Group 1 - The article highlights the shifting dynamics in international relations, where China has emerged as a key economic supporter for countries like Russia, Iran, and Cuba, previously seen as adversaries to the U.S. [1] - In 2023, China imported 86.25 million tons of crude oil from Russia, accounting for nearly 40% of Russia's total oil exports, which has helped stabilize the Russian economy amidst Western sanctions [1] - Iran has benefited from China's oil purchases, allowing it to regain some economic stability and assertiveness in nuclear negotiations, as U.S. sanctions have severely impacted its oil exports [1] Group 2 - Cuba, facing decades of U.S. blockade, has received comprehensive support from China, including food supplies and infrastructure development, which has contributed to its economic revival [1] - The mutual support between China and these countries has created a protective layer for China, allowing it to focus on its own development while these nations engage in geopolitical maneuvers [2] - China's robust economic position has positioned it as the core player in international cooperation, demonstrating that the essence of modern geopolitics is based on mutual benefit and collaboration [2]

Core Insights - Emerging market banks have demonstrated resilience amid global volatility and geopolitical risks [1] Group 1 - The performance of emerging market banks is notably strong despite external challenges [1] - Factors contributing to this resilience include robust capital positions and improved asset quality [1] - The sector is expected to continue adapting to changing economic conditions and regulatory environments [1]

点击下方关注许亚鑫，加★星标★，充值鑫仰！ 我在前文《》谈及黄金的日线走势的时候，提到了重要的均线。当然啦，如果你们认真看留言板的话，实际上应该知道是哪一天，看图(绿色线)—— 6月27日金价收盘在3273美元/盎司，已经形成了破位。不过根据《四维共振》基础篇的突破三原则，即突破在外，保持在外，充分回吐，还需要一次回抽 确认。 汇丰银行最新的一份报告剖析黄金的走势逻辑，并指出，黄金的上涨动能或已接近极限。 那么，之所以说这条均线重要，是因为年内的这一波黄金上攻行情，实际上是经历了去年10月底到今年1月中旬的一波收敛整理。均线系统在收敛之后， 再次扩散，形成了均线系统的看多做多走势。 大家可以仔细日线图，从今年1月至今，价格从未有效击穿过这根均线。如今是年内首次失而复得，变相的也在意味着有部分之前做多的资金在出逃。 或者我这么直白的跟你讲， 这次是假破位，那么下次呢？ 当然，从日线的区间来看，目前整体震荡的态势倒没有发生变化。 汇丰在最新报告中写道，虽然地缘政治风险、央行购金需求和美元走弱等因素将继续支撑金价在历史高位运行，但随着实物需求减弱、供应增加、美联储 降息预期减弱等因素的影响，预计2025年下半年金价 ...

Group 1 - The core viewpoint of the articles highlights the rising value of gold due to a weakening dollar, increasing uncertainty around U.S. trade agreements, and heightened expectations for interest rate cuts by the Federal Reserve [1][3] - Gold prices reached a three-day high of 3357.88, driven by global economic uncertainties and the market's anticipation of at least two rate cuts by 2025 [1] - The upcoming U.S. employment report is expected to influence U.S. Treasury yields, with potential implications for gold prices [1] Group 2 - Technical analysis indicates a bullish short-term trend for gold, with MACD showing a bottom divergence and prices moving above previous resistance levels [3] - The suggested trading strategy includes buying gold on dips around the 3330-3335 range, with a stop loss at 3327 and a target of 3350-3360 [4] - Market participants are advised to monitor geopolitical risks that may drive safe-haven demand for gold [3]

证券研究报告：固定收益报告 发布时间：2025-07-01 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 分析师:崔超 SAC 登记编号:S1340523120001 Email:cuichao@cnpsec.com 近期研究报告 《7 月利率会破新低么？——流动性周 报 20250629》 - 2025.06.30 固收周报 生产稳中有升，物价走势分化 ——高频数据跟踪 20250629 核心观点 高频经济数据关注点：第一，生产端稳中有升，螺纹钢产量增加， 沥青、PX、全钢胎开工率升高，高炉、PTA 持平，半钢胎下降。第二， 房地产市场边际改善，商品房成交面积小幅回升。第三，物价走势分 化，原油价格大跌，焦煤、有色金属持续上涨；农产品价格低位企稳， 短期或将开启季节性上行趋势。第四，航运指数持续回落，BDI 指数 大幅下降。短期重点关注新一轮稳增长刺激政策落地、房地产市场恢 复情况及国际地缘政治变动影响。 生产：螺纹钢产量增加，沥青、PX、全钢胎开工率升高 6 月 27 日当周，焦炉产能利用率下降 0.16 pct，高炉开 ...

投资咨询系列报告 山金期货贵金属策略报告 更新时间：2025年07月01日17时01分 一、黄金 报告导读： 今日贵金属震荡偏强，沪金主力收涨1.47%，沪银主力收涨1.11%。①核心逻辑，短期中东地缘冲突缓和，经济衰退地缘异动风险 仍存；美国经济滞涨风险增加，美联储重新降息逻辑蓄势待发。②避险属性方面，特朗普对美日贸易谈判表示失望，贝森特警告将 提高关税。欧盟贸易执委本周将前往华盛顿与美国谈判，寻求达成公平协议。③货币属性方面，鲍威尔重申降息可以等待，美联储 正在研究关税影响。关税或仅是一次性冲击，但美联储需管理导致持久通胀的风险。美国5月消费者支出意外下降；通胀温和上 行，核心PCE物价指数环比上涨0.2%，同比上涨2.7%。目前市场预期美联储下次降息至9月，预期25年总降息空间涨至75基点左 右。美元指数和美债收益率震荡偏弱；④商品属性方面，CRB商品指数反弹承压，人民币升值利空国内价格。⑤预计贵金属短期震 荡偏强，中期高位震荡，长期阶梯上行。⑥本周有多项美国就业数据，目前市场预期走弱，建议关注数据超预期风险。 策略：稳健者观望，激进者逢低做多。建议做好仓位管理，严格止损止盈。 表1 黄金相关数据： | ...

Group 1 - HSBC has significantly raised its gold price forecast for 2025 from $3015 to $3215 per ounce, and for 2026 from $2915 to $3125, reflecting a 7.2% increase [1] - The bank attributes the long-term value of gold to the evolving global risk landscape and rising sovereign debt, noting that gold's role as a safe-haven asset increases during economic uncertainty and geopolitical tensions [1] - As of July 1, 2023, international gold prices are fluctuating around $3360 per ounce, with expectations that prices will range between $3100 and $3600 for the remainder of 2025, and a target price of $3175 by the end of 2025 [1] Group 2 - The report highlights a significant correlation between gold price movements and central bank purchasing behavior, indicating that if gold prices exceed $3300, central banks may slow their buying pace [2] - If gold prices retreat to around $3000, it could trigger a new wave of reserve asset allocation, while sustained prices above $3500 may lead to demand pressures in major consumer markets like India and China [2] - The market is closely monitoring U.S. policy developments, including potential tax reform and trade tensions, which could inject further uncertainty into the gold market [2]

Group 1 - The 17th BRICS summit will be held in Rio de Janeiro from July 6 to 7, with China supporting Brazil as the chair for this year [1] - According to BCG, trade between China and global South countries is expected to grow by approximately 6% annually, which is double the global trade growth rate of about 2.9% [1][4] - The BRICS cooperation mechanism is seen as an important platform for emerging market countries and developing nations to strengthen unity and cooperation [2] Group 2 - There is a growing interest among global South countries, particularly in ASEAN and Africa, to join BRICS, indicating the platform's significance for middle-income economies [2] - Chinese companies are increasingly pursuing international expansion, with a notable trend in various sectors beyond technology, including fast-moving consumer goods and durable goods [2][6] - The expansion of BRICS is expected to inject new momentum into cooperation and development among global South countries, providing new opportunities for Chinese enterprises [2][5] Group 3 - The global trade landscape is shifting, with China becoming a key trading partner for many countries in the global South, as evidenced by 63 out of 133 members of a representative group having China as their largest trading partner [4][5] - The BRICS countries are projected to become significant players in global oil production, enhancing their economic influence [5] - The rise of Chinese companies in the global South market is expected to provide consumers with more diverse choices and richer product categories [6] Group 4 - The geopolitical risks are increasing, and Chinese companies need to enhance their resilience and establish "geopolitical muscle" to navigate the complex international environment [3][11] - Companies are advised to diversify their supply chains and establish buffer capacities to mitigate risks associated with geopolitical tensions and trade uncertainties [12][13] - The importance of strategic decision-making is emphasized, as companies should not wait for normalcy to return but rather act proactively to seize innovation opportunities [3][11]

AI播客：换个方式听新闻 下载mp3 音频由扣子空间生成 尽管全球贸易紧张局势持续且经济走弱，但加拿大主要股市基准指数上半年表现却优于美国同行，这得益于创纪录的黄金涨势。 截至6月30日，加拿大标普/TSX综合指数年内上涨8.6%，高于同期标普500指数5.5%的涨幅。以美元计算，多伦多指数上涨15%，与其他黄金权重高的全球 指数涨幅相当。 "毫无疑问，这是由黄金推动的。" 蒙特利尔银行资产管理公司（BMO Asset Management Inc.）首席投资官萨迪克·阿达蒂亚（Sadiq Adatia）表示。 随着投资者涌入黄金和贵金属矿业股，以对冲美国总统特朗普关税威胁及中东地缘政治紧张与冲突带来的部分风险，这一热潮令加拿大股市指标受益。"你 需要能为投资组合'防弹'的资产，而黄金是最好的选择。"阿达蒂亚称。 加拿大基准股指表现优越 彭博情报策略师吉莉安·沃尔夫（Gillian Wolff）在6月11日的报告中写道，标普/TSX成分股的收入预测自4月以来"显著"下滑，该指数对"挣扎中的能源板 块"的大量敞口正不成比例地拖累整体预测。 不过，麦肯齐投资公司（Mackenzie Investments）股票首 ...

【沥青】 1-7月国内炼厂沥青累计产量同比预计增长7%。年初以来54家样本炼厂出货量累计同比增长8%，华南地区预计在7月 上句"出梅"后需求有进一步提升空间。1-5月压路机销量同比大增,Q3是沥青需求恢复的关键观测窗口期。供需 预期双增下平衡表预估去库趋势延续日库存水平偏低。BU裂解价差向上弹性放大的基调未被破坏,叠加地缘冲突缓 和后油价重回承压背景下BU裂解有修复空间。 【LPG】 7月CP大幅下调，冲突降温后国际市场增供压力再度主导市场。美国两院库存加速上升,MB价格相对承压。炼厂开 工影响下，上周国产气外放量继续走高，国内供应宽松基调强化。原油带动和政治风险溢价快速消退,关注海外出 口回升节奏,盘面震荡偏弱。 本报告版权属于国投期货有限公司 | 《八 国経期货 | | 能源 日报 | | --- | --- | --- | | 操作评级 | | 2025年07月01日 | | 原油 | ★☆☆ | 高明宇 首席分析师 | | 燃料油 | ☆☆☆ | F0302201 Z0012038 | | 低硫燃料油 文文文 | | 李祖智 中级分析师 | | 沥青 | な☆☆ | F3063857 Z0016599 ...