Group 1 - Chinese concept stocks surged, with the Nasdaq China Golden Dragon Index rising by 1.56% [5] - Major tech stocks mostly increased, with Nvidia rising over 4%, surpassing Microsoft to reclaim the title of the world's most valuable company [2][3] - Nvidia reported a 69% year-over-year revenue growth for Q1, reaching $44.1 billion, exceeding market expectations [3][4] Group 2 - Nvidia's Q2 revenue guidance is projected at $45 billion, with a potential fluctuation of 2%, considering the impact of H20 export restrictions [4] - The U.S. economy showed a slight contraction in Q1, with a revised annualized GDP decline of 0.2% [4] - The U.S. International Trade Court ruled to suspend the Trump administration's tariff policy, stating that the President lacks the authority to impose comprehensive tariffs on trade partners [4] Group 3 - Popular Chinese stocks saw significant gains, with Dingdong Maicai up over 9% and Futu Holdings up over 7% [5] - A-shares and Hong Kong stocks experienced a broad rally, with major indices rising over 1% [5] - Citic Securities' chief A-share strategist predicts a bull market for Chinese equity assets over the next year, with a shift towards core assets [5] Group 4 - Goldman Sachs recently advised long-term investors to reconsider the role of gold and oil in their portfolios, suggesting an overweight in gold and an underweight in oil over the next five years [6]

中概股大涨。 当地时间5月29日，美股三大股指集体高开，截至发稿，道指上涨0.14%，标普500指数上涨0.34%，纳指上涨0.50%。 美国国际贸易法院28日的裁决认为，总统无权对几乎所有贸易伙伴征收全面关税。美国国会将"不受限制的关税权力"授予总统是违反宪法的。国会在《国际紧急经 济权力法》中设定了权限，限制总统何时以及如何征收关税。 | 道琼斯指数 | 42156.48 | +0.14% | | --- | --- | --- | | .DJI | | | | 标普500指数 | 5908.73 | +0.34% | | .SPX | | | | 纳斯达克综合指数 | 19197.05 | +0.50% | | .IXIC | | | | 纳斯达克中国金龙指数 | 7235.28 | +1.56% | | .HXC | | | 大型科技股多数上涨，截至发稿，英伟达涨超4%，总市值超过微软，重新登上全球市值第一宝座；亚马逊、特斯拉涨超1%，微软、苹果、Meta小幅上涨。此外， 谷歌A小幅下跌。 | 取消排序 | 最新, | 总市值↓ | 涨幅 | | --- | --- | --- | --- | | u ...

Market Overview - US stock index futures rose before the market opened, with Dow futures up 0.39%, S&P 500 futures up 0.88%, and Nasdaq futures up 1.34% [1] - European indices also showed positive movement, with Germany's DAX up 0.13%, UK's FTSE 100 up 0.05%, France's CAC40 up 0.63%, and the Euro Stoxx 50 up 0.50% [2][3] Commodity Prices - WTI crude oil increased by 0.40% to $62.09 per barrel, while Brent crude oil rose by 0.26% to $64.49 per barrel [3][4] Corporate News - Nvidia (NVDA.US) reported Q1 revenue of $44.1 billion, a 69% year-over-year increase, with data center revenue at $39.1 billion, up 73% year-over-year [11] - Salesforce (CRM.US) exceeded Q1 expectations with revenue growth of 8% to $9.8 billion and raised its revenue guidance for FY2026 [12] - C3.ai (AI.US) reported a 26% increase in revenue to $10.87 million for Q4 FY2025, with a positive outlook for FY2026 [13] - HP (HPQ.US) lowered its full-year earnings forecast due to tariff costs and economic weakness, with Q2 revenue of $13.2 billion, exceeding expectations but EPS falling short [14] - Li Auto (LI.US) reported a net profit of 647 million RMB for Q1 2025, a 9.4% increase year-over-year, with total vehicle deliveries of 92,864 units [15] - Futu Holdings (FUTU.US) saw Q1 revenue grow by 81.1% to 4.695 billion HKD (approximately $603 million), with net profit increasing by 97.7% [16] Economic Data and Events - Upcoming economic data includes the revision of the US Q1 GDP annualized rate and initial jobless claims for the week ending May 24 [17]

每经记者｜郑雨航 每经编辑｜高涵 ④ 【C3.ai盘前涨超18%】AI软件供应商C3.ai盘前涨超18%。消息面上，该公司在截至今年4月的上个财 年收入增长25%，远超分析师预期。 ⑤ 【惠普盘前跌超8%】惠普盘前跌超8%。消息面上，该公司下调了2025年全年利润预期。 ⑥ 【受关税影响，梅西百货计划涨价】美国梅西百货公司28日表示，受关税上调等因素影响，该公司 下调2025财年（从2月2日开始）盈利预期，并计划上调所售商品价格。 ⑦ 【美国比特币ETF过去五周吸金90亿美元】美国交易所交易基金（ETF）市场正在呈现分化格局，彭 博数据显示，过去五周美国比特币ETF吸金超90亿美元，贝莱德iShares比特币ETF（IBIT）吸金最多， 同期黄金ETF资金流出超过28亿美元。 ① 【三大期指齐涨】截至发稿，道指期货涨1.10%、标普500指数期货涨1.49%、纳指期货涨1.89%。 ⑨ 【美法院裁定禁止执行特朗普政府多个关税行政令】当地时间5月28日，美国国际贸易法院裁定，禁 止执行特朗普政府依据《国际紧急经济权力法》对多国加征关税措施的行政令。根据法院裁决，《国际 紧急经济权力法》没有授权美国总统出台任何全 ...

Core Insights - The traditional 60/40 stock-bond portfolio is failing, prompting investors to seek alternative hedges such as gold and oil [1][3] - Goldman Sachs recommends overweighting gold and underweighting oil in long-term investment portfolios to mitigate risks associated with inflation shocks [2][4] Group 1: Investment Strategy - Overweighting gold and underweighting oil can effectively reduce portfolio risk over the long term [2][3] - Historical data shows that during periods when both stocks and bonds have negative real returns, either gold or oil typically provides positive real returns [2][3] Group 2: Gold as a Hedge - The recommendation to overweight gold is based on two main factors: rising risks to U.S. institutional credibility and increasing demand from central banks [4] - U.S. debt-to-GDP ratio is rising, and potential fiscal expansion raises sustainability concerns, while central bank independence is under scrutiny [4] - Central bank demand for gold has surged fivefold since 2022, particularly from emerging market central banks, which is expected to continue for at least three more years [4] Group 3: Oil Positioning - Goldman Sachs suggests a lower allocation to oil due to reduced risks of significant shortages in 2025-2026, attributed to high spare capacity and increased non-OPEC supply [6] - Despite the lower allocation, maintaining a positive position in oil is still advised due to potential future supply disruptions [6][9] Group 4: Price Forecasts - Goldman Sachs maintains a price forecast for gold at $3,700 per ounce by year-end and $4,000 per ounce by mid-2026 [5]

Group 1 - Goldman Sachs strongly recommends incorporating gold and oil into long-term investment portfolios to hedge against inflation risks [1][3] - The traditional 60/40 investment strategy is facing challenges as the correlation between U.S. stocks and bonds has weakened, leading to a failure in risk diversification [3] - Historical data shows that during any 12-month period when both stocks and bonds have negative real returns, either oil or gold tends to achieve positive real returns [1][3] Group 2 - Goldman Sachs suggests increasing the allocation of gold in investment portfolios while maintaining a positive but lower allocation for oil, emphasizing their critical role in mitigating inflation shocks [1][3] - Concerns over U.S. fiscal health and the independence of the Federal Reserve may lead to significant buying of gold by private investors, potentially driving prices well above current forecasts [4] - Current forecasts predict gold prices could reach $3,700 per ounce by the end of 2025 and $4,000 per ounce by mid-2026 [4] Group 3 - Strong demand for gold purchases is expected to provide substantial support for gold prices [5] - Despite high idle capacity in the global oil market limiting price increases, uncertainties in the energy market and potential supply shocks make oil allocation important for balancing investment risks [5]

高盛建议买进黄金和石油作为长期对冲 智通财经5月29日电，高盛建议，黄金和石油可作为长期投资组合中对抗通胀的工具，并称在外界担心 美国机构信誉和原油抵御供应冲击的能力之际，黄金作为避风港具有吸引力。Daan Struyven等分析师建 议对黄金的配置比平时更高，对原油的配置比平时更低（但仍为正值），称大宗商品是抵御通胀冲击 的"关键"对冲工具，而通胀冲击往往会损害债券和股票投资组合。 ...

美国副总统万斯：它（加密货币）是对飞涨的通胀的一种对冲。 ...

Group 1 - The core viewpoint is that various institutions view the current U.S. fiscal crisis, weak dollar, and strong physical demand as short- to medium-term bullish factors for gold [1][4] - Citi has revised its three-month gold price target to $3,500, up from $3,300, due to renewed trade tensions and tariff threats from President Trump [2] - Despite the optimistic short-term outlook, Citi analysts express caution regarding the long-term prospects for gold, citing potential adverse factors such as upcoming U.S. midterm elections and high levels of gold held by individuals and households [2][3] Group 2 - Gold's potential demand remains historically strong, with approximately 0.5% of global GDP allocated to gold, the highest level in nearly 50 years, driven by high uncertainty [3] - Geopolitical uncertainties and Trump's tariff policies have contributed to a more than 20% increase in gold prices this year, with Macquarie suggesting that rising inflation could further benefit gold as a hedge [4] - Moody's downgrade of the U.S. government's credit rating indicates worsening fiscal conditions, which may lead to increased government debt and interest burdens, further supporting gold prices [4] Group 3 - Trump's apparent desire to weaken the dollar could serve as a strong tailwind for precious metals, as historical trends show an inverse relationship between gold and the dollar [5][6] - Recent months have seen a high inverse correlation between gold and the dollar, with a weaker dollar contributing to strong gold price increases [6] - Despite some easing of trade tensions, significant economic uncertainty and geopolitical tensions persist, maintaining a favorable environment for gold as a diversification tool [6]

Core Viewpoint - The recent decline in gold prices reflects a shift in market sentiment and investor risk appetite, driven by rising optimism in global trade and uncertainty regarding the Federal Reserve's policy direction [1][5]. Market Performance - Spot gold prices fell over 2% on Wednesday, reaching a low of $3181.62 per ounce, the lowest level since April 11, with intraday lows hitting $3174.62 [3]. - Other precious metals also experienced declines: silver dropped 1.9% to $32.25 per ounce, platinum fell 0.6% to $982.05 per ounce, and palladium decreased 0.3% to $954.36 per ounce, indicating overall pressure in the precious metals market [3]. Trade Sentiment - The increase in trade optimism has significantly boosted market risk appetite, leading investors to shift funds from traditional safe-haven assets like gold to riskier assets such as stocks and commodities [3][4]. Federal Reserve Policy Expectations - Market participants are awaiting the release of the Producer Price Index (PPI) data for clues on the Federal Reserve's policy adjustments, with expectations that a higher-than-expected PPI could reinforce the likelihood of interest rate hikes, further pressuring gold prices [4]. Technical Analysis - The recent drop in gold prices may be seen as a correction following a period of significant increases driven by global economic uncertainty and geopolitical tensions [4]. - The relative strength of the U.S. dollar has negatively impacted gold prices, as gold is priced in dollars, making it less attractive to investors holding other currencies [4]. Long-term Outlook - Despite the recent price drop, analysts believe that gold's long-term value as a safe-haven asset remains intact due to ongoing global economic recovery uncertainties and geopolitical risks [4][5]. - The continued implementation of loose monetary policies by global central banks may enhance gold's appeal as a hedge against inflation and currency depreciation [4].