【最新现货黄金行情解析】 黄金经过整理后终于突破三角末端震荡，4380美元突破后将延续多头行情。目前，4小时整体行情已经 突破4380前高点，亚盘加速向上挑战新高，前期整理后区间不断压缩，现在要关注欧盘的延续性，也就 是说突破后亚盘上涨，欧盘只要守在亚盘起涨点上方，美盘前依旧有多的机会。 《金融时报》数据显示，卡克斯顿(Andrew Law)、RCM(Chris Rokos)等今年均获两位数回报。基金经理 称，特朗普贸易战引发的美元下跌、长债抛售及黄金上涨等剧烈波动，构成多年最佳市场环境。格莱姆 资本创始人特罗平表示，机会多但难把握，公司回报主要来自美元、黄金和美债交易，团队靠"战术 性"短期策略快速应对2025年波动，特朗普4月关税政策更敲响警钟。 宏观基金通过做空美元、涌入新兴货币与债券获利——美元走弱助新兴国家降利率、低成本再融资，推 升其资产。欧洲家族办公室高管称，大宗商品、外汇、债券等均有绝佳机会，黄金热情高、美元熊市、 央行政策分化显著。 强劲回报延续行业复兴，该行业在2008-09年后因低利率与低波动长期低迷。业内人士笑言"今年没赚钱 的宏观基金难解释"。部分基金还押注长短债利差扩大，从长债抛售 ...

Group 1 - The core view is that the US dollar is on a long-term weakening trend due to closed speculative short positions and deteriorating fiscal prospects amid an economic slowdown [1][4] - The dollar index has faced another failed rebound, attempting to recover from the low in early July but facing resistance, indicating a potential continuation of this pattern [1][4] - Speculative short positions in dollar futures were extremely crowded, making a rebound a matter of time rather than certainty, with the Commodity Futures Trading Commission (CFTC) data showing extreme short positions [1][4] Group 2 - Positions in the dollar against developed market currencies have returned to a net long status, while short positions against emerging market currencies remain and are expanding [3][1] - Macro hedge funds and Commodity Trading Advisors (CTAs) have also seemingly closed their dollar shorts, with their sensitivity to dollar performance returning to neutral levels after previously hitting a three-year low [4][1] - The US fiscal balance is under increasing pressure, with an annual deficit of approximately $2 trillion, which could double to double-digit percentages if the economy enters a recession [5][4] Group 3 - The risk of an economic recession in the US is rising, with tax revenue expected to decline, leading to greater pressure on government budgets [4][5] - Market movements are not linear, especially in the foreign exchange market, but the prevailing downward trend for the dollar suggests that any upward movements may become increasingly short-lived [7][1]

Group 1 - The macro hedge fund Rokos Capital Management achieved a return of 2.58% in June [1] - The cumulative return for Rokos Capital Management has reached 12.26% as of now for the year 2025 [1]

Group 1 - The core viewpoint of the news highlights the recent research conducted by Kaifeng Investment on a listed company, Jialian Technology, focusing on its operational status and future plans for 2024 and Q1 2025 [1] - Jialian Technology is expanding its production lines in 2024, with subsidiaries in the early stages of production, leading to lower capacity utilization and increased costs [1] - The issuance of convertible bonds has resulted in higher financial expenses for the company [1] - Uncertainties in U.S. tariff policies exist, but overseas sales are gradually recovering, with the company leveraging its overseas production bases for flexible capacity allocation [1] - The completion of the first phase of the factory in Thailand has enabled production and supply capabilities, with plans to release capacity in stages based on business needs [1] - The company has received an average tax rate for countervailing duties, allowing it to set up factories in Thailand to circumvent tariff barriers and promote industrial upgrades [1] - Market demand is expected to increase with rising temperatures, and the company aims to enhance customer loyalty and core competitiveness through high-quality products and services [1] - Product innovation is being utilized to improve gross margins, while strict cost control and refined management are enhancing profitability [1] Group 2 - Kaifeng Investment is a macro-hedge fund management company that invests in global commodities, bonds, equity assets, and their derivatives [2] - The company is a member of the China Fund Industry Association and the China Futures Association, with qualifications approved by the China Securities Investment Fund Association [2] - Kaifeng Investment has received multiple awards for its performance and scale in managing various funds, ranking among the top in its category in China [2] - The investment philosophy of Kaifeng Investment emphasizes the importance of details in uncovering industrial insights and discovering value [2] - The company has a high-level research team of over 50 members focused on macro and industrial fundamental research, covering major trading varieties in domestic and international futures markets [2] - In 2016, Kaifeng Investment aimed to strengthen communication and cooperation with real enterprises, providing comprehensive solutions including industrial consulting and hedging services [2]