一场资金大迁移正在华尔街上演！投资者抛弃传统避险之王黄金，涌入比特币。 5月29日，据彭博汇编的数据显示，过去五周内，美国比特币ETF吸引了超过90亿美元的资金流入，其中贝莱德旗下的iShares Bitcoin Trust ETF流 入的规模最大。与此形成鲜明对比的是，黄金ETF在同期遭遇了超过28亿美元的资金外流。 相比之下，尽管黄金今年迄今仍上涨逾25%，但过去数周已经明显回落，目前较历史高点3500美元低了超过200美元。 华尔街重新定义避险逻辑 据报道，分析师认为，这种轮换表明市场对比特币作为合法投资组合对冲工具的接受度日益提高。Jefferies全球股票策略师Christopher Wood表 示： "我对黄金和比特币都保持看涨态度。它们仍然是G7世界中对抗货币贬值的最佳对冲工具。" 分析指出，在贸易紧张局势缓解削弱对传统避险资产需求的同时，比特币作为另类价值储存手段的地位正在快速崛起，且恰逢美国财政稳定性担 忧升温之际。这也引发了华尔街对于黄金和比特币作为避险资产的辩论。 比特币本月早些时候触及111,980美元的历史新高，受到稳定币法案的进展等有利监管信号和宏观经济不确定性上升的推动。 也有人 ...

比特币ETF过去五周吸金90亿美元 同期黄金ETF资金流出超28亿美元 智通财经5月29日电，美国交易所交易基金(ETF)市场正在呈现分化格局：投资者从黄金转向其"数字替 代品"比特币。彭博数据显示，过去五周美国比特币ETF吸金超90亿美元，贝莱德iShares比特币ETF (IBIT)吸金最多，同期黄金ETF资金流出超过28亿美元。 ...

美股期货跌幅扩大，纳斯达克100指数期货跌1%，标普500指数期货跌0.9%，道指期货跌0.9%。 ...

5月21日，上证指数全天高位窄幅震荡；深证成指、创业板指早盘震荡上扬，随后有所回落，之后再度上扬，午后冲高回 落。科创50指数早盘探底回升，午后震荡回落。截至收盘，上证指数报3387.57点，涨0.21%，成交额4659.57亿元；深证成 指报10294.22点，涨0.44%，成交额7075.21亿元；创业板指报2065.39点，涨0.83%，成交额3160.52亿元；科创50指数报 995.49点，跌0.22%，成交额173.83亿元。沪深两市合计成交11734.78亿元，成交额较上一交易日增加37.76亿元。 重组蛋白、黄金等概念走强 *ST绿康连收6个涨停板 盘面上来看，行业板块、概念跌多涨少。其中，煤炭、贵金属、银行、电力设备、医药生物等行业涨幅靠前；重组蛋白、 黄金、噪音防治、供销社、固态电池、草甘膦等概念走势活跃。美容护理、电子、传媒、机械设备、商贸零售、通信、教 育、房地产等行业跌幅居前；PEEK材料、3D玻璃、纳米银、工业母机、存储芯片、6G、宠物经济、谷子经济等概念走势 较弱。涨停个股主要集中在医药生物、电力设备、建筑装饰、化工、房地产等行业。 沪深两市主力资金净流出229.13亿元 4个行 ...

Economic Outlook - The nominal GDP growth rate in China is projected to be 4.5% in 2025, with real GDP growth stabilizing at around 5%[129] - The external demand continues to be a major driver of growth, with foreign trade increasingly contributing to China's economic recovery[20] Trade and Tariff Implications - The U.S. tariff levels are expected to rise above 25% by 2025, surpassing the 1930 Smoot-Hawley Tariff Act levels[85] - The potential scenarios for U.S. tariff strategies include partial tariffs, comprehensive tariffs, and forming alliances against China, which could lead to significant economic restructuring[88] AI and Economic Transformation - AI is seen as a potential new "Ford Model," driving investment and productivity, but it may also lead to reduced job demand, particularly in low-skill sectors[78] - The rapid increase in private sector investment in AI indicates a shift towards enhancing operational efficiency rather than creating new industries[73] Gold and Monetary Policy - The relationship between U.S. trade policies and gold prices suggests a potential return to mercantilist principles, impacting monetary stability and inflation[100] - Historical shifts in trade policy have consistently influenced the monetary order, with the U.S. moving from a gold standard to a credit-based system[97] Long-term Strategies - Long-term responses to the challenges posed by AI, tariffs, and gold should focus on income distribution reforms to stimulate domestic demand[108] - The restructuring of production capacity is essential to address inefficiencies and improve profitability in the face of external pressures[115]

Group 1 - The core viewpoint indicates that the metal industry is expected to see steady profit growth in 2024 and the first quarter of 2025, with gold, rare earths, and copper leading the sectors, while industry valuations are low and dividend returns are improving [1] - The performance of the colored ETF and its constituent stocks, such as Zijin Mining and Shandong Gold, is positively influenced by the sentiment boost from the research report [1] - Recent US-China tariff negotiations have exceeded expectations, leading to a return to fundamentals for the colored sector, with tungsten prices rising due to quota reductions, while gold is under pressure from a decrease in safe-haven sentiment [1] Group 2 - The report from CITIC Securities suggests focusing on investment opportunities in gold, rare earths, copper, and aluminum due to favorable market conditions [1] - The analysis from Huachuang Securities highlights that the reform in the public fund industry may enhance the competitiveness of niche products, indirectly benefiting the ecosystem of thematic ETFs [1] - The performance of related stocks such as Jintian Copper and Zijin Mining is expected to be influenced by the anticipated benefits from the easing of export restrictions and rising overseas prices [1]

隔夜美股收盘分化，中概股走高。 中概股上涨 周三美股三大指数收盘涨跌不一，纳指涨0.72%，标普500指数涨0.1%，道指跌0.21%。 大型科技股多数上涨，特斯拉、英伟达涨超4%。谷歌涨超3%；英特尔跌超4%，亚马逊、苹果小幅下跌。 英伟达年内转涨。此前有报道称该公司将向沙特交付1.8万块最先进的AI芯片。 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 腾讯音乐 | 16.980 | 2.290 | 15.59% | | 多尼斯 | 18.210 | 1.510 | 9.04% | | BOSS直聘 | 18.480 | 0.810 | 4.58% | | 逸仙电商 | 5.070 | 0.220 | 4.54% | | 涂鸦智能 | 2.825 | 0.115 | 4.24% | | 叮咚买菜 | 2.470 | 0.100 | 4.22% | | 亿航智能 | 19.870 | 0.630 | 3.27% | | 佳裕达 | 0.321 | 0.010 | 3.18% | | 乐信 | 9.050 | 0.270 | 3.08% | | 陆控 | ...

关税休战了，为何今晚的美国CPI数据依然让人捏一把汗？商品价格提前透支，服务消费已现疲软，"特 朗普咆哮"即将返场…… 北京时间20:30，美国将公布4月CPI数据。尽管中美贸易休战（双方同意在未来90天内削减115%的关 税）已彻底重塑宏观格局，使得CPI数据的前后对比失去意义，但市场仍可能对即将公布的CPI数据做 出条件反射式反应——哪怕只是短暂波动，以及紧随其后的"特朗普咆哮"（特朗普常在关键数据公布后 发文评论）。 华尔街预计： 4月整体CPI月率将录得0.3%，高于上月的-0.1%；整体CPI年率将录得2.4%，与3月持平。 经济学家与政策制定者正密切关注反映可选消费变化的服务类别。花旗集团经济学家维罗妮卡·克拉克 （Veronica Clark）和安德鲁·霍伦霍斯特（Andrew Hollenhorst）指出，机票和租车等旅行相关价格连续 下跌，3月的疲软数据与4月进一步回落印证了旅行需求降温的趋势。 4月核心CPI月率将录得0.3%，高于3月的0.1%。值得注意的是，核心CPI月率的预测范围异常广阔，最 高为0.6，最低为0.0%。4月核心CPI年率将录得2.4%，也与3月持平。 多数分析认为， ...

Domestic Financial Market - The US-China Geneva trade talks resulted in a joint statement where both parties committed to taking measures to modify and cancel tariffs on each other's goods by May 14, 2025 [4] - The Ministry of Commerce announced a crackdown on the smuggling and export of strategic minerals, increasing inspection and enforcement at ports [4] Industry Dynamics - The commercialization of 5G-A networks is accelerating, leading to a golden development period for smart driving and low-altitude economy, with related stocks including ZTE Corporation (000063) and China Mobile (600941) [5] - Many humanoid robot companies are experiencing a surge in orders, with Yushutech facing a labor shortage, related stocks include Huichuan Technology (300124) and Zhongkong Technology (688777) [5] - Domestic and international demand is resonating, and the defense and military industry is expected to enter a new high prosperity cycle, with related stocks including Zhong UAV (688297) and AVIC Shenyang Aircraft Corporation (600760) [5] Company Focus - Jiutian Pharmaceutical (300705) received approval for the supplementary application of Ketorolac Tromethamine tablets, which are used for treating mild to moderate pain from various causes [6] - Aucma (600336) plans to establish a smart manufacturing factory in Indonesia with an annual production capacity of 500,000 refrigerators, with a total investment of approximately 360 million RMB [6] - Rongchang Biopharmaceutical (688331) achieved the primary research endpoint in the Phase III clinical study of Vidisicimab for the first-line treatment of HER2-expressing urothelial carcinoma [6] - Newland (000997) signed a deep cooperation agreement with Alibaba Cloud in Hangzhou to advance AI large model and public cloud cooperation projects [6] Market Review and Outlook - On May 12, the market opened slightly higher and continued to rise, with the Shanghai Composite Index reaching a rebound high of 3372 points, and all three major stock indices closing up, with the ChiNext Index rising by 2.63% [7] - The market saw a total trading volume of 1.31 trillion RMB, an increase of 116.4 billion RMB compared to the previous trading day, with sectors like aviation, shipbuilding, components, and electrical instruments leading the gains [7] - The market sentiment has improved, with nearly 20 sectors rising over 2%, while the number of stocks hitting the daily limit down has decreased to three [7]

盘面上，军工板块涨幅居前，CPO、铜缆高速连接、光伏、算力、AI应用题材活跃，PEEK材料、黄金、农业板块走弱。 全市场超3800只个股上涨。 具体来看，军工板块延续强势，中航成飞、润贝航科、航天长峰、成飞集成等10余股涨停。 军工板块涨幅居前，CPO、铜缆高速连接、光伏、算力、AI应用题材活跃，PEEK材料、黄金、农业板块走弱。全市场超 3800只个股上涨。 压缩机概念股集体爆发，磁谷科技、鑫磊股份、佳力图、联德股份等多股封板。 5月8日，A股三大指数低开后震荡上行，截至收盘，沪指涨0.28%，深证成指涨0.93%，创业板指涨1.65%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | s m/ | 3352.00 | 9.33 | 0.28% | | 399001 | 深证成指 | arm | 10197.66 | 93.53 | 0.93% | | 399006 | 创业板指 | in | 2029.45 | 32.94 | 1.65% | 净流出方面，红宝丽、华胜天成、常 ...