据IMF数据显示，全球外汇储备管理机构在第一季度将避险资产配置从日元转向瑞士法郎。这些资金在 1月至3月间抛售了创纪录的943亿美元日元，同时买入了667亿美元瑞士法郎，导致截至3月31日，瑞士 法郎在全球储备中的占比跃升至0.76%。（彭博） ...

尽管银矿产量稳中有增，但回收供应增长有限，全球供应紧张状况短期内难以明显改善，支撑价格进一 步走高。 MHMarkets迈汇分析认为，铂金2025年上半年价格飙升近30%，创十年来新高，主要受到供应紧缩驱 动： MHMarkets迈汇观察到，全球贵金属市场正步入一轮结构性上行周期。根据世界银行最新发布的报告， 在地缘风险升温、货币政策模糊及避险需求增强的背景下，黄金、白银与铂金在2025至2026年料将持续 强势，贵金属资产正重新成为机构与个人投资者配置的核心选项。 MHMarkets迈汇持续关注市场动态，2025年上半年黄金价格累计上涨近25%，展现出全球资金对避险资 产的高度青睐。世界银行预计，黄金2025年全年涨幅将达到35%，创下历史年度均价新高。虽然2026年 或将小幅回落，但均价仍远高于2015–2019年平均水平，涨幅达150%。 MHMarkets迈汇分析认为，黄金ETF在2025年第一季度录得自2022年以来最大净流入，各国央行也持续 购金，反映出储备结构多元化的长期趋势，为金价构筑坚实底部。 迈汇认为，全球政治不确定性与央行政策博弈将继续构成金价中长期上涨的主要推力，风险仍偏向上 行。 2 ...

Group 1 - The A-share market showed mixed performance on June 25, with the oil and gas sector continuing to decline, while the National Certificate Free Cash Flow Index slightly decreased by about 0.1% [1] - Weichai Heavy Machinery reached the daily limit increase, with Chongqing Department Store, Anfu Technology, and Yaxiang Integration leading the gains [1] - The low-fee Free Cash Flow ETF (159201) followed the index adjustment, with the latest scale at 3.735 billion yuan, leading similar products [1] Group 2 - Huaxi Securities noted that the market is in a recovery phase after a significant decline, remaining within a fluctuation framework since mid-May [1] - The narrative of overseas "chaotic era" has not changed, with the outbreak of geopolitical conflicts in the Middle East and the involvement of the U.S. increasing uncertainty [1] - In light of potential negative events, the strategy of "taking profits" may be a relatively stable trading approach, emphasizing the importance of allocating to safe-haven assets [1] Group 3 - The Free Cash Flow ETF (159201) closely tracks the National Certificate Free Cash Flow Index, selecting stocks with positive and high free cash flow after liquidity, industry, and ROE stability screening [1] - The index is characterized by high quality and strong risk resistance, making it suitable for core portfolio allocation and long-term investment needs [1] - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both of which are the lowest in the market, maximizing benefits for investors [1]

（责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化 而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金 业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨 慎。 每日经济新闻 中信建投指出，黄金现货是"勇敢者的游戏"，中期价格仍有上行预期。支撑因素包括：一是全球主 要经济体央行自2018年以来的持续性增持黄金，2024年1月至2025年3月，全球黄金储备50吨以上的49个 国家和地区合计增持约460吨，占全球总供给的9.2%，外汇储备中黄金平均占比从8.2%升至9.4%；二是 实际利率下行预期。此外，美国贸易摩擦、双赤字和美元循环松动背景下，黄金价格在历次贸易摩擦中 整体呈现波动上行趋势，方向确定性较高。当前黄金价格已历 ...

6月10日，沪指高开0.07%，站上3400点，截至9时57分，"红利三杰"港股红利低波ETF(520550)、中证红 利ETF(515080)及中证红利质量ETF(159209)分别涨0.72%、0.46%及0.10%。 分析指出，在当前市场波动加剧的背景下，三大红利类指数各具配置优势： 中证红利质量指数通过"红利+质量"双因子策略，筛选分红稳定且盈利质量高的50只成分股，兼顾高股 息防御属性与ROE稳定性，长期收益显著优于主流宽基指数，在政策倡导分红和盈利质量提升的背景 下，其"避险+成长"的双重特性适配经济周期波动。 恒生港股通高股息低波动指数聚焦港股高股息资产，成分股需连续分红且波动率较低，叠加低估值优势 （股息率超8%），受益于央企市值管理政策，进一步强化分红持续性，在港股低估值与海外流动性扰 动下防御属性突出。 中证红利指数覆盖A股100只高股息、分红稳定的优质标的，股息率长期稳定在5%以上，显著高于十年 期国债收益率，在低利率环境下配置吸引力凸显；指数调仓后成分股市值结构优化，剔除低股息个股， 进一步抬升整体股息率，险资增持与资金净流入强化其抗跌性，成为中长期资金的核心配置工具。 三者分别以质量 ...

当非农撞上关税战：有人已偷偷建仓… 前言 当特朗普的50%钢铝关税令还在全球供应链引发海啸时，华尔街最顶尖的量化基金已悄然完成头寸调整—— 芝加哥商品交易所(CME)最新持仓报告显示，黄金期货未平仓合约明显增加，铜等有色金属持仓也在大幅波动。 这个被关税阴影笼罩的非农夜，注定成为多空双方的修罗场。 一、数据核爆前的静默：三大异常信号 1.ADP与JOLTS的死亡交叉 5月"小非农"仅增3.7万人，创两年新低，但JOLTS职位空缺仍高达739.1万。这种就业数据的背离，暗示企业正在冻结招聘而非裁员。历史数据显示，当两 者出现分化时，非农下修概率达73%。 2.关税寒蝉效应蔓延 LME铜库存飞速下降，反映贸易商提前抢运避险。与此相对的是，美国铜库存正在快速累积，已经触及近五年最高位。 3.美联储的"薛定谔式降息" CME利率期货定价显示，美联储6月维持利率不变的概率为95.6%，市场对7月累计降息25个基点的概率为28.9%，累计降息50个基点的概率为1.2%。今夜 数据大概率将扰动美联储的降息动作。 二、数据前瞻：市场窒息时刻 北京时间6月6日20:30，美国劳工部将投下本月最重磅经济数据炸弹。 · 对冲策略： ...

美债市场也挺戏剧性，特朗普放话那会儿，10年期国债收益率直接跳水，从4.6%跌到4.44%，但尾盘又弹回去了，全周还是涨了3.4个基点。这说明市场既 担心贸易摩擦升级，又在观望政策实际落地的力度。不过有个信号挺关键——30年期美债收益率周涨超9个基点，长端利率上行，可能反映出机构对通胀 和经济前景的分歧在拉大。 各位朋友周六好！这里是帮主郑重每天的财经热点解读时间。今天咱们来聊聊5月24日这场全球市场的大戏，特朗普的关税大棒又挥向了欧盟，黄金原油 上演冰火两重天，中概股更是几家欢喜几家愁。 先看美股，三大指数延续跌势，道指、纳指、标普500全周累计跌幅都超过2%，科技股巨头集体"深蹲"。苹果单日跌超3%，一周累跌近7.6%，创了今年 以来的周线最大跌幅。为啥？特朗普放出话来，要对不在美国生产的手机征收25%关税，这话明摆着冲苹果来的——库克之前刚说要转向印度生产，这关 税大棒要是砸下来，苹果供应链成本可得蹭蹭往上涨。消息一出，苹果市值一天蒸发掉一个中小公司的体量，连带着英伟达、微软这些科技巨头也跟着 跌，七巨头指数一周跌了2.82%，只有谷歌A稍微喘了口气儿，微涨1.4%。 不过有意思的是，传统工业金属和黄金 ...

Group 1 - The core factors driving the recent rise in gold prices include increased market uncertainty due to the Federal Reserve's policy shifts, ongoing geopolitical risks, and fluctuations in the US dollar and bond yields [3][5][6] - The Federal Reserve's decision to maintain interest rates in May, coupled with higher-than-expected CPI data, has led to divided expectations regarding potential rate cuts in September, enhancing gold's appeal as a non-USD asset [3][5] - Geopolitical tensions, such as the ongoing Russia-Ukraine conflict and Middle East instability, have prompted central banks to increase gold reserves, with a record net addition of 1136 tons in 2024, supporting long-term gold prices [3][5] Group 2 - The current gold market is characterized by high volatility and differentiation, necessitating a strategic approach to capture structural opportunities [5][6] - Investors are advised to combine technical and fundamental analysis for trading decisions, focusing on key price levels such as the resistance at $3280 and potential breakout points [5][6] - Diversification is recommended, with gold constituting 10%-20% of an asset portfolio, utilizing various gold products to balance long-term value and short-term trading opportunities [6][7] Group 3 - Utilizing trading platform tools can enhance the trading experience, such as tracking Federal Reserve policy changes and employing stop-loss mechanisms to manage risks during market fluctuations [7][10] - The inherent volatility of leveraged trading in spot gold necessitates strict position control and risk management strategies to mitigate potential losses [9][10]

零售市场的疲软也从侧面反映出黄金的独特魅力。消费需求不足，使得市场上的资金纷纷寻找更为稳定、更具保值增值潜力的投资渠道。黄金 凭借其稀缺性、抗通胀性等独特价值属性，成为众多投资者的首选。专家分析指出，全球经济复苏的不均衡、债务风险的逐步累积，以及数字 货币波动性的加剧，都将为黄金市场提供有力支撑。 地缘政治局势更是成为黄金价格波动的"放大器"。巴以冲突、印巴紧张局势以及矿产协议签署等事件相互交织，这些不确定因素使得投资者的 避险情绪持续升温。高盛最新预测将2025年黄金目标价上调至3700美元，极端情况下甚至可能触及4500美元。瑞银、摩根士丹利等知名机构也 纷纷强调黄金在滞胀环境中的战略配置价值。在这样的国际黄金市场大背景下，万洲金业凭借自身卓越优势，成为投资者把握黄金牛市机遇的 理想平台。 当下，全球金融市场正经历着一场前所未有的深度变革，黄金作为传统避险资产的配置价值愈发凸显。步入2025年，黄金市场迎来了一场波澜 壮阔的牛市行情，其热度之高，为近年来所罕见，自然吸引了众多投资者的目光。 地缘局势的持续紧张、通胀压力的不断攀升，以及美联储货币政策走向的不确定性，共同点燃了黄金"避险之王"的光芒。近期，美 ...

Group 1: Market Overview - The global financial market is undergoing profound changes, with gold's value as a safe-haven asset becoming increasingly prominent [1] - A bullish trend in the gold market is expected to surge in 2025, attracting significant investor interest [1] - Geopolitical tensions, high inflation, and uncertainties in the Federal Reserve's monetary policy are reigniting gold's status as the "king of safe-haven assets" [1] Group 2: Economic Indicators - Recent U.S. non-farm payroll data exceeded expectations, adding 177,000 jobs, which briefly boosted the dollar but raised concerns about economic overheating and policy lag [3] - The volatility in non-farm data adds complexity and opportunities to the gold market [3] - The Federal Reserve's meetings serve as a "weather vane" for the gold market, with fluctuating interest rate expectations driving gold's demand [3] Group 3: Geopolitical Factors - Geopolitical events such as the Israel-Palestine conflict and tensions between India and Pakistan amplify gold's price volatility [4] - Major financial institutions like Goldman Sachs have raised their 2025 gold price target to $3,700, with extreme scenarios suggesting it could reach $4,500 [4] - The strategic value of gold in a stagflation environment is emphasized by firms like UBS and Morgan Stanley [4] Group 4: Investment Opportunities - Investors are encouraged to choose professional platforms to capitalize on the multi-dimensional opportunities in the gold market [6] - Wanzo Gold's promotional offerings, including a $30,000 bonus for new customers, enhance leverage and trading flexibility [6] - The company provides a low-cost trading environment with spreads as low as $20 per contract and a zero-commission policy [6] Group 5: Risk Management and Support - Wanzo Gold offers a reliable negative balance protection mechanism to safeguard investors' accounts during extreme market fluctuations [7] - The platform provides 24/7 online support to assist investors with account and trading inquiries [7] Group 6: Strategic Positioning - The current gold market is characterized by "high volatility and high opportunity," creating rich trading prospects for investors [10] - Wanzo Gold's comprehensive trading platform supports flexible operations regardless of market direction, utilizing the MT5 international trading system [9] - The company emphasizes a dual protection system for fund security and service experience, ensuring client funds are managed separately from operational funds [9]