Core Insights - The global economic uncertainty has led to a renewed interest in gold, with global gold ETF holdings expected to increase by 17% in the first half of 2025, reaching the highest level in nearly five years [1] - Analysts believe that despite short-term price fluctuations due to Federal Reserve policy adjustments, gold is still in a bull market cycle, with prices projected to exceed $2,000 per ounce by the end of 2025 [3] - Gold is seen as an effective hedge against inflation, especially as the U.S. CPI year-on-year growth rate reached 3.8% in the first quarter of 2025, higher than expected [5] Institutional Investor Behavior - Central banks have purchased nearly 300 tons of gold in the first five months of 2025, representing a growth of over 20% compared to the same period last year, indicating strong confidence in gold as a reserve asset [6] - High-net-worth individuals and family offices are increasing their investments in physical gold to diversify risks and protect asset values from currency depreciation [6] Technical Analysis and Future Outlook - The geopolitical risks, particularly the tensions in the Middle East and the ongoing Ukraine conflict, have heightened market risk aversion, typically resulting in a 5% increase in gold prices during such events [5] - Gold's unique appeal is highlighted as a stable source of returns for investors navigating the current complex market environment [3]

智通财经APP获悉，由于美元走弱和地缘政治不确定性，黄金和原油延续涨势。金价周一飙升2.8%，接近每盎司3390 美元。布伦特原油价格周一上涨2.9%，目前接近每桶65美元，WTI原油价格在每桶63美元左右。 受美元走弱和地缘政治不确定性影响，油价延续涨势 避险情绪支撑黄金走高 金价在创下四周最大单日涨幅后小幅走高。金价周一飙升2.8%，接近每盎司3390美元。中国指责美国违反了两国最近 达成的贸易协议，并誓言将采取措施捍卫自己的利益。与此同时，欧盟再次发出警告，如果美国总统特朗普兑现其关 税威胁，欧盟将采取反制措施。 最新的贸易谈判进展打击了人们对美国与两大贸易伙伴达成协议的乐观预期。美元跌至2023年以来的最低水平，反映 出人们对特朗普政策及其对经济影响的担忧日益加剧。华尔街银行强化了对美元将进一步下跌的预期。 这些因素凸显了黄金的避险吸引力。自4月金价触及每盎司3500美元上方的纪录高位以来，这种吸引力已有所减弱。尽 管如此，黄金今年迄今仍上涨逾四分之一，高盛集团上周表示，黄金将继续作为长期投资组合中的通胀对冲工具，与 石油一样。 截至发稿，现货黄金上涨0.2%，至每盎司3389.61美元。彭博美元现货 ...

Market Overview - US stock index futures are all down, with Dow futures down 0.33%, S&P 500 futures down 0.50%, and Nasdaq futures down 0.62% [1] - European indices show mixed results, with Germany's DAX down 0.47%, UK's FTSE 100 up 0.01%, France's CAC40 down 0.54%, and the Euro Stoxx 50 down 0.60% [2][3] - WTI crude oil prices increased by 4.24% to $63.37 per barrel, while Brent crude rose by 3.82% to $65.18 per barrel [4] Trade Policy Developments - President Trump plans to double tariffs on steel and aluminum imports from 25% to 50%, aiming to protect American workers, with new rates expected to take effect on June 4 [5] - The EU has warned that increased tariffs could jeopardize trade negotiations and lead to retaliatory tariffs on US goods [5] - Goldman Sachs indicates that the doubling of tariffs may impact the copper market, with potential increases in copper prices by $1,235 and $3,605 per ton depending on the tariff rates [5] Commodity Market Reactions - The escalation of the Russia-Ukraine conflict has led to a surge in oil prices, with both Brent and WTI experiencing significant increases [6] - Gold prices have also risen, as it continues to serve as a hedge against inflation [6] Company-Specific News - Steel and aluminum stocks are performing strongly in pre-market trading due to the anticipated tariff increases, with Cleveland-Cliffs (CLF.US) up over 27% and Nucor (NUE.US) up over 10% [7] - Meta Platforms (META.US) aims to fully automate ad creation using AI by the end of next year, with advertising expected to account for over 97% of its revenue in 2024 [8] - Apple (AAPL.US) plans to appeal against EU regulations requiring it to share user data with competitors, arguing that it threatens its intellectual property and user privacy [9] - Sanofi (SNY.US) is set to acquire Blueprint Medicines (BPMC.US) for $9.1 billion, enhancing its treatment pipeline in rare immune diseases [10] - Tesla (TSLA.US) has no immediate plans to establish a manufacturing facility in India, despite the country's new electric vehicle policies [10]

Group 1 - The global trade situation has escalated due to the Trump administration's steel tariffs, with the tariff on imported steel increasing from 25% to 50% [1] - Geopolitical risks have surged due to the ongoing Russia-Ukraine conflict, impacting market confidence and leading to a collective preference for safe-haven assets [1] - U.S. stock index futures and Asian markets have shown weakness, with the Nasdaq 100 futures down by 0.4% [2][3] Group 2 - Brent and WTI crude oil prices have risen over 2% due to the escalation of the Russia-Ukraine conflict, despite OPEC+ agreeing to increase production by 411,000 barrels per day [4] - Gold prices have increased by 0.7% to $3,313.52 per ounce, indicating a recovery in the precious metals sector amid geopolitical tensions [9] - The U.S. Treasury market faced its first monthly decline of the year in May, with the 30-year Treasury yield rising for the third consecutive month, reflecting concerns over tariff uncertainties and rising government debt levels [13]

Group 1 - Chinese concept stocks surged, with the Nasdaq China Golden Dragon Index rising by 1.56% [5] - Major tech stocks mostly increased, with Nvidia rising over 4%, surpassing Microsoft to reclaim the title of the world's most valuable company [2][3] - Nvidia reported a 69% year-over-year revenue growth for Q1, reaching $44.1 billion, exceeding market expectations [3][4] Group 2 - Nvidia's Q2 revenue guidance is projected at $45 billion, with a potential fluctuation of 2%, considering the impact of H20 export restrictions [4] - The U.S. economy showed a slight contraction in Q1, with a revised annualized GDP decline of 0.2% [4] - The U.S. International Trade Court ruled to suspend the Trump administration's tariff policy, stating that the President lacks the authority to impose comprehensive tariffs on trade partners [4] Group 3 - Popular Chinese stocks saw significant gains, with Dingdong Maicai up over 9% and Futu Holdings up over 7% [5] - A-shares and Hong Kong stocks experienced a broad rally, with major indices rising over 1% [5] - Citic Securities' chief A-share strategist predicts a bull market for Chinese equity assets over the next year, with a shift towards core assets [5] Group 4 - Goldman Sachs recently advised long-term investors to reconsider the role of gold and oil in their portfolios, suggesting an overweight in gold and an underweight in oil over the next five years [6]

中概股大涨。 当地时间5月29日，美股三大股指集体高开，截至发稿，道指上涨0.14%，标普500指数上涨0.34%，纳指上涨0.50%。 美国国际贸易法院28日的裁决认为，总统无权对几乎所有贸易伙伴征收全面关税。美国国会将"不受限制的关税权力"授予总统是违反宪法的。国会在《国际紧急经 济权力法》中设定了权限，限制总统何时以及如何征收关税。 | 道琼斯指数 | 42156.48 | +0.14% | | --- | --- | --- | | .DJI | | | | 标普500指数 | 5908.73 | +0.34% | | .SPX | | | | 纳斯达克综合指数 | 19197.05 | +0.50% | | .IXIC | | | | 纳斯达克中国金龙指数 | 7235.28 | +1.56% | | .HXC | | | 大型科技股多数上涨，截至发稿，英伟达涨超4%，总市值超过微软，重新登上全球市值第一宝座；亚马逊、特斯拉涨超1%，微软、苹果、Meta小幅上涨。此外， 谷歌A小幅下跌。 | 取消排序 | 最新, | 总市值↓ | 涨幅 | | --- | --- | --- | --- | | u ...

Market Overview - US stock index futures rose before the market opened, with Dow futures up 0.39%, S&P 500 futures up 0.88%, and Nasdaq futures up 1.34% [1] - European indices also showed positive movement, with Germany's DAX up 0.13%, UK's FTSE 100 up 0.05%, France's CAC40 up 0.63%, and the Euro Stoxx 50 up 0.50% [2][3] Commodity Prices - WTI crude oil increased by 0.40% to $62.09 per barrel, while Brent crude oil rose by 0.26% to $64.49 per barrel [3][4] Corporate News - Nvidia (NVDA.US) reported Q1 revenue of $44.1 billion, a 69% year-over-year increase, with data center revenue at $39.1 billion, up 73% year-over-year [11] - Salesforce (CRM.US) exceeded Q1 expectations with revenue growth of 8% to $9.8 billion and raised its revenue guidance for FY2026 [12] - C3.ai (AI.US) reported a 26% increase in revenue to $10.87 million for Q4 FY2025, with a positive outlook for FY2026 [13] - HP (HPQ.US) lowered its full-year earnings forecast due to tariff costs and economic weakness, with Q2 revenue of $13.2 billion, exceeding expectations but EPS falling short [14] - Li Auto (LI.US) reported a net profit of 647 million RMB for Q1 2025, a 9.4% increase year-over-year, with total vehicle deliveries of 92,864 units [15] - Futu Holdings (FUTU.US) saw Q1 revenue grow by 81.1% to 4.695 billion HKD (approximately $603 million), with net profit increasing by 97.7% [16] Economic Data and Events - Upcoming economic data includes the revision of the US Q1 GDP annualized rate and initial jobless claims for the week ending May 24 [17]

每经记者｜郑雨航 每经编辑｜高涵 ④ 【C3.ai盘前涨超18%】AI软件供应商C3.ai盘前涨超18%。消息面上，该公司在截至今年4月的上个财 年收入增长25%，远超分析师预期。 ⑤ 【惠普盘前跌超8%】惠普盘前跌超8%。消息面上，该公司下调了2025年全年利润预期。 ⑥ 【受关税影响，梅西百货计划涨价】美国梅西百货公司28日表示，受关税上调等因素影响，该公司 下调2025财年（从2月2日开始）盈利预期，并计划上调所售商品价格。 ⑦ 【美国比特币ETF过去五周吸金90亿美元】美国交易所交易基金（ETF）市场正在呈现分化格局，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。 ① 【三大期指齐涨】截至发稿，道指期货涨1.10%、标普500指数期货涨1.49%、纳指期货涨1.89%。 ⑨ 【美法院裁定禁止执行特朗普政府多个关税行政令】当地时间5月28日，美国国际贸易法院裁定，禁 止执行特朗普政府依据《国际紧急经济权力法》对多国加征关税措施的行政令。根据法院裁决，《国际 紧急经济权力法》没有授权美国总统出台任何全 ...

Core Insights - The traditional 60/40 stock-bond portfolio is failing, prompting investors to seek alternative hedges such as gold and oil [1][3] - Goldman Sachs recommends overweighting gold and underweighting oil in long-term investment portfolios to mitigate risks associated with inflation shocks [2][4] Group 1: Investment Strategy - Overweighting gold and underweighting oil can effectively reduce portfolio risk over the long term [2][3] - Historical data shows that during periods when both stocks and bonds have negative real returns, either gold or oil typically provides positive real returns [2][3] Group 2: Gold as a Hedge - The recommendation to overweight gold is based on two main factors: rising risks to U.S. institutional credibility and increasing demand from central banks [4] - U.S. debt-to-GDP ratio is rising, and potential fiscal expansion raises sustainability concerns, while central bank independence is under scrutiny [4] - Central bank demand for gold has surged fivefold since 2022, particularly from emerging market central banks, which is expected to continue for at least three more years [4] Group 3: Oil Positioning - Goldman Sachs suggests a lower allocation to oil due to reduced risks of significant shortages in 2025-2026, attributed to high spare capacity and increased non-OPEC supply [6] - Despite the lower allocation, maintaining a positive position in oil is still advised due to potential future supply disruptions [6][9] Group 4: Price Forecasts - Goldman Sachs maintains a price forecast for gold at $3,700 per ounce by year-end and $4,000 per ounce by mid-2026 [5]

Group 1 - Goldman Sachs strongly recommends incorporating gold and oil into long-term investment portfolios to hedge against inflation risks [1][3] - The traditional 60/40 investment strategy is facing challenges as the correlation between U.S. stocks and bonds has weakened, leading to a failure in risk diversification [3] - Historical data shows that during any 12-month period when both stocks and bonds have negative real returns, either oil or gold tends to achieve positive real returns [1][3] Group 2 - Goldman Sachs suggests increasing the allocation of gold in investment portfolios while maintaining a positive but lower allocation for oil, emphasizing their critical role in mitigating inflation shocks [1][3] - Concerns over U.S. fiscal health and the independence of the Federal Reserve may lead to significant buying of gold by private investors, potentially driving prices well above current forecasts [4] - Current forecasts predict gold prices could reach $3,700 per ounce by the end of 2025 and $4,000 per ounce by mid-2026 [4] Group 3 - Strong demand for gold purchases is expected to provide substantial support for gold prices [5] - Despite high idle capacity in the global oil market limiting price increases, uncertainties in the energy market and potential supply shocks make oil allocation important for balancing investment risks [5]