Core Viewpoint - The Israeli Defense Forces (IDF) have conducted operations deep within Iranian territory during the current conflict, targeting and destroying Iran's missile capabilities, including hundreds of launchers and missiles, thereby delaying Iran's military development plans [1] Group 1: Military Actions - The IDF's operations were characterized by a combination of air force and ground assault units, which provided a degree of operational freedom in Iranian airspace and at various locations chosen by the IDF [1] - The IDF Chief of Staff, Aviv Kochavi, stated that these operations were conducted secretly deep within Iranian territory, although specific details of the ground operations were not disclosed [1] Group 2: Impact on Iran - The actions taken by the IDF have reportedly disrupted Iran's missile capabilities and delayed its military development plans, indicating a significant impact on Iran's defense strategy [1] - As of now, there has been no response from the Iranian side regarding these military actions [1]

25日，俄国防部称控制了位于顿涅茨克地区的亚尔塔居民点，并打击了乌军及人员装备。乌克兰方面则 表示，击落了多架来袭的俄无人机，并打击了多处俄军事目标。俄罗斯国防部25日发布消息称，俄军控 制了位于顿涅茨克地区的亚尔塔居民点。过去一昼夜，俄军打击了乌克兰多个军工企业和无人机生产车 间，俄防空系统拦截了多枚航空炸弹并击落了335架乌军无人机。此外，俄联邦安全局发布消息称，在 莫斯科州一隐秘地点搜查自制爆炸装置时，击毙了两名为乌克兰情报机构服务的嫌疑人员，他们正在策 划针对俄罗斯军人的恐怖袭击活动。(新浪财经) ...

Group 1 - The NATO summit held in The Hague faced protests from over 20 countries, with demonstrators accusing NATO of being against peace and development [1] - The G7 summit preceding the NATO meeting did not produce a joint communiqué or a unified statement on Ukraine, highlighting internal divisions among Western nations [1][2] - The G7 summit's outcomes were limited, with significant disagreements on key issues, including trade negotiations and military actions regarding Iran [2] Group 2 - The NATO summit focused on military spending as a percentage of GDP, with a push for member countries to increase defense budgets to 5% by 2032, a significant rise from previous standards [4][5] - Some NATO members, like Spain, successfully negotiated to maintain their military spending at 2.1%, avoiding the proposed 5% increase [5] - The U.S. under Trump aimed to extend military spending demands to non-NATO allies like Japan and South Korea, but these countries found the 3.5% target unacceptable, leading to cancellations of planned meetings [5]

证券研究报告|宏观点评报告 [Table_Date] 2025 年 06 月 25 日 [Table_Title] 资产配置日报：担心踏空 | [Table_Title2] 国内市场表现 | | | | | | --- | --- | --- | --- | --- | | 指 数 | 收 盘 | 涨 跌 | 幅度（%） | 五日走势 | | 上证指数 | 3455.97 | 35.41 | 1.04% | | | 沪 深300指 数 | 3960.07 | 56.03 | 1.44% | | | 中证可转债指数 | 441.46 | 3.50 | 0.80% | | | 7-10年国开债指数 | 266.85 | -0.20 | -0.07% | | | 3-5年隐含AA+信用指数 | 189.95 | -0.03 | -0.01% | | 复盘与思考: 6 月 25 日，权益市场放量上涨，一定程度上与稳市资金的参与相关，更关键的是资金"跟注"倾向显现， 担心"踏空"的情绪有所发酵；股市情绪持续压制，叠加跨季资金面边际收敛，债市收益率进一步回调，长端品 种弱于短端。 复盘各类资产表现，股市，大盘股指中，上证 ...

晚间，美股涨跌不一，特朗普消息颇多。除了关于伊以冲突的表态，他还表示，会在三四个人之内选出下一任美联储主席。 截至发稿，纳指与标普500指数飘红，道指下跌。 个股方面，英伟达盘初拉升，现涨超2%，逼近历史新高。今夜零点，英伟达线上股东大会将召开。特斯拉股价跌近5%。该公司5月在欧洲销量同比骤降 四成，且连续第五个月下滑。 中概股方面，经历了昨日的大涨，纳斯达克中国金龙指数飘绿，其中，禾赛科技、再鼎医药等股跌幅居前。 美国总统特朗普表示，下周美方将与伊朗会谈。 特朗普表示，自己"非常确信"以色列与伊朗之间的军事冲突已经结束。以色列和伊朗之间的冲突可能再次爆发，也许很快。他不认为伊朗会重新进行核计 划。 特朗普说，美国不依赖以色列情报，空袭以来收集的情报显示基地已被摧毁。他表示，不会放弃对伊朗施压，也不会接管石油。 此外，特朗普与乌克兰总统泽连斯基在荷兰海牙举行会谈。 据了解，会晤共持续了大约50分钟。这是特朗普4月以来，与泽连斯基的首次面对面会谈。据外交人士透露，会谈内容可能涉及乌克兰拟采购的新防空系 统、对俄制裁以及国际油价上限等关键议题。 泽连斯基表示，其与特朗普进行了一次深刻且富有成果的会谈，涵盖了所有关 ...

据央视新闻报道， 当 地时间6 月25日， 美国总统特朗普表示，下周美方将与伊朗会谈。 特 朗普表示， 自己"非常确信"以色列与伊朗之间的军事冲突已经结束。 以色列和伊朗之间的冲 突可能再次爆发，也许很快。他不认为伊朗会重新进行核计划。 特朗普说，美国不依赖以色列情报，空袭以来收集的情报显示基地已被摧毁。他表示，不会放 弃对伊朗施压，也不会接管石油。 ...

Group 1 - Ukrainian President Zelensky met with US President Trump to persuade him to sell weapons to Ukraine, marking their first meeting since direct talks between Ukraine and Russia resumed [1] - The meeting lasted approximately 45 minutes and took place in The Hague, following a brief conversation in April [1] - Trump has indicated he will not renew military aid to Ukraine, which is running out this summer, and Ukraine needs specific weapons like the "Patriot" air defense system that only the US can provide [1] Group 2 - Zelensky is also seeking to convince Trump to increase sanctions against Russia, viewing this as the only way to pressure Putin into serious negotiations [2] - Despite Kremlin's refusal to make concessions, Trump has been reluctant to increase pressure on Putin [2] - Following their April meeting, Trump criticized Putin for targeting civilian areas in Ukraine, but the relationship between Trump and Zelensky appears to have improved since then [3] Group 3 - During the NATO summit, member countries approved a significant agreement to raise defense spending to 5% of GDP [3] - Trump expressed uncertainty about the outcomes of his discussions with Zelensky, indicating a lack of enthusiasm for the meeting [3] - Trump praised Zelensky as a "good man" facing many challenges, despite the overall tension in the discussions [3]

特朗普：以色列-伊朗冲突可能会再次爆发 金十数据6月25日讯，美国总统特朗普周三表示，以色列和伊朗已经疲惫不堪，但两国之间的冲突可能 会再次爆发。他表示："我和这两个国家都打过交道，他们都累了，筋疲力尽了......冲突会再次爆发吗？ 我想有一天会的。" ...

"这能够增加人民币的含金量，推动人民币国际化。"杨德龙认为，央行增持黄金也是为了应对美元信用弱 化，以及地缘政治冲突的风险。 一段时间以来，国际金价持续波动，呈现震荡调整的格局。 当地时间24日，以伊达成停火协议提振全球市场乐观情绪，美国三大股指全线收涨，国际油价大跌，国际 金价显著下跌。 据多家媒体报道，6月25日，国内品牌首饰金价再度迎来重大变化，多个品牌足金饰品价格重回每克千元 左右，有的品牌金价格甚至跌破千元。 6月25日下午，话题#金价跌至6月以来新低# 一度登上微博热搜第一位。 "这两年黄金价格大幅上涨，原因除了全球央行购金的推动以外，还有投资者对于保值资产的需求。"前海 开源基金首席经济学家杨德龙在接受风口财经记者采访时表示，中国央行连续7个月增持黄金，截至5月末 黄金储备达到约2296吨，占外汇储备比例为7%，而全球平均是15%的水平，说明央行配置黄金比例还是低 于全球水平，预计后续还会继续增持黄金。 中国人民银行6月7日公布的数据显示，5月末黄金储备为7383万盎司，较4月末的7377万盎司增加6万盎 司，这是中国人民银行连续7个月增持黄金。此前，央行曾连续18个月增持黄金，但从去年5月后一 ...

Core Viewpoint - The conversation between the presidents of Iran and Egypt highlights the ongoing regional conflicts and the importance of diplomatic efforts to achieve a comprehensive political solution [1] Group 1: Key Points from the Conversation - Iranian President Raisi emphasized that Iran has never been the aggressor in conflicts but is prepared to respond to any acts of aggression [1] - Egyptian President Sisi welcomed the ceasefire agreement between Israel and Iran, stressing the significance of reinforcing and adhering to this agreement [1] - Both leaders agreed on the necessity of promoting a comprehensive political resolution for the region [1]