Group 1 - The performance of emerging market local currency bonds has reached its best first half in 16 years, driven by a decline in confidence in the US dollar, which has fallen nearly 11% this year [1] - The emerging market local currency bond index has returned over 12% in the first half of the year, outperforming hard currency bonds that rose 5.4% during the same period, marking the strongest increase since 2009 [1] - Significant capital inflows into emerging market bond funds have been observed, with over $21 billion attracted year-to-date, and a weekly inflow of $3.1 billion as of July 2 [1] Group 2 - The outlook for further interest rate cuts in developing countries enhances their attractiveness, with expectations that central banks will have more room to lower rates [4] - Latin American economies have provided some of the best returns, with Mexican local currency bonds (Mbonos) rising 22% and certain Brazilian government bonds yielding over 29% [4] - Improvements in the fundamentals of some emerging markets may lead to new issuers, such as Ghana planning to resume domestic bond issuance in the second half of 2025 [4] Group 3 - Investment preferences are shifting towards Brazil, South Africa, and Turkey, indicating a re-evaluation of exposure to the US market [7] - The process of re-learning about local currency bonds is expected to take time for investors who have not engaged with them for a while [7] - Key countries for overweight positions in emerging market local currency bonds include Colombia, the Philippines, and South Africa [7]

Group 1 - The core issue is a global sell-off of U.S. Treasury bonds, with China liquidating $80 billion and Japan's central bank selling $20.6 billion, indicating a significant loss of confidence in U.S. debt [1][6] - The U.S. national debt has reached $36 trillion, with daily increases of $5.5 billion, yet U.S. Treasury Secretary Janet Yellen downplays the situation, suggesting it is not a major problem [1][6] - The dominance of the U.S. dollar is highlighted, with 59% of global foreign exchange reserves and 40% of international trade conducted in dollars, allowing the U.S. to maintain its financial position despite high debt levels [3][5] Group 2 - The U.S. Treasury market sees daily trading volumes exceeding $600 billion, making it a safe haven during crises, despite significant sell-offs by countries like China and Japan [3][6] - The manipulation of interest rates, transitioning from LIBOR to SOFR, has placed global borrowing costs under U.S. control, further entrenching the dollar's dominance [3][5] - The U.S. is facing a looming fiscal crisis, with interest payments on national debt projected to reach $881 billion in 2024, surpassing military spending, and expected to rise to $1.8 trillion by 2035 [6][7] Group 3 - The depreciation of the dollar is seen as a strategy for the U.S. to manage its debt, with projections indicating a drop in the dollar index from 105 to 85 between 2023 and 2025, leading to significant losses for countries holding U.S. debt [5][6] - The shift towards de-dollarization is accelerating, with BRICS nations increasingly using local currencies for trade, and significant gold purchases by central banks indicating a move away from dollar reliance [7]

Group 1 - The core issue facing teachers in China is a growing psychological crisis, characterized by symptoms such as sleep disorders, anxiety, and emotional exhaustion, which has become increasingly visible on social media platforms [1][4][7] - Over 18.85 million teachers in China are experiencing this crisis, which is described as a persistent pain rather than a sudden event [1][2] - The role of teachers has expanded significantly, shifting from knowledge transmitters to multi-faceted roles including emotional regulators and risk managers, leading to increased stress and burnout [2][14][17] Group 2 - Teachers are now required to document their non-teaching activities in minute detail, making actual teaching feel like a brief respite from their extensive administrative duties [3][10] - The emotional burden on teachers has intensified, with many feeling they cannot express their vulnerabilities due to societal expectations of being stable and dedicated [6][26] - The mental health support systems in schools are often inadequate, with psychological counselors overwhelmed by administrative tasks and unable to provide meaningful support to teachers [21][23] Group 3 - The phenomenon of "high-functioning depression" among teachers is prevalent, where they appear to manage their responsibilities while internally struggling with emotional distress [8][18] - Many teachers express their feelings anonymously online, indicating a need for connection and understanding among peers [7][24] - The systemic pressures within the education sector create a culture where teachers feel compelled to suppress their emotions, leading to a disconnect between their professional roles and personal well-being [26][27]

尽管萨拉查否认相关指控，声称不记得有任何不当行为，但此事对正试图从系列腐败丑闻中脱身的桑切 斯及工社党构成沉重一击。西媒称，工社党党内已出现要求提前选举的声音。卡斯蒂利亚-拉曼恰大区 政府主席埃米利亚诺·加西亚·佩奇公开呼吁举行议会信任投票或提前大选。 最大在野党人民党也猛烈抨击桑切斯用人失察，称其反腐败和反性别歧视承诺纯属"装腔作势"。该党主 席费霍趁机表示，人民党才是解决西班牙"政治疲劳"的唯一选择，并承诺组建"不欺骗、不掠夺、为民 服务"的政府。 面对反对党攻击和批评声音，工社党5日颁布了史上最严厉的处罚措施：凡"索取、接受或获取有偿性服 务"的党员，最高可被开除党籍。桑切斯同时启动领导层改组计划，宣布44岁的律师丽贝卡·托罗将接替 塞尔丹成为党组织书记。桑切斯在党内会议上强调："若我们主张女性的身体不应被出售，就必须从自 身做起。"他还在会上为"错误信任了不值得信任的人"公开道歉，但坚称不会辞职。桑切斯称："风浪骤 起，船长不会弃船。"（线一凡） 【环球时报综合报道】西班牙首相桑切斯及其领导的工人社会党正面临执政7年来的最大政治危机。据 西班牙《国家报》、美国"政治新闻网"等媒体6日报道，接连发生的性 ...

Core Viewpoint - The gold market experienced a three-day upward trend driven by safe-haven demand and a weak dollar, but faced a pullback due to stronger-than-expected U.S. non-farm payroll data, ultimately closing the week with a slight gain [1] Group 1: Fundamental Analysis - U.S. non-farm payroll data for June showed an increase of 147,000 jobs, surpassing the expected 111,000, with the unemployment rate dropping to 4.1%. This data weakened expectations for a Federal Reserve rate cut in July, leading to a significant drop in gold prices on Thursday [2] - Uncertainty surrounding Trump's tariff policy, with a 90-day tariff suspension period ending on July 9, has supported gold as a safe-haven asset while increasing market volatility [2] - The U.S. Congress passed a tax reform bill that will increase the federal deficit by $3.4 trillion over the next decade, with total U.S. debt exceeding $37 trillion. This rising sovereign debt diminishes the dollar's attractiveness and supports a long-term upward trend for gold [2] - Easing geopolitical tensions, particularly regarding the Russia-Ukraine conflict and progress in Iran nuclear negotiations, have reduced the geopolitical risk premium, putting some pressure on gold prices [2] Group 2: Upcoming Events - Key events to watch next week include the Reserve Bank of Australia's monetary policy decision on July 8, the release of the Federal Reserve's June FOMC meeting minutes on July 9, and the weekly initial jobless claims data on July 10. These events may provide insights into monetary policy and economic outlook, impacting gold prices [3] - July 9 marks the deadline for Trump's tariffs, with ongoing negotiations with major economies like Japan and India progressing slowly. The market anticipates potential threats of increased tariffs to compel concessions from other countries, although an extension of the deadline is also likely [3] Group 3: Technical Analysis - The gold market exhibited a fluctuating upward trend this week, closing with a bullish candlestick, aligning with the expectation of a near-term bottom and subsequent rebound [4] - The current market is in a corrective phase following a rise from a low of 3347 to a high of 3365, indicating a second wave adjustment within a larger upward structure. The focus will be on the progress of this correction, with anticipation for a subsequent third wave upward movement [5][7] - After the completion of the second wave rebound, attention will shift to potential opportunities in the third wave downward movement, which is a key focus for upcoming trading strategies [8]

近期，安克创新（SZ300866，股价115.15元，市值612.1亿元）、罗马仕等知名品牌先后宣布召回共计 超百万个充电宝，多家知名品牌3C认证被暂停，民航局也发布紧急通知，禁止旅客携带无3C认证标识 及被召回型号的充电宝乘坐境内航班。这场由充电宝召回引发的行业安全风暴引发了社会广泛关注。 目前相关事件有了最新进展，罗马仕7月6日凌晨宣布自7月7日起停工停产6个月。据央视新闻报道，记 者从罗马仕了解到，截至7月3日上午10点，公司共处理各渠道咨询约572.6万次，确认符合召回条件的 产品330807件，已收到退货或无害化处理产品79891件，占召回总量的16.2%。 问题电芯引发危机 该事件的根源在于问题电芯。 召回方案长期有效 据智通财经报道，记者从罗马仕员工处获悉，7月6日凌晨1点多，罗马仕正式发布停工停产放假通知。 通知称，随着市场环境的不断变化和公司业务的发展需要，经公司股东会研究决定，近段时间公司停工 停产。停工时间为自2025年7月7日起持续6个月。除召回相关员工外，其余员工停工停产。这期间，员 工停工停产首月公司将按照约定的标准正常支付员工工资，次月起将依据当地最低工资标准的百分之八 十支付劳 ...

以下文章来源于凤凰网财经 ，作者风暴眼 凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢 迎访问：http://finance.ifeng.com/ 输血游戏终究难以为继。 作者： 风暴眼 来源：凤凰网财经 英皇国际股价当日一度暴跌超 15% ，尽管尾盘跌幅收窄至 11.76% ，但市值已缩水至仅 11.58 亿港元，这一数字甚至不足其债务总额的零头。 更具连锁效应的是英皇系个股的集体重挫。 截至港股收盘，英皇钟表珠宝跌 8.33% ，英皇娱乐酒店跌 5.26% ，英皇资本暴跌 18.18% ，英皇文化产业，跌幅亦达 14.89% ，整个资本版图在市场的寒意中震荡不已。 这里插播一条课程资讯： 报名 黑马 「消费重构精选课」， 国内首场，汇聚中日消费领域顶尖实战派导师 ， 用 3天时 间沉浸式拆解中日消费巨头方法论。 我们邀请到了日本企业家 三浦展本人、 萨莉亚前社长、明治食品"爆款教父" ，现场面授 日 本30年周期经验到中国本土化路径 ， 教你效率革命、需求重构、资本破局。 扫码咨询报名 （翻到底部了解详情） 01 6 月 30 日，一则核数师"非 ...

以下文章来源于远川科技评论 ，作者徐珊珊 （ID：kechuangych） 今年6月，铃木汽车突然宣布，受限于稀土出口管制，零部件采购出现延误，经典紧凑型 轿车铃木雨燕（Swift）被迫停产。 无独有偶，欧洲汽车零部件供应商也在同时期关闭生产线，美国企业同样如临大敌，福 特探险者车型生产紧急按下暂停键。 远川科技评论 . 刻画这个时代（的前沿科技） 不是一场资源战。 作者 | 徐珊珊 作者 | 李墨天 来源 | 远川科技评论 按照大摩的测算，中国企业控制全球65%的重稀土开采、88%的精炼，超过90%的钕 铁 硼 永 磁 体 供 应 。 这 也 是 为 什 么 CNN 将 稀 土 引 发 的 供 应 危 机 称 为 " 升 级 版 的 芯 片 短 缺"[1]。 2010年日本巡逻船钓鱼岛冲撞中国渔船事件发生后，中国对日稀土出口配额骤降，主要 稀土氧化物价格涨幅超过5倍，镝铽铕三种金属涨幅同比达到15-20倍[4]，欧美国家一 时草木皆兵。 从2011年开始，美日等国就以摆脱依赖为目的开启了一系列替代计划。当时普遍预计， 防止稀土危机再次到来普遍需要10年左右。 15年过去，稀土危机再次上演，按照美国能源部的测 ...

以下文章来源于远川科技评论 ，作者徐珊珊 远川科技评论 . 刻画这个时代（的前沿科技） 今年6月，铃木汽车突然宣布，受限于稀土出口管制，零部件采购出现延误，经典紧凑型轿车铃木雨燕 （Swift）被迫停产。 无独有偶，欧洲汽车零部件供应商也在同时期关闭生产线，美国企业同样如临大敌，福特探险者车型生产 紧急按下暂停键。 在电动车中，从车灯、雨刮器、摄像头，到安全带、音响，凡是需要微电机和传感器的部件，稀土几乎不 可或缺。尤其主驱动电机，其性能与稀土永磁材料息息相关。 即便在旧能源汽车中，电动助力转向（EPS）也离不开稀土。 按照大摩的测算，中国企业控制全球65%的重稀土开采、88%的精炼，超过90%的钕铁硼永磁体供应。这也 是为什么CNN将稀土引发的供应危机称为"升级版的芯片短缺"[1]。 2010年日本巡逻船钓鱼岛冲撞中国渔船事件发生后，中国对日稀土出口配额骤降，主要稀土氧化物价格涨 幅超过5倍，镝铽铕三种金属涨幅同比达到15-20倍[4]，欧美国家一时草木皆兵。 从2011年开始，美日等国就以摆脱依赖为目的开启了一系列替代计划。当时普遍预计，防止稀土危机再次 到来普遍需要10年左右。 15年过去，稀土危机再次 ...

"大漂亮法案"：一场豪赌与全球经济的共振？ | | 众议院筹款委员会未来十年赤字(十亿美元) | | | --- | --- | --- | | 合计 | 3754 | | | 一、延长及扩大TCJA个人 | 3899 | 三、新增减税 | | 延长和扩大个人所得税的减免 | 2177 | 2028年前免除小费税 | | 延长对收入低于100万美元纳税人废除替代最低税 | 1304 | 2028年前免除加班税 | | (AMT) | | | | 延长并扩大标准扣除额的提高 | 1308 | 2028年前老年纳税人增加税收抵扣 | | 延长和扩大儿童税收抵扣 | 797 | 2028年前免除车资利息 | | 延长和扩大第199A条转嫁税收减免 | 820 | 扩大健康储蓄账户 | | 延长并扩大遗产税减免 | 212 | 设立特朗普账户 | | 废除个人和受抚养人免税额 | -1870 | 奖学金税收抵免 | | 将分项扣除额的限额设定为35%的税率 | -41 | 非逐项扣除的慈善捐赠扣除 | | 1万美元SALT扣除上限增至每个家庭4万美元(50万 美元的收入上限) | -787 | 其他个人减税 | | ...