一份针对全球主权财富基金的最新调研显示，在担心错失下一波技术创新浪潮的心态驱动下，这些全球 最大的投资者正重新将目光投向中国。 根据景顺资产管理公司（Invesco Asset Management）发布的年度报告，在未来五年，将中国视为高或 中等配置优先项的主权财富基金比例，从去年的44%跃升至59%。这项于2025年第一季度进行的调研覆 盖了83家主权财富基金和58家中央银行，这些机构合计管理着约27万亿美元的资产。 主权基金对中国科技资产兴趣的提升，也伴随着其全球资产配置策略的调整，尤其是对美元资产态度的 转变。 报告指出，由于对财政可持续性和政策波动性的担忧，主权基金正在减持美国长期国债，并重新评估那 些专注于美国股票的被动指数策略。 与此同时，各国央行正致力于建立规模更大、更多元化的储备资产以抵御市场波动。报告称，虽然美元 仍保持主导地位，但黄金作为防御性资产的作用日益增强。Rod Ringrow表示，"央行持续买入黄金，很 大程度上是出于对资产'武器化'的担忧"。他认为，黄金不仅能对冲通胀，也不容易被第三方冻结，因 此正成为央行储备的核心组成部分。 调研指出，具有吸引力的本地市场回报是驱动未来资金 ...

Core Viewpoint - The news highlights that Tether Holdings SA, the largest stablecoin issuer globally, has stored approximately 80 tons of gold in its Swiss vault, valued at around $8 billion, confirming its significant asset backing [1] Company Summary - Tether Holdings SA has confirmed ownership of about 80 tons of gold, with most of it directly owned by the company [1]

Group 1: Tether Holdings SA Overview - Tether Holdings SA, the issuer of the largest stablecoin, has a vault in Switzerland storing $8 billion worth of gold reserves and plans to increase this amount [2] - The company currently holds nearly 80 tons of gold, making it one of the largest non-bank and non-state holders of gold globally [2] - Gold constitutes nearly 5% of Tether's reserves, according to the latest report released in March [2] Group 2: Market Position and Regulatory Concerns - As of July 9, the total supply of stablecoins surpassed $250 billion, with Tether's USDT accounting for over 62% of the market share [3] - Regulatory bodies are increasingly concerned about the rapid growth of stablecoins, particularly regarding Tether's reserve status and the potential for significant capital flow outside the formal banking system [3] - New stablecoin regulations typically do not recognize gold and other alternative assets as suitable backing for digital dollars, which may require Tether to sell its gold reserves to comply with these regulations [3] Group 3: Gold-Backed Token and Cost Considerations - In addition to USDT, Tether has issued a gold-backed token, XAUT, which is backed by one ounce of gold per token, with a total issuance equivalent to 7.7 tons of gold or $819 million [4] - The decision to maintain its own vault instead of using third-party vault operators is primarily cost-driven, as managing a vault can become cheaper with scale [4] - Gold prices have increased by approximately 25% this year, driven by investor demand for safe-haven assets amid geopolitical tensions and trade wars [4]

时报冒说 I' NY SI 央行连氧 3个月份 "国金潮 主拉 据央行数据显示，中国6月末黄金储备报7390万盎司， 环比增加7万盎司,为连续第8个月增持黄金。世界黄金 协会6月发布的《2025年全球央行黄金储备调查》显 示，超过九成的受访央行预计，在未来12个月内，全球 央行将进一步增持黄金。 央行连续第8个月 7400 7390 7 13 313 7377 7380 7370 7361 7360 7345 7340 7329 7320 风险提示：本图内容均为客观数据统计，不构成任何投资建议 7296 7300 - 7280 7280 7260 7240 7220 7200 2024年 2024年 2024年 2025年 2025年 2025年 2025年 2025年 2025年 11月01日 12月01日 04月01日 05月01日 06月01日 10月01日 01月01日 02月01日 03月01日 黄金储备(万盎司 ) 国际金价走势 美元俗司 美元/盎司 3600 111 3300 108 3000 105 2700 102 2400 da 2100 de 1800 日3 2024年 2024年 20 ...

Core Insights - China's foreign exchange reserves reached $33,174 billion by the end of June 2025, marking a 0.98% increase from the previous month, and this is the first time since September 2024 that reserves surpassed the $33 trillion mark [4][6] - The People's Bank of China has increased its gold reserves to 7.39 million ounces (approximately 2298.55 tons), adding 70,000 ounces in June, which is the eighth consecutive month of gold accumulation [7][9] Foreign Exchange Reserves - The increase in foreign exchange reserves is attributed to three main factors: a decline in the US dollar index, rising global asset prices, and appreciation of non-USD currencies [6][8] - The US dollar index fell by 2.5% in June, reaching a three-year low, which increased the dollar value of non-USD assets held in reserves [6] - Global asset prices saw a rise, with the USD-denominated global bond index increasing by 1.0% and the S&P 500 index rising by 5.0% in June [6] - The appreciation of the euro and British pound against the dollar by 3.89% and 2.1% respectively also contributed to the increase in the dollar value of non-USD assets [6] Gold Reserves - The continuous increase in gold reserves is driven by the need to optimize reserve structure, respond to global uncertainties, and capitalize on the long-term upward trend in gold prices [7][9] - China's gold reserves are significantly lower than the world average, and increasing gold holdings can enhance the diversification and risk resistance of foreign exchange reserves [7] - The central bank's strategy reflects a strong recognition of gold's strategic value, aiming to maintain economic stability amid complex global conditions [7][9] Global Central Bank Trends - Despite the ongoing accumulation of gold, the monthly increase in gold holdings by the People's Bank of China has been decreasing, indicating a strategy to control purchase costs and optimize reserve structure [9] - A recent survey by the World Gold Council indicates that 72% of global central banks plan to increase their gold reserves in the next five years, while 73% expect to reduce their dollar reserves [10] - The current geopolitical uncertainties and economic factors are driving central banks to view gold as a strategic asset for risk mitigation [10]

Core Viewpoint - As of the end of June, China's foreign exchange reserves reached $3.3174 trillion, marking a $32.2 billion increase from the end of May, with a growth rate of 0.98% [2] Group 1: Foreign Exchange Reserves - China's foreign exchange reserves have remained stable above $3.2 trillion for 19 consecutive months [2] - The increase in reserves in June was influenced by the depreciation of the US dollar and the overall rise in global financial asset prices [2] - The US dollar index fell by 2.5% to its lowest point in three years at 96.9, leading to a collective appreciation of non-USD currencies [2][3] Group 2: Asset Valuation and Market Impact - The rise in foreign exchange reserves was supported by a 1.0% increase in the USD-hedged global bond index and a 5.0% increase in the S&P 500 stock index [2] - The valuation of foreign reserves was positively impacted by the overall increase in global financial asset prices [3] Group 3: Future Outlook - Analysts believe that China's foreign exchange reserves are at a moderately sufficient level, providing support for maintaining the RMB exchange rate and mitigating potential external shocks [3] - Factors such as steady economic growth and resilient foreign trade are expected to help maintain the stability of foreign exchange reserves [3] Group 4: Gold Reserves - As of the end of June, China's gold reserves increased by 70,000 ounces to 7.39 million ounces, marking the eighth consecutive month of gold accumulation by the central bank [4] - The importance of gold as a reliable asset is increasing due to the normalization of global geopolitical risks and the diminishing reliability of traditional safe-haven assets like the US dollar [4] - Gold is viewed as a non-sovereign credit reserve asset that can effectively hedge against single currency risks and optimize the structure of foreign exchange reserves [4]

Market Overview - The three major indices in the A-share market rose, with the ChiNext index increasing by nearly 2.4% and total trading volume reaching 1.47 trillion yuan, indicating a gradual increase in risk appetite and liquidity in the domestic market [1] - The market is expected to experience a structural trend, with indices fluctuating while the central tendency moves upward, as corporate earnings still face pressure despite signs of economic recovery [1] Economic Indicators - As of the end of June, China's gold reserves reached 73.9 million ounces, an increase of 70,000 ounces from the end of May, marking the eighth consecutive month of gold accumulation [2] - China's foreign exchange reserves stood at $33,174 billion, up by $32.2 billion from the end of May, remaining stable above $3.2 trillion for 19 consecutive months [2] Policy Developments - The National Development and Reform Commission and other departments issued a notice to promote the scientific planning and construction of high-power charging facilities, aiming for over 100,000 such facilities nationwide by the end of 2027 [2][3] - The policy aims to address the challenges in charging infrastructure for new energy vehicles, with expectations for accelerated construction from 2025 to 2027, benefiting the upstream and downstream of the industry chain [3] Trade Relations - The U.S. government announced a delay in tariff negotiations, with President Trump set to sign an executive order imposing a 25% tariff on all products imported from Japan and South Korea starting August 1, 2025 [3] - This trade policy reflects the Trump administration's strategy of using pressure to facilitate negotiations, which may increase global market volatility in the short term [3] Market Performance - On July 8, the A-share market saw the Shanghai Composite Index close at 3,497.48 points, up 0.70%, while the Shenzhen Component Index rose by 1.47% to 10,588.39 points [4] - Among the sectors, utilities and banking experienced declines, while telecommunications, power equipment, and electronics led the gains [4] Capital Flow - The market's trading volume was 1,474.798 billion yuan, showing an increase from the previous trading day, with the margin financing balance also rising to 1,859.38 billion yuan [5]

Group 1: Economic Outlook - A significant increase in pessimism regarding the global economic outlook has been observed among central banks, with a shift from expectations of a soft landing to a belief that stagflation is the most likely scenario [2][3] - Concerns over U.S. policy uncertainty have intensified, with 74% of respondents indicating that the potential impact of the Trump administration's trade and international alliance policies has overtaken geopolitical issues as the primary risk [2] Group 2: U.S. Dollar and Reserve Currency Status - Despite 80% of respondents predicting that the U.S. dollar will remain the world's reserve currency, there is a notable trend towards diversification, with the euro and renminbi gaining attention [4] - Approximately 29% of central banks plan to reduce their investments in U.S. assets in the near future, reflecting a gradual decline in the attractiveness of dollar-denominated assets [3][4] Group 3: Gold as a Preferred Asset - Gold continues to be a primary target for global central banks, with 52% planning to increase their gold holdings in the coming year, and 67% believing it will be the best-performing asset class by the end of the decade [5][6] - Since the end of 2022, gold prices have surged over 100%, leading to a significant acceleration in gold purchases by central banks, particularly after the freezing of Russian foreign exchange reserves [6][7] Group 4: Concerns Over U.S. Political Environment - Two-thirds of central bank reserve managers express concerns about the independence of the Federal Reserve, fearing that political interference may undermine its ability to set monetary policy effectively [3] - The political environment in the U.S. is seen as a barrier to investment in dollar assets, with 70% of central banks indicating that it has hindered their investment decisions, a figure that has more than doubled from the previous year [7]

Group 1 - The core viewpoint emphasizes the importance of stop-loss strategies in trading, suggesting that adhering to trading principles is crucial for success [1] - Gold prices experienced a rebound after hitting a low, with a focus on buying during dips and a target of reaching higher resistance levels [3][5] - The U.S. extended tariff negotiation deadlines, which temporarily alleviated pressure on gold prices, while central banks continued to increase their gold reserves, albeit modestly [5] Group 2 - The gold market showed signs of upward momentum, with expectations of breaking through previous high points and potential resistance levels identified [7] - The dollar is anticipated to continue its upward trend, with recommendations to maintain long positions in certain currency pairs [8] - Trading strategies included specific entry and exit points for gold and oil, highlighting the importance of strict stop-loss measures to manage risk [9][10][12]

国家外汇管理局7月7日发布的最新数据显示，截至2025年6月末，我国外汇储备规模达到33174亿美元，较5月末增加322亿美元，涨幅为0.98%。这一数据标 志着我国外储规模连续19个月稳定在3.2万亿美元以上，同时实现连续6个月的环比增长。与此同时，央行黄金储备数据同步公布，6月末黄金储备为7390万 盎司，环比增加7万盎司，这已是央行连续第8个月增持黄金。 外储规模重返高位的驱动因素 央行黄金储备的持续增持策略 央行连续8个月增持黄金的举措体现了对国际储备结构优化的战略考量。尽管6月份的增持量为7万盎司，与前几个月相比处于相对低位，但这一持续增持的 节奏符合市场预期。5月以来国际经贸摩擦态势有所降温，避险需求的弱化导致国际金价出现小幅调整，但整体仍维持在高位水平。 6月份外汇储备规模的显著上升主要源于两个关键因素的共同作用。美元指数在当月出现大幅下跌，跌幅达到2.5%，创下三年来的最低点96.9。这一变化直 接推动非美货币集体升值，其中欧元兑美元上涨3.89%，英镑兑美元上涨2.1%。由于我国外汇储备以美元计价，非美货币的升值通过汇率折算效应，有效增 加了外汇储备的规模。 全球金融资产价格的总体上涨构成了 ...