Macro News - The recent decline of the US dollar is attributed to the Federal Reserve's cautious stance on the economy and Moody's downgrade of the US sovereign rating from "Aaa" to "Aa1" [1] - Market uncertainty remains, with the downgrade and weaker dollar providing support for precious metals [1] Gold Futures Analysis - Gold futures have seen a significant increase, currently priced at 777.82 CNY per gram, reflecting a rise of 2.85% [1][3] - The price range for gold is currently between 3150 to 3350 USD, with strong resistance at 3350 USD and slight resistance at 3300 USD [1] - Short-term resistance levels for gold are identified between 790-800 CNY, while support levels are between 710-720 CNY [3] Platinum and Palladium Market - Ongoing tensions between Russia and Ukraine are impacting platinum and palladium markets, with potential supply reductions from Russia, the largest producer of palladium and the second-largest producer of platinum [1]

#夏季图文激励计划#'三A'这面旗：倒了，风往哪吹？ 钱，一个冰冷又现实的东西。评级，给钱打的分。三A，最高的等级。像武林里的盟主，像草原上的 王。谁拥有它，谁就拥有最高的信用，最低的借钱成本。美利坚，它曾拥有这最高的荣耀。这最后的'三A'，像一道坚不可摧的防线。现在，这道防线，被 划破了，三A，没了。 主权信用评级，被下调了。失去，最后一个三A。这意味着什么？风向，变了。江湖的目光，变得复杂。财政状况，有人说，将继续 恶化。借钱的成本，提高了。一分一厘，都是白花花的银子。债的压力，像山一样压过来。还债的能力，似乎也下降了。美股市场，有抛售的暗流在涌动。 美元，这枚硬币，似乎也站得没那么稳了。可能会走弱，无人知晓会弱多少，何时会弱。但变数，增加了。 全球的金融江湖，空气凝固了一瞬。然后，是 窃窃私语，是暗流涌动。三A，这面旗帜，倒下了。多少人曾在这面旗下，感到安心？感到强大？现在，那份安心，那份强大，有了裂痕。钱的流动，市场 的信心，都像受了惊的鸟群。它们的目光，盯着那面倒下的旗帜。随时可能，改变方向。 评级，不是凭空而来。它看的是冰冷的基本面，是财政的窟窿有多大，是债台高筑到何种程度。是江湖里，隐藏的病灶。 ...

Group 1 - The USD/JPY exchange rate has fallen below the psychological level of 144.00, reaching a two-week low, driven by expectations of a shift in the Bank of Japan's monetary policy despite weak trade data [1][3] - Japan's core CPI has risen for 27 consecutive months, with service price increases at their highest since 1993, raising concerns about persistent inflation and prompting speculation about a potential interest rate hike in 2025 [3] - The USD is under pressure due to two main factors: the market fully pricing in a 25 basis point rate cut by the Federal Reserve in September and Fitch's downgrade of the US sovereign credit rating to AA+, leading to a reassessment of the attractiveness of USD assets [3] Group 2 - The technical analysis indicates that the USD/JPY has broken key support levels, with the next target being the 143.65-143.60 area, which is a significant Fibonacci retracement level [3] - Short-term resistance levels are identified at 144.55 and 145.00, with any technical rebounds likely viewed as short-selling opportunities unless the price can reclaim 145.40 [4] - The market sentiment has shifted from merely trading interest rate differentials to speculating on policy expectation differences, indicating potential volatility due to discrepancies between actual policy adjustments by the Bank of Japan and market expectations [5]

如果您希望可以时常见面，欢迎标星收藏哦~ 2010年5月，加州大学伯克利分校的学生安德鲁·沃特曼（Andrew Waterman）给他的教授们 发了一封电子邮件。在为一个为期三个月的项目试用了几个月不同的教学方法后，他得出了 一个结论： 他们应该让濒临死亡的微处理器架构DEC Alpha复活。 "我看不出我们能创造出什么新东西，"沃特曼说。"这跟ISA设计无关——这本身就是一项激 发智力、富有创造力且技术性的任务。但要开发编译器、操作系统，移植一大堆软件？我认 为这是一项耗资数十亿美元的工程，远远超出了少数学者的理解范围。" 然而，对于克尔斯特·阿萨诺维奇（Krste Asanović ）教授来说，原则高于偏好：现有的任何ISA 都无法满足他们的需求。"在我看来，别无选择，"阿萨诺维奇说。"Alpha速度很快，但架构上存 在很多问题。我不想要那些包袱。" Asanović 推测，该团队在令人望而却步的商业 ISA 和限制较少但存在缺陷或正在衰落的 ISA 之 间徘徊了太久。摩尔定律正在放缓，登纳德缩放定律即将终结，这要求专业化、定制化和并行化。 为此，他们需要一个全新的开始。 Asanović、Waterma ...

欧盟委员会债务官员：欧盟债券最终将被大型投资者视为等同于主权债券。 ...

市场主流观点汇总 2025/5/20 报告说明 关 迪 此报告，意在客观反映行业内期货公司、证券公司对大宗商品各品种的 研究观点，追踪热点品种，分析市场投资情绪，总结投资驱动逻辑等。 本报告不构成个人投资建议，仅供公司内部使用，仅作参考之用。 报告中策略观点和投资逻辑是基于所采纳的机构当周公开发布的研究报 告，对于各期货品种的多空观点、交易逻辑进行整理加工汇总而成，收 盘价数据选择上周五，周度涨跌为上周五较前一周五收盘价变动幅度。 | 【行情数据】 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 资产类别 | 细分品种 | 收盘价 | | 周度涨跌情况 | | | | | 数据时点 | | 2025/5/16 | | | 2025/5/12 至 | 2025/5/16 | | | | 乙二醇 | 4461.00 | 乙二醇 | | | 5.74% | | | | 铁矿石 | 736.50 | 铁矿石 | | | 4.60% | | | | PTA | 4798.00 | PTA | | | 4.19% | | | | PV ...

Group 1 - The global chip industry is experiencing significant changes, particularly highlighted by recent events such as Huang Renxun's comments on AI diffusion rules and semiconductor export controls [2][3] - The U.S. Department of Commerce announced the withdrawal of the AI diffusion rules while simultaneously implementing stricter semiconductor export controls, particularly targeting Huawei and AI chip usage in China [2][3] - The strategic significance of the chip industry has evolved, with the current focus on AI's role in globalization, marking a shift from the previous era of trade-centric chip dynamics [3] Group 2 - Chinese companies, including Huawei and Xiaomi, are actively pursuing advancements in chip manufacturing and AI technology, indicating a robust evolution in China's AI industry [3] - NVIDIA's CEO announced plans to establish an AI supercomputer in Taiwan in collaboration with TSMC and Foxconn, reflecting the company's pivotal role in the current AI landscape [3] - The ongoing competition in technology sovereignty and nationalism is disrupting the normal business ecosystem, affecting both Chinese firms and Silicon Valley tech giants [3] Group 3 - DeepSeek's open-source approach is breaking the AI performance barriers and highlighting the importance of an open ecosystem for technological innovation [4] - Historical evidence suggests that attempts to maintain technological advantages through isolation will ultimately lead to stronger alternatives emerging [4] - The future of AI innovation relies on creating an open ecosystem, which is essential for leveraging market scale advantages into technological breakthroughs [4] Group 4 - The current discourse around the AI race and chip wars prompts a deeper inquiry into the underlying motivations and objectives of the industry [5]

Core Viewpoint - Ray Dalio, founder of Bridgewater Associates, warned that Moody's downgrade of the U.S. sovereign credit rating is an understatement of the risks associated with U.S. Treasury bonds, as it does not account for the potential risk of the U.S. printing dollars to buy back its own debt [1] Group 1 - Moody's has downgraded the U.S. sovereign credit rating, which raises concerns about the risk associated with U.S. Treasury bonds [1] - Dalio emphasizes that the downgrade fails to consider the implications of the U.S. potentially printing money to repurchase its own debt [1]

当地时间周一尾盘，美债收益率全线走低，2年期美债收益率跌2.5个基点报3.97%，3年期美债收益率跌2.51个基点报3.951%，5年期美债收益率跌 2.64个基点报4.061%，10年期美债收益率跌2.77个基点报4.449%，30年期美债收益率跌3.27个基点报4.904%。 虽然在盘前和国际经纪商交易时间大幅下挫，但美债在本土交易商交易时间并未延续此前因穆迪调降评级而出现的交易风向，其中美国30年期国债 期货上涨14个点，全数收复周一早盘跌幅。 而在当天的盘前交易中，美债收益率曾一度大幅飙升，2年期美债收益率上升逾4.2基点至4.025%，10年期美债收益率一度大涨11.7基点至4.556%， 30年期美债收益率飙升13.1基点至5.027%，为2023年10月31日以来最高水平。 新华财经上海5月20日电（张天源） 本周一（5月19日），美国债市罕见地走出了反转剧情。 纽约梅隆银行称，市场波动有利于"买入美国资产"的交易，但这种资产配置模式是不可持续的，预计美债收益率曲线将进一步陡峭化，美元将走 弱。关税暂时休战可能不足以解决未来经济增长和通胀面临的所有风险，也不足以应对消费者、企业和世界其他国家的反 ...

Group 1 - The core viewpoint of the articles indicates that the gold market is experiencing a notable adjustment due to a decrease in risk aversion stemming from improved US-China trade relations, leading to a shift of funds from safe-haven assets to risk assets [1][3] - The recent week saw a significant outflow from gold ETFs, exceeding 4 billion yuan, as investors reacted to the easing of trade tensions, which has resulted in a short-term increase in the adjustment magnitude of precious metals [1] - The gold market currently lacks the foundation for a new upward momentum, with high short-term volatility and a rational adjustment process observed in the precious metals market, as indicated by the stable gold-silver ratio around 100 [2] Group 2 - The US-China trade negotiations have progressed beyond expectations, with the US agreeing to significantly reduce tariffs on Chinese goods, which has contributed to a more favorable market environment [3] - The Federal Reserve is considering revising its monetary policy framework in response to changing inflation and interest rate prospects, indicating potential challenges for the economy and central bank [3] - Moody's has downgraded the US sovereign credit rating from Aaa to Aa1, citing persistent budget deficits as a concern, which may impact investor sentiment and market dynamics [3] Group 3 - The gold ETF (159937) allows investors to gain exposure to gold without the costs associated with physical storage and authentication, enhancing capital efficiency through a T+0 trading mechanism [4]