Group 1 - The core viewpoint of the report is that the US dollar has depreciated by 10% against developed market currencies since early 2025, with a trade-weighted decline of 8%, and this downward trend is expected to continue [1][3] - Goldman Sachs analysts emphasize that during periods of dollar weakness, the performance of various assets can differ significantly, necessitating a strategy that considers specific driving factors [3] - The report suggests that merely reducing dollar-denominated assets is not the optimal choice; instead, using derivatives or cross-market hedging can help mitigate currency fluctuations while preserving asset return potential [3] Group 2 - The report indicates that if the long-term weakness of the dollar is due to a decline in investor appetite for US assets or a dovish shift in Federal Reserve policy, the direct impact on US stocks and bonds may be limited [3] - Investors are advised to adopt dynamic hedging strategies based on their portfolio structure rather than making aggressive adjustments to dollar asset allocations, aiming to balance risk and return [3] - Current market focus is on the Federal Reserve's policy trajectory and changes in global capital flows to assess the next steps for the dollar [3]

据了解，中证高等级短融美元对冲指数模拟投资中证高等级短融指数的美元头寸并开设美元兑离岸人民 币一个月远期多头仓位的投资策略，其中远期仓位在每月底自动展期，旨在反映汇率风险对冲后的标的 指数的整体表现。该指数以2010年12月31日为基日，以110.097点为基点。 来源：金融界 金融界8月1日消息，上证指数下跌0.37%，中证高等级短融美元对冲指数 (高等级短融对冲，H30398)报 156.07点。 数据统计显示，中证高等级短融美元对冲指数近一个月上涨0.39%，近三个月上涨1.22%。 ...