美股集体跳水，纳斯达克指数下跌2.39%，标普500下跌2.06%，道琼斯指数下跌1.76%。 美股7巨头遭遇重挫，英伟达、特斯拉暴跌超过4%，连一向以抗跌著称的苹果罕见下跌了3.46%。 债市更是一片狼藉，十年期美债收益率单日飙升1.84%，直冲4.291%。 美元指数也扛不住了，一下子被砸到98.55。 股汇债三杀，杀的是市场信心，破的是"美债是全球资产定价之锚"这个长期共识。 资本正在用脚投票，全球资产格局一夜生变！ 昨夜，一则消息引发全球资产巨震：丹麦养老金宣布将逐步退出美债。 市场瞬间炸了，美国遭遇股、汇、债三杀！ | 美股指数 L | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 48488.59 | 22954.32 | 6796.86 | | -870.74 -1.76% -561.07 -2.39% -143.15 -2.06% | | | | 中国金龙 | 纳指100期货 | 标普500期货 | | 7608.38 25243.00 6856.25 | | | | -111.81 -1.45% +113.75 +0.45% +26.75 ...

这一趋势反映对信用货币体系的深层不信任。 但对个人而言，追高买入实物金条或纸黄金，无异于接盘。 黄金不生息，在利率环境尚未完全明朗前，其价格极易受美元流动性冲击。 若美联储降息节奏慢于预期，金价可能快速回调10?5%。 配置可以，追涨不行。 人民币资产的价值正在被重新评估。 尽管中国经济面临内需不足、房地产调整等挑战，但横向比较，其宏观稳定性远超多数新兴市场。 产业链完整度、能源自主率、财政赤字可控性，构成独特优势。 更重要的是，中美利差倒挂局面有望缓解。 随着美国降息、中国维持政策利率稳定，人民币贬值压力显著减轻。 2026年一季度，离岸人民币汇率稳守7.15关口，跨境资本流出势头减弱。 此时盲目换汇购美元，极可能买在高点。 美元指数若因美联储快速降息而走弱，持有美元资产反而面临双重损失：利息下降 汇率贬值。 更要警惕的是各类"跨境套利"骗局趁乱而起。 已有不法机构宣称掌握"内部渠道"，可参与"日元-美元利差套利计划"，承诺年化收益8?2%。 此类产品本质是庞氏骗局。 真正的日元套息交易需要极高的信用评级、极低的融资成本和强大的风控系统，普通投资者根本无法接入。 连高盛、桥水等顶级机构都在紧急减仓，散户凭什 ...

曾经，中国是美债最大海外持有者，一度超过一万三千亿美元。 如今，这个数字已经连续多年下滑，节奏虽缓，方向明确。 这不是孤立动作。 连美国最铁的盟友日本——高市早苗政府下的财务省——也在加速抛售美债。 大家都看到了同一个问题：美国债务雪球越滚越大，财政纪律形同虚设，政治极化让债务上限谈判变成人质游戏。 持有越多，风险敞口越大。 中国的选择，不是立刻清仓美元资产，而是一边有序减持美债，一边稳步增持黄金。 这是一场精密的资产置换，不是情绪化脱钩。 美债仍是流动性最好的安全资产之一，彻底抛弃不现实。 但过度依赖，等于把国家金融命脉绑在别人的信用绳索上。 中国央行在十一月七日公布的黄金储备数据，一下子把全球金融圈的注意力拽了过来。 七千四百一十二万盎司，比上个月又多了三万盎司。 这已经是连续第十三个月增持了。 从二〇二四年十一月起，每个月都买，风雨无阻。 数字本身不算爆炸，但公布的时间点，像一根针扎进了敏感神经。 几乎就在同一天，特朗普放出口风，打算在二〇二五年四月正式访华。 一个还没动身，一个先亮出底牌。 这场面，怎么看都不是巧合。 黄金储备的变动，向来不是简单的资产配置问题。 尤其当它出现在中美关系再度绷紧的节骨眼 ...

Group 1 - The core issue revolves around China's request for the return of 600 tons of gold stored in the U.S., which was denied, raising concerns about global financial trust and economic order [1] - The U.S. cited "technical complexities" as reasons for the refusal, impacting market confidence and undermining its status as a "neutral financial infrastructure" [1] - Previous similar refusals faced by Germany and Venezuela highlight the politicization of U.S. financial services [1] Group 2 - In response, China sold $57.3 billion in U.S. Treasury bonds in April 2025, reducing its holdings to the lowest level since 2011 at $759 billion, causing a spike in 10-year Treasury yields above 5% [3] - This action received support from countries like Russia and is viewed as a significant challenge to U.S. dollar hegemony [3] - The incident reveals cracks in international trust and accelerates the restructuring of the global financial order, with the dollar's share in foreign exchange reserves dropping to its lowest since 1999 at 58.2% [3] - The strategic value of gold as hard currency is further emphasized, with the competition for reserves reflecting a struggle for global economic dominance [3] - Countries are reassessing economic policies, with de-dollarization and multipolarity becoming central trends in the evolution of the international financial system, while China's strategic initiatives offer a more resilient development approach [3]

Group 1 - The article discusses the political and financial turmoil initiated by Trump's attempts to influence the Federal Reserve, which has led to a significant shift in the global financial landscape [1][3][5] - Trump's efforts to push for interest rate cuts to alleviate the federal debt burden and boost the stock market were met with judicial resistance, emphasizing the independence of the Federal Reserve [3][5][9] - The decline in the US dollar's credibility is highlighted, with the dollar index dropping 8% this year and a historic low in domestic investor allocation for US Treasury bonds [7][9] Group 2 - The article notes a shift in global central banks' trust in the US dollar, with a record increase in gold holdings and a reduction in US Treasury bond investments [9][11] - The stability of Chinese assets is emphasized, with the Chinese government bonds offering a stable yield compared to the volatility of US bonds, attracting global capital [11][13] - China's proactive measures in "de-dollarization," including currency swap agreements and increased use of the yuan in international trade, are discussed as part of a broader strategy to enhance the yuan's global standing [13][15] Group 3 - The article outlines the transition from a dollar-dominated financial order to a more multipolar system, driven by the US's fiscal challenges and geopolitical conflicts [15][17] - The redefinition of "safe assets" by hedge funds and sovereign wealth funds is noted, with the yuan emerging as a reliable alternative amidst increasing global uncertainty [17][19] - The ongoing financial restructuring is characterized as a reassessment of trust, safety, and institutional integrity in global capital markets, with the yuan potentially becoming a new anchor currency [19]

Group 1 - The Hong Kong stock market opened lower on June 13, with the Hang Seng Tech Index down by 0.95%, and the Hang Seng Tech Index ETF (513180) also followed the decline with a slight premium [1] - Key stocks such as Xiaopeng Motors, BYD, NIO, Kingsoft, Tencent Music, BYD Electronics, and Li Auto experienced significant declines [1] - As of June 12, the latest valuation (PETTM) of the Hang Seng Tech Index ETF (513180) was only 20.27 times, placing it in the historical undervaluation range, below 90% of the time since its inception on July 27, 2020 [1] Group 2 - Shenyin Wanguo believes that Hong Kong will play a crucial role in the restructuring of the global financial order, becoming a core capital market under the new global order [1] - The firm anticipates that investment opportunities in Hong Kong stocks will continue to expand by the second half of 2025, focusing on broad growth sectors represented by internet technology and pharmaceuticals [1] - The new consumption sector still holds mid-term alpha advantages, although it faces short-term issues regarding cost-effectiveness [1] Group 3 - The Hong Kong Consumption ETF (513230) combines e-commerce and new consumption, covering relatively scarce new consumption sectors compared to A-shares [2] - The Hang Seng Tech Index ETF (513180) includes core AI assets and encompasses technology leaders that are relatively scarce in A-shares [2]