Core Viewpoint - Gold futures are experiencing sideways trading due to a lack of clear direction, influenced by mixed factors including delayed tariff imposition by the U.S. and a strengthening dollar, while geopolitical tensions and uncertainties continue to provide support [1] Group 1: Market Dynamics - Current gold prices are maintaining around $3,320 per ounce, with a cumulative decline of nearly 1% for the week [1] - The Trump administration's decision to postpone the so-called "reciprocal" tariffs until August 1 has weakened some safe-haven demand, leading to an increase in the dollar and U.S. Treasury yields, which competes with gold's appeal as a non-yielding asset [1] Group 2: Support Factors - Despite the competitive pressures from the dollar and bond yields, new tariff threats and ongoing trade uncertainties continue to provide some support for gold prices [1] - Central banks around the world are persistently purchasing gold, which helps to stabilize the bottom for gold prices [1]

Group 1 - The CEO of Saudi Aramco expects global oil demand to increase by 1.2 to 1.3 million barrels per day this year [1]

Core Insights - The EIA reported that U.S. crude oil production for the week ending July 4 was 18.388 million barrels per day, a decrease from the previous value of 19.803 million barrels per day [1] Group 1 - U.S. crude oil production has declined by approximately 1.415 million barrels per day compared to the previous week [1]

美国至7月4日当周EIA车用汽油总产量引伸需求数据 1020.16万桶/日，前值942.34万桶/日。 ...

美国至7月4日当周EIA蒸馏燃油产量引伸需求数据 525.29万桶/日，前值539.63万桶/日。 ...

Group 1: Report Overview - The report is a fixed - income review report titled "Why is the Divergence Trend between CPI and PPI Intensifying? - Review of June Price Data" dated July 9, 2025 [1][2] - The chief analyst is Yan Ziqi, and the analyst is Hong Ziyan [2] Group 2: Data Observation CPI Data - In June, CPI was up 0.1% year - on - year, rising 0.2 pct from the previous month and moving from negative to positive. The month - on - month CPI decreased by 0.1%, with the decline narrowing by 0.1 pct from the previous month and the value being at a relatively high level in the same period over the years [2] - Core CPI continued to rise, indicating a possible demand recovery, but it was uneven. The year - on - year increase in CPI was stronger than that of core CPI mainly due to the reduced drag from the energy item. After removing the impact of food and energy, core inflation continued to rise year - on - year, reflecting a demand recovery. However, the recovery of consumer demand was mainly supported by sub - items such as transportation, communication, rent, water and electricity, and household appliances, while CPI in areas such as clothing, education, tourism, and household services decreased month - on - month [3] - Service CPI continued to grow, and consumer goods CPI continued to recover. The demand structure continued to shift from food to consumption and services. The decline in consumer CPI narrowed, and service CPI had been growing for 5 months, with the year - on - year value remaining at 0.5% as in the previous month. Food prices remained stable, and the increase in vegetable prices led to a narrowing of the decline in food CPI [3] PPI Data - The month - on - month PPI of consumer goods weakened. The reason was that during the subsidy gap period, the path for demand to spread from policy - driven areas to other consumer goods areas slowed down compared with the previous month. Durable consumer goods declined month - on - month in June [4] - External demand suppressed the prices of the processing industry, while the input factor of international crude oil drove the price recovery of upstream industries, and PPI entered a weak equilibrium state. In June, the decline in external demand orders in the PMI indicated a weakening of external demand, leading to a month - on - month decline in the PPI of the processing industry. High temperatures restricted infrastructure construction, resulting in demand lagging behind material supply. The decline in coal prices due to new energy substitution and over - capacity continued to reduce PPI prices, but the increase in international crude oil prices repaired the drag on domestic related industries, and deflation in upstream industries such as mining and raw material industries eased [4] Group 3: In - depth Perspective From the Perspective of Resident Income - Since March, the year - on - year decline in rent has narrowed to - 0.1% and remained unchanged for 4 consecutive months. The stable and flat trend of rent may indicate that the income improvement trend has stalled, and income recovery is the core driving force for the recovery of total demand and the return of price levels to positive [6] From the Perspective of Corporate Activity - In June, the year - on - year price of pork dropped to - 8.5%, and the month - on - month price dropped to - 1.2%. The decline in pork prices was mainly due to oversupply and also reflected a contraction in pork demand in June, suggesting a possible structural decline in factory labor demand. The continuous squeeze on corporate profits in previous months still had a lagging impact on the economy, and the significant decline in the PMI of small enterprises and employment in the manufacturing and service industries in June confirmed the contraction in pork demand. The month - on - month decline in liquor prices was 0.3%, the same as the average in the past 5 years, implying that the business activity of small enterprises remained weak [6] From the Perspective of Corporate Price Transmission - The increase in household appliance prices in June may be an illusion during the policy window period. The month - on - month increase in household appliance CPI was likely due to manufacturers adjusting prices during the subsidy gap period. The price model of leading brands was to "raise the marked price and offset with subsidies" to achieve a nominal price increase. In June, the subsidy amount in many places was exhausted, leading to a decrease in the subsidy part and an increase in the final product price. The price increase during the subsidy gap period may be a game behavior to transfer inventory pressure [7] High - frequency Data - International oil prices showed a downward trend, and PPI would face downward pressure in the next stage. The marginal price of Nanhua industrial products began to rise, but the price of rebar continued to decline. Although the third batch of 300 billion dual - purpose funds had been issued, high - temperature weather restricted demand release and limited physical construction. Glass prices continued to decline, indicating no improvement in the real estate market [7] Group 4: Future Outlook CPI Outlook - Currently, CPI has achieved an upward breakthrough with a marginal reduction in external interference items, but the demand recovery is uneven, and the recovery trend needs to be consolidated. High - frequency data shows that international oil prices have started to decline, and with the easing of local geopolitical conflicts, it is highly likely that the oil price center will shift downward in July, which may drive next month's CPI down. In July, the next batch of fiscal funds will start to be in place, and the household appliance sub - item of CPI may decline. Due to the slowdown in the transmission to other industries caused by the subsidy gap and the crowding - out of consumption in other areas this month, the price recovery in other areas next month still needs to be observed. From the perspective of corporate activities, the continuous profit compression pattern has led to a decline in the prosperity of small enterprises and employment, and the consumption demand contributed by the income side is still not optimistic [7] PPI Outlook - The supply - side dilemma of PPI has not changed. The "rush - to - export" effect of external demand is fading, and although the pull from domestic demand has slowed down, it may rebound in July, maintaining the current weak equilibrium. On the supply side, the over - capacity pattern is difficult to change in the short term, and the decline in international oil prices in July may lead to a decline in PPI prices. In terms of external demand, there are still challenges, and exports are likely to decline in the second half of the year, with trade cooling down, which is difficult to significantly drive up total demand. In terms of domestic demand, after the next batch of subsidy funds is in place in July, on the one hand, it will directly improve corporate profits, and on the other hand, the uneven pattern of CPI demand recovery may improve, and the chain of CPI pulling PPI will restart, and the PPI of consumer goods may continue to rise. However, overall, the upward repair amplitude may be relatively limited [8]

Economic Growth and Contributions - China's GDP has achieved a "four consecutive jumps" over the past five years, with an expected increase of over 35 trillion yuan, equivalent to "recreating a Yangtze River Delta" [1] - The average contribution rate of domestic demand to economic growth is over 86.4%, highlighting its role as the main driver of China's economy [3] - Final consumption contributed an average of 56.2% to economic growth, an increase of 8.6 percentage points compared to the "13th Five-Year Plan" [4] Infrastructure Development - The national comprehensive transportation network has a completion rate of over 90%, covering over 80% of counties and serving about 90% of the economy and population [7] - The logistics cost savings for society are projected to exceed 4 billion yuan in 2024, with an additional expected savings of around 3 billion yuan this year [7] - The average hourly throughput at national ports is expected to reach 38,000 standard containers by 2024, a 26% increase from 2020 [8] Innovation and Technology - R&D expenditure increased by nearly 50% compared to the end of the "13th Five-Year Plan," reaching an increment of 1.2 trillion yuan, with R&D intensity rising to 2.68% [9] - China has achieved significant breakthroughs in innovation, including the launch of the first domestically produced aircraft carrier and the completion of the first Chinese space station [10] Governance and Efficiency - The business environment in China has improved, with over 58 million private enterprises, an increase of over 40% since the end of the "13th Five-Year Plan" [11] - The ability to mobilize and act effectively has been demonstrated in disaster response, such as the rapid organization of rescue efforts following a 6.8 magnitude earthquake [12] Social Welfare and Public Services - The "14th Five-Year Plan" includes seven social welfare indicators, the highest proportion in any five-year plan, aimed at enhancing people's sense of gain, happiness, and security [13] - Employment stability has been maintained with over 12 million new urban jobs created annually, and the income growth of residents is synchronized with economic growth [15] - The healthcare system has been expanded, with a significant increase in the number of practicing physicians per thousand people, from 2.9 to 3.6 [15]

Group 1: CPI Trends - In June, the Consumer Price Index (CPI) turned from a decline to an increase of 0.1% year-on-year, while the month-on-month change decreased by 0.1%, narrowing the decline by 0.1 percentage points compared to the previous month [2] - The marginal improvement in CPI is attributed to the rebound in industrial consumer goods prices and the upward pressure on domestic refined oil prices due to external factors [2] - The core CPI, excluding food and energy, rose by 0.7% year-on-year in June, marking a 0.1 percentage point increase from the previous month, the highest in nearly 14 months [3] Group 2: PPI Trends - The Producer Price Index (PPI) decreased by 0.4% month-on-month in June, with the decline remaining consistent with the previous month, although some industry prices showed signs of stabilization and recovery [5] - The year-on-year decline in PPI expanded by 0.3 percentage points compared to the previous month, influenced by seasonal price declines in domestic raw materials and uncertainties in the international trade environment [5] - Certain sectors, such as the manufacturing of gasoline and new energy vehicles, saw a month-on-month price increase of 0.5% and 0.3%, respectively, with year-on-year declines narrowing by 1.9 and 0.4 percentage points [6] Group 3: Consumer Behavior and Policy Impact - The implementation of more proactive macro policies has led to continuous improvement in the economic climate for both manufacturing and non-manufacturing sectors, addressing supply-demand structural issues and boosting the development speed of certain consumer goods and equipment manufacturing industries [4] - The effects of consumption promotion policies have been evident, with prices of durable consumer goods, home textiles, and household appliances rising by 2.0%, 2.0%, and 1.0% year-on-year, respectively [3] - The transition of the consumption market from "scale expansion" to "quality enhancement" is expected to further improve service consumption in culture and sports, driving a rebound in consumer prices [6]

以下文章来源于财联社 ，作者潇湘 财联社 . 财联社是上海报业集团主管主办，定位资本市场报道财经通讯社，以"准确、快速、权威、专业"为准 则，提供7x24小时金融信息服务。 来源|财联社 美元刚刚经历了自20世纪70年代初以来最糟糕的上半年表现。而不少业内人士表示，下半年美元的 前景可能也好不到哪里去…… 在2025年的前六个月，ICE美元指数累计下跌了近11%，这是自1973年尼克松时代以来该指数在 历年上半年的最大跌幅。 而1973年也正是布雷顿森林体系最终彻底崩溃的一年，西方国家在当时 放弃了固定汇率制，转而实行浮动汇率制。 对此， 杰富瑞集团全球外汇主管Brad Bechtel表示，"我认为美元的整体趋势仍将走低。" Bechtel和其他一些业内人士盘点了美元目前面临的三大利空。 01 外汇对冲需求 在2008年金融危机之后，美国股市飙升，轻松跑赢了大多数全球股指。这也推动了世界各地的投资 者将资金投入美国市场，并由此积累了巨大的美元风险敞口。 通常，这些以本国货币计算回报但投资于以其他货币计价资产的投资者，会使用远期等衍生品合约 来对冲货币风险。多年来，随着美国股市和美元持续攀升，持有美股和美债的外 ...

Core Insights - The latest audience satisfaction survey for Chinese films indicates that domestic films have a satisfaction score exceeding 83 points since late June, reflecting a robust and positive development in the film market [1][11] - The survey, conducted by the China Film Art Research Center and Yi'en, provides a comprehensive evaluation system independent of box office and social media metrics, covering audiences from various city tiers [3] Audience Satisfaction Trends - The survey highlights a growing trend of audience segmentation in viewing preferences, with significant differences in satisfaction ratings between general and professional audiences for the same films [6] - Three films, "The Case of the Sauce Shop," "The Nameless," and "Malice," received high satisfaction ratings, with "Malice" scoring 84.1, "The Case of the Sauce Shop" at 83.8, and "The Nameless" at 83.4 [4] Detailed Ratings Analysis - Among general audience ratings, "The Case of the Sauce Shop" excelled in story appeal and actor performance, achieving a score of 88.4 for actor performance, the highest in recent surveys [8][9] - In professional audience evaluations, "The Case of the Sauce Shop" led in 11 out of 12 metrics, with a notable score of 91.7 for its communication method [10] Market Dynamics - The overall audience satisfaction for viewing options has increased, with 88.3% of general audiences rating their choices as "very good" or "good," a slight rise from late June [11] - The summer film market is further enriched by diverse imported films, with "F1: Fast & Furious" receiving a high satisfaction score of 87.1 and "Detective Conan: The Phantom of the Eye" at 86.3, indicating sustained audience enthusiasm [13] Future Outlook - The upcoming film slate remains strong, with a variety of genres set to release, including comedies, historical dramas, and animated films, which are expected to inject further momentum into the summer box office [15]