不过，多名行业人士和专家学者在接受21世纪经济报道记者采访时表示，深入剖析案件细节与法律逻辑后能够发现， 所谓该案"击穿"家族信托系误读。 案件始末：刑事犯罪牵出的信托执行争议 这场争议源于一场刑事判决与巨额退赔。 21世纪经济报道记者 郭聪聪 北京报道 近日，南通市崇川区人民法院的一份执行裁定书在金融界掀起波澜。该裁定书显示，法院直接扣划被执行人崔某名下 价值4143万元的"家族信托基金"用于执行退赔。 这一消息受到行业关注后，部分市场人士将其解读为"家族信托被击穿"，进而引发了业内对信托资产保护功能的广泛 讨论，也让部分公众对家族信托的资产保护功能产生了猜疑。 法院裁决书显示，被执行人崔某因行贿罪和合同诈骗罪被判处有期徒刑十四年，并处罚金80万元，同时需向华润医药 商业集团有限公司退赔七千余万元。 2023年10月，案件进入执行阶段，法院不仅扣划了崔某的多个银行账户五百余万元的存款，更对其"委托第三方保 理"的四千余万元"家族信托基金"进行了直接扣划。 刑事裁定书截图 图示来源：中国裁判文书网 这笔超过4000万元的"家族信托基金"成为本次执行中的关键财产，法院直接扣划的操作也成为了行业争议焦点。裁定 书 ...

Group 1 - The competition for the next Federal Reserve Chair is intensifying, with Kevin Hassett and Kevin Warsh as the main contenders [1][2] - Hassett's momentum is rising, having met with President Trump multiple times, while Warsh faces skepticism due to his earlier popularity and "hawkish" stance [2][4] - Treasury Secretary Mnuchin is also rumored to be interested in the Fed Chair position, with suggestions of him potentially holding both roles [2][9] Group 2 - Hassett, a seasoned economist with a strong academic background, has shifted his stance to align more closely with Trump's views, becoming a vocal critic of current Fed Chair Powell [3][4][5] - Warsh, with a high-profile financial background, is attempting to reshape his "hawkish" image and has proposed aggressive rate cuts in collaboration with Mnuchin [6][7] - Mnuchin's dual role as an advisor and potential candidate adds complexity to the selection process, with his comments possibly exacerbating divisions within the Fed [8][9] Group 3 - Trump's dissatisfaction with Powell has fueled the search for a new Fed Chair, emphasizing the need for rapid interest rate cuts to support economic growth [10][11] - The expectation for the next Chair to prioritize rate cuts is clearer than during Trump's first term, raising concerns about the potential impact on Fed independence and inflation expectations [11]

Group 1: Dollar Index and Economic Impact - The dollar index experienced its worst start to a year since 1973, with a decline of 10.8% by July 1, 2025, dropping below the 97 mark to a low of 96.36 [2] - The decline in the dollar is attributed to uncertainties in U.S. tariff policies and concerns over the independence of the Federal Reserve, leading to a withdrawal of investments from U.S. assets [2][3] - The performance of the dollar has shown a clear divergence, with traditional safe-haven currencies like the yen and Swiss franc strengthening, while the euro gained approximately 14% against the dollar since the beginning of the year [4][5] Group 2: U.S. Tariff Policies and Market Reactions - The "exceptionalism" narrative regarding the U.S. economy has reversed since Trump's tariff policies were implemented, leading to a decline in both U.S. stocks and bonds as investors shifted their focus away from U.S. assets [3][4] - The U.S. government has faced challenges in negotiating trade agreements, with only limited agreements reached with the UK and Vietnam, while negotiations with Japan and the EU remain slow and contentious [4][5] - As the deadline for tariff negotiations approaches, market volatility is expected to increase, with potential further adjustments to the dollar if the U.S. maintains a strong stance [5] Group 3: Federal Reserve Independence and Economic Outlook - Trump's repeated criticisms of Federal Reserve Chairman Powell and calls for interest rate cuts have raised concerns about the independence of the Fed, impacting investor confidence in the U.S. economy [6][8] - Despite pressures, the U.S. economy has shown resilience, with a stable unemployment rate of 4.1% and job growth exceeding expectations, complicating the Fed's decision-making regarding interest rate cuts [15][16] - The Fed's cautious stance on interest rate cuts reflects ongoing concerns about inflation and labor market conditions, with Powell indicating that any decisions will depend on forthcoming economic data [7][9] Group 4: U.S. Debt Concerns - The U.S. federal debt has reached $36.2 trillion, with public debt accounting for nearly 80%, raising concerns about the sustainability of U.S. government debt amid rising interest rates [12][13] - The recent tax reform is projected to increase the federal deficit by an additional $2.4 trillion to $3.3 trillion over the next decade, exacerbating existing debt concerns [12][13] - The combination of high debt levels and rising interest costs could undermine the dollar's status as a safe-haven currency, leading to a potential shift in investment flows towards other currencies like the euro [13][17]

据了解，特朗普在周二一次内阁会议上发言时称鲍威尔"糟糕透顶"，并告诉记者们，如果有关他在美联 储总部翻修问题上欺骗国会的指控被证实，那将是其迅速下台的最核心理由。"那么他应该立即辞 职。"特朗普表示，"我们应该找一个会降低利率的人来接替他。" 随后在社交媒体的一则帖子中，特朗普再度施压鲍威尔立即降息，他指责这位美联储主席"几个月来像 个孩子一样为不存在的通货膨胀率抱怨，并拒绝做正确的事情"。"降低利率，鲍威尔——现在是时候 了!"特朗普写道。 在特朗普内阁会议发表上述言论后，美联储发言人拒绝发表评论。 智通财经APP获悉，美国总统唐纳德·特朗普表示，如果一位美国政府官员提出的有关美联储主席杰罗 姆·鲍威尔误导国会议员的指控属实，鲍威尔应"立即辞职"，同时加大了他对这位美联储负责人的个人 攻击，理由是其长期维持不变的利率政策不适合当前美国经济。 尽管长期以来的传统是美国政府官员避免对利率决策发表评论——这一传统在特朗普任期中屡屡被打 破，普尔特并非近来唯一公开批评鲍威尔的政府官员。 特朗普多次猛烈抨击鲍威尔今年维持利率不变的决定，上个月还表示他会选择一位愿意降息的美联储主 席继任者。鲍威尔的主席任期将于2026 ...

Core Viewpoint - The future trend of the US dollar index is likely to be a downward fluctuation, which may lead to a stable or rising trend in the RMB to USD exchange rate, benefiting China's cross-border capital flow and the internationalization of the RMB [2][11]. Group 1: Historical Analysis of the US Dollar Index - Since 1971, the US dollar index has experienced three long cycles of decline followed by rise, with significant percentage changes in each cycle [2][5]. - The first cycle saw a decline from 120.5 to 82.1 (31.9% drop) and a rise to 164.7 (100.6% increase) [2]. - The second cycle had a decline from 164.7 to 78.3 (52.5% drop) and a rise to 120.9 (54.4% increase) [2]. - The third cycle experienced a decline from 120.9 to 71.3 (41.0% drop) and a rise to 114.1 (60.0% increase) [2]. Group 2: Current Dollar Index Trends - From September 2022 to June 2025, the dollar index is projected to decline from 114.1 to 96.9, a decrease of 15.1% [4]. - The end of the previous Federal Reserve interest rate hike cycle and the beginning of a rate cut cycle in September 2024 suggest a new long-term downward trend for the dollar index [4]. Group 3: Characteristics of Dollar Index Cycles - The highest and lowest points of the dollar index in the three cycles show a gradual downward trend, indicating a weakening of the US economic advantage relative to other developed countries [5]. - The duration of the cycles has been increasing, with the downward phases lasting around 7-8 years and the upward phases extending significantly [5]. - The relationship between the dollar index and interest rates has changed, with recent trends showing a lower correlation between the two [6]. Group 4: Future Predictions for the Dollar Index - The dollar index is expected to continue a downward trend for an extended period, potentially lasting another 6-7 years [10]. - The lowest point of the current downward cycle may fall below the previous cycle's low of 71.3, but it is unlikely to drop below 80 due to issues in other developed economies [10]. - The correlation between the dollar index and US interest rates may remain low, impacting the RMB to USD exchange rate positively [11].

Group 1: Economic Outlook - A significant increase in pessimism regarding the global economic outlook has been observed among central banks, with a shift from expectations of a soft landing to a belief that stagflation is the most likely scenario [2][3] - Concerns over U.S. policy uncertainty have intensified, with 74% of respondents indicating that the potential impact of the Trump administration's trade and international alliance policies has overtaken geopolitical issues as the primary risk [2] Group 2: U.S. Dollar and Reserve Currency Status - Despite 80% of respondents predicting that the U.S. dollar will remain the world's reserve currency, there is a notable trend towards diversification, with the euro and renminbi gaining attention [4] - Approximately 29% of central banks plan to reduce their investments in U.S. assets in the near future, reflecting a gradual decline in the attractiveness of dollar-denominated assets [3][4] Group 3: Gold as a Preferred Asset - Gold continues to be a primary target for global central banks, with 52% planning to increase their gold holdings in the coming year, and 67% believing it will be the best-performing asset class by the end of the decade [5][6] - Since the end of 2022, gold prices have surged over 100%, leading to a significant acceleration in gold purchases by central banks, particularly after the freezing of Russian foreign exchange reserves [6][7] Group 4: Concerns Over U.S. Political Environment - Two-thirds of central bank reserve managers express concerns about the independence of the Federal Reserve, fearing that political interference may undermine its ability to set monetary policy effectively [3] - The political environment in the U.S. is seen as a barrier to investment in dollar assets, with 70% of central banks indicating that it has hindered their investment decisions, a figure that has more than doubled from the previous year [7]

证券代码：605268 证券简称：王力安防 公告编号：2025-054 王力安防科技股份有限公司 关于变更会计师事务所的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 拟聘任的会计师事务所名称：致同会计师事务所（特殊普通合伙）（以 下简称"致同"） （一）机构信息 名称：致同会计师事务所（特殊普通合伙） 统一社会信用代码：91110105592343655N 类型：特殊普通合伙企业 注册地址：北京市朝阳区建国门外大街 22 号赛特广场五层 首席合伙人：李惠琦 成立日期：1981 年（工商登记日期：2011 年 12 月 22 日） ? 原聘任的会计师事务所名称：天健会计师事务所（特殊普通合伙）（以 下简称"天健"） ? 变更会计师事务所的简要原因及前任会计师的异议情况：鉴于原聘任的 天健已连续多年为公司提供审计服务，根据《国有企业、上市公司选聘会计师事 务所管理办法》（财会〔2023〕4 号）的相关要求，为进一步确保审计工作的独 立性和客观性，并综合考虑公司业务发展和整体审计需要，公司拟聘任致同为 行 ...

Core Viewpoint - Tesla's success in China is largely attributed to the efforts of Ren Yuxiang, who played a crucial role in establishing the Shanghai Gigafactory, enabling Tesla to overcome production challenges and significantly reduce costs, ultimately contributing to its market valuation exceeding $1 trillion [1][8]. Group 1: Tesla's Challenges and Market Entry - In 2018, Tesla faced severe production capacity issues and low yield rates in the U.S., leading to a dismal sales performance in China, where only 120 vehicles were sold in a month [2][3]. - The high starting price of the imported Model 3 (499,000 RMB) deterred potential Chinese customers, necessitating local production to lower costs [2][3]. - Ren Yuxiang was instrumental in advocating for Tesla's independent manufacturing in China, which was traditionally restricted to joint ventures for foreign companies [3][6]. Group 2: Ren Yuxiang's Contributions - Ren Yuxiang joined Tesla in May 2015 as Vice President for Asia-Pacific, leveraging his local connections and understanding of the Chinese market to facilitate high-level meetings with government officials [6][7]. - He successfully argued for the benefits of a wholly-owned factory model, which led to the Chinese government lifting foreign ownership restrictions in April 2018 [7]. - Under Ren's leadership, Tesla secured favorable terms for the Shanghai factory, including land at 10% of market value (980 million RMB), low-interest loans totaling over 16 billion RMB, and expedited approval processes [7][8]. Group 3: Impact of the Shanghai Gigafactory - The Shanghai Gigafactory was completed in just 10 months, and by 2020, it accounted for half of Tesla's global production capacity, reducing costs by 65% [8]. - This facility allowed Tesla to transition from significant losses to profitability, with its market capitalization surpassing $1 trillion by October 2021 [8]. Group 4: Current Leadership and Future Challenges - Following the departure of Vice President Omid Afshar in July 2025, Zhu Xiaotong took over global manufacturing responsibilities, facing challenges in both the European and Chinese markets [9][10]. - Tesla's sales in Europe saw a 37% decline in new vehicle registrations in the first five months of 2025, indicating ongoing market difficulties [22]. - Zhu Xiaotong's previous achievements in rapidly scaling production at the Shanghai factory position him as a key figure in addressing Tesla's current challenges [14][17].

另外，他尤其重视杜邦分析法中的利润率和财务杠杆两大指标：利润率是行业护城河的直观体现，高门 槛企业往往对应高利润率；而对于具备定价权的龙头企业，适度高杠杆反而能提升ROE水平。他以苹果 为例指出，其80%以上的资产负债率与强大的偿债能力、股东回报能力共存，证明优秀企业的杠杆运用 可转化为战略优势。 在个股选择时，尹涛更为关注具备技术创新、产品创新、商业模式创新能力的公司，而当投资环境更为 复杂时，他也愈发意识到能够"决定自己命运"公司的投资价值，因此在他的重仓股中，多家全球产业链 龙头公司已经被"长情"持有数年。 关注能决定自己命运的公司 从尹涛管理的基金重仓股分布观察，其持仓覆盖的行业较为多元——虽以制造、消费为核心配置方向， 但医药、科技等领域亦有阶段性布局。这一分散与聚焦并存的策略下，其选股逻辑是否存在共性特征？ "我喜欢那些能够完全决定自己命运的公司，这样的企业抗风险能力强，不靠别人赏饭吃，能靠自己争 取市场。" 尹涛在谈及选股逻辑时，首先强调了企业"独立性"的重要性。在他看来，中国经济发展到当 前阶段，中小企业已难有突围机会，"胜者为王"的格局逐渐形成，具备全球竞争力的龙头企业将持续领 跑。 这一逻 ...

华盛顿的夏夜闷热粘稠，美联储主席鲍威尔在国会山听证席上擦去额角的汗珠。仅仅24小时前，他刚向议员们强调利率调整还需"观望"，话音未落，特朗普 的咆哮已席卷社交媒体："鲍威尔是最差的主席！立刻给我降息2到3个百分点！" 芝加哥商品交易所的交易屏幕在凌晨1点闪烁着冷光：美联储7月降息概率仅21%，而9月启动降息的可能性已飙升至90%以上。 市场刚消化完美联储内部分 裂的信号——两位特朗普任命的官员沃勒与鲍曼意外转向鸽派，暗示7月可能降息；但转眼间十多位官员集体泼下冷水："需要更多数据！" 01 美联储降息博弈，政治阴影下的独立危机 鲍威尔在国会听证会上的表态成为这场风暴的导火索。面对议员质询，他反复强调关税政策使美联储难以预测通胀前景："自二战以来各国都在减少关税， 但如今加征关税规模是特朗普第一任期的六倍，我们必须审慎分析。" 当被问及7月降息可能性时，他罕见松口："降息宜早不宜迟"，却拒绝承诺具体时间 点。 美联储内部裂痕在点阵图上暴露无遗：19位决策者中，7人坚持今年不降息，8人支持降息两次。 分裂程度创十年新高，最常见与次常见预测差距达50基 点。 德意志银行报告指出："这不是历史性不确定性，而是历史性分 ...