Core Viewpoint - The report outlines the performance and investment strategy of the Yongying Rui Jian Progressive Mixed Securities Investment Fund for the second quarter of 2025, highlighting a focus on long-term asset value appreciation while managing risks through diversified investment strategies [1][3]. Fund Product Overview - Fund Name: Yongying Rui Jian Progressive Mixed - Fund Code: 022717 - Total Fund Shares at Period End: 140,963,027.99 shares - Investment Objective: Long-term stable appreciation of net asset value while controlling investment portfolio risks [2]. - Investment Strategies: Includes macroeconomic analysis, asset allocation, stock investment, fixed income strategies, convertible bonds, and various derivatives [2]. - Performance Benchmark: 70% CSI 800 Index, 10% Hang Seng Index (converted by valuation exchange rate), and 20% China Bond Composite Index [2]. Financial Indicators and Fund Performance - Fund A Net Value Growth Rate (Last Three Months): 13.25%, Benchmark Return: 1.46% [3]. - Fund C Net Value Growth Rate (Last Three Months): 13.08%, Benchmark Return: 1.46% [3]. - Fund A Net Value at Period End: 1.1216 CNY, Fund C Net Value at Period End: 1.1187 CNY [5]. Investment Portfolio Report - Total Value of Stocks: 146,645,935.96 CNY (83.45% of total assets) [6]. - Total Value of Bonds: 6,921,321.95 CNY (3.94% of total assets) [6]. - Value of Hong Kong Stocks via Stock Connect: 42,115,095.09 CNY (26.68% of net value) [7]. Management Report - The fund manager adheres to legal regulations and maintains a disciplined investment research and decision-making process to ensure fair treatment of different investment portfolios [4]. - No significant violations of fair trading practices were reported during the period [4]. Changes in Fund Shares - Fund A Initial Shares: 56,426,195.51, Final Shares: 52,633,871.37 [8]. - Fund C Initial Shares: 231,101,907.25, Final Shares: 88,329,156.62 [8].

Group 1 - The core viewpoint of the report is that markets outside the US present better investment opportunities due to attractive valuations and supportive fiscal spending and central bank policies [1] - Despite ongoing trade disputes, geopolitical tensions, expanding fiscal deficits, and rising interest rates, the market is approaching historical highs, indicating a recovery from recent lows [1] - Investors are reassessing the market, with expectations that risk factors will have limited impact, focusing instead on positive elements such as stable corporate earnings and increasing fiscal spending [1] Group 2 - Prudential has reduced its underweight allocation to large US stocks due to balanced upside and downside risks surrounding tariff negotiations [2] - The company maintains an underweight allocation to bonds due to increased supply needed for US fiscal policy and potential inflation threats from tariffs that could raise US interest rates [2] - Prudential has decreased its underweight allocation to growth stocks relative to value stocks, driven by renewed enthusiasm for AI investments [2] Group 3 - The company continues to favor short-duration bonds as the short end of the yield curve is constrained by Federal Reserve policies, while the long end has more upside potential [2] - Prudential maintains a high allocation to inflation-linked bonds and Asian credit [2] - The company also holds a high allocation to cash for its attractive yield and to limit duration risk, although some cash has been reallocated to equity risk [2]

Core Viewpoint - The Canadian Imperial Bank of Commerce (CIBC) anticipates that the Bank of Canada will maintain its interest rates during the upcoming policy decision on July 30, following the June inflation report and strong employment data [1] Summary by Relevant Sections Inflation and Interest Rates - The June Consumer Price Index (CPI) report suggests that the Bank of Canada is likely to keep interest rates unchanged [1] - The strong employment data further supports the expectation of a stable interest rate policy [1] Trade Relations - By the fall, Bank of Canada officials may have a clearer understanding of the impact of U.S. tariffs [1] - The White House has set an August 1 deadline for Canada to negotiate an agreement to resolve the current trade disputes [1]

贝伦贝格银行：美国和欧元区有可能陷入贸易争端的螺旋式升级 金十数据7月14日讯，贝伦贝格银行的Salomon Fiedler在一份报告中表示，美国和欧元区有可能陷入贸 易争端的螺旋式升级。他称，在这种情况下，双方可能会不断提高关税以升级局势，直至达成协议。 Fiedler指出，在特朗普周末威胁要征收30%关税后，欧元区对美出口最终可能面临更高的关税。尽管我 们仍认为10%的关税税率是最有可能的最终结果，但目前风险已明显偏向更高的税率。 ...

Group 1 - The U.S. President Trump announced a 50% tariff on all imported copper starting August 1, citing national security concerns due to copper's critical role in weapon manufacturing and high-tech products [1] - Chilean President Boric strongly opposed the tariff, emphasizing the need to protect Chile's copper industry and advocating for multilateral negotiations while exploring new markets in Asia and Europe [1] - Following the announcement, New York copper futures surged by 17%, marking the largest single-day increase since 1989, raising concerns about rising manufacturing costs in the U.S. and potential price hikes for consumer goods [3] Group 2 - On July 9, Trump announced a similar 50% tariff on Brazilian goods, prompting a strong response from Brazilian President Lula, who criticized the U.S. for its past trade surplus with Brazil [5] - Brazil is a major supplier of everyday consumer goods to the U.S., including coffee, orange juice, and beef, and the tariff could lead to significant price increases in American supermarkets, exacerbating inflationary pressures [5] - The Trump administration's immigration policies have faced backlash from California, with state officials arguing that these measures threaten employment opportunities in agriculture, technology, and services that rely on immigrant labor [6]

Group 1 - The EU is prepared to implement countermeasures against the US trade actions, with the first phase set to automatically take effect on July 14 [1][5] - The US has recently delayed the implementation of "reciprocal tariffs" from July 9 to August 1, while also announcing new tariffs ranging from 25% to 40% on multiple countries including Japan and South Korea [1][3] - The EU's trade dispute with the US focuses on specific industry tariffs, particularly in steel, automobiles, copper, and pharmaceuticals, with the EU seeking a swift resolution to protect its exports [3][5] Group 2 - The EU's response to US tariffs is driven by the potential negative impact on its exports, particularly in pharmaceuticals and automobiles, which could lead to increased prices and reduced sales in the US market [5][8] - Other countries, including Japan and South Africa, have expressed dissatisfaction with the US tariffs and are taking measures to protect their national interests [5][8] - The US tariff policies have raised concerns domestically and internationally, with analysts warning that they could lead to higher inflation and long-term economic losses that outweigh tariff revenues [8][10] Group 3 - Analysts suggest that the US's tariff actions are aimed at pressuring other countries into trade agreements, but this approach risks damaging international trade and could provoke backlash from affected nations [10][12] - The ongoing trade dispute initiated by the US is seen as a threat to global trade order, with countries striving to protect their interests amid rising tensions [12]

Group 1 - The announcement by President Trump to impose a 30% tariff on EU imports starting August 1 is seen as a significant escalation in trade tensions, with EU officials expressing strong dissatisfaction and calling for protective measures [1][2] - European leaders, including French President Macron and Spanish Prime Minister Sanchez, emphasize the need for the EU to defend its interests and prepare countermeasures if an agreement is not reached by the deadline [1][2] - The potential impact of these tariffs is highlighted by various industry leaders, indicating that they could severely affect European export businesses and lead to increased costs and job threats in both the EU and the US [2][3] Group 2 - The German automotive industry is particularly concerned about the escalating trade conflict, with significant financial losses already incurred due to existing tariffs, urging for a swift resolution [2] - Economic experts warn that the proposed tariffs could lead to broader economic conflicts between the EU and the US, with significant trade disruption expected if implemented [2][3] - The call for a strong negotiating stance from the EU is based on analyses suggesting that the negative impacts of tariffs on the US economy may outweigh those on the Eurozone [3]

美国总统特朗普12日发出两封关税威胁信函，称自8月1日起对从欧盟、墨西哥进口的商品分别征收30% 关税。 欧盟委员会主席冯德莱恩发表声明称，美国对欧盟出口产品征收30%的关税将破坏大西洋两岸的重要供 应链，损害双方的企业、消费者和患者利益。声明说，欧盟仍然准备继续努力，在8月1日前达成协议。 与此同时，将采取一切必要措施维护欧盟的利益，包括在必要时采取相称的反制措施。 墨西哥外交部和经济部在一份联合声明中表示，美加征30%关税是"不公平待遇"，已开始与美国进行谈 判，以保护边境企业和就业。墨西哥总统辛鲍姆表示，她相信能在8月1日前与美国达成协议，此外，她 补充说，墨西哥的主权不容谈判。 美再挥关税大棒 直指欧盟、墨西哥 7月12日，美国总统特朗普在社交媒体平台"真实社交"上发布致墨西哥总统辛鲍姆和欧盟委员会主席冯 德莱恩的信件，宣布自2025年8月1日起，美国将对来自墨西哥和欧盟的输美产品分别征收30%的关税。 △特朗普致欧盟委员会主席冯德莱恩的信件 近日，特朗普先后致信20多个国家领导人，称将从8月1日起对这些国家征收新关税。他还宣布，从8月1 日起对所有进口到美国的铜征收50%的关税。 欧盟：损害双方利益 ...

美国总统特朗普12日发出两封关税威胁信函，称自8月1日起对从欧盟、墨西哥进口的商品分别征收30%关税。 欧盟委员会主席冯德莱恩发表声明称，美国对欧盟出口产品征收30%的关税将破坏大西洋两岸的重要供应链，损害双方的企业、消费者和患者利益。声明说，欧盟 仍然准备继续努力，在8月1日前达成协议。与此同时，将采取一切必要措施维护欧盟的利益，包括在必要时采取相称的反制措施。 墨西哥外交部和经济部在一份联合声明中表示，美加征30%关税是"不公平待遇"，已开始与美国进行谈判，以保护边境企业和就业。墨西哥总统辛鲍姆表示，她相 信能在8月1日前与美国达成协议，此外，她补充说，墨西哥的主权不容谈判。 美再挥关税大棒 直指欧盟、墨西哥 7月12日，美国总统特朗普在社交媒体平台"真实社交"上发布致墨西哥总统辛鲍姆和欧盟委员会主席冯德莱恩的信件，宣布自2025年8月1日起，美国将对来自墨西哥 和欧盟的输美产品分别征收30%的关税。 △特朗普致欧盟委员会主席冯德莱恩的信件 特朗普宣称，墨西哥未能阻止芬太尼等进入美国，在配合美国阻止非法移民进入美国方面也做得不够；欧盟的关税和非关税贸易壁垒导致美国出现对欧巨额贸易逆 差，双方关系"远非互惠 ...

朗格认为，当前特朗普政府未表现出足够诚意，传递的更多是"权力的语言"而非"伙伴关系的语言"，欧盟 呼吁重建真正的伙伴关系，推动一个尊重多边贸易体系的全球合作格局。 美国总统特朗普当地时间8日表示，将对所有进口到美国的铜征收50%的新关税，但没有透露新关税生效 具体时间。 综合自：央视新闻 责编：李丹 校对：姚远 关税扰动。 据德国媒体7月10日报道，德国汽车制造商大众已暂停向美国市场交付一款电动车。企业发言人表示，暂 停原因之一是美方对该车型座椅宽度不满意。不过，有媒体援引内部人士的话报道称，美国政府实施的惩 罚性关税是大众暂停交付的重要原因。 自4月以来，美国对欧洲制造的进口汽车征收关税从之前的2.5%提升至27.5%。 据投资银行伯恩斯坦估 计，关税政策今年可能给德国汽车制造商造成超过110亿欧元的损失。 据此前报道，欧洲议会国际贸易委员会主席贝恩德·朗格当地时间9日在比利时布鲁塞尔举行发布会时表 示，当前欧盟与美国的贸易争端仍集中在具体行业的关税领域，特别是钢铁、汽车、铜以及可能涉及的制 药产品。 朗格表示，欧盟主要出口药品、汽车和机械设备，因此迫切需要尽快与美方达成一项协议，取得明确的最 终结果和决定 ...