦龙公司计划于今年Q4在阿姆斯特丹、伦敦和纽约上市。目前联 合利华依然是其唯一的股东。 梦龙公司旗下拥有梦龙、和路雪、可爱多、Ben & Jerry's等众多知名的冷饮品牌。按零售价值算，2019-2023年，梦龙稳居全球最大的冰淇淋品牌，2024年 与哈根达斯并列第一。 2024年，联合利华整个冰淇淋业务营收83亿欧元，同比增长4.5%。巴克莱银行曾估计，联合利华冰淇淋业务在全球的市场份额为20%，是行业领头羊。 天热了，高价冰淇淋"凉"了 这个夏天，全球都在不断刷新高温纪录，40+度的高温天越来越多。冰淇淋（冰激凌、雪糕的统称）市场迎来了销售旺季。 欧睿国际的数据显示，2019-2024年，按零售额计，联合利华的冰淇淋业务市场份额远超雀巢、通用磨坊（哈根达斯母公司）、伊利、蒙牛等竞争对手。 但不得不提的是，在中国，梦龙公司当下不太乐观：2024年，联合力华在中国市场除食品板块外 ...

内容概要：冰淇淋是以饮用水、牛乳、奶粉、奶油（或植物油脂）、食糖等为主要原料，加入适量食品 添加剂，经混合、灭菌、均质、老化、凝冻、硬化等工艺制成的体积膨胀的冷冻食品。随着国家经济快 速发展，居民人均收入和消费水平逐年提高，人们对于休闲食品的需求量提升，叠加冷链、电商等产业 加速发展，国内冰淇淋行业规模呈现出迅速增长态势。数据显示，2024年我国冰淇淋市场规模已从2015 年的839亿元增长至1835亿元。根据市场预测，至2027年，我国冰淇淋行业规模有望达到2000亿元以 上。 相关上市企业：伊利股份（600887）；三元股份（600429）；蒙牛乳业（02319）；光明乳业 （600597）；天润乳业（600419）等 相关企业：雀巢（Nestlé）；联合利华（Unilever）；大庆市红宝石冰淇淋有限公司；大连天宝冰淇淋 有限公司；南京浦园冰淇淋机械制造有限公司等 关键词：产业链；冰淇淋行业规模；人均冰淇淋消费量；国内冰淇淋消费喜好；竞争格局；重点企业； 发展趋势 一、行业概况 冰淇淋是以饮用水、乳和（或）乳制品、蛋制品、水果制品、豆制品、食糖、食用植物油等的一种或多 种为原辅料，添加或不添加食品添加和 ...

德国财长：我们不能完全依赖美国，重要的是我们加强和多样化我们的贸易关系。 ...

Group 1 - The core point of the articles is the signing of a comprehensive security and defense agreement between Canada and the European Union, marking a significant step in deepening their partnership and reducing Canada's reliance on the United States [1][2] - The agreement was signed during a Canada-EU summit in Brussels, with Canadian Prime Minister Carney meeting with EU leaders to discuss the partnership [1] - The EU's President von der Leyen emphasized that this partnership will enhance Canada's role in the evolving European defense architecture, indicating that this is just the beginning of a stronger collaboration [1] Group 2 - Canada will collaborate with the EU on the €150 billion "European Security Action" (SAFE) plan, which aims to provide loans to member states for weapon purchases and allows for joint procurement [2] - Both Canada and NATO countries have committed to significantly increasing defense spending, a commitment that will be reiterated at the upcoming NATO summit [2] - The EU and Canada are both seeking to distance themselves from the unpredictable strategies of the U.S. government, aiming for broader trade partnerships and diversification of supply chains [2]

Core Viewpoint - The investment strategy of the company has evolved from a singular focus on growth stocks to a diversified approach that adapts to market changes, emphasizing the importance of both sustainable growth and risk management in investment decisions [1][5][9]. Group 1: Investment Strategy Evolution - The company has recognized the limitations of a single investment strategy, especially in the current challenging market for growth stocks, prompting a shift towards diversification [1][4]. - The investment philosophy now incorporates a combination of growth, value, and dividend stocks, with a focus on macroeconomic trends and style timing to enhance portfolio resilience [5][9]. - The company aims to balance investment opportunities with safety, particularly in sectors benefiting from AI advancements and those with reasonable valuations [1][9]. Group 2: Market Outlook and Focus Areas - The company believes that the most uncertain phase of the market has passed, with expectations for better investment opportunities in the fourth quarter, particularly in growth stocks [9]. - Key sectors of interest include the internet sector benefiting from AI development, domestic consumption-related industries, technology with a focus on self-sufficiency, and sectors supported by growth policies like engineering machinery [9][10]. - The semiconductor industry is highlighted for its significant growth potential, driven by increasing domestic production and technological advancements [10].

Group 1 - The core finding of the World Gold Council's survey indicates that over 95% of central banks expect to increase their gold reserves in the next 12 months, marking the highest level since the survey began in 2019 and a 17 percentage point increase from 2024 [1] - The survey collected responses from 73 central banks, the highest participation rate to date, with nearly 43% planning to increase their gold reserves within the next year [1] - China's gold reserves have increased to 7.383 million ounces as of May 2025, up by 6,000 ounces from April, continuing a seven-month trend of increasing reserves [1] Group 2 - Recent geopolitical tensions and weak U.S. economic data have driven a surge in gold prices, with a 3.74% increase observed in the week from June 9 to June 13 [2] - The main motivations for central banks to hold gold have shifted to its long-term value storage (80%), portfolio diversification (81%), and performance during crises (85%) [2] - Despite the positive outlook from central banks, some analysts, like Citigroup, predict a decline in gold prices due to decreasing demand and potential interest rate cuts by the Federal Reserve, forecasting prices to drop below $3,000 per ounce in the coming quarters [2] Group 3 - Short-term expectations for gold prices remain high due to ongoing geopolitical tensions and a potential softening of the Federal Reserve's stance on interest rates, which could support gold prices [3] - Long-term factors influencing gold prices include the stability of credit currencies like the U.S. dollar, with a weakening dollar expected to support gold's value [3] - While the trend for gold prices is upward, the pace of increase may slow down, and short-term fluctuations could lead to price adjustments [3]

《2025年全球央行黄金储备调查》共收集了来自全球73家央行的回应，创下历年参与央行数量新高。调 查还发现，近43%的央行计划在未来一年内增加自身黄金储备。据介绍，即便金价屡创新高，且全球央 行已连续15年净购入黄金，各央行依然对黄金青睐有加。 经济与地缘政治不确定性持续存在，对各央行策略产生影响，黄金将继续作为避险资产用以对冲风险。 调查显示，当前央行持金的三大主要动机为：黄金长期的价值储存功能(80%)、有效实现投资组合多样 化的手段(81%)以及危机时期的表现(85%)。 谈及黄金在未来储备组合中的份额，新兴市场和发展中经济体央行依旧抱持积极态度。调查显示，58家 受访新兴市场和发展中经济体央行中，有28家(占比48%)预计其黄金储备将在未来12个月内增加，而持 相同观点的发达经济体央行比例为21%，两者比例均高于去年同期。 各央行依然对黄金青睐有加。 世界黄金协会6月17日发布的《2025年全球央行黄金储备调查》(CBGR)数据显示，逾九成(95%)的受访 央行认为，未来12个月内全球央行将继续增持黄金。这一比例创下自2019年首次针对该问题进行调查以 来的最高纪录，同时也较2024年的调查结果上升了 ...