Group 1: Overseas Macro - Concerns about stagflation and policy negotiations are prevalent, with a weak dollar expected to persist [4][13] - The economic outlook indicates inflation will rise initially before declining, with a focus on the interplay between low base effects and demand [38][39] - The impact of tariffs on the US economy is expected to be delayed, with a projected downturn in economic activity in the second half of the year [68][71] Group 2: Domestic Macro - The domestic economy is showing signs of slowing down, with challenges such as declining exports, insufficient consumer momentum, and falling real estate prices [5][6] - Potential support measures include monetary easing and fiscal policies aimed at boosting consumption and investment [5][6] Group 3: A-share Market Outlook - The A-share market is anticipated to experience a slow bull market supported by three main factors: a weak dollar, asset scarcity, and government intervention [6][10] - The market is expected to exhibit structural trends, with opportunities arising from dividend-focused sectors and industry rotations [7][10] Group 4: Sector and Style Analysis - The report highlights a narrowing dividend circle due to asset scarcity and institutional underweighting, with a focus on stable dividend-paying sectors such as banking and utilities [7][10] - A neutral strategy is recommended, emphasizing quantitative approaches and monitoring market signals for potential opportunities [7][10] - Industry rotations are expected to accelerate, with attention on sectors like financial innovation, energy security, and advanced manufacturing [7][10]

Core Viewpoint - The article discusses the mismatch between short-term foreign exchange hedging and the long-term narrative of de-dollarization, suggesting that while there is a strong belief in a weak dollar, it may overlook potential reversal opportunities [1][3]. Group 1: Foreign Capital and Dollar Hedging - Since the second quarter, there has been a strong consensus that actions like Trump's tariffs and interference with the Federal Reserve's independence have impacted the credibility of the dollar, leading to non-U.S. capital fleeing dollar-denominated assets [3][4]. - A recent BIS report questions whether non-U.S. investors are truly abandoning dollar assets, suggesting they may be more focused on currency hedging rather than divesting from dollar securities [4][6]. - Data from CFTC indicates a significant increase in short positions on the dollar index by asset management companies, reflecting a rising demand for hedging against currency risk [6][8]. Group 2: Market Indicators and Trends - The risk reversal options market shows that investors are increasingly hedging against the risk of a dollar decline, with a notable rise in demand for euro-dollar call options [10][12]. - The cross-currency basis for Asian currencies and euros relative to the dollar has decreased, indicating that the cost of hedging dollar risk has become more expensive due to strong demand [12][15]. - Despite the potential for non-U.S. and alternative assets to mitigate risks associated with the dollar, the substantial positions held by foreign investors in dollar assets make a quick shift challenging [15][18]. Group 3: Potential Reversal Opportunities for the Dollar - The article identifies several potential catalysts for a dollar rebound, including a reduction in hedging demand as observed in the options market [18][22]. - The dollar index is approaching long-term support levels, and the U.S. productivity advantage may provide a basis for a rebound if market sentiment shifts [22][25]. - Political factors, such as Trump's focus on revitalizing U.S. manufacturing, may also influence the dollar's status, as a weak dollar is not necessarily aligned with his long-term goals [25][26]. Group 4: Interest Rates and Federal Reserve Independence - The article discusses the complex implications of potential interest rate cuts by the Federal Reserve, influenced by Trump's pressure, which could lead to varied outcomes for the dollar depending on economic data [27][28]. - Four scenarios are outlined regarding the interaction between U.S. economic data, Trump's influence on the Fed, and the resulting impact on the dollar's value [28][29]. - The influence of the debt ceiling on dollar liquidity is deemed limited, with current market conditions suggesting a more stable dollar environment despite potential increases in Treasury supply [31][33].

Group 1: Key Insights - The "One Big Beautiful Bill Act" signed by Trump on July 4, 2025, raises the debt ceiling and increases the deficit rate, legalizing "Trump economics" [7] - The act is projected to impact the nominal GDP of the year at $29.2 trillion, with a 10-year deficit effect of $3.9 trillion, accounting for 13% of the GDP [7] - The act's economic effects and potential to reignite "U.S. debt panic" are under scrutiny [7] Group 2: Inflation and Economic Trends - June inflation data shows a CPI of 0.1% year-on-year, with PPI at -3.6%, indicating a divergence in inflation trends [16] - The U.S. is shifting from equal tariffs to "discriminatory tariffs," with new tariffs set to take effect on August 1, 2025 [19] - Domestic travel intensity remains high, reflecting robust consumer activity [21] Group 3: Policy Developments - The Central Financial Committee's sixth meeting emphasized the need for orderly exit of outdated production capacity and regulation of low-price competition among enterprises [29] - The meeting also highlighted the importance of promoting high-quality development in the marine economy and enhancing marine ecological protection [29]

Core Viewpoint - The article discusses the recent depreciation of the US dollar, attributing it primarily to expectations of interest rate cuts, and questions whether this weakness is cyclical or indicative of a longer-term trend. It emphasizes the need to differentiate between cyclical factors and structural narratives like "de-dollarization" [2][6][82]. Group 1: Recent Drivers of Dollar Weakness - The US dollar has significantly weakened, with the dollar index dropping below 97, marking a 4.7% depreciation since its peak on May 12, 2022 [2][6][82]. - The primary driver of this weakness is the rapid increase in expectations for interest rate cuts, with implied cuts rising from 1.8 to 2.7 times since June 10, leading to a 23 basis point decline in the 10-year US Treasury yield [12][82]. - The easing of geopolitical tensions, particularly the Israel-Palestine conflict, has reduced "safe-haven" demand for the dollar, further accelerating its decline [24][86]. Group 2: Misconceptions about Dollar Trends - The narrative of "the rise of the East and the decline of the West" has limited impact on the dollar's exchange rate, as the correlation between US GDP share and the dollar index is weak when excluding valuation effects [30][42]. - "De-dollarization" has not accelerated in recent years; excluding China, the dollar's share of global reserves has only decreased from 55% in 2016 to 52% in 2024 [42][46]. - There has been a temporary flight of capital away from US assets, but this trend lacks sustainability, as foreign investment in US Treasuries has stabilized since mid-May [54][82]. Group 3: Potential Scenarios for Dollar Strength - If the dollar's weakness is merely cyclical, it may not be prudent to use "de-dollarization" narratives to predict its long-term trajectory. Factors such as rising inflation pressures and a potential recovery in the US economy could support a rebound in the dollar [65][78]. - Employment resilience and inflation pressures may lead to a postponement of interest rate cuts, which could support a temporary strengthening of the dollar [65][88]. - The implementation of the "Inflation Reduction Act" could boost US economic growth, potentially leading to a stronger dollar as financial conditions ease [78][88].

Group 1: Northbound Capital Analysis - In Q2 2025, Northbound capital actively increased positions in both traditional economy sectors and new tracks, with significant additions in non-ferrous metals, transportation, public utilities, non-bank financials, and construction decoration [2][22] - Major reductions were observed in food and beverage, home appliances, and machinery sectors, indicating a shift from core assets to traditional economy and from old tracks to new tracks [2][22] - The absolute holding amounts showed significant decreases for companies like BOE A (-38.39%), Luxshare Precision (-38.29%), and Wuliangye (-30.22%) [23][24] Group 2: Dollar Outlook - The report suggests that the downtrend of the dollar is expected to continue at least until mid-2025, with recent upticks being merely a "rebound" rather than a "reversal" [3][29] - Factors contributing to the dollar's decline include deteriorating U.S. fiscal conditions and a loss of attractiveness as a global reserve currency [3][27] - The report anticipates a potential rebound in Q3 2025, but maintains that the overall downtrend remains dominant [29] Group 3: Credit Bond ETF Strategy - Since May, the credit bond market has exhibited independent trends, driven by rapid growth in credit bond ETF scales and expectations for future space [4][30] - The trading activity of component bonds has significantly increased, with higher turnover rates compared to non-component bonds [30][31] - The report indicates that the valuation of component bonds may further compress, with potential trading opportunities in non-component bonds due to liquidity premiums [32] Group 4: Company-Specific Insights - Daikin Heavy Industries is positioned as the only supplier in the Asia-Pacific region capable of delivering offshore products to the European market, with a strong order backlog [11][35] - The company has transitioned to a DAP (Delivered at Place) product model, enhancing its service offerings and increasing order value [11][35] - Revenue projections for Daikin Heavy Industries are set at 6.51 billion, 8.40 billion, and 9.74 billion yuan for 2025-2027, with net profit estimates adjusted to 1.05 billion, 1.37 billion, and 1.76 billion yuan respectively [11][36] Group 5: Chemical Industry Analysis - Xin'an Chemical is recognized as a leading player in the glyphosate and silicone markets, with expectations for improved market conditions in the silicone sector [12][20] - The company has a glyphosate production capacity of 80,000 tons and is expanding its product range under a "1+2+N" strategy [12][20] - Revenue forecasts for Xin'an Chemical are projected at 15.5 billion, 17.3 billion, and 18.8 billion yuan for 2025-2027, with net profits expected to reach 299 million, 651 million, and 802 million yuan [12][20]

Group 1 - The recent depreciation of the US dollar is primarily driven by expectations of interest rate cuts, indicating a cyclical rather than a structural trend [2][4][12] - As of July 4, the US dollar index fell below 97, marking a 4.7% decline from its peak on May 12, with significant depreciation against major currencies [6][82] - The decline in the dollar is also linked to easing geopolitical tensions, particularly in the Israel-Palestine conflict, which has reduced safe-haven demand for the dollar [4][24][86] Group 2 - The narrative of "de-dollarization" has not accelerated in recent years, with the dollar's share of global reserves only decreasing from 55% in 2016 to 52% in 2024 when excluding China [3][42][44] - The correlation between the US GDP share and the dollar index is weak when excluding valuation effects, suggesting that fundamental trends may have limited impact on the dollar's value [3][30][36] - Recent capital flows indicate a temporary flight from US assets, but foreign investment in US Treasuries has stabilized since mid-May, questioning the sustainability of this trend [3][54][55] Group 3 - Potential scenarios for a strengthening dollar include rising inflation pressures leading to delayed interest rate cuts, which could support a rebound in the dollar index [5][65][88] - The implementation of the "Inflation Reduction Act" may boost US economic growth, potentially leading to a stronger dollar as financial conditions ease [5][78][88] - High levels of short positions against the dollar may create conditions for a short-term rebound, as seen in historical patterns when similar positions were reached [5][72][88]

Group 1 - The core point of the news is that President Trump announced new tariffs ranging from 25% to 40% on imports from 14 countries, effective August 1, which has led to a mixed reaction in global markets [1][2][3] - The countries affected by the tariffs include Japan, South Korea, Malaysia, Tunisia, Kazakhstan (25%); South Africa and Bosnia (30%); Indonesia (32%); Serbia and Bangladesh (35%); Thailand and Cambodia (36%); Laos and Myanmar (up to 40%) [1][2] - Despite the announcement, the impact on global markets appears to be less severe than previous tariff announcements, with major indices showing minimal declines and some markets, like Japan and South Korea, even experiencing gains [1][5] Group 2 - Market concerns regarding tariffs have diminished, with institutions like Goldman Sachs increasing their stock market targets and predicting a higher likelihood of trade agreements between the US and Europe [2][9] - The deadline for negotiations has been extended to August 1, allowing more time for potential agreements, with expectations that Europe may accept a 10% tariff on exports to the US [4][7] - The EU is actively seeking to negotiate exemptions and quota management for tariffs on automobiles and steel, but significant breakthroughs have yet to be achieved [7][8] Group 3 - The investment community is showing a preference for US equities, with analysts recommending an overweight position in sectors like technology and consumer discretionary in Asia, particularly in China and South Korea [10][11] - Concerns remain regarding US Treasury bonds, as global investors are shifting funds from dollar assets to euro assets, reflecting a bearish outlook on the dollar [12][13] - Gold is increasingly viewed as a strategic asset for central banks and institutional investors, with ongoing accumulation by countries like China, indicating a long-term bullish trend for gold [14][15]

Group 1 - The U.S. plans to impose tariffs of 25% on South Korea and Japan, and 30%-40% on other Asian and African countries, with the effective date postponed to August 1, allowing more time for negotiations [1][2] - Market reactions to the tariff announcements have been muted, with major U.S. indices declining less than 1% and Asian markets showing gains, indicating a shift in market sentiment [1][3] - Goldman Sachs has raised its target for the S&P 500 index, reflecting expectations of quicker and deeper interest rate cuts by the Federal Reserve, with forecasts of 6400, 6600, and 6900 points for the next 3, 6, and 12 months respectively [3][4] Group 2 - The U.S. Treasury Secretary indicated that if negotiations do not progress, tariffs could revert to levels seen in April, emphasizing the need for maximum pressure in trade talks [2] - Morgan Stanley suggests that agreements with other countries may be reached before August 1, with potential scenarios including tactical tariff increases if negotiations stall [2][3] - Concerns about U.S. debt sustainability persist, with the Congressional Budget Office estimating that a recent bill could increase national debt by $4.1 trillion by 2034 [5][6] Group 3 - Global investors are increasingly considering hedging against dollar risk, with European investors finding better yields in local bonds compared to U.S. Treasuries after accounting for currency risk [6][7] - The trend of increasing gold holdings among central banks and institutional investors continues, as gold is viewed as a hedge against dollar depreciation and geopolitical risks [8][9] - China's central bank has been accumulating gold, with reserves reaching approximately 2298.55 tons, indicating a sustained interest in gold as a strategic asset [8][9]

文 | 赵伟、陈达飞、李欣越 联系人 | 李欣越 摘要 4月初关税落地以来，美元汇率不升反降。"去美元化"已成为市场共识，关键问题是：弱美元是周期性的 还是趋势性的，美元再度走强的宏观场景有哪些？ 关注、加星，第一时间接收推送！ 一、近期美元走弱的驱动？更多受降息预期影响，"周期性"因素主导 近期美元再度大幅走弱，引发市场对"去美元化"叙事的密切关注。 截至7月4日，美元指数已跌破97关 口，一度创2022年以来新低；相较5月12日反弹后的阶段性高点，美元贬值幅度高达4.7%。分国别来看， 美元兑发达经济体货币表现更弱，兑新兴市场也多有贬值。 降息预期的快速升温或是近期美元走弱的主要原因。 6月10日以来，联邦基金利率隐含的年内降息次数 由1.8次最高升至2.7次，10Y美债利率随之快速下行23bp，成为美元走弱的主要驱动。降息预期升温是三 方面因素的共振：通胀低于预期、经济弱于预期、联储官员放鸽。 伊以冲突缓和导致"避险"情绪退坡，美元空头回补，进一步加速了美元回落。 1）近期美元走势与油价 高度相关，随着伊以冲突缓和、油价回落，美元也随之走弱；2）市场做空美元力量也在积蓄，截至6月 24日，美元指数非商业 ...

汇率双周报系列之三 2025 年 07 月 08 日 弱美元与"去美元化"是两码事！ —— "汇率"观察双周报系列之三 4 月初关税落地以来，美元汇率不升反降。"去美元化"已成为市场共识，关键问题是：弱美 元是周期性的还是趋势性的，美元再度走强的宏观场景有哪些？ 一、近期美元走弱的驱动？更多受降息预期影响，"周期性"因素主导 近期美元再度大幅走弱，引发市场对"去美元化"叙事的密切关注。截至 7 月 4 日，美元指数 已跌破 97 关口，一度创 2022 年以来新低；相较 5 月 12 日反弹后的阶段性高点，美元贬值幅 度高达 4.7%。分国别来看，美元兑发达经济体货币表现更弱，兑新兴市场也多有贬值。 降息预期的快速升温或是近期美元走弱的主要原因。6 月 10 日以来，联邦基金利率隐含的年 内降息次数由 1.8 次最高升至 2.7 次，10Y 美债利率随之快速下行 23bp，成为美元走弱的主 要驱动。降息预期升温是三方面因素的共振：通胀低于预期、经济弱于预期、联储官员放鸽。 伊以冲突缓和导致"避险"情绪退坡，美元空头回补，进一步加速了美元回落。1）近期美元 走势与油价高度相关，随着伊以冲突缓和、油价回落，美元也 ...