Group 1 - The core viewpoint of the article is that the Trump administration aims to use stablecoins as a tool to enhance the strength of the US dollar and create demand for US Treasury bonds, while opposing central bank digital currencies (CBDCs) that may challenge the dollar's dominance [1][2][5] Group 2 - On July 18, President Trump signed the "Genius Act," marking the implementation phase of US stablecoin regulatory legislation [1][2] - Trump stated that the signing of the act would clear obstacles for the issuance and circulation of stablecoins, which are digital currencies pegged to stable assets like the dollar, thereby enhancing market trust and promoting industry growth [2] - The dollar index has dropped over 10% this year, from a high of 110 to around 98, prompting Trump to emphasize the importance of maintaining the dollar's status [2][5] Group 3 - The Trump administration's strategy is to leverage privately issued stablecoins to strengthen, rather than replace, the dollar [5] - Trump asserted that if the dollar loses its reserve currency status, it would be akin to the US losing a war [5] - The "Genius Act" is expected to create demand for US Treasury bonds as issuers of stablecoins must hold corresponding dollar assets as reserves [5]

Core Viewpoint - President Trump stated that the stablecoin legislation represents a "massive" validation for cryptocurrencies, emphasizing that cryptocurrencies are beneficial for the dollar and the nation [1] Group 1: Stablecoins and Financial Technology - Stablecoins are described as a "revolution" in the fintech sector, indicating their potential to transform financial transactions [1] - The process of transferring money is noted to be costly and time-consuming, highlighting the inefficiencies in traditional financial systems [1] Group 2: Economic Implications - There is a strong stance against the decline of the dollar, suggesting that the government will not tolerate any depreciation of the currency [1]

美国总统特朗普：加密货币涨幅超过任何股票。加密货币让美元看起来很好。加密货币对美元和国家都 有好处。 ...

白宫发言人：（就路透社关于英国央行测试银行应对美元冲击的报道）自选举以来的数万亿美元投资承 诺再次坚定地表明了对美元的信心。 ...

Core Viewpoint - Gold prices declined as market tensions eased following President Trump's statement that it is "extremely unlikely" he would remove Federal Reserve Chairman Powell, leading to a strengthening of the dollar [1] Group 1: Market Reactions - Gold prices fell to around $3330 per ounce due to the recovery of the dollar and reduced uncertainty regarding the Fed Chair position [1] - The Producer Price Index (PPI) for June unexpectedly remained flat, indicating stable wholesale prices, which contributed to the downward pressure on gold [1] Group 2: Economic Indicators - The flat PPI reading suggests that the impact of tariffs on the economy may be less severe than initially feared, as rising costs from tariffs were offset by weak service demand [1]

Core Viewpoint - The report highlights the performance and investment strategy of the Yongying CSI Hong Kong Gold Industry Stock ETF for the second quarter of 2025, emphasizing its adherence to index tracking and the potential for growth in gold and gold stocks due to macroeconomic factors [1][11]. Fund Overview - Fund Name: Yongying CSI Hong Kong Gold Industry Stock ETF - Fund Manager: Yongying Fund Management Co., Ltd. - Fund Custodian: Agricultural Bank of China Co., Ltd. - Total Fund Shares at Period End: 3,217,404,000 shares [3][6]. Financial Performance - The fund's net asset value (NAV) per share at the end of the reporting period was 1.4763 RMB, with a net value growth rate of 11.93% during the period [12]. - The benchmark performance for the same period was 11.04%, indicating a strong performance relative to the benchmark [12]. Investment Strategy - The fund primarily employs a full replication method to invest, aiming to minimize tracking error to within 2% annually and maintain an average daily tracking deviation of no more than 0.2% [3][12]. - The fund's investment strategy includes stock investment, index futures, and other financial instruments, focusing on gold-related equities [3][12]. Market Context - The CSI Hong Kong Gold Industry Index rose by 11.04% during the quarter, while domestic gold prices (AU9999) increased by 4.60% and London gold prices by 5.74%, indicating a significant amplification effect of gold stocks relative to gold prices [10][11]. - The report anticipates further upward potential for gold and gold stocks, driven by macroeconomic conditions such as expected interest rate cuts and inflation resilience in the U.S. economy [11]. Portfolio Composition - As of the end of the reporting period, the fund's total assets were primarily allocated to stocks, with a significant portion (99.36%) invested in equities, particularly in the mining sector [13]. - The mining industry accounted for 52.95% of the fund's net asset value, reflecting a strong focus on gold mining companies [13]. Management and Compliance - The fund management adheres to strict compliance with relevant laws and regulations, ensuring fair treatment of all investment portfolios and preventing conflicts of interest [9][10]. - The fund manager has not utilized proprietary funds for investment in this fund during the reporting period [16].

美联储威廉姆斯：目前尚未看到美元出现根本性转变。 ...

Group 1 - The international gold price increased due to the decline in the US dollar and US Treasury yields, as investors digested last month's consumer price increase data and awaited further clarity on President Trump's trade policies [1] - The US dollar index fell from a one-month high, making gold more attractive to holders of other currencies, while rising US inflation strengthened expectations that the Federal Reserve would maintain current interest rates for a longer period [1] - The probability of a rate cut in September dropped from nearly 60% before the data release to about 52% [1] Group 2 - The gold market showed signs of weakness, with the first resistance level at 3343-45, but the lowest point reached was only 3333, indicating limited downward momentum [3] - The current trend remains unchanged, with a short bearish outlook retained, but upcoming data releases may lead to fluctuations in gold prices [3] - The hourly moving averages have flattened, indicating a stalemate in short-term bullish and bearish trends, with key resistance levels at 3343 and 3355 [3][5]

投资咨询业务资格：证监许可【2012】669号 中信期货研究|贵⾦属策略⽇报 2025-7-16 通胀符合预期，贵⾦属短线延续震荡 美国6⽉CPI数据同环⽐皆有回升，但幅度符合预期，基数效应较低、能源 价格阶段性回升以及关税传导的部分体现共同推升通胀，数据公布后降息 预期变动不⼤，美元及美债收益率短线⾛⾼，对贵⾦属价格形成⼀定压 制。短期⻩⾦预计维持区间震荡，中⻓期看多观点不变。⽩银在40美元关 ⼝受阻后，短线震荡回落。中期维持对⽩银趋势看多，弹性谨慎的观点。 重点资讯： 1）美国6月未季调CPI同比升2.7%，为2月以来新高，预期升2. 7%，前值升2.4%；季调后CPI环比升0.3%，预期升0.3%，前值升0. 1%。未季调核心CPI同比升2.9%，预期升3.0%，前值升2.8%；季调后 核心CPI环比升0.2%，预期升0.3%，前值升0.1%。 2）美国7月纽约联储制造业指数5.5，预期-9，前值-16。其中，制造 业就业指数9.2，前值增4.7；制造业新订单指数2.0，前值-14.2； 制造业物价获得指数25.7，前值26.6。 3）美国财政部长贝森特建议，美联储主席鲍威尔在2026年5月卸任时 同时 ...

金融博客零对冲：美元空头开始投降。 ...