Group 1 - The ongoing geopolitical tensions between the US, Europe, and Russia are drawing in countries like China, India, and Brazil, with NATO Secretary General Jens Stoltenberg issuing threats to these nations regarding trade with Russia [1] - Trump's ultimatum to Putin, demanding a peace agreement with Ukraine within 50 days or facing 100% tariffs on countries purchasing Russian oil, reflects a strategic shift that may indicate deeper divisions among US allies regarding their strategic goals [1][3] - Stoltenberg's confidence may be misplaced as the US's internal divisions on Russia policy become more apparent, with Trump's proposed "secondary sanctions" indirectly targeting countries like China [3] Group 2 - China's response to the pressure from the US includes the revision of its "Export Control Technology Catalog," which now includes core lithium battery technologies, directly impacting the highly dependent renewable energy supply chains in the US and Europe [3][5] - The trend of increasing dissatisfaction among developing countries towards unilateral sanctions is leading to closer ties with China and Russia, indicating a shift in global alliances [5] - The proportion of non-dollar transactions in global trade has surpassed 38%, reflecting a move towards a multipolar economic landscape, with China and Russia conducting 95% of their trade in local currencies [7]

Core Viewpoint - The company has significantly reduced its holdings of U.S. Treasury bonds, reaching the lowest level in 16 years and now ranking third globally behind Japan and the UK [1][2]. Group 1: Current Holdings and Market Dynamics - The current holdings of U.S. Treasury bonds amount to approximately $750 billion after consecutive reductions in March and April [1]. - The liquidity of the bonds held is lower compared to short-term bonds, making it impractical to liquidate the entire position at once without causing market disruption [1]. - A large-scale sell-off would likely lead to a rapid decline in bond prices, resulting in a loss of wealth for the company [1]. Group 2: Strategic Considerations - Maintaining a position in U.S. Treasury bonds serves as a strategic leverage in international negotiations, particularly in response to U.S. policies such as tariffs [2]. - The company's holdings represent only 2% of the total U.S. Treasury market, indicating that a complete liquidation would have minimal sustained impact [2]. - The upcoming two years will see a significant amount of U.S. debt maturing, and selling bonds now could adversely affect the interest rates on new debt issuance [2]. - A gradual and strategic reduction of holdings is suggested as a more beneficial approach, aligning with the company's long-term interests [2].

最近国际上因为稀土这点事儿，又开始不消停了。路透社不是报道了嘛，说是在瑞士谈完之后，咱们中 国发了四张稀土出口许可证。 你猜这四张"金贵"的许可证都给了谁？嘿，几乎清一色都是欧洲的企业，像什么德国大众汽车都榜上有 名。这指向性，简直不要太明显好吗？！ 感觉啊，瑞士谈完之后，咱们国家对稀土出口的管制，反倒是更严了，更精细了！而老美呢？甭管他们 在瑞士谈完之后再耍啥花招，那小眼神里都写满了四个大字——"我要稀土！" 老美那边估计现在是真急了。眼瞅着欧洲兄弟们能拿到稀土，自己却只能在一边"望梅止渴"，这滋味， 不好受吧？ 这也再次证明了，核心资源掌握在自己手里，有多重要！稀土，就是咱们国家在国际博弈中的一张硬 牌！想拿？可以，但得按咱们的规矩来！ 现在的稀土，简直就是捏住了美国的"七寸"！你觉得咱们会轻易松手吗？那不可能！这就好比美国也不 可能马上就放弃对中国芯片制造的打压一样，都是一个道理，都是战略博弈！ 这次发放稀土出口许可证，可不代表咱们要放松管制了，门儿都没有！恰恰相反，这是在下一盘大棋！ 通过发放这些许可证，咱们能更清楚地知道这些宝贝稀土都卖给谁了，最后都用在啥地方了。说白了， 就是精准把控，心中有数！ ...