Core Viewpoint - The company has established a comprehensive system for managing foreign exchange hedging activities to mitigate investment risks and ensure asset safety, in compliance with relevant laws and regulations [1][2][3]. Group 1: General Provisions - The foreign exchange hedging business is defined as activities aimed at mitigating exchange rate or interest rate risks through various financial instruments such as forwards, swaps, and options [1][2]. - The system applies to the company and its subsidiaries, which cannot engage in foreign exchange hedging without the company's consent [2][3]. Group 2: Operational Principles - The company adheres to principles of legality, prudence, safety, and effectiveness in its foreign exchange hedging activities, which must be based on actual business needs [3][4]. - Transactions are only permitted with qualified domestic financial institutions, prohibiting dealings with unauthorized entities [3][4]. Group 3: Approval Authority - All foreign exchange hedging activities require approval from the company's president or a designated vice president, with specific thresholds for shareholder meeting review [4][5]. - The approval process includes limits based on the company's audited net profit and net assets [5][6]. Group 4: Internal Operating Procedures - The board of directors serves as the decision-making body for foreign exchange hedging, while the president's office manages daily operations [6][7]. - A dedicated management team is responsible for assessing foreign exchange exposure and planning hedging strategies [6][7]. Group 5: Information Isolation Measures - All personnel involved in foreign exchange hedging must adhere to confidentiality protocols to protect sensitive information [7][8]. Group 6: Internal Risk Management - The company is required to implement a robust risk management framework to identify and mitigate various risks associated with foreign exchange hedging [8]. - Financial centers must conduct timely settlements and analyses in response to significant market fluctuations [8]. Group 7: Information Disclosure and Archive Management - The company must disclose information regarding its foreign exchange hedging activities in accordance with regulatory requirements, particularly in cases of significant risks or losses [8]. - Documentation related to hedging activities must be maintained for a minimum of ten years [8].

Group 1 - The event "Gathering Strength to Assist Enterprises in Setting Sail" was successfully held by the Ganzhou Branch of the State Administration of Foreign Exchange, in collaboration with local government and financial institutions, with over 100 participants [1] - A currency risk hedging signing ceremony took place, where 9 banks in Ganzhou signed 16 agreements with enterprises, contributing to the high-quality development of the open economy in the region [2] - Experts provided policy explanations on cross-border investment and financing facilitation, enhancing the understanding of currency risk management among participating banks and enterprises [4] Group 2 - The event was described as a "timely rain" for the promotion of foreign exchange policies and a "mobilization order" for banks and enterprises to work together during challenging times [5] - The Ganzhou area is positioned as a key region for revitalization and development, serving as a bridge for Jiangxi to connect with the Guangdong-Hong Kong-Macao Greater Bay Area [5] - The collaboration among government, financial sectors, and market entities is essential for the high-quality development of the open economy in Ganzhou [5]

Group 1: JD.com Performance - JD.com achieved record sales during the 618 shopping festival, exceeding expectations with a projected 13% year-over-year revenue growth for Q2 2025 [1] - The number of active users increased by 100% year-over-year, significantly outperforming industry averages, with total orders reaching 2.2 billion [1] - JD.com founder outlined a long-term strategic plan focusing on domestic retail and six new business areas, including food delivery and logistics, alongside a three-year zero-commission strategy [1] Group 2: Online Travel Agency (OTA) Strategy - JD.com announced a three-year zero-commission policy for hotels joining the "JD Hotels + Membership" program, aiming to strengthen its supply chain [3] - The company is actively cross-selling to its existing user base of 80 million individuals and 800,000 small and medium enterprises [3] - Competitors like Ctrip and Tongcheng have ceased sharing hotel inventory with JD.com, leading to a reduction in available hotel listings on the platform [3] Group 3: Xiaomi Performance - Xiaomi reported a GMV of 35.5 billion RMB during the 618 shopping festival, reflecting a 35% year-over-year increase, aligning with expectations [4] - This GMV represents 71% of Goldman Sachs' projected revenue for Q2 2025 from China's smartphone and AIoT sectors [4] - Upcoming product launches include new models in automotive, smartphones, smart devices, and home appliances [4] Group 4: Chinese Baijiu Market Insights - Sales in the baijiu sector have faced a short-term demand shock due to anti-luxury consumption policies, with expected volume declines of 30% to 50% in June [9] - The enforcement of these policies will be a key observation point, particularly during the peak season in August and September [9] - Brand performance is diverging, with Moutai's wholesale price remaining stable while Wuliangye's price has weakened [9] Group 5: Sony Group Outlook - Sony's gaming and network services segment is expected to see sustained profitability due to diversified content acquisition channels [12] - The company aims to enhance user engagement across multiple console generations, mitigating the impact of hardware transitions on profitability [12] - A 12-month target price of 4,600 JPY has been set for Sony, reflecting confidence in its growth trajectory [12]

金十数据整理：每日全球外汇市场要闻速递（6月20日） 非美主要货币： 1. 日本央行行长植田和男：如果经济和物价如预期般改善，预计将继续加息以应对经济状况。日本的实 际利率明显偏低。 2. 英镑：①英国央行将政策利率维持在4.25%不变，符合市场预期，投票比例显示内部分歧加大；②英 国央行行长贝利：利率将"逐步下降"。关于我们预期利率将逐步下降的声明并不代表对八月份的（降 息）预测。副行长隆巴尔代利：服务业通胀显示出相当顽固的迹象。③交易员提高对英国央行8月降息 的押注，预计降息可能性达80%，同时预计央行今年还会再降息50个基点。 3. 欧元：①管委维勒鲁瓦：如果未来六个月内关键利率发生变动，降息是最有可能的。如有必要，不必 强制采取逐步推进的方式；等待影响充分显现过久可能导致重大损失。②管委内格尔：我们可以采取更 多措施以吸引投资者对欧元的兴趣。欧元有可能利用当前局势，成为避险货币。我们目前已进入货币政 策的中性区间。 为之的减速。 7. 挪威央行降息25个基点至4.25%，市场预期维持不变。挪威央行：经济前景不确定，但如果经济大致 按照目前的预测发展，政策利率将在2025年期间进一步降低。预测利率在20 ...

Group 1 - The Swiss National Bank (SNB) has lowered the benchmark interest rate by 25 basis points to 0% in response to weak inflation, the appreciation of the Swiss franc, and uncertainties from U.S. trade policies, marking the sixth consecutive rate cut since March 2024 [1][4] - Switzerland's inflation rate fell to negative territory in May for the first time since 2021, with economists predicting an average inflation rate of only 0.3% in 2025 and 0.6% in 2026 [1][4] - The strong Swiss franc has been driven by increased safe-haven demand following U.S. tariffs announced in April, leading to an 8% appreciation against the U.S. dollar, which could negatively impact domestic inflation and exports [4][5] Group 2 - The SNB's decision to lower rates aims to prevent further appreciation of the Swiss franc, which could harm exporters and exacerbate low inflation [4][5] - The current benchmark rate of 0% returns to the level seen in September 2022, after the end of a seven-year negative interest rate policy, raising discussions about the potential reimplementation of negative rates [4][5] - The SNB is cautious about reintroducing negative rates due to the challenges they pose to various economic participants, including savers and pension funds, and is considering all options, including foreign exchange market interventions [5][6] Group 3 - The global economic outlook remains uncertain, with potential trade barriers that could further slow growth, although stronger fiscal policies may provide unexpected support [5] - The SNB is under pressure to balance its monetary policy without being labeled a currency manipulator, especially in light of past U.S. scrutiny [5][6] - Political considerations suggest that the SNB should remain cautious and avoid appearing eager to reintroduce negative rates, which could have broader implications for its economic strategy [6]

截至2025年6月20日收盘，中证银行指数(399986)上涨0.59%，成分股厦门银行(601187)上涨3.04%，杭州 银行(600926)上涨2.75%，民生银行(600016)上涨2.56%，郑州银行(002936)上涨2.49%，兴业银行 (601166)上涨2.29%。银行ETF(512800)半日收涨1.01%。拉长时间看，截至目前，银行ETF年内累计上 涨超14%。 流动性方面，银行ETF换手3.82%，半日成交3.60亿元。拉长时间看，截至6月19日，银行ETF近1周日均 成交5.04亿元，居可比基金第一。 华泰证券认为，基本面和资金面共同驱动下，看好优质区域行机会。优质城商行有望率先突破1倍PB， 进而打开其他优质区域行估值提升空间。此前可转债强赎价附近博弈阻力加剧的相关银行，近期触发强 赎后进一步打开估值提升空间。重庆地区在国家级战略加持下，近年来发展动能强劲，当地部分银行有 望持续享受区域红利。此外，部分区域行估值仍处低位（06/16），性价比较为突出，关注补涨机会。 顺势而起，攻守兼备！看好银行板块配置性价比的投资者可以关注银行ETF（512800）及其联接基金 （A类：24001 ...

海外官方资本对美国国债采取买短抛长策略，随着大量短期美 债到期兑付，这些海外官方资本在美联储的美国国债托管数据 相应减少。这显示海外官方资本鉴于美国财政赤字持续扩大与 美债可持续性担忧加剧，对美国国债的长期配置信心正在下 降。 作者： 陈植 封图：图虫创意 由于4月初美国出台对等关税举措引发美债市场剧烈波动，当月全球投资者的美债配置策略是否发 生明显变化，备受金融市场关注。 6月18日，美国财政部公布国际资本流动报告（TIC）显示，4月外国持有的美国国债规模达到9.01 万亿美元，比3月仅仅减少360亿美元。但是，多个美债持有大国仍采取增持美债策略。 作为前两大美债持有国，日本与英国在4月分别增持37亿美元与284亿美元的美国国债。不过，中 国大陆在4月继续减持82亿美元，至7570亿美元，创下2009年以来的最低点。 CreditSights宏观策略主管Zachary Griffiths表示，原先市场猜测海外官方资本会在4月大规模抛售 美国国债，但最新TIC数据显示这种猜测存在偏差。整体而言，4月海外资本抛售美国国债的力度 相对温和。 一位华尔街宏观经济型对冲基金经理张刚向记者透露，这背后，是美国国债的避险 ...

Group 1: U.S. Treasury Bond Market Dynamics - In April, foreign holdings of U.S. Treasury bonds reached $9.01 trillion, a decrease of $36 billion from March, with Japan and the UK increasing their holdings by $3.7 billion and $28.4 billion respectively, while China reduced its holdings by $8.2 billion to $757 billion, the lowest since 2009 [1][4][5] - The market initially speculated a large-scale sell-off of U.S. Treasury bonds by foreign official capital due to the U.S. tariff measures, but the latest TIC data indicated a relatively mild sell-off [1][2] - The 10-year U.S. Treasury yield rose from 3.86% to 4.59% in April, prompting some overseas capital to view this as an opportunity to buy at lower prices for higher yields [2][4] Group 2: Investment Strategies of Foreign Official Capital - Foreign official capital is adopting a "buy short, sell long" strategy, leading to a decrease in long-term U.S. Treasury holdings while short-term bonds are being retained [3][5] - Concerns over the sustainability of U.S. Treasury bonds due to rising fiscal deficits are causing a decline in long-term confidence among foreign official capital [3][5] - The reduction in Canadian holdings by $57.8 billion in April is seen as a response to U.S. pressures, while China's reduction is attributed to diversification of foreign exchange reserves [5][6] Group 3: Global Central Banks and Gold Reserves - Central banks are increasingly viewing gold as a strategic asset, with expectations that gold will account for 20% of global official reserves by 2024, surpassing the euro [7][8] - Approximately 95% of surveyed central banks anticipate continuing to increase their gold reserves in the next 12 months, reflecting a growing preference for gold amid economic and geopolitical uncertainties [8][9] - The motivations for increasing gold reserves include its long-term value storage function, portfolio diversification, and stable performance during crises [8][9]

Group 1: Precious Metals - Spot platinum (XPTUSD) is priced at 1308.760, showing an increase of 2.520 or 0.19% [2] - Spot palladium (XPDUSD) is priced at 1047.500, with a rise of 10.000 or 0.96% [2] - Gold (COMEX) is trading at 3377.000, down by 10.400 or 0.31% [2] - Silver (COMEX) is at 36.320, decreasing by 0.040 or 0.11% [2] Group 2: Foreign Exchange - Euro to US Dollar (EURUSD) is at 1.152, increasing by 0.19% [4] - British Pound to US Dollar (GBPUSD) is at 1.348, up by 0.10% [4] - US Dollar to Japanese Yen (USDJPY) is at 145.327, down by 0.09% [4] - Australian Dollar to US Dollar (AUDUSD) is at 0.648, decreasing by 0.04% [4] - US Dollar to Swiss Franc (USDCHF) is at 0.816, down by 0.02% [4] Group 3: Cryptocurrencies - Bitcoin (BTC) is priced at 104524.000, down by 140.230 or 0.13% [5] - Litecoin (LTC) is at 84.890, decreasing by 0.220 or 0.26% [5] - Ethereum (ETH) is priced at 2523.990, increasing by 2.870 or 0.11% [5] - Ripple (XRP) is at 2.162, down by 0.003 or 0.15% [5] Group 4: Treasury Bonds - The yield on the 2-year US Treasury bond is at 3.929 [7] - The yield on the 5-year US Treasury bond is at 3.979, down by 0.010 or 0.25% [8] - The yield on the 10-year US Treasury bond is at 4.394, increasing by 0.035 or 0.80% [8] - The yield on the 30-year US Treasury bond is at 4.898, up by 0.002 or 0.04% [8] - The yield on the 10-year UK Treasury bond is at 4.535, increasing by 0.002 or 0.04% [8] - The yield on the 10-year German Treasury bond is at 2.518, up by 0.020 or 0.80% [8] - The yield on the 10-year French Treasury bond is at 3.272, increasing by 0.057 or 1.77% [8] - The yield on the 10-year Italian Treasury bond is at 3.547, up by 0.070 or 2.01% [8] - The yield on the 10-year Japanese Treasury bond remains unchanged at 1.419 [8]

Core Viewpoint - The article discusses the fluctuations in currency exchange rates, particularly focusing on the performance of the US dollar against the Japanese yen and other currencies on June 19th. Currency Performance Summary - The US dollar rose by 0.23% against the Japanese yen, reaching 145.48 yen, with a trading range of 144.74 to 145.77 yen during the day [1] - The euro increased by 0.39% against the Japanese yen, while the British pound rose by 0.26% against the same currency [1] - The euro appreciated by 0.12% against the US dollar, and the British pound also gained 0.26% against the US dollar [1] - The US dollar experienced a decline of 0.19% against the Swiss franc [1] - Among commodity currencies, the Australian dollar fell by 0.48% against the US dollar, and the New Zealand dollar decreased by 0.81% against the US dollar, while the US dollar rose by 0.11% against the Canadian dollar [1] - The Swedish krona increased by 0.12% against the US dollar, while the Norwegian krone fell by 0.60% [1] - The Danish krone and the Polish zloty both rose by 0.12% against the US dollar [1]