8月12日周二，特朗普在社交媒体上表示，他正在考虑允许对鲍威尔提起一项重大诉讼，理由是美联储总部翻修工程成本严重超支，从 原定的5000万美元飙升至30亿美元。特朗普发言后，美债收益率普遍跌幅收窄，10年期美债收益率转涨。 12日周二，特朗普在社交媒体上表示， 正在考虑允许对美联储主席鲍威尔提起重大诉讼，原因是美联储总部的翻修工程存在成本超支 问题。 他发文称： 杰罗姆·"太迟"·鲍威尔必须立刻降息 。史蒂夫·"马努钦"当时真是给了我一个"大礼"，竟然推荐了这么一个失败者。他总是"太迟"，造成的损害 是无法估量的。幸运的是，我们的经济太好了，好到足以抵御鲍威尔和这个自满的董事会。 特朗普一直想换掉鲍威尔，认为其利率政策阻碍了经济增长。他曾考虑直接解雇鲍威尔，但最终表示会等其任期结束，以避免对市场 造成冲击，鲍威尔的任期将于明年5月届满。媒体援引两位政府官员消息透露，财政部长贝森特正负责物色接替人选， 预计特朗普会 在今年秋天公布最终决定 。 与此同时，特朗普上周也抓住一个比预期更早的机会影响美联储，即提名他自己的首席经济顾问之一斯蒂芬·米兰担任美联储理事。米 兰的任命需经参议院批准，而且他只是接替现任美联储理 ...

Group 1: Macroeconomic Insights - The core conclusion of the report indicates that the US May CPI and core CPI were both below expectations, suggesting that overall inflationary pressure remains moderate. Following the data release, the market slightly adjusted its expectations for Fed rate cuts, anticipating two cuts within the year, with the first expected in September. It is noted that tariffs have not yet fully manifested their impact on inflation, and risks of inflationary pressure still exist in the US [3]. Group 2: Fixed Income Strategy - The report emphasizes a "barbell strategy" in fixed income investments, focusing on both technology and domestic demand defensive themes. The previous period's barbell strategy yielded a return of 15.98% for selected convertible bonds, with all holdings generating positive returns. The report suggests maintaining high-rated large base bonds while increasing holdings in mid-to-low priced convertible bonds and quality targets in popular themes [4]. Group 3: Construction Materials Industry - The construction materials sector is currently in a bottoming process, with cement companies experiencing a 16.99% decline in revenue and a 19.99% drop in net profit in 2024. The industry is relying on staggered production halts to stabilize prices, which often leads to increased average losses before prices recover. The glass industry also faced significant declines, with revenues down 11.1% and net profits down 88.6% in 2024. However, there are signs of potential recovery in 2025, particularly in the glass fiber sector, which has shown improved profitability in recent quarters [5][6][7]. Group 4: Electronics Sector - The report on Zhaoyi Innovation (603986.SH) highlights its diversified layout in storage, MCU, and sensor fields, with storage revenue expected to exceed 70% in 2024. The company is positioned as the second-largest player in the global NOR Flash market and is anticipated to see significant growth in its DRAM business. Revenue projections for 2025, 2026, and 2027 are 9.36 billion, 11.46 billion, and 13.55 billion yuan respectively, with corresponding net profits of 1.46 billion, 1.94 billion, and 2.38 billion yuan [8].