Core Viewpoint - The current Middle East tensions are redefining the concept of "safe haven" in the markets, with oil prices soaring and stock markets declining, while traditional safe-haven assets like U.S. Treasuries are being sold off [1][6]. Group 1: Market Reactions - Oil prices have surged significantly, impacting foreign exchange markets, where traditional safe-haven currencies have underperformed [2][3]. - The initial reaction saw the U.S. dollar rise, reflecting traditional safe-haven behavior, but this was reversed during the New York trading session as stock markets rebounded [2]. Group 2: Currency Performance - Traditional safe-haven currencies, such as the Japanese yen and Swiss franc, have weakened against the U.S. dollar, showing a strong negative correlation with Brent crude oil prices [3]. - Oil-related currencies like the Norwegian krone and Canadian dollar have performed well, aligning with their sensitivity to oil price movements [3]. - Other currencies displayed mixed performance, with the Swedish krona and New Zealand dollar underperforming, while the euro depreciated moderately, maintaining above 1.15 against the dollar [3]. Group 3: Bond Market Dynamics - The bond market has reacted unexpectedly, with significant sell-offs in global core sovereign bonds rather than the anticipated inflow of "safe haven" funds [3]. - The rise in actual interest rates was largely influenced by better-than-expected U.S. sentiment data, contributing to the increase in rates [3]. - Rising oil prices have led to increased inflation expectations, with the U.S. 10-year breakeven rising by 2 basis points and real yields increasing by 5 basis points [3]. Group 4: Changing Safe Haven Logic - The dynamics in the U.S. Treasury market are shifting due to concerns over fiscal and inflation risks, as well as expectations of increased supply [4][6]. - The weakening of the safe-haven status of U.S. Treasuries is attributed to inflation worries and rising sovereign debt supply [6]. - Unless there is clear evidence that geopolitical tensions will lead to global growth slowdown or reduced inflation, U.S. Treasuries may take longer to regain their traditional safe-haven qualities [6].

Group 1 - The recent attack by Israel on Iran has led to a significant increase in Brent crude oil futures, which initially surged by 13% and closed up 8.39% at around $75, indicating a volatile market response to geopolitical tensions [1] - Despite the initial spike in oil prices, the likelihood of prices exceeding $100 in the short term is considered low, reflecting a change in market sentiment towards geopolitical events [1] - The military sector, similar to past trends in the A-share market, has shown a muted response, with military ETFs only rising by 1.44%, suggesting that the market has become more discerning regarding such events [1] Group 2 - In the context of global risks, the A-share market is viewed as an opportunity, with domestic stability making it an attractive option for investors seeking refuge from volatility [3] - The A-share index fell by 0.75%, which is less than the declines seen in U.S. markets, indicating a relative strength and potential for capital inflow into Chinese assets [3] - Technical indicators for the A-share market suggest a potential upward breakout, contingent on positive market news and collective investor sentiment [3][4] Group 3 - The Hong Kong market is currently strong, but its ability to reach new highs is uncertain, while the A-share market, despite appearing weaker, is positioned at a lower level, which may present a comparative advantage [4]

Market Overview - The market experienced a day of volatility with the ChiNext Index and Shenzhen Component Index both falling over 1% [1] - The Shanghai Composite Index closed down 0.75%, while the Shenzhen Component Index and ChiNext Index fell by 1.10% and 1.13% respectively [1] - Over 4,400 stocks declined, with total trading volume in the Shanghai and Shenzhen markets reaching 1.47 trillion yuan, an increase of 195.5 billion yuan from the previous trading day [1] Sector Performance - Sectors such as precious metals, oil and petrochemicals, nuclear pollution prevention, and military industries saw significant gains, while beauty care, film and television, IP economy, and diversified finance sectors experienced notable declines [1] - The top three performing industry indices were oil and gas extraction and services (+8.89%), precious metals (+5.14%), and military equipment (+3.21%) [7][8] Oil and Gas Sector - Oil prices surged, with Brent crude oil rising over 13% during the day [9] - Factors contributing to the rise include escalating tensions in the Middle East and slow progress in Russia-Ukraine negotiations, leading to a bullish outlook on oil prices [11] - Analysts suggest that the long-term supply-demand imbalance in the oil market may sustain high oil prices for an extended period [11] Precious Metals Sector - The rise in gold prices has positively impacted related sectors, with expectations for continued upward momentum [12] - Analysts believe that the domestic gold mining sector is significantly undervalued, presenting potential for revaluation [14] Military Industry Sector - The military sector is expected to benefit from increased global military spending and ongoing domestic defense modernization efforts [15] - Key areas of strength include military trade concepts, aerospace equipment, and military electronics [15] Market Sentiment - Despite the day's declines, there was some market support observed, indicating a potential for recovery in the near term [19] - The overall market volatility was less severe compared to earlier in the week, suggesting a stable underlying market structure [21]

【消息面】 日本当前的通胀环境为央行决策增添了复杂性。2025年4月，整体通胀率已攀升至4.6%，远高于央行2% 的目标，主要受到进口成本上涨和大米价格飙升的推动。然而，植田指出，由国内需求和工资增长驱动 的基本通胀率仍低于2%，尚未达到目标水平。 摘要6月3日，国内贵金属期货全线上涨，截止目前，沪金主力报价为783.10元/克，涨幅1.40%，沪银主 力报价为8456.00元/千克，涨幅2.85%；国际贵金属期则全线下跌，COMEX黄金报价3380.00美元/盎 司，跌幅0.78%，COMEX白银报价34.30美元/盎司，跌幅1.79%。 6月3日，国内贵金属期货全线上涨，截止目前，沪金主力报价为783.10元/克，涨幅1.40%，沪银主力报 价为8456.00元/千克，涨幅2.85%；国际贵金属期则全线下跌，COMEX黄金报价3380.00美元/盎司，跌 幅0.78%，COMEX白银报价34.30美元/盎司，跌幅1.79%。 今日贵金属期货价格行情（2025年6月3日） | 品种名称 | 开盘价 | 最高价 | 最低价 | 单位 | | --- | --- | --- | --- | --- | | 沪金 ...

智通财经APP获悉，由于美元走弱和地缘政治不确定性，黄金和原油延续涨势。金价周一飙升2.8%，接近每盎司3390 美元。布伦特原油价格周一上涨2.9%，目前接近每桶65美元，WTI原油价格在每桶63美元左右。 受美元走弱和地缘政治不确定性影响，油价延续涨势 避险情绪支撑黄金走高 金价在创下四周最大单日涨幅后小幅走高。金价周一飙升2.8%，接近每盎司3390美元。中国指责美国违反了两国最近 达成的贸易协议，并誓言将采取措施捍卫自己的利益。与此同时，欧盟再次发出警告，如果美国总统特朗普兑现其关 税威胁，欧盟将采取反制措施。 最新的贸易谈判进展打击了人们对美国与两大贸易伙伴达成协议的乐观预期。美元跌至2023年以来的最低水平，反映 出人们对特朗普政策及其对经济影响的担忧日益加剧。华尔街银行强化了对美元将进一步下跌的预期。 这些因素凸显了黄金的避险吸引力。自4月金价触及每盎司3500美元上方的纪录高位以来，这种吸引力已有所减弱。尽 管如此，黄金今年迄今仍上涨逾四分之一，高盛集团上周表示，黄金将继续作为长期投资组合中的通胀对冲工具，与 石油一样。 截至发稿，现货黄金上涨0.2%，至每盎司3389.61美元。彭博美元现货 ...

Core Viewpoint - The A-share market is experiencing a significant emotional downturn, indicating a period of consolidation and reshuffling in the market [1] Market Performance - Despite a total trading volume of 1.03 trillion yuan, an increase of 9.8 billion yuan from the previous trading day, all three major indices closed in the red, marking five consecutive days of decline [2] - Popular sectors such as gold jewelry, optical modules, food and beverage, nuclear power, autonomous driving, and energy saw gains, while sectors like batteries, robotics, and innovative pharmaceuticals showed significant divergence, dragging down the overall market [2][4] Gold Jewelry Sector - The gold jewelry sector performed strongly, with notable stocks like Caibai Co. hitting the daily limit, and others like Zhou Dasheng and Lao Fengxiang seeing gains of over 9% [6] - The geopolitical uncertainties, particularly regarding tariffs proposed by Trump, have heightened market risk aversion, increasing the attractiveness of gold as a traditional safe-haven asset [6][7] - Although international gold prices have slightly retreated, they remain above $3,300 per ounce, indicating strong annual performance [6] Nuclear Power Sector - The nuclear power sector continued to rise, with stocks like Tianli Composite and Jiusheng Electric seeing gains of over 18% and 13%, respectively [8] - Analysts predict that Trump's new policies will further strengthen the narrative for global nuclear power development, benefiting the demand for natural uranium, which is expected to see price increases [8] Autonomous Driving Sector - The autonomous driving sector attracted significant attention, with stocks like Yuhua Tian and Bosch Co. both hitting the daily limit [9] - Recent developments in the autonomous driving market, including strategic expansions into the Middle East by companies like Pony.ai and WeRide, have garnered market interest [12][17] - The cost of Robotaxi services is rapidly approaching that of traditional taxis, with projections indicating further cost reductions in the coming years [19] Future Market Potential - The global market for Robotaxi services is expected to exceed $2 trillion by 2030, with China's market projected to grow from $54 million in 2025 to $47 billion by 2035, representing a 757-fold increase [22] - As policies and regulations evolve, the industry is anticipated to reach a breakeven point, with autonomous driving concepts gaining traction in the capital markets [23]

Core Viewpoint - The report from CITIC Securities indicates a divergence in the performance of various indices in the energy and materials sectors since early 2025, with expectations of complex commodity price trends in the second half of 2025 due to anticipated fluctuations in U.S. tariff policies [1] Group 1: Investment Strategy - Focus on "hedging" and "supply disruptions" as the main investment themes, suggesting a sequential allocation in the following order: gold, strategic metals, steel, industrial metals, coal, and oil [1] - Gold remains the preferred investment direction, with attention on companies' production growth and cost optimization prospects [1] - The strategic metals sector should focus on rare earths, tungsten, antimony, and cobalt [1] - The steel sector presents a good opportunity for allocation due to its valuation advantages and profit redistribution expectations [1] - It is recommended to accumulate positions in industrial metals, coal, and crude oil during price dips [1]

Core Viewpoint - The article discusses the ongoing challenges in the IPO market, particularly for venture capital exits, and highlights the unexpected rise of micro-cap stocks in the Nasdaq amidst a generally pessimistic market environment [4][6]. Group 1: IPO Market Challenges - Pitchbook's report indicates that the venture capital exit difficulties will persist until at least the first half of 2026, with a lack of suitable IPO windows [4]. - Companies like Klarna and Stubhub have postponed their IPO plans, reflecting the ongoing exit challenges faced by investors [4]. - Affirm, a competitor to Klarna, has seen its stock price drop over 40%, while Stubhub's competitor Vivid Seat's stock has fallen over 70% since its IPO in 2021 [5]. Group 2: Rise of Micro-Cap Stocks - Despite the overall market downturn, micro-cap stocks have experienced a boom, contributing significantly to Nasdaq's IPO activity [6][9]. - Micro-cap stocks are defined as those raising less than $50 million, with Nasdaq completing 75 IPOs by early May, half of which were micro-cap stocks [9]. - The average fundraising size for these micro-cap stocks was $9 million, with over 50 companies from mainland China and Hong Kong participating [9]. Group 3: Notable Performers - Diginex, a blockchain company from Hong Kong, saw its stock price rise over 1300% since its January listing, while EPWK, a crowdsourcing platform, experienced a peak increase of 470% [10]. - Companies like Diginex and EPWK have attracted significant attention, leading to increased investor interest in micro-cap stocks as a means to achieve high returns [13]. Group 4: Market Dynamics and Regulations - The Nasdaq is tightening regulations for companies with stock prices below $1, which could increase the survival difficulty for many micro-cap stocks [16][17]. - New rules require non-profitable companies to raise at least $15 million for IPOs, while profitable companies have a lower threshold of $5 million [17]. - The tightening of regulations indicates a shift towards favoring more established companies, which may further challenge smaller firms in the market [17]. Group 5: Investor Behavior and Sentiment - The rise of micro-cap stocks is partly driven by a wealth effect, as investors seek opportunities to replicate the success of high-performing stocks like Diginex [13]. - The involvement of notable figures, such as members of the Trump family in micro-cap trading, highlights the growing interest and speculative nature of this market segment [13][14]. - The article suggests that the current micro-cap frenzy may not yield long-term winners, as the underlying motivations are often tied to risk aversion and market uncertainty [18].

Group 1 - The core viewpoint of the articles indicates that the gold price has reached a near two-week high due to increasing concerns over the U.S. government's debt burden and fiscal outlook, leading investors to seek safe-haven assets [1] - Market sentiment is influenced by diminishing optimism regarding a potential ceasefire in the Russia-Ukraine conflict, ongoing U.S.-China trade tensions, and worries about the U.S. fiscal situation, which have kept the dollar weak and supported gold prices [1] - The trading strategy for gold includes a focus on key resistance and support levels, with a noted strong resistance at 3350 and support at 3280, indicating a wide-ranging fluctuation pattern in the market [6][8] Group 2 - The trading operations for gold included a short position initiated at 3340, which was closed at a profit at 3325, and another short position at 3319, closed at 3305, demonstrating active trading strategies in response to market movements [2][4] - The analysis suggests that after testing the upper resistance at 3350, a correction is expected, indicating a potential for a downward adjustment in the gold price [6] - The commentary emphasizes the importance of providing useful analysis for investors, highlighting a commitment to accuracy and reliability in trading recommendations [8]

周四(5月22日)，美元指数在99.56喘息，黄金升至3324美元，中东避险买盘加剧，以色列称，如果美伊谈判破裂，将迅速打击伊朗核设施。比特币飙升破 新高站上11万美元，美国得克萨斯州众议院正式通过战略比特币储备法案SB21。 以色列威胁袭击伊朗核设施中部地区响起警报 Axios援引两名以色列消息人士的话称，如果美国与伊朗就伊朗核计划进行的谈判破裂，以色列准备迅速对伊朗发动打击。 一位消息人士称："以色列进行了大量的训练，美军看到了一切，也知道以色列正在做准备。" 以色列军方称，已发现一枚从也门向以色列发射的导弹，防空系统正在对其进行拦截，弹道导弹袭击导致以色列中部大片地区拉响警报。 得州通过比特币战略储备法案特朗普加密计划如愿 据Watcher.Guru最新消息，得克萨斯州众议院正式通过战略比特币储备法案SB21。这对加密货币行业来说具有里程碑意义。事实上，如果该州州长格雷格 ·阿博特签署SB 21法案，美国将正式建立比特币储备。 一位消息人士用以色列总理本雅明内塔尼亚胡的昵称表示："以色列总统内塔尼亚胡正在等待核谈判破裂，而特朗普此刻会对谈判感到失望，并愿意给予 他批准。" 据消息人士透露，以色列情报部门 ...