Core Viewpoint - The weakening of the US dollar has boosted the British pound, reaching its highest level since October 2021, but risks related to the UK's public finances are emerging [1] Group 1: Currency Performance - The GBP/USD exchange rate has risen due to uncertainties surrounding US policies, putting pressure on the dollar [1] - The British pound has reached its highest level since October 2021 [1] Group 2: UK Fiscal Challenges - The UK government is facing public finance difficulties, which may lead to a decline in the pound [1] - The Labour Party's proposal for welfare reforms to save costs has faced strong opposition from backbench MPs, with dozens expected to vote against the reforms [1] - Analysts indicate that without finding future cost-saving measures, tax increases or borrowing will be necessary in the autumn budget, both of which could put pressure on the pound [1]

Core Viewpoint - The recent volatility of the New Taiwan Dollar (NTD) poses challenges to regulatory tolerance, with significant fluctuations impacting local businesses and the financial market [1][4][5]. Group 1: NTD Volatility - The NTD experienced a significant increase of 2.5% against the USD, marking the largest single-day gain since early May, bringing its year-to-date appreciation to 12%, the strongest among Asian currencies [1][4]. - The previous trading day saw the NTD plummet by 2.5%, the largest single-day drop since 2001, indicating a pattern of extreme volatility [4][5]. - Analysts suggest that the fluctuations reflect a delicate balance for regulators between maintaining exchange rate stability and responding to the weakening USD [4][5]. Group 2: Impact on Local Businesses - The recent volatility coincides with local companies preparing to release their semi-annual reports, which could directly affect the financial performance of firms, including life insurance companies and exporters [4][5]. - The surge in the NTD was driven by significant dollar sales from local exporters and foreign capital inflows, prompting public banks to intervene by purchasing USD to stabilize liquidity [5][6]. Group 3: Regulatory Response - Regulatory authorities are increasingly concerned about the NTD's appreciation, which poses risks to Taiwan's export-dependent economy and pressures life insurance companies holding USD-denominated assets [6][7]. - The Financial Supervisory Commission (FSC) has implemented measures allowing life insurance companies to increase foreign exchange reserves to offset potential losses from NTD appreciation [7][8]. - The central bank has also intensified warnings regarding currency purchases by local trading companies and has taken steps to limit foreign capital speculation on the NTD, demonstrating a commitment to stabilizing the exchange rate [8].

Core Viewpoint - The global market has experienced significant volatility in the first half of the year, with structural opportunities in A-shares and Hong Kong stocks, and a continuous rise in gold prices, leading to impressive returns for institutions that have adapted to these trends [10]. Group 1: Global Market Trends - The weakening of the US dollar is attributed to multiple factors, including concerns over the sustainability of US fiscal policy and geopolitical tensions, which have driven funds towards safe-haven assets like gold [12]. - The trend of a weaker dollar is expected to continue, benefiting non-US assets, particularly European stocks and emerging market equities [13]. - The collective concerns regarding US debt and credit issues have contributed to the dollar's decline, while European fiscal stimulus and Japan's economic conditions have strengthened the euro and yen [13]. Group 2: Investment Opportunities in China - In the A-share market, there are significant opportunities in new economy sectors and industries experiencing localized growth, with a focus on improving corporate profitability and cash flow [14]. - Key areas of interest include undervalued sectors like banking, companies with strong overseas growth potential, and high-growth technology fields such as AI, robotics, and innovative pharmaceuticals [15][16]. - The A-share market is seen as a potential source of excess returns due to its low valuation and supportive policies aimed at economic recovery [16]. Group 3: Asset Allocation Strategies - A balanced approach to asset allocation is recommended, focusing on non-US developed market stocks, US mid-cap quality stocks, and emerging market equities [18]. - In the fixed income space, there is a need to select stable yield assets while actively participating in interest rate trading, particularly in high-quality credit bonds [19]. - The investment strategy should also include diversification into convertible bonds and high-dividend stocks to enhance stable returns, while maintaining a core position in gold due to its expected continued strength [20].

豆粕生猪：等待报告指引 连粕减仓上行 宋歌 songge@jsfco.com 期货从业资格号：F03112006 投资咨询从业证书号：Z0018625 表 1：豆粕生猪期货日度数据监测 | | 美白朗兴 JIDGHI FILTURE | | | 粕 类 生 猪 每 日 数 据 追 踪 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 截至 | 单位 | マ日 | 昨日 | 涨跌 | 涨跌幅 | | 期間 | DCE豆粕: 01 | 6月30日 | 元/吨 | 2999 | 2987 | 12.00 | 0.40% | | | DCE豆粕: 05 | 6月30日 | 元/吨 | 2713 | 2707 | 6.00 | 0.22% | | | DCE豆粕: 09 | 6月30日 | 元/吨 | 2961 | 2946 | 15.00 | 0.51% | | | CZCE菜籽粕: 01 | 6月30日 | 元/吨 | 2301 | 2290 | 11.00 | 0.48% | | | CZCE菜籽粕: 05 | 6月30日 | 元 ...

的财政赤字抬高以及美元信用边际受损仍利多金价，联储官员继续释放鸽派降息信号或提振白银工业属性 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 ，进而打开银价进一步的上行空间。短期注意回调风险，沪金2508合约关注区间：750-780元/克；沪银250 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 8合约关注区间：8700-9000元/千克。 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 贵金属产业日报 2025-06-30 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价(日,元/克) | 767.58 | 1.18 沪银主力合约收盘价(日,元/千克) | 8762 | -30 | | | 主力合约持仓 ...

2025 年 06 月 30 日 商 品 研 究 豆粕：反弹震荡，规避 USDA 报告风险 豆一：现货稳定，盘面反弹震荡 吴光静 投资咨询从业资格号：Z0011992 wuguangjing@gtht.com 【基本面跟踪】 豆粕/豆一基本面数据 周五，芝加哥期货交易所（CBOT）大豆期货收盘上涨，主要受到空头回补和美元走弱的支持。交易商调整 仓位，他们的注意力转向下周一美国农业部公布的种植面积、季度库存和作物进展周报。一位分析师称， 大豆市场经过大幅抛售后涌现了一些空头回补。本周大豆市场已经消化了相当一部分的利空情绪。由于投 资者预计美国今年可能进一步降息，美元进一步走弱，也支撑了大宗商品市场。美国农业部发布的单日出 口销售报告显示，私人出口商报告向墨西哥销售 119,746 吨大豆，在 2025/26 年度交货。然而，美国和 全球供应前景良好仍然抑制了价格。气象预报显示，未来几天美国中西部天气温暖多雨，有助于大豆作物 生长。（汇易网） | | | 收盘价 （日盘） | 涨 跌 | 收盘价 （夜盘） 涨 跌 | | --- | --- | --- | --- | --- | | | DCE豆一2509 （元 ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Last week, copper prices fluctuated upwards. Trump's plan to arrange a shadow chairman before Powell's term ends to promote rapid interest rate cuts, along with the negative final Q1 GDP growth and decreased May personal consumption in the US, increased the market's bearish sentiment towards the US dollar. Rising interest rate cut expectations and the weak US dollar boosted copper prices. Fundamentally, the global copper concentrate supply shortage was more severe than expected, LME visible inventories declined continuously, the LME0 - 3 BACK structure was crowded, and domestic social inventories were low. The tightened global refined copper balance provided a solid bottom and upward support for copper prices in the medium term [2]. - Overall, the intensified stagflation risk in the US, the weakening US dollar, and the slightly rising expectation of the Fed's interest rate cuts this year provided a good basis for copper prices to rise in the short term. The calming of the Middle - East situation increased the capital market's risk appetite for bulk assets. The US's desire to revitalize the manufacturing industry elevated copper to a strategic asset. Fundamentally, the overseas concentrate shortage persisted, the long - term TC benchmark price for the second half of the year between Antofagasta and some Chinese smelters dropped to $0, global visible inventories were at a low level and declining, there was a certain risk of a short squeeze in LME0 - 3, and the global refined copper balance might turn slightly short in the second half of the year. It is expected that copper prices will enter an upward - fluctuating channel and gradually open up upward space in the short term [3][10][11] Summary by Directory 1. Market Data - **Price Changes**: From June 20th to June 27th, LME copper rose from $9,660.50/ton to $9,879.00/ton, a 2.26% increase; COMEX copper rose from 483.4 cents/pound to 512.5 cents/pound, a 6.02% increase; SHFE copper rose from 77,990 yuan/ton to 79,920 yuan/ton, a 2.47% increase; international copper rose from 69,170 yuan/ton to 71,250 yuan/ton, a 3.01% increase. The Shanghai - London ratio increased slightly from 8.07 to 8.09, the LME spot premium dropped from $274.99/ton to $240.67/ton, a 12.48% decrease, and the Shanghai spot premium dropped from 120 yuan/ton to 110 yuan/ton [4]. - **Inventory Changes**: As of June 27th, the total inventory of LME, COMEX, SHFE, and Shanghai bonded areas decreased to 445,288 tons, a 3.49% decrease from June 20th. LME inventory decreased by 7,925 tons to 91,275 tons, a 7.99% decrease; COMEX inventory increased by 8,084 short tons to 209,281 short tons, a 4.02% increase; SHFE inventory decreased by 19,264 tons to 81,532 tons, a 19.11% decrease; Shanghai bonded area inventory increased by 3,000 tons to 63,200 tons, a 4.98% increase [7] 2. Market Analysis and Outlook - **Price Movement**: Last week, copper prices fluctuated upwards. The weakening US dollar and the tightened global refined copper balance supported copper prices. As of June 27th, the total global inventory decreased, and the decline in the Shanghai - London ratio was mainly due to the weakening US dollar [8]. - **Macro - aspect**: Trump's criticism of Powell and the consideration of replacing him increased the expectation of interest rate cuts, putting downward pressure on the US dollar index and boosting the metal market. The US economy showed signs of stagflation or shallow recession, and the Fed might resume interest rate cuts in the future. The cease - fire in the Middle - East was a positive sign for the capital market [9]. - **Supply - demand Aspect**: The global copper concentrate supply shortage persisted. Some small and medium - sized smelters in China reduced production slightly, and new production capacity might be postponed. In terms of demand, the start - up rate of copper cable enterprises remained above 80%, and the new energy vehicle industry maintained a high growth rate, which could offset the decline in demand from traditional industries. The global refined copper balance might turn slightly short in the second half of the year [10] 3. Industry News - **Peru's Copper Production**: In April, Peru's copper production reached 220,200 tons, a 7.9% year - on - year increase. From January to April, the cumulative production was 886,700 tons, a 4.9% year - on - year increase. Las Bambas copper mine became the third - largest copper mine in Peru [12]. - **Western Mining's Project**: Western Mining's subsidiary, Yulong Copper, received approval for its third - phase project. After completion, the ore - processing scale will increase to 30 million tons/year, and the annual copper metal output is expected to reach 180,000 - 200,000 tons [13]. - **Antofagasta's Expansion**: Antofagasta's Los Pelambres copper mine has produced over 8.5 million tons of copper. After the first - phase expansion, two new projects are in progress. The company's copper production guidance for 2025 is 660,000 - 700,000 tons [14]. - **Copper Rod Market**: The processing fee of 8mm T1 cable wire rods in East China decreased slightly. The copper rod market in East and South China was weak, and the start - up rate of copper rod enterprises is expected to decline in early July [15] 4. Related Charts - The report provides 18 charts, including the price trends of SHFE copper and LME copper, inventory changes in LME, COMEX, and SHFE, and the trends of copper premiums, spreads, and import profits and losses [19][22][26]

Group 1 - Barclays recently released its Q3 Emerging Markets Outlook report, indicating that global investors are diversifying their investment allocations away from the US [1] - Rising commodity export prices are positively impacting emerging markets, leading investors to refocus on emerging market assets [1] - Geopolitical disturbances and global economic slowdown impacts on emerging markets are expected to diminish [1] Group 2 - The weakening of the US dollar is a significant positive factor for emerging markets, as investors are diversifying their dollar asset allocations [3] - A shift in capital flow patterns is changing the global investment landscape, with increased demand for hedging against dollar risk potentially leading to more funds flowing into emerging market assets [3] - The foreign exchange market is exhibiting a complex situation, with oil price increases strengthening the dollar against Asian currencies while maintaining weakness against the euro [3] Group 3 - Emerging markets are showing internal performance divergence, with the Asian region's export performance remaining relatively robust [4] - Policy flexibility in Asia, supported by moderate inflation data, provides important backing for economic stability [4] - The Chinese market demonstrates unique resilience, with strong retail sales, robust exports, and favorable GDP data expected to lead to potential incremental fiscal policies in September or October [4]

Group 1 - The Barclays research team believes that emerging markets are impacted by US tariffs, geopolitical tensions, and global economic slowdown, but these effects are offset by rising commodity export prices and renewed investor interest in emerging market assets for diversification [1] - The outlook for local and credit markets in emerging markets is expected to remain strong, with trends likely to continue [1] - The weakening of the US dollar since the beginning of the year is not seen as a negative factor for emerging market economies, and any trend towards diversifying away from dollar assets could further weaken the dollar and benefit emerging markets [1] Group 2 - Current market sentiment is favorable for emerging market currencies due to the broad weakening of the US dollar and decreased market volatility, which particularly benefits arbitrage trading [2] - Investor enthusiasm for emerging market credit appears low, with recent inflows into emerging market bond funds concentrated in local currency funds, despite emerging market sovereign credit spreads showing resilience [2] - Emerging market sovereign credit spreads are only about 15 basis points above their lowest levels in years, indicating strong performance despite macroeconomic uncertainties [2] Group 3 - Despite the announcement of tariffs by the US in early April, emerging Asian markets have shown relatively robust export performance, attributed to trade front-loading effects, although this may vary by economy [3] - Core inflation in the region is showing signs of rising, while energy inflation remains low; however, geopolitical tensions could lead to higher oil prices and sustained inflation [3] - The average CPI inflation forecast for the top ten emerging Asian economies for 2025 has decreased to 1.5%, down from 2.2% in 2024, indicating a potential for more cautious monetary policy amid moderate inflation data [3]

智通财经6月27日电，道明证券预计下半年美元将进一步走弱，但下跌步伐将比年初放缓。 ...