Core Viewpoint - The A-share market is experiencing a significant emotional downturn, indicating a period of consolidation and reshuffling in the market [1] Market Performance - Despite a total trading volume of 1.03 trillion yuan, an increase of 9.8 billion yuan from the previous trading day, all three major indices closed in the red, marking five consecutive days of decline [2] - Popular sectors such as gold jewelry, optical modules, food and beverage, nuclear power, autonomous driving, and energy saw gains, while sectors like batteries, robotics, and innovative pharmaceuticals showed significant divergence, dragging down the overall market [2][4] Gold Jewelry Sector - The gold jewelry sector performed strongly, with notable stocks like Caibai Co. hitting the daily limit, and others like Zhou Dasheng and Lao Fengxiang seeing gains of over 9% [6] - The geopolitical uncertainties, particularly regarding tariffs proposed by Trump, have heightened market risk aversion, increasing the attractiveness of gold as a traditional safe-haven asset [6][7] - Although international gold prices have slightly retreated, they remain above $3,300 per ounce, indicating strong annual performance [6] Nuclear Power Sector - The nuclear power sector continued to rise, with stocks like Tianli Composite and Jiusheng Electric seeing gains of over 18% and 13%, respectively [8] - Analysts predict that Trump's new policies will further strengthen the narrative for global nuclear power development, benefiting the demand for natural uranium, which is expected to see price increases [8] Autonomous Driving Sector - The autonomous driving sector attracted significant attention, with stocks like Yuhua Tian and Bosch Co. both hitting the daily limit [9] - Recent developments in the autonomous driving market, including strategic expansions into the Middle East by companies like Pony.ai and WeRide, have garnered market interest [12][17] - The cost of Robotaxi services is rapidly approaching that of traditional taxis, with projections indicating further cost reductions in the coming years [19] Future Market Potential - The global market for Robotaxi services is expected to exceed $2 trillion by 2030, with China's market projected to grow from $54 million in 2025 to $47 billion by 2035, representing a 757-fold increase [22] - As policies and regulations evolve, the industry is anticipated to reach a breakeven point, with autonomous driving concepts gaining traction in the capital markets [23]

Core Viewpoint - The report from CITIC Securities indicates a divergence in the performance of various indices in the energy and materials sectors since early 2025, with expectations of complex commodity price trends in the second half of 2025 due to anticipated fluctuations in U.S. tariff policies [1] Group 1: Investment Strategy - Focus on "hedging" and "supply disruptions" as the main investment themes, suggesting a sequential allocation in the following order: gold, strategic metals, steel, industrial metals, coal, and oil [1] - Gold remains the preferred investment direction, with attention on companies' production growth and cost optimization prospects [1] - The strategic metals sector should focus on rare earths, tungsten, antimony, and cobalt [1] - The steel sector presents a good opportunity for allocation due to its valuation advantages and profit redistribution expectations [1] - It is recommended to accumulate positions in industrial metals, coal, and crude oil during price dips [1]

Core Viewpoint - The article discusses the ongoing challenges in the IPO market, particularly for venture capital exits, and highlights the unexpected rise of micro-cap stocks in the Nasdaq amidst a generally pessimistic market environment [4][6]. Group 1: IPO Market Challenges - Pitchbook's report indicates that the venture capital exit difficulties will persist until at least the first half of 2026, with a lack of suitable IPO windows [4]. - Companies like Klarna and Stubhub have postponed their IPO plans, reflecting the ongoing exit challenges faced by investors [4]. - Affirm, a competitor to Klarna, has seen its stock price drop over 40%, while Stubhub's competitor Vivid Seat's stock has fallen over 70% since its IPO in 2021 [5]. Group 2: Rise of Micro-Cap Stocks - Despite the overall market downturn, micro-cap stocks have experienced a boom, contributing significantly to Nasdaq's IPO activity [6][9]. - Micro-cap stocks are defined as those raising less than $50 million, with Nasdaq completing 75 IPOs by early May, half of which were micro-cap stocks [9]. - The average fundraising size for these micro-cap stocks was $9 million, with over 50 companies from mainland China and Hong Kong participating [9]. Group 3: Notable Performers - Diginex, a blockchain company from Hong Kong, saw its stock price rise over 1300% since its January listing, while EPWK, a crowdsourcing platform, experienced a peak increase of 470% [10]. - Companies like Diginex and EPWK have attracted significant attention, leading to increased investor interest in micro-cap stocks as a means to achieve high returns [13]. Group 4: Market Dynamics and Regulations - The Nasdaq is tightening regulations for companies with stock prices below $1, which could increase the survival difficulty for many micro-cap stocks [16][17]. - New rules require non-profitable companies to raise at least $15 million for IPOs, while profitable companies have a lower threshold of $5 million [17]. - The tightening of regulations indicates a shift towards favoring more established companies, which may further challenge smaller firms in the market [17]. Group 5: Investor Behavior and Sentiment - The rise of micro-cap stocks is partly driven by a wealth effect, as investors seek opportunities to replicate the success of high-performing stocks like Diginex [13]. - The involvement of notable figures, such as members of the Trump family in micro-cap trading, highlights the growing interest and speculative nature of this market segment [13][14]. - The article suggests that the current micro-cap frenzy may not yield long-term winners, as the underlying motivations are often tied to risk aversion and market uncertainty [18].

受美国政府债务负担日益加重和财政前景堪忧的影响，投资者寻求避险，本交易日黄金价格一度触及近两周高点。但目前 转跌等待进一步线索。从基本面看，市场对俄乌冲突可能停火的乐观情绪减弱、美中贸易紧张局势持续、以及对美国财政 状况的担忧仍是本周主导市场的核心因素，这些压力令美元维持弱势，从而支撑了金价的升势。 今日黄金实盘操作回顾！ 早盘第一单：行情最高反抽至3346一线，兴言给到的点位是3340下行直接追空，最终是止盈在3325一线！ 午后第二单：也就是欧盘的突破单，通知学员们在3319做空，止盈在3305一线！后面吃饭时候行情最低是跌到了3284一 线！ 对于今晚黄金走势的看法！ 今天从小时图上看，黄金前期行情快速突破3346区域阻力后又快速回落，整体的波幅空间暂时维持两个区间，其一是3350- 3320高位和3320-3280低位，而白盘测试上方3350区域之后回撤，这是一个较强力的见顶信号！预示着对前期的阶段升幅进 行一个修正回调，但整体还是维持一个宽幅震荡格局！ 而从短期趋势上看，今天晚间黄金慢跌回撤被一根阳线逆转，空头力量来势凶猛，但多头反抽的力量也不弱，晚间可能向 上重新测试第一阻力3320附近，在当前尚 ...

周四(5月22日)，美元指数在99.56喘息，黄金升至3324美元，中东避险买盘加剧，以色列称，如果美伊谈判破裂，将迅速打击伊朗核设施。比特币飙升破 新高站上11万美元，美国得克萨斯州众议院正式通过战略比特币储备法案SB21。 以色列威胁袭击伊朗核设施中部地区响起警报 Axios援引两名以色列消息人士的话称，如果美国与伊朗就伊朗核计划进行的谈判破裂，以色列准备迅速对伊朗发动打击。 一位消息人士称："以色列进行了大量的训练，美军看到了一切，也知道以色列正在做准备。" 以色列军方称，已发现一枚从也门向以色列发射的导弹，防空系统正在对其进行拦截，弹道导弹袭击导致以色列中部大片地区拉响警报。 得州通过比特币战略储备法案特朗普加密计划如愿 据Watcher.Guru最新消息，得克萨斯州众议院正式通过战略比特币储备法案SB21。这对加密货币行业来说具有里程碑意义。事实上，如果该州州长格雷格 ·阿博特签署SB 21法案，美国将正式建立比特币储备。 一位消息人士用以色列总理本雅明内塔尼亚胡的昵称表示："以色列总统内塔尼亚胡正在等待核谈判破裂，而特朗普此刻会对谈判感到失望，并愿意给予 他批准。" 据消息人士透露，以色列情报部门 ...

Core Viewpoint - The U.S. bond market is experiencing significant turmoil, driven by concerns over rising debt levels and proposed tax cuts by the Trump administration, leading to a sharp increase in bond yields and a lack of investor interest in bond auctions [1][3]. Bond Market Summary - The 20-year U.S. Treasury bond auction faced extremely low demand, with interest rates soaring above 5%, marking the coldest auction in five years [3]. - The 30-year Treasury yield reached 5.1%, nearing a 20-year high, while the 10-year yield climbed to 4.595%, indicating that borrowing costs are increasing for both the government and consumers [3]. Stock Market Summary - The stock market reacted negatively, with the Dow Jones Industrial Average dropping 817 points, while the S&P 500 and Nasdaq fell by 1.4% and 1.6% respectively, reflecting investor concerns over fiscal policies [5]. - As the stock market declined, investors shifted towards gold and Bitcoin as safe-haven assets, indicating a flight to safety amid rising uncertainty [5]. Investor Sentiment Summary - Market participants are skeptical about the government's ability to genuinely reduce the deficit, as highlighted by comments from industry experts [5]. - The current state of the bond market is likened to a stressed individual facing financial pressures, exacerbated by proposed tax cuts without clear funding sources [5].

Group 1 - Global uncertainty has risen since May 16, leading to increased risk aversion and a rebound in gold prices due to concerns over tariffs, U.S. credit rating downgrades, and geopolitical tensions [1] - On May 16, President Trump indicated potential unilateral tariff increases on trade partners, raising market concerns about trade uncertainties [1] - Moody's downgraded the U.S. sovereign credit rating from Aaa to Aa1 on May 16, citing large fiscal deficits and increasing government debt burdens, which contributed to a decline in the U.S. dollar index [1] - Reports of potential Israeli strikes on Iranian nuclear facilities have heightened geopolitical tensions, causing gold prices to surge past $3,300 per ounce and oil prices to rise by 3.5% [1] Group 2 - The trend of "de-dollarization" globally suggests that gold may become a new pricing anchor, as the dollar's credit system faces challenges from currency overproduction and fiscal deficits [2] - The demand for gold as a safe asset is increasing due to frequent global geopolitical turmoil, prompting diversification of asset reserves [2] - The gold ETF (code: 518800) tracks the spot price of high-purity gold (99.99%) and is suitable for investors seeking asset preservation and inflation hedging [2]

周三（5月21日）亚盘时段，现货黄金守住隔夜涨幅并刷新短期高点，盘中最高触及3315美元附近后维持强势，目前交投于3310美元附近。黄金价格周二上 涨逾 1%，收报3289.54美元/盎司，因美国关税政策的不确定性导致美元进一步走弱且美股下跌，而且俄罗斯和乌克兰的冲突并未缓和，仍吸引避险买盘支 撑金价。 基本面： 美元指数的持续疲软为黄金上涨提供了另一大助力。周二美元下跌0.35%，触及100关口，周三亚市早盘更是一度跌破99.96，创5月8日以来新低。美联储内 部对通胀的分歧加剧了市场的不确定性。亚特兰大联储主席博斯蒂克直言，关税政策的滞后效应可能推高物价，但通胀是"昙花一现"还是"长期顽疾"仍需观 察。圣路易斯联储主席穆萨莱姆则警告，若低估关税对通胀的影响，可能酿成更严重的危机。这种政策迷雾使得美联储降息预期升温，美元吸引力下降，而 黄金的"抗通胀"属性被进一步放大。 此外，本周以来，全球地缘政治局势骤然升温，成为推动黄金价格飙升的核心动力。中东局势的恶化尤其引人注目——以色列被曝正密谋袭击伊朗核设施， 这一消息瞬间点燃市场避险情绪。美国情报显示，以色列已调动航空弹药并完成空中演习，尽管最终行动尚未敲定， ...

【基本面】 美联储内部对通胀的分歧加剧了市场的不确定性。亚特兰大联储主席博斯蒂克认为关税政策的滞后效应可能推高物价，圣路易斯联储主席穆萨莱姆则警告低 估关税影响可能酿成更严重的危机。这种政策迷雾使得美联储降息预期升温，美元吸引力下降，而黄金的"抗通胀"属性被进一步放大。 综合来看，黄金当前正处于地缘政治风险、美元走弱和技术面突破的三重利好之中。中东局势若进一步恶化，可能成为金价突破历史高点的导火索；美联储 政策转向的预期则可能在中长期继续为金价提供支撑。对于投资者而言，黄金不仅是避险工具，更是对抗通胀和政策不确定性的战略资产。在当前复杂多变 的"乱世"中，黄金的璀璨光芒或许才刚刚开始闪耀。投资者应密切关注市场动态，把握黄金投资的机会。 本交易日经济数据相对较少，投资者主要留意美国税改法案相关消息，关注地缘局势相关消息，留意美联储官员讲话和国际贸易局势变化。在全球经济和金 融市场充满不确定性的当下，黄金投资的重要性不言而喻，合理配置黄金资产有望在动荡中实现资产的保值增值。 【技术面】 【黄金】 行情回顾： 首先我们先对昨日周二黄金市场做整体的梳理，在昨日市场中黄金价格呈现出上涨的状态。从细节上看，早盘期间价格短 ...

黄金重回3300美元！避险提振再度助攻多头？订单流又给出什么进场信号？阿汤哥正在实时分析，点击 观看 相关链接 实时黄金订单流分析 ...