市场洞察 - 重点报道 --- Market Insights - Marquee Market Insights | Markets | Equities 市场洞察 | 市场 | 股票 GS Flow of Funds: School's Out ⾼盛资⾦流向：学校放假了 盖尔·哈菲夫 Gail.Hafif@gs.com | 布莱恩·加勒特 Brian.Garrett@gs.com | 李·科珀史密斯 Lee.Coppersmith@gs.co Gail Hafif Gail.Hafif@gs.com | Brian Garrett Brian.Garrett@gs.com | Lee Coppersmith Lee.Coppersmith@gs.com m technicals/flows, not third grade "graduation." School's out and we are on the cusp of summer holiday... but first, we need to address "award season" ... awards for market 学校放假了 ...

到了今年，互联网行业从业者依然活在裁员潮的阴影之下。"我已经做好被裁员的准备了，但不知道什么时候轮到 我。"几位北京互联网大厂员工说，他们紧攥着"逃离"的念头，却不知道该如何应对被大船扔下海的那一天。 图片 | pixabay 5月，短视频平台上一夜涌现大批自称"被大厂裁员"的程序员，他们展示工牌和工资单，诉说相似的不幸遭遇。经媒体调 查，这些账号多为盗图或AI生成的虚假人设，真实目的却是推销编程课程。 眼看起高楼，眼看楼塌了。 中国互联网行业从资本狂欢的盛宴，演变为一场场裁员公告下的集体转身。近十年，中国互联网经历多轮裁员潮，其 中，2021-2024年为最激烈阶段，仅阿里巴巴2024年就裁员2.49万人，相当于每天有68名员工离开西溪园区。 刚从大厂离开的创业者特别喜欢给自己做计划，强迫自己写周报，一旦没有计划、不写周报，浑身难受。直到他们开始 适应没有计划和自我愉悦的生活，才逐渐塑造出一套新的生存模式。 于是，一些人开始在新领域中取得初步成功后，往往会将自己的知识与经验模块化，尝试用课程、社群等形式进行知识 变现。也正因此，市面上的"师傅"与"门派"层出不穷，几乎每位从大厂出来的超级个体都在讲述"我是怎 ...

盾博dbg发现在风云变幻的金融监管领域，又一关键人事变动引发广泛关注。当地时间周三，美联储理事米 歇尔・鲍曼(Michelle Bowman)获参议院批准，正式出任美联储负责监管的副主席一职。这一任命意义非 凡，它不仅为鲍曼个人的职业生涯添上浓墨重彩的一笔，更标志着特朗普总统任期内金融监管趋向宽松的 态势进一步深化，无疑将对美国乃至全球金融市场产生深远影响。 其二，鲍曼大力推动补充杠杆率(SLR)规则的修订工作。现行的 SLR 规则饱受批评者诟病，他们认为该规 则限制了银行购买美国国债等传统安全资产的能力，束缚了银行的资产配置灵活性，在一定程度上影响了 银行的资金运用效率和风险管理能力。财政部长贝森特在 5 月也曾公开表示，相关官员可能会在今夏放宽 这一资本要求，这与鲍曼的改革思路不谋而合，也预示着 SLR 规则的调整已箭在弦上。 鲍曼出身于五代银行家的家庭，身为共和党人的她，长期活跃于金融领域的公开演讲舞台，一直以来都是 "差异化监管" 的坚定倡导者。过往的言论和行动已然释放出强烈信号，一旦掌权，她将大刀阔斧地调整监 管优先级。与前任迈克尔・巴尔(Michael Barr)相比，鲍曼与银行业的关系更为紧密。 ...

6月4日沪指上涨0.42%，市场两融余额为18069.04亿元，较前一交易日增加24.16亿元。 证券时报·数据宝统计显示，截至6月4日，沪市两融余额9159.10亿元，较前一交易日增加11.45亿元；深 市两融余额8856.24亿元，较前一交易日增加12.95亿元；北交所两融余额53.70亿元，较前一交易日减少 0.24亿元；深沪北两融余额合计18069.04亿元，较前一交易日增加24.16亿元。 融资余额增幅前20只个股 | 代码 | 简称 | 最新融资余额（万 | 较前一个交易日增减 | 当日涨跌幅（%） | 所属行业 | | --- | --- | --- | --- | --- | --- | | | | 元） | （%） | | | | 833873 | 中设咨 询 | 224.22 | 127.96 | 5.45 | 建筑装饰 | | 600644 | 乐山电 力 | 21170.72 | 48.48 | 6.21 | 公用事业 | | 002275 | 桂林三 金 | 11865.21 | 40.13 | 10.02 | 医药生物 | | 920068 | 天工股 份 | 1090.34 | ...

Core Viewpoint - The confirmation of Michelle Bowman as Vice Chair for Supervision at the Federal Reserve indicates a shift towards more lenient regulatory policies under President Trump's administration [1] Group 1: Regulatory Changes - Bowman has advocated for more "tailored" regulations and suggests a significant change in regulatory focus compared to her predecessor, Michael Barr [1] - She aims to prioritize regulatory reform, restore differentiated regulatory mechanisms, and enhance transparency and accountability in the banking system [1][2] - There is an ongoing effort to simplify regulatory processes, with Treasury Secretary Yellen inviting Bowman and other officials to private meetings [1] Group 2: Capital Proposals - Bowman plans to collaborate with officials from the FDIC and OCC to reintroduce a significant U.S. bank capital proposal known as "Basel III Endgame," which previously proposed a 19% increase in capital requirements for the largest banks [2] - She is also exploring adjustments to the Supplementary Leverage Ratio (SLR), which currently limits banks' ability to purchase traditionally safe assets like U.S. Treasury bonds [2] Group 3: Industry Reactions - Consumer advocacy groups express concern that Bowman's views may favor deregulation, potentially jeopardizing the financial security of ordinary Americans [2] - Industry organizations, such as the Independent Community Bankers of America, support Bowman, citing her real-world experience and understanding of how one-size-fits-all regulations can hinder access to credit for those in need [2]

2025/6/4 21:59 Bank Capital Rules: Why Wall Street Wants SLR Eased - Bloomberg 市场 | 解释者 华尔街放松资本规则的梦想正在逐渐实现 纽约证券交易所附近的华尔街标志。 摄影： Michael Nagle/Bloomberg 作者：Alex Harris和Katanga Johnson 2025年6⽉4⽇晚上9:14（格林威治标准时间+8） 美国总统唐纳德·特朗普在其第⼆任期伊始就承诺要⼤幅削减监管。越来越多 的迹象表明，此举旨在精简联邦规则，或将实现华尔街⻓期以来的愿望之 ⼀：放松对银⾏的资本要求，特别是补充杠杆率。 2008年全球⾦融危机爆发后，SLR制度应运⽽⽣，旨在确保银⾏持有的资本 与其资产保持⼀定⽐例。但许多⾦融界⼈⼠认为，这项规定限制了银⾏购买 美国国债等更安全⼯具的能⼒，也限制了它们作为经纪⼈帮助其他投资者交 易这些债券的能⼒。 尽管美国政府未偿还债务规模已膨胀⾄近29万亿美元，但银⾏资产负债表的 容量却并未同步扩⼤。这导致资本市场出现瓶颈，并推⾼了融资成本。 超⼤规模的美国国债市场 过去⼆⼗年，美国政府未偿还债务总 ...

一、何为坏杠杆？ 几乎所有人都告诉你，投资股票要用自己的本金，不要加杠杆，巴菲特也说过"杠杆是聪明人的敌人"。 可事实上，几乎没有不加杠杆就能白手起家的有钱人，区别仅仅在于，你加的是"好杠杆"还是"坏杠 杆"。 一般而言，做一件事，要数学期望值为正才值得去做，比如用"损失50元"的风险，去换取"获得100元收 益"的机会。 杠杆就是同时放大风险和收益，变成你用"损失5000元"的风险，去换取"获得10000元收益"的机会。 这种同步放大风险收益的杠杆，就是"坏杠杆"。 有一个猜硬币正反面的赌局，下一注100元，猜对可以得到500元，赔率5，这当然是个好赌局；但如果 这个游戏下一注最低要100万，而你自己全部家当只有100万，那就不是一个好赌局，虽然赔率不变，但 加了"坏杠杆"。 "好杠杆"就是风险收益不对称地增加，增加的收益机会，远远高于增加的风险。 世界上有这样的好事？ 事实上，现代社会，好杠杆无处不在，有钱人之所以有钱，不仅仅是因为他们做对了事（我看过太多做 对了事却没有什么钱的人），成功而有钱的人，总是用了"好杠杆"做对了事。 从创业的第一天起，就做好多次创业的准备。第一次创业就像初恋一样美好，但它只是 ...

Core Viewpoint - On June 3, 2025, a total of 203 ETF funds experienced net inflows from financing, while 31 ETF funds saw net outflows from securities lending, indicating a significant movement of leveraged funds into certain ETFs, particularly in the Hong Kong and technology sectors [1][3]. Group 1: Net Inflows - 28 ETFs had net inflows exceeding 5 million yuan, with notable inflows into the Hong Kong Innovation Drug ETF (95.59 million yuan), Hang Seng Internet ETF (88.25 million yuan), and Military Industry ETF (41.34 million yuan) [1][3]. - The top five ETFs by net inflow included: 1. Hong Kong Innovation Drug ETF (513120) - 95.59 million yuan 2. Hang Seng Internet ETF (513330) - 88.25 million yuan 3. Military Industry ETF (512660) - 41.34 million yuan 4. CSI 300 ETF (510300) - 40.81 million yuan 5. Gold ETF (518880) - 36.44 million yuan [1][3][11]. Group 2: Net Outflows - Two ETFs had net outflows exceeding 5 million yuan, specifically the CSI 300 ETF (10.92 million yuan) and the CSI 500 ETF (5.12 million yuan) [1][5]. - The top two ETFs by net outflow included: 1. CSI 300 ETF (510300) - 10.92 million yuan 2. CSI 500 ETF (510500) - 5.12 million yuan [1][5][13]. Group 3: Continuous Inflows and Outflows - 59 ETFs have seen continuous net inflows, with the Nasdaq Index ETF leading with 70.37 million yuan over 8 days, followed by the Nasdaq 100 ETF with 17.53 million yuan over 6 days [1][7]. - Conversely, 6 ETFs experienced continuous net outflows, with the CSI 500 ETF leading at 25.00 million yuan over 2 days [1][9]. Group 4: Long-term Trends - Over the past 5 days, 54 ETFs had net inflows exceeding 5 million yuan, with the Hang Seng Internet ETF and Hong Kong Innovation Drug ETF leading at 128 million yuan and 114 million yuan respectively [1][11]. - In the same period, only 2 ETFs had net outflows exceeding 5 million yuan, with the CSI 500 ETF at 30.45 million yuan and the CSI 1000 ETF at 25.27 million yuan [1][13].

Core Insights - The essence of the "sweet and salty zongzi debate" is a competition of consumer preferences, while the futures market's long-short confrontation represents capital's expectations for the future, indicating a fundamental connection between the two [1] Group 1: Investment Education Innovation - Wukuang Futures is combining the two concepts through a "Zongzi Strategy" to create an innovative investor education experiment, using taste experiences to break down complex terms and convey hard knowledge in relatable life scenarios [1][7] - The company has utilized six types of zongzi as vehicles to transform futures strategies into "perceptible knowledge" [3] Group 2: Futures Strategies and Analogies - The alkaline zongzi represents hedging strategies, where the balance of sweet and salty flavors mirrors the "risk offset" logic of holding opposite positions to lock in processing profits and hedge against single asset volatility [3] - The honey date zongzi symbolizes the leverage principle, where a small date can lead to significant risk leverage, akin to the dual-edged nature of leveraged trading [3] - The company emphasizes that new investors should set stop-loss lines and keep positions within 20% to manage high risks associated with high returns [3] Group 3: Broader Investment Concepts - The eight-treasure zongzi corresponds to asset allocation, using eight ingredients to illustrate a diversified investment portfolio [6] - The fresh meat zongzi represents delivery standards, emphasizing quality control similar to the strict regulations of futures contracts regarding commodity quality [6] Group 4: Accessibility of Financial Knowledge - Wukuang Futures' approach aims to democratize knowledge, proving that professional content can be both engaging and rigorous, thus providing new solutions for investor education [7] - Feedback from clients indicates that financial knowledge has become more accessible, allowing novice users to participate in professional discussions [6][7]

Core Insights - The Jiangsu Urban Football League ("Su Super") has successfully engaged the public, with average attendance exceeding 10,000 and over 180,000 fans attending matches during the recent Dragon Boat Festival [1][2][8] - The league serves as a platform for cultural expression and regional identity, fostering a sense of community and pride among residents [2][4][5] - The league's success is attributed to Jiangsu's strong football foundation, including professional clubs and youth training programs, supported by government initiatives [3][9] Group 1: Event Popularity and Engagement - The third round of the league saw nearly 16,000 fans braving rain to attend matches, with average attendance reaching 8,798 in the first two rounds, surpassing China's second-tier league [2] - The league has sparked a renewed interest in sports among the public, with many citizens expressing their emotional connection to their local teams [2][5] - The league's slogan, "Fight for City Honor," resonates deeply with Jiangsu residents, enhancing participation from both seasoned fans and casual spectators [2][3] Group 2: Cultural and Economic Impact - The league has become a vibrant showcase of Jiangsu's cultural confidence, allowing cities to present their unique identities to a national audience [4][6] - The event has generated significant economic activity, with a 14.63% increase in tourism spending across host cities during the festival [1][8] - Local governments have leveraged the league to promote tourism, offering discounts and incentives that have led to a substantial influx of visitors [7][9] Group 3: Long-term Development and Strategy - Jiangsu's football infrastructure, including five professional clubs and a focus on youth training, has laid the groundwork for the league's success [3] - The provincial government has set ambitious goals for football development, aiming for a significant increase in schools and clubs by 2025 [3] - The league exemplifies a shift in urban marketing and tourism strategies, transforming sports events into powerful tools for community engagement and economic growth [9]