以下文章来源于睿远FUND ，作者小睿 睿远FUND . 睿远基金官方订阅号，第一时间发布睿远基金动态、分享优质基金及投资内容，做持有人长期利益最大 化的价值投资实践者。 今年 4 月美国推出对等关税政策以来，全球市场都经历了短期的大幅波动，而随后美国的贸易政策在 过去两个月又经历了三次重大改变。市场也随之反复波动，标普 500 指数一度由从高位下跌约 20% ，随后收复了大部分损失，年初至今转为正回报。上证指数和香港恒生指数也同样 4 月下跌之后一个 多月就收复失地。 面对关税政策引发的市场动荡，一些投资大佬们又是怎么做的呢？上个月， 戴维斯家族成员 —— 克里 斯·戴维斯，同曾经有着长期优秀业绩表现的共同基金管理人比尔·米勒展开了一场对话。 在这场对话中我们可以看到，戴维斯家族延续了其一贯的应对逻辑 —— 不预测政策走向，而是通过持 有具备强大适应能力的企业穿越波动。正如克里斯 · 戴维斯所言： 优秀的企业总能找到应对之策，我 们要做的只是给予时间。 逆向思维：熊市是投资者的伙伴 " 当市场下跌 15-20% ，每天都有令人担忧的新闻标题时，投资者本能地想要逃离。 " 克里斯 · 戴维 斯指出， " 但对 ...

Group 1 - The A-share market showed mixed performance with the national free cash flow index slightly declining by approximately 0.15%, while component stocks experienced varied movements, with Jinjiang Shipping leading gains and Dazhenglin facing losses [1] - The low-fee free cash flow ETF (159201) actively traded in line with the index adjustment, currently holding a scale of 3.698 billion yuan, leading among similar products [1] - CITIC Securities indicated that the previously strong-performing Hong Kong new consumption and innovative pharmaceutical sectors have recently undergone significant adjustments, impacting related A-share sectors, with liquidity and risk appetite in Hong Kong facing ongoing challenges [1] Group 2 - The free cash flow ETF (159201) closely tracks the national free cash flow index and has demonstrated strong long-term performance [1] - The free cash flow stock selection strategy offers substantial allocation value, with a portfolio structure that significantly differs from traditional dividend strategies, showing stronger aggressiveness in value markets, making it an excellent complement to defensive strategies [1]

眼看着优势越来越小，美国现在越来越急了，纽约时报发文声称：现在已经到了中国超越美国的分水 岭。为了打压遏制我们，美国出招也越来越狠。 然而这一次我国却不再惯着他们，直接告诫全球：谁敢配合美国，就让他们付出代价！ 一、美国急了？ 5月19日美国纽约时报发布了一篇文章，在这篇文章中，美国焦急的心态一览无余。文章认为，在特朗 普的治理之下，中国正在加速实现对美国的反超。 未来的世界将会是一个属于中国的世界，全球的格局将会由中国主导，等到将来人们回首再来看这段历 史就会发现，特朗普的这一任期正是分水岭。 但中国却不一样，中国非常重视新兴科技的研发，大量投入资金支持相关产业，在美国原本引以为傲的 很多方面，中国都在形成强有力的竞争。比如人工智能、新能源汽车等等，比亚迪的汽车销量已经把特 斯拉甩在身后。 正是因为特朗普围绕关税战展开的各种短视政策才导致这一局面，因为这极大地损害了美国的创新能 力，从长远来看对美国的竞争能力有着致命性的削弱。 因为关税战出来之后，美国企业在全球供应链和市场当中的优势就小了，再加上特朗普又一直裁员、削 减支出，已经有越来越多的研究人员受不了这些政策跑路，在一些新的科研项目上，由于缺少资金也很 ...

Core Points - The Hainan International Communication Center was officially inaugurated at the China Pavilion of the Dubai Expo, marking a significant step in the international communication of Hainan Free Trade Port [1] - The center aims to enhance media collaboration between China and Arab countries, injecting innovative momentum into the relationship [1][5] Group 1: Inauguration and Significance - The inauguration of the center is the first regional communication hub established overseas by Hainan International Communication Center [1] - This initiative is expected to facilitate the understanding of Hainan Free Trade Port's development among audiences in the Middle East and globally [5][9] Group 2: Strategic Collaborations - A strategic cooperation agreement was signed between Hainan Broadcasting and Television Station and China-Arab TV, focusing on content sharing and co-creation [5] - The first projects will target audiences in 22 Arab countries, enhancing the visibility of Hainan's development [5] Group 3: Media Exchange and Events - A media salon was held concurrently, discussing topics related to China-Arab cooperation and media exchange [7] - Various programs showcasing Hainan's Free Trade Port construction were presented, highlighting its diverse appeal [7] Group 4: Future Prospects - The center aims to become a media hub connecting Hainan Free Trade Port with global markets, particularly emerging economies in the Middle East [9] - It will promote deeper exchanges in investment, cross-border trade, international tourism, and cultural interactions, contributing to the Belt and Road Initiative and China-Arab friendship [9]

Core Viewpoint - Harvard University has won a preliminary injunction allowing it to continue accepting international students during the ongoing legal proceedings against the Trump administration's actions to block such admissions [1][3]. Group 1: Legal Proceedings - Federal Judge Allison Burroughs issued a preliminary injunction halting the Trump administration's efforts to prevent Harvard from accepting international students, allowing the university to maintain its admissions during the case [1][3]. - Harvard filed a lawsuit against the Department of Homeland Security after it revoked the university's certification to accept foreign students and process their visa applications, which affected approximately 7,000 international students [3][4]. - The judge noted that the federal government retains the right to review Harvard's eligibility to accept international students through normal legal procedures [3][4]. Group 2: Government Actions and Responses - The Trump administration attempted to block foreign students from entering the U.S. to study at Harvard through a new announcement, which Harvard challenged in court [4][6]. - Harvard's legal team argued that the Trump administration's policies violated the university's rights to due process and academic freedom, as well as the Administrative Procedure Act [6][7]. - The university expressed that the government's actions created an atmosphere of "profound fear, anxiety, and confusion" among international students [6][7]. Group 3: Future Implications - Harvard anticipates a more binding ruling from the judge in the coming days, while continuing to develop contingency plans for international students [4][5]. - If the Trump administration persists with its actions, the case may escalate to the Supreme Court, where Harvard is expected to have a strong chance of success based on constitutional grounds [7]. - Harvard is also pursuing a separate lawsuit regarding the suspension of federal funding by the Trump administration, with the first hearing scheduled for July 21 [7].

Core Insights - The implementation of the Regional Comprehensive Economic Partnership (RCEP) has significantly benefited Ningxia's trade, with the issuance of 2,417 certificates of origin and a trade value of $253 million since January 1, 2022, leading to an estimated tax reduction of over 50 million RMB for enterprises [1][2] Group 1 - RCEP is the largest free trade agreement globally, promoting regional trade growth through tariff reductions and optimized rules of origin [1] - The agreement has enabled Japan and China to establish tariff reduction arrangements for the first time, enhancing trade effects for Ningxia's exporting enterprises [1] - Ningxia's local enterprises have utilized RCEP to enjoy approximately 33 million RMB in imports and nearly 800,000 RMB in import tariff reductions [1] Group 2 - The volume of RCEP certificate issuance and the value of trade benefits for Ningxia enterprises have been continuously increasing since the full implementation of RCEP [2] - The local customs authority plans to enhance policy promotion and improve the utilization of free trade agreements through the "China Customs Preferential Origin Service Platform" [2] - The goal is to provide more convenient, efficient, and supportive services to help enterprises expand into international markets and convert policy benefits into development momentum [2]

香港特区行政长官、香港特区维护国家安全委员会主席李家超21日出席香港国安法公布实施5周年论坛 并致辞表示，香港国安法公布实施5年后的今天，香港排名全球最自由经济体榜首，国际金融中心地位 稳占世界第三，世界竞争力排名重返世界前三。李家超表示，安全创造稳定，稳定孵化发展。特区政府 既要继续维护好国家安全，也要用好稳定的局面，全面拼经济、谋发展、惠民生，实现以人民为中心的 目标。(中国新闻网) ...

Group 1 - The core viewpoint of the articles highlights a significant increase in military activity by the Chinese military, with 74 aircraft detected in the Taiwan Strait over a 27-hour period, marking a recent high in such operations [1][2] - The Taiwanese defense ministry reported that 46 aircraft crossed the so-called "median line" of the Taiwan Strait, indicating a coordinated military maneuver by the Chinese forces [1] - The presence of Japanese and British naval vessels in the Taiwan Strait is speculated to be a contributing factor to the increased military activity by the Chinese military, as these actions may be perceived as provocations [2] Group 2 - The Chinese military's response to foreign naval activities, particularly the passage of British and Japanese ships through the Taiwan Strait, has been characterized by heightened vigilance and readiness to counter perceived threats [2] - The Chinese Foreign Ministry emphasized that the Taiwan issue is a matter of national sovereignty and territorial integrity, asserting opposition to any foreign provocations under the guise of freedom of navigation [3]

Core Viewpoint - The narrative explores the transformation of a woman named Nala from being perceived as a "doll" under patriarchal control to achieving independence and self-identity through personal struggle and responsibility [1][2] Group 1: Characterization of Nala - Nala is referred to with pet-like nicknames by her husband, indicating a relationship of inequality and objectification [1] - The concept of a "doll" symbolizes Nala's lack of agency, existing solely to please her husband and father [1] Group 2: Transformation and Empowerment - Nala experiences a significant change when she takes on the responsibility of borrowing money for her husband's medical treatment, leading to a sense of liberation from her previous role [2] - The act of working hard to repay the loan instills in Nala a sense of purpose and identity, allowing her to feel more like an independent individual rather than a dependent [2] - Nala's journey reflects a broader societal call for women to stand up for themselves and establish their own identities, resonating with historical movements for women's rights [2] Group 3: The Essence of True Freedom - The narrative emphasizes that true beauty and fulfillment come from self-sufficiency and facing life's challenges head-on, rather than relying on external validation [2] - Nala's growth is likened to a tree, symbolizing strength and independence, contrasting with her previous existence as a confined "canary" [2]

Group 1 - The article promotes a VIP membership that offers a new book titled "The Golden Perspective" along with additional gifts, emphasizing the potential for wealth freedom [1] - The membership costs 600 yuan, which is presented as a significant saving opportunity for potential investors [1] - The promotional content suggests that this offer may represent a final chance for individuals to enter the wealth-building journey [1]