Core Viewpoint - Daohe Global (00915.HK) reported a significant decline in revenue and an increase in losses for the first half of 2025, indicating challenges in both trade and supply chain management services and cultural entertainment sectors [1] Group 1: Financial Performance - The company's revenue for the first half of 2025 was $15.138 million, a year-on-year decrease of 22.52% [1] - The loss attributable to shareholders was $0.920 million, compared to a profit of $0.024 million in the same period last year, resulting in a basic loss per share of $0.0006 [1] Group 2: Trade and Supply Chain Management Services - The shipping volume in this segment decreased by approximately 14.0% to about $48.10 million, reflecting clients' cautious ordering behavior due to tariff-related uncertainties [1] - Revenue from trade and supply chain management services fell by about 18.2% to approximately $7.00 million, down from about $8.50 million in the previous year, attributed to the decline in shipping volume and changes in the sales mix [1] Group 3: Cultural Entertainment Business - Total revenue in the cultural entertainment sector dropped by approximately 25.9% to about $8.20 million, down from about $11.00 million in the same period last year [1] - The revenue decline was driven by multiple challenges, including intensified competition in online claw machine platforms, oversaturation in the trendy toy industry, and ongoing trade tensions that have negatively impacted domestic consumer spending [1]

Core Viewpoint - The international gold price experienced fluctuations in July, closing at $3289.71, with a monthly decline of $12.85 or 0.38%, indicating a potential critical point for a breakout in the range of $3250 to $3430 [1][4]. Group 1: Market Dynamics - The trade tensions and tariffs imposed by the Trump administration created uncertainty in global trade, initially boosting market risk aversion and supporting gold prices [2][3]. - As trade agreements were reached between the U.S. and other countries, risk aversion decreased, leading to a rebound in the U.S. dollar index and a subsequent pullback in gold prices [2][3]. - The announcement of new tariffs raised concerns about inflation and economic activity, enhancing gold's appeal as a safe-haven asset [3]. Group 2: Economic Indicators - Economic data released in July showed fluctuations in market expectations for a potential interest rate cut by the Federal Reserve, impacting gold price movements [3]. - The U.S. Consumer Price Index (CPI) rose, but weaker Producer Price Index (PPI) data led to a spike in the probability of a September rate cut to 70%, which subsequently fell to 45% after the Fed maintained rates [3]. Group 3: Price Projections - Historical data indicates that gold prices in August have shown no clear trend, with limited downside potential estimated between $3257 and $3191, while upside potential could reach $3543 or $3355-$3438 based on past performance [4][5]. - Key price levels to watch include $3250 for potential support and $3450 for resistance; a breakout above $3450 could lead to a surge towards $3500 [5][6]. - The gold price has been in a broad trading range of $3245 to $3450 for two months, with a likelihood of continued oscillation until a decisive breakout occurs [5][6].

Core Viewpoint - The article discusses the potential for a rebound in U.S. soybean prices amidst a backdrop of ample supply, increased short positions from funds, and complex trade dynamics [1] Group 1: Supply and Demand Dynamics - The supply of U.S. soybeans is currently abundant, which may limit price increases [1] - The market is experiencing heightened short positions from funds, indicating bearish sentiment among investors [1] Group 2: Trade Relations - Ongoing complexities in trade relations are influencing market perceptions and could impact future pricing of soybeans [1]

Market Overview - International gold prices fell again on July 28, with an opening price of $3,319.82 per ounce, a high of $3,345.30, a low of $3,301.77, and a closing price of $3,314.72 [1]. Economic Indicators - The Dallas Fed's business activity index for July recorded 0.9, exceeding market expectations of -9 and up from a previous value of -12.7, indicating slight economic expansion [2]. - The index for general business activity rose above zero for the first time since January, with a significant jump in the sub-index to 21.3, the highest in over three years [2]. - Labor market indicators showed positive trends, with increases in employment and working hours, although the new orders index remained negative [2]. Federal Reserve Insights - President Trump reiterated calls for the Federal Reserve to lower interest rates, suggesting a reduction of 3 percentage points would be beneficial for the economy [2][4]. - Current probabilities indicate a 96.9% chance that the Fed will maintain interest rates in July, with a 3.1% chance of a 25 basis point cut [4]. Trade Developments - President Trump announced plans to make a statement regarding drug tariffs soon, following a trade agreement with the EU [4]. - The largest gold ETF, SPDR Gold Trust, reported a decrease in holdings by 0.86 tons, bringing the total to 956.23 tons [4]. Technical Analysis - Gold prices have shown a downward trend, with a significant drop leading to a bearish outlook in the short term [7]. - The daily chart indicates a continuous decline over four trading days, suggesting a potential breakdown below the 60-day moving average [7]. - Suggested trading strategies include cautious short positions and specific entry points for both long and short trades [7].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views - The change in the trade negotiation situation between the US and other countries is the main factor affecting the precious metal market. The prices of gold and silver fluctuate with the tension and relaxation of the negotiation situation. The agreement reached in the US - Japan tariff negotiation and the positive progress in the US - EU trade negotiation have weakened the safe - haven sentiment and put pressure on precious metals [3]. - The "reciprocal tariff" rate imposed by the US on Japan will be reduced from 25% to 15%. The agreement also includes Japan's commitment to invest $550 billion in the US and buy $8 billion worth of US goods. The US and the EU are moving towards an agreement that will set a 15% tariff rate for most products [3]. - With the US and Japan reaching a major trade agreement and progress in the US - EU negotiation, the global trade situation is stabilizing, and the risk - aversion sentiment in the market is cooling. It is expected that the short - term precious metal prices will show a weak trend. But the possibility of a change in the Fed's leadership increases market concerns about the stability of monetary policy, and the downward adjustment space for precious metals is expected to be limited [3]. Group 3: Summary by Relevant Catalogs 1. Last Week's Trading Data - SHFE gold closed at 777.32 yuan/gram, up 0.30 yuan (0.04%), with a total trading volume of 211,851 lots and a total open interest of 178,255 lots. - Shanghai Gold T + D closed at 773.61 yuan/gram, down 6.39 yuan (- 0.82%), with a total trading volume of 29,664 lots and a total open interest of 209,130 lots. - COMEX gold closed at $3338.50/ounce, down $17.00 (- 0.51%). - SHFE silver closed at 9392 yuan/kg, up 119 yuan (1.28%), with a total trading volume of 522,479 lots and a total open interest of 634,627 lots. - Shanghai Silver T + D closed at 9372 yuan/kg, up 4 yuan (0.04%), with a total trading volume of 350,054 lots and a total open interest of 3,380,200 lots [4]. 2. Market Analysis and Outlook - The US - Japan and US - EU trade negotiations have made progress. The US - Japan agreement may become a "template" for other partner countries. The EU is also moving towards an agreement, but is preparing a retaliatory tariff plan. Market sentiment has turned optimistic [6][7]. - US President Trump has criticized the Fed for lacking "courage" and called for a three - percentage - point interest rate cut. The market is worried about the uncertainty of monetary policy. It is generally expected that the Fed will keep interest rates unchanged in the July 29 - 30 meeting, and investors still bet on a possible rate cut in September [7]. - The European Central Bank has kept its three key interest rates unchanged and has not provided any forward guidance on the subsequent policy path, listing "trade disputes" as the main source of policy uncertainty [8]. - This week, focus on the preliminary value of the US Q2 real GDP annualized quarterly rate, the US July non - farm payrolls report, the US July ISM manufacturing index, the Fed's interest - rate meeting on July 29 - 30, and the progress of the US - EU trade negotiation [9]. 3. Important Data Information - The number of initial jobless claims in the US last week was 217,000, the lowest level since mid - April, lower than the market expectation of 226,000 and the previous value of 221,000. - The preliminary value of the US July S&P Global manufacturing PMI dropped to 49.5, the lowest since December 2024, while the preliminary value of the service PMI was 55.2 and the composite PMI was 54.6, both at the highest since December 2024. - The preliminary value of the eurozone July manufacturing PMI was 49.8, the highest since July 2022, and the service PMI unexpectedly rose to 51.2, driving the composite PMI to 51, all higher than market expectations. - In the first half of the year, China's gold production was 252.761 tons, a year - on - year increase of 0.44%; gold consumption was 505.205 tons, a year - on - year decrease of 3.54%; the increase in domestic gold ETF holdings was 84.771 tons, a year - on - year increase of 173.73%, and the holdings at the end of June were 199.505 tons [10]. - As of July 25, 2025, the total gold holdings of ETFs were 957.09 tons, an increase of 13.46 tons from last week, 3.70 tons from last month, and 113.92 tons from last year. The silver holdings of ishare were 15,230.43 tons, an increase of 572.22 tons from last week, 364.24 tons from last month, and 890.08 tons from last year [11]. 4. Relevant Data Charts - The data shows the changes in the non - commercial long, short, and net long positions of gold and silver futures from July 1, 2025, to July 22, 2025 [12][15]. - There are multiple charts showing the price trends, inventory changes, and relationships between different factors of SHFE and COMEX gold and silver, such as the price relationship between domestic and foreign markets, the relationship between prices and other economic indicators like the US inflation expectation, the dollar index, etc. [16][17][18][19][20][21][23][25][27][28][30][32][34][36]

Group 1 - The article discusses the recent performance of gold prices, highlighting a successful short-selling strategy implemented at levels of $3445-3535 per ounce, followed by a significant drop in prices after reaching overbought conditions [1] - The article notes that the recent fluctuations in trade tensions have cooled due to agreements between Japan and the US, which has reduced safe-haven demand for gold [1] - Technical analysis indicates that on the daily chart, gold is trading near the middle band of the Bollinger Bands, with MACD showing a bullish crossover and RSI indicating overbought conditions [1] Group 2 - The outlook for gold trading suggests aggressive traders should consider buying near the support level of $3300 per ounce, while more cautious traders may wait for a confirmation at $3250 [3] - For short positions, aggressive traders are advised to sell near the resistance level of $3400, while conservative traders should look to sell at $3450 [3] - Overall, the article emphasizes that the movements in the dollar and changes in trade dynamics significantly impact market sentiment towards gold prices, with future attention on Federal Reserve policies and trade agreements [3]

Group 1 - The recent decline in gold prices is attributed to improved trade sentiment, which has reduced the safe-haven demand for gold, with current trading around $3362 per ounce, down approximately 0.69% [2] - The U.S. dollar index's influence on gold prices is limited, while rising U.S. Treasury yields are putting additional pressure on gold [2] - The international trade situation has shown signs of easing, with President Trump announcing a trade agreement with Japan, which includes a commitment from Japan to provide $500 billion in investments and loans to the U.S. [2][3] Group 2 - Investors are awaiting the U.S. Purchasing Managers' Index (PMI) data, with expectations for the July Markit manufacturing PMI to be 52.6 and the services PMI to be 53.0; any PMI below 50.0 could indicate economic contraction and pressure the dollar, potentially benefiting gold prices [3] - The market is also closely monitoring the ongoing tensions between President Trump and Federal Reserve Chairman Powell, which could influence monetary policy and market sentiment [3] - The European Central Bank's interest rate decision and subsequent press conference are anticipated, with expectations of no change in rates, which may favor the dollar and negatively impact gold [3] Group 3 - Technical analysis indicates that gold is currently in a weak state, with significant resistance at the 3385-3390 range and support around 3345-3335; the market sentiment suggests a preference for short positions [4][6] - A strategy for trading gold includes shorting on rebounds around 3380-3385 with a target of 3360-3350, and buying on dips around 3335-3340 with a target of 3350-3360 [7] - The analysis emphasizes the importance of risk management and the need for traders to adapt their strategies based on market conditions [8]

Core Viewpoint - The gold market is currently in a consolidation phase around $3,300 per ounce, with investors awaiting clearer signals regarding interest rate policies and trade situations [1][2] Group 1: Market Conditions - Joe Cavatoni from the World Gold Council indicates that the recent imposition of a 50% tariff on copper imports by the U.S. government serves as a reminder that gold may also face similar tariff adjustments in the future [1] - The current price of gold reflects a lack of clarity among market participants regarding key driving factors, with prices remaining stable around $3,300 [2][3] - Gold has seen a significant increase of nearly 26% this year, which is notable compared to the average expected return rate of around 8% [3] Group 2: Supply and Demand - The annual growth rate of gold production is expected to remain between 1% and 2.5%, aligning with the World Gold Council's forecasts [3] - Small-scale artisanal mining contributes approximately 20% to the total gold supply, and the organization is taking measures to regulate this sector [3] - Central banks have been significant buyers of gold, accounting for about 20% to 25% of global annual gold consumption over the past three to four years [4] Group 3: Future Outlook - The World Gold Council anticipates that central banks will continue to be active in the gold market, with 50% of surveyed central banks planning to increase their gold holdings in the next 12 months [4] - A report on gold demand trends will be released soon, which is expected to show strong central bank demand for gold in the second quarter [4]

Group 1 - The core viewpoint indicates that the trade tensions between the US and the EU are escalating, particularly with Trump's tariffs impacting the situation, leading to a gloomy market outlook as the earnings season begins [1] - The first earnings season post "Liberation Day" is set to commence this week, with companies struggling to adapt to the ongoing policy changes and low market expectations [1] - Current market sentiment is mixed, with gold signaling a sell-off, while the three major US stock indices exhibit divergent bullish and bearish sentiments [1] Group 2 - The Hang Seng Index shows a bullish sentiment of 27% and bearish sentiment of 73% [3] - The S&P 500 Index has a bullish sentiment of 56% and bearish sentiment of 44% [3] - The Nasdaq Index reflects a strong bullish sentiment of 83% against a bearish sentiment of 17% [3] - The Dow Jones Index has a balanced sentiment with 54% bullish and 46% bearish [3] - The Nikkei 225 Index shows a similar balance with 54% bullish and 46% bearish [3] - The German DAX 40 Index has a bullish sentiment of 73% and bearish sentiment of 27% [3] Group 3 - In the forex market, the Euro/USD pair has a bearish sentiment of 63% compared to a bullish sentiment of 37% [3] - The Euro/GBP pair shows a significant bearish sentiment of 84% against a bullish sentiment of 16% [3] - The Euro/JPY pair has a strong bearish sentiment of 91% compared to a bullish sentiment of 9% [3] - The Euro/AUD pair indicates a bullish sentiment of 81% and bearish sentiment of 19% [4] - The GBP/USD pair has a bullish sentiment of 74% and bearish sentiment of 26% [4] - The GBP/JPY pair shows a bullish sentiment of 72% against a bearish sentiment of 28% [4] - The USD/JPY pair has a bearish sentiment of 71% compared to a bullish sentiment of 29% [4] - The USD/CAD pair reflects a bullish sentiment of 63% and bearish sentiment of 37% [4] - The USD/CHF pair shows a strong bullish sentiment of 91% [4]

Group 1 - President Trump's renewed threat of high tariffs has created market tension, leading to a simultaneous sell-off in U.S. stock and bond markets as investors seek safety [1] - Canada faces a 35% tariff on exports not covered by the USMCA, while Japan and Brazil will see tariffs of 25% and 50% respectively, deviating from the previously expected 10% general tariff [1] - The market is concerned about the implications of Trump's strategy, which may indicate that trade negotiations are not progressing as expected, prompting a "maximum pressure" approach before tariffs take effect [1] Group 2 - European stock markets have reacted negatively, with the Global X DAX ETF dropping 1.9% over two days, marking the largest decline since April 8, although it remains up over 35% year-to-date [2] - The S&P 500, Nasdaq, and Dow Jones indices experienced declines of 0.33%, 0.22%, and 0.63% respectively, as investors remain cautious due to fluctuating trade news [2] - Large tech stocks, such as Nvidia, showed relative strength, while small-cap stocks, represented by the Russell 2000 index, fell by 1.3% [2] Group 3 - The U.S. Treasury market is under pressure, with long-term bonds typically rising in demand during market downturns, but gold has taken on a more prominent safe-haven role this year [3] - Gold prices increased by 0.94% to $3355.7, while the 30-year Treasury yield approached 4.957%, the highest level since May [3] - The market is characterized by new uncertainties, with a consensus emerging that investors should remain observant regarding how these policies will impact the real economy [3]