AI播客：换个方式听新闻 下载mp3 美债4月外资净流出142亿 作为传统避险资产的美债自4月起波动加剧，特朗普在关税和税收政策上的反复无常，促使海外投资者 削减美元和美国市场敞口。 美国财政部国际资本（TIC）数据显示，4月外国资金净流出美国长短债和银行体系142亿美元，同月特 朗普"解放日"关税震动全球市场。 美国国债在不到10年内增长四倍至约36万亿美元，其中公众持有约29万亿美元。TIC数据显示，日本以 1.13万亿美元成为最大海外持有者，英国持有8077亿美元，中国持有7572亿美元。 受关税消息影响，美债下跌，10年期基准美债收益率5月22日升至4.629%，随后回落至4.277%，4月以 来在3.9%-4.629%区间震荡。 音频由扣子空间生成 欧洲成最大受益者 随着特朗普政府努力在参议院推进"美丽大法案"，外国投资者加速多元化配置，减持美国国债，因赤字 支出与通胀型关税正削弱美债吸引力。 参议院共和党人在经过上周末的马拉松式辩论后，预计周一晚至周二亚洲交易时段通过法案。两党政策 中心分析显示，参议院准备使用替代计算方法，未计入延长2017年减税，似乎可以节省5000亿美元。 据无党派国会预算办 ...

银行拓展多元化收入自救。 自2024年10月以来，国有大型银行率先开启存款利率下调，这一趋势迅速蔓延至中小银行和民营银行， 银行存款利率全面迈向"1时代"。 与此同时，大额存单利率也大幅下调，甚至部分银行直接下架中长期限的大额存单产品。在揽储压力 下，银行不得不通过创新手段吸引客户。 面对多重压力，银行加速推进转型之路。一方面，理财保险、理财产品和结构性存款成为存款的替代利 器，银行通过拓展非利息收入业务，优化收入结构；另一方面，数字化转型成为银行提升效能、降低成 本的关键手段。 银行业务模式受冲击 目前，多家银行出现了存款利率"倒挂"的现象，例如3年期存款利率高于5年期存款利率，或者2年期存 款利率高于3年期存款利率等。 大额存单的利率也进入了"1时代"。一位来自上海的大额存单投资者曾告诉记者，她在5月初于中国银行 购买了一笔20万元的1年期个人大额存单，当时的年利率为1.45%。然而，当她在几天前查看手机银行 时，发现1年期大额存单的年利率已经降至1.2%。她表示，如今高利率、长期限的大额存单越来越少， 而且很难抢到。 在降息潮的背景下，商业银行此前普遍下调了大额存单利率，甚至有的银行直接下架了3年期、5 ...

距离乐高新品Icons10375无牙仔套装7月1日正式发售仅一天，北京商报记者发现，该款还未发售的新品，在二手市场上，已有商家以低超原价200元的价格 进行预售。另外，部分此前需要高溢价去抢的限量款产品，如今也能以与原价相差无几甚至低于原价的价格获得。闲鱼平台显示，近半年乐高产品在二手市 场的价格波动较大，平均价呈下降趋势，5月因季节性销售淡季，价格回落至低位。有业内人士指出，一向被视为收藏类理财产品的乐高，在二手市场出现 降价趋势，背后是供应端与消费端多种因素共同作用的结果，其中，潮玩产品多元化是分流消费者的重要因素。一些限量版、特别版的乐高产品仍具有较高 的收藏价值，只是其实现需要市场环境的稳定、品牌形象的维护以及消费者对产品价值的正确认知等多方面的支持。 近半年乐高产品二手交易均价呈下降趋势 近期，真人电影《新·驯龙高手》正在各大影院热映。借电影上线，乐高集团首次涉及《驯龙高手》IP，并发布了面向成年玩家的Icons系列。据官方消息， 新品Icons10375无牙仔套装预计在7月1日发售，定价629元，含有784pcs。 不过，北京商报记者发现，在官方还未正式发售前，二手市场就已经有商家开始预售该款套装 ...

Group 1 - The core viewpoint of the report indicates that the railway passenger flow has been continuously growing since 2024, with freight volume steadily increasing, suggesting that railway passenger transport may maintain high operational levels in the future [1] - The report highlights that the China National Railway Group (CNRG) maintains a strong monopoly in the railway transportation industry, with passenger volume reaching 4.085 billion trips in 2024, an increase of over 10%, and freight volume at 3.985 billion tons, marking eight consecutive years of growth [2] - The overall operating revenue for the railway sector is projected to increase by 3.02% year-on-year to 1,283.038 billion yuan in 2024, driven by the growth in passenger transport performance [2] Group 2 - CNRG is expected to enhance its profitability through diversified business strategies, leveraging resources such as land, equipment, and information to expand passenger services and develop logistics and other operational businesses [3] - The report states that CNRG's debt repayment capability is strong, supported by the growth in passenger transport performance and a decrease in total debt and financial leverage [4] - As of December 31, 2024, CNRG's total liabilities were 6.20 trillion yuan, a 1.14% increase from the previous year, while total assets rose to 9.76 trillion yuan, reflecting a 4.39% year-on-year increase [4] Group 3 - CNRG plans to deepen the asset securitization of its high-speed rail network and promote mixed-ownership reform, with expectations that total assets will exceed 10 trillion yuan by the end of 2025 and the debt ratio will fall below 63% by early 2026 [5]

不要看一个人说什么，而是要看一个人在做什么，这句话的含金量，还在持续上升。 外交部长安妮塔·阿南德强调：加拿大将推动"供应链多元化"，避免80%依赖单一经济体（即美国），并称谈判需"非公开进行"。 加拿大嘴上喊着要对美国硬气，结果特朗普在社交媒体上一发怒，加拿大立马就取消了数字服务税。 加拿大新总理卡尼今年3月上台时，被捧成"经济救星"。牛津博士、央行行长出身，民众指望他能挡住特朗普的关税大棒。他开场确实够硬气，公开呛声特 朗普："别做梦了！加拿大永远不会是美国第51个州！"还放话要保护加拿大的土地、水源和生活方式。 表面上，加拿大对美国一点没怂。特朗普宣布对加拿大商品加税，卡尼立刻反击，宣布对美国进口汽车征收25%的关税，摆明了要打疼美国的汽车产业。财 政部长商鹏飞也立场强硬，坚持要对美国科技巨头开征数字服务税。 从今年6月30日起，谷歌、亚马逊这些公司在加拿大赚的钱，得交3%的税，而且这笔税还要一直追溯到2022年。加拿大算盘打得响，觉得光这一项就能从美 国公司口袋里掏出20亿美元。 6月27日，特朗普宣布终止所有美加贸易谈判，并威胁7天内对加拿大加征新关税，原因是加拿大坚持对美国科技巨头征收3%的"数字 ...

此外，刘春生补充道，随着企业全球化的步伐不断深入，在海外开设工厂雇佣外国员工等情况增多，在 港股上市方便给外国员工发放股份作为激励机制，也有助于推进企业的国际化战略。 石头科技强调，国际扩张对推动其业务增长起着重要作用。招股书数据显示，海外市场分别于2022- 2024年贡献了该公司总收入的52.7%、48.9%及53.6%。 央广网北京6月30日消息（记者 齐智颖）北京石头世纪科技股份有限公司（以下简称"石头科技"， 688169.SH）近日在港交所递交招股书，寻求"A+H"上市，摩根大通、中信证券为联席保荐人。 业内人士表示，港股上市有利于企业吸引国际资本，挖掘潜在的合作伙伴，拓展海外业务版图。而港股 多为机构投资者，更加关注公司的业绩成长性。石头科技目前主要收入来源为扫地机及其配件，需探索 除此以外的更多品类产品布局。 今日，石头科技A股股价收盘报156.55元/股，市值为405.09亿元。 加码国际业务 多名行业分析人士认为，石头科技此次港股IPO剑指全球市场。 石头科技在公告中称，公司拟于境外发行股份（H股）并在香港联交所主板上市是为满足公司业务发展 的需要，进一步提升公司的全球品牌知名度及竞争力， ...

Group 1 - The U.S. stock market has rebounded strongly from tariff turmoil, with the S&P 500 index soaring 10% in Q2, significantly outperforming the European Stoxx 600 index, which rose less than 2% [1] - Despite a 7% increase in the Stoxx 600 index year-to-date, concerns are growing about the sustainability of Germany's trillion-euro defense and infrastructure plans, which are critical for European market performance [1] - U.S. economic data remains robust, with strong employment figures and stable unemployment rates, contrasting with declining business confidence in the EU and eurozone [1] Group 2 - Retail investors continue to buy on dips, while companies are engaging in record-scale stock buybacks, providing dual support for the U.S. stock market [3] - Tech stocks are leading the market rally, with companies like Nvidia reaching historical highs and Palantir's stock surging 50% in Q2, indicating ongoing investor interest in technology and crypto assets [4] - Despite the narrowing performance gap in Q2, the dollar remains 13% lower against the euro, and U.S. bonds are under pressure due to debt issues, leading analysts to caution about high valuations in the U.S. stock market [5]

Core Insights - The expansion of the Trans Mountain Pipeline (TMX) is set to significantly increase Canada's crude oil exports, particularly to China, with an average daily export of 207,000 barrels expected by June 2024, making China the largest buyer of oil transported through this pipeline [2][4] - The TMX pipeline's capacity has doubled to 890,000 barrels per day, facilitating the transportation of Canadian oil to both the U.S. West Coast and Asian markets [2][4] - The diversification of Canada's crude oil exports is a strategic response to U.S. protectionist policies, with exports to countries outside the U.S. increasing by nearly 60% since the TMX expansion [4][6] Group 1 - Canada is the fourth largest oil producer globally, with Alberta being the primary oil-producing province, but it faces limitations in accessing coastal ports [2] - The TMX pipeline, which cost CAD 34 billion (approximately CNY 178.73 billion), is the only east-west pipeline in Canada, crucial for exporting oil to the Pacific coast [2][8] - The TMX expansion began operations on May 1, 2024, and is expected to significantly enhance Canada's oil export capabilities [2][4] Group 2 - Recent political calls in Canada advocate for new pipelines to coastal export terminals to reduce reliance on the U.S. market [6] - The average utilization rate of the TMX pipeline is projected to be around 77% in 2024, lower than the company's forecast of 83%, due to high tolls imposed to cover construction cost overruns [6] - The majority of the new capacity from the TMX pipeline is anticipated to be directed towards Asia, particularly China, as it seeks stable crude oil supplies [6][8] Group 3 - The TMX pipeline has been a focal point of controversy due to environmental concerns and indigenous rights, reflecting the tension between economic interests and the transition to cleaner energy [8] - The pipeline's expansion is seen as a critical element in strengthening Canada's position as an energy exporter while also highlighting the complexities of energy strategy and social equity [8]

Group 1 - Saudi Arabia achieved foreign direct investment inflow of 240 billion riyals (approximately 64 billion USD) in Q1 2025, marking a 24% year-on-year increase, the strongest annual start since 2022 [1] - Foreign capital outflow was 18 billion riyals (approximately 4.8 billion USD), significantly reduced by 54% year-on-year [1] - Net foreign direct investment reached 222 billion riyals (approximately 59 billion USD), a 44% year-on-year increase, although it decreased by 7% quarter-on-quarter [1] Group 2 - The Saudi government has been continuously optimizing the investment environment through institutional innovations to attract international capital [3] - A newly revised investment law has been approved, consolidating multiple existing rights of investors into a unified legal framework, enhancing transparency, flexibility, and investor confidence [3] - The digital platform of the Saudi Investment Ministry executed over 58,000 transactions in Q1, a 29% increase year-on-year, reflecting the government's efforts to simplify procedures for foreign businesses [3] Group 3 - The "Vision 2030" economic diversification strategy emphasizes attracting foreign investment as a key component [4] - The "Saudi Regional Headquarters Program" was launched to encourage multinational companies to relocate their regional headquarters to Saudi Arabia, offering tax incentives including a 30-year exemption from corporate income tax [4] - Over 400 multinational companies, including tech giants like Amazon, Google, and Microsoft, have received permits for regional headquarters in Saudi Arabia [4]

Core Viewpoint - BlackRock has launched the BlackRock Wealth Navigator Fund Series to meet the diverse retirement planning needs of local retail investors, initially available exclusively to HSBC Hong Kong customers for the first six months [1] Group 1: Fund Offerings - The BlackRock Wealth Navigator Fund Series includes three comprehensive retirement solutions: the BlackRock Wealth Navigator Growth Fund, the BlackRock Wealth Navigator Growth and Income Fund, and the BlackRock Wealth Navigator Income Fund [1] - The Growth Fund is designed for early-career investors aiming for wealth accumulation and long-term compounding [1] - The Growth and Income Fund targets pre-retirees, balancing wealth appreciation and income [1] - The Income Fund provides stable income for retirees, addressing withdrawal phase needs [1] Group 2: Market Context and Strategy - Justin Christofel, the fund manager, emphasized the importance of tailored retirement plans amid rising inflation and market volatility, advocating for a diversified global investment portfolio that considers capital growth, income, and risk [1] - The fund series combines active and passive strategies across equities, fixed income, and alternative assets, offering a one-stop comprehensive solution for retirement financial planning [1] - Lei Minuo, head of wealth business for Greater China at BlackRock, highlighted the increasing demand from local investors for investment products that break traditional financial tools and cater to personal needs due to rising inflation and increasing life expectancy [1]