Core Viewpoint - The People's Bank of China (PBOC) is taking measures to maintain liquidity in the banking system by conducting a 10 trillion yuan reverse repurchase operation, marking the first such operation at the beginning of the month, aimed at offsetting significant upcoming reverse repo maturities [1][2]. Group 1 - On June 5, the PBOC announced a 10 trillion yuan reverse repurchase operation with a term of 3 months, which is intended to counterbalance the 12 trillion yuan of reverse repos maturing in June [1]. - The PBOC's liquidity injection in May totaled 11,196 billion yuan, reflecting a supportive monetary policy stance [2]. - Since the introduction of reverse repos in October last year, the reliance on Medium-term Lending Facility (MLF) has decreased, with MLF operations shifting to a fixed quantity, interest rate bidding format in March [2][3]. Group 2 - MLF is expected to become a primary channel for medium-term liquidity provision, which could alleviate pressure on banks' net interest margins [3]. - The PBOC has a variety of channels for injecting base currency, including MLF and reverse repos, indicating a moderately accommodative monetary policy [3].

Core Viewpoint - The People's Bank of China (PBOC) is implementing a 1 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, marking the first time such an operation is conducted at the beginning of the month [1]. Group 1: Reverse Repo Operations - On June 6, the PBOC will conduct a 1 trillion yuan buyout reverse repo operation with a term of 3 months (91 days) [1]. - This operation is aimed at offsetting the significant amount of reverse repos maturing in June, which includes 500 billion yuan for 3-month and 700 billion yuan for 6-month terms [2]. - The PBOC has maintained a net withdrawal of reverse repos in April and May prior to this operation [2]. Group 2: Liquidity Injection Data - In May, the total net liquidity injection by the PBOC amounted to 1,119.6 billion yuan [3]. - The liquidity injection tools and their respective net injections are detailed, showing various operations including adjustments to reserve requirements and central bank loans [5]. Group 3: Monetary Policy Trends - Since the introduction of buyout reverse repos in October last year, the reliance on Medium-term Lending Facility (MLF) has gradually decreased [6]. - MLF operations have shifted to a fixed quantity, interest rate bidding, and multi-price bidding method since March, indicating a complete exit of policy attributes [6]. - Financial institutions are expected to benefit from MLF as it provides stable expectations and helps alleviate pressure on net interest margins [7].

近期，香港《稳定币条例》正式生效，成为全球首个针对法币稳定币建立牌照制度的司法管辖区。这一里程碑式立法引发资本市场强烈关注，券商机构迅速 响应，掀起密集研究热潮。三天内，22家券商集中发布30篇研报，超过20场电话会议相继召开，8场路演活动蓄势待发。券商研究覆盖计算机、区块链、金 融科技、跨境支付等多个维度，普遍认为香港新规将推动稳定币从交易媒介升级为关键金融基础设施，加速数字金融产业链发展。 券商研究热潮空前高涨 稳定币产业价值逐步显现 稳定币是一种与法定货币、实物资产或其他特定资产挂钩的加密货币，通过锚定机制维持价格相对稳定。其本质是将现实世界法定货币或资产进行链上代币 化，是传统金融资产与区块链技术结合的产物。相较于比特币等波动剧烈的加密资产，稳定币提供可预测的价值尺度和更优的法币兑换通道，被视作传统金 融和加密生态之间的桥梁。 全球稳定币市场规模增长迅猛。截至2025年5月31日，全球稳定币市值超过2500亿美元，较2024年年底增加超过400亿美元。挂钩美元的两大稳定币USDT和 USDC市值分别超过1530亿美元和610亿美元，占全球稳定币总市值超过85%。渣打银行预测，稳定币供应量有望增至202 ...

| 馬全名称 | 长信稳兴 个月定期开放债券型正分投资基金 | | | --- | --- | --- | | 昨天堂长 | 长信糖类三个月定开信存 | | | 基金和代码 | 014523 | | | 基金运作方式 | 更的型,定期开放式 | | | 基金合同生效目 | 2022 7 29 | | | 基金管理人名称 | 长信馬会管理有限责任公司 | | | 基金托管人名称 | 类业银行収价有限公司 | | | 最全注册登记机构名称 | 长信基金管理有限责任公司 | | | 公司依据 | 《全信稳兴三个月记周开放视杂型证券投资基金属金合理>(长信稳义三个) 定期开放信孕型正有找还基金相师说明 ESI | | | 中购屋密日 | 116 118 119 11 9 11 9 11 9 11 9 11 9 11 9 11 9 11 9 11 9 11 9 11 9 11 9 11 9 11 9 11 9 11 9 11 9 11 9 11 9 11 9 11 9 11 9 11 | | | 股回配资日 | 2052 1 8 1 9 1 8 1 9 1 8 11 9 1 8 | | | 转换转入影始日 | 1619 ...

Core Insights - The rise of major powers is closely linked to the shift of global financial centers, influencing the trajectory of global dynamics over the past 500 years [1][4]. Historical Context - The Netherlands emerged as a global power from the 17th century, developing its transportation industry and establishing the first joint-stock company, with Amsterdam becoming the world's financial center [1][3]. - Following the Netherlands, Britain established its own East India Company and took control of New Amsterdam, renaming it New York, marking the beginning of British global dominance from 1714 to 1944 [3][4]. Transition of Financial Power - The Bretton Woods Conference marked a significant transition where the British pound was replaced by the US dollar as the international reserve currency, with the dollar pegged to gold at $35 per ounce [4][5]. - The US dollar's detachment from gold in 1971 and its subsequent linkage to oil solidified the US's financial dominance, which is projected to last until 2025, totaling 81 years [5][6]. Current Economic Landscape - The US GDP stands at $29.2 trillion, while China's GDP is approximately $18.4 trillion, indicating that China's economy is about 66% the size of the US economy [5][6]. - The total market capitalization of US securities markets is around $64 trillion, compared to China's approximately $12 trillion, highlighting a significant gap in financial market size [6]. Implications for China - China's rise is driven by a dual engine of manufacturing and finance, emphasizing the need for coordinated development in both sectors to achieve its goals [6]. - Historical patterns suggest that the success of rising powers is often tied to their financial systems, indicating that China must prioritize financial development to secure its position as a global power [6].

Group 1: New Energy Vehicle Promotion - The Ministry of Industry and Information Technology, along with other government bodies, launched the 2025 New Energy Vehicle (NEV) promotion campaign, featuring 124 models aimed at rural areas [2] - The campaign emphasizes "green, low-carbon, intelligent, and safe" transportation, targeting counties with high market potential for NEVs [2] - The initiative includes a combination of online and offline activities, with a focus on enhancing charging infrastructure and promoting a comprehensive service network for vehicle purchase and maintenance [2] Group 2: Model Participation and Market Expansion - This year's campaign includes 25 more models compared to 2024, notably adding Tesla's Model Y and Model 3, expanding the range of participating vehicles [3] - BYD has 11 models in the campaign, while other brands like Deep Blue, Aion, NIO, and Leap Motor have 5, 5, 4, and 2 models respectively [3] Group 3: Financial and Investment Developments - China Pacific Insurance announced a 500 billion yuan fund focused on mergers and acquisitions, with a target of 300 billion yuan for the new fund aimed at supporting Shanghai's industrial development [5] - NIO reported a revenue of 12.03 billion yuan in Q1, a year-on-year increase of over 21%, with a projected revenue of 19.51 to 20.07 billion yuan for Q2 [7] - Silyus reported May NEV sales of 39,982 units, a year-on-year increase of 17.15%, but a cumulative decline of 19.64% for the year [8] Group 4: Market Trends and Consumer Behavior - JD's 7Fresh plans to open 18 new stores in the Beijing-Tianjin region, indicating a rapid expansion in the instant retail sector [9] - The domestic tourism during the Dragon Boat Festival saw 119 million trips, a year-on-year increase of 5.7%, with total spending reaching 42.73 billion yuan [22]

Group 1 - The People's Bank of China (PBOC) shifted from net liquidity injection to net withdrawal, conducting a 454.5 billion yuan reverse repurchase operation, resulting in a net withdrawal of 375.5 billion yuan on June 3 [1] - Analysts expect the PBOC to maintain a reasonable liquidity level, utilizing various short- and medium-term liquidity management tools to ensure sufficient liquidity in the banking system as the mid-year approaches [1][2] - Historical trends indicate that June is a significant month for credit issuance, with banks likely to increase reserve requirements seasonally, impacting liquidity [1] Group 2 - The PBOC has room for further monetary policy easing, aiming for "appropriate looseness" while flexibly adjusting the implementation of policies based on domestic and international economic conditions [2] - The PBOC's liquidity management tools are becoming more balanced in terms of duration, allowing for precise liquidity adjustments through various instruments [2] - The PBOC may consider resuming government bond trading operations based on market conditions and yield changes, as indicated in the 2025 Q1 monetary policy report [2] Group 3 - There is limited pressure for tightening liquidity in the future, with the interbank market's 7-day bond repurchase rate expected to fluctuate around 1.5% [3] - The PBOC is committed to implementing an appropriately loose monetary policy while coordinating with fiscal policies to promote high-quality economic development [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - China's economic operation in Q2 is expected to continue in a stable manner with the continuous implementation of growth - stabilizing policies, but the foundation for economic recovery needs to be consolidated, and policies need further strengthening [2][16] - The US fiscal deficit in the 2026 fiscal year may reach $2.2 trillion, and the deficit rate may rise to 7%, which will increase the supply pressure of US Treasury bonds and may cause continuous fluctuations in US dollar assets [29] - It is expected that the monetary policy will be further relaxed in the second and third quarters, and investors are advised to actively allocate Chinese bonds [29] 3. Summary by Directory 3.1 Macro Data Overview - In Q1 2025, GDP grew by 5.4% year - on - year, the same as the previous quarter [1] - In May 2025, the manufacturing PMI was 49.5%, up 0.5 percentage points from the previous month; the non - manufacturing PMI was 50.3%, down 0.1 percentage points from the previous month [1][2][16] - In April 2025, the year - on - year growth rates of M0, M1, and M2 were 12.0%, 1.5%, and 8.0% respectively [1] - In April 2025, the new RMB loans of financial institutions were 280 billion yuan, a significant decrease from the previous month [1] - In April 2025, CPI was - 0.1% year - on - year, and PPI was - 2.7% year - on - year [1] - In April 2025, the cumulative year - on - year growth rates of fixed - asset investment (excluding rural households) and total retail sales of consumer goods were 4.0% and 4.7% respectively [1] - In April 2025, the year - on - year growth rates of export and import values were 8.1% and - 0.2% respectively [1] 3.2 Commodity Investment Reference 3.2.1 Comprehensive - China's manufacturing PMI improved in May, and the export container freight rate index rebounded, indicating an improvement in the manufacturing boom level [2][16] - The US core PCE price index in April increased by 2.5% year - on - year, and the "super core inflation indicator" dropped to the lowest in four years, leading traders to bet on a Fed rate cut in September [2] - US officials defended tariffs, stating that they would not disappear [3] - Fed's Daly is confident in the Fed's prediction of two rate cuts by the end of the year [3] 3.2.2 Metals - Platinum has seen a significant increase this year, with a maximum cumulative increase of 25%. JP Morgan predicts that the platinum price will reach $1200 per ounce in Q4 2025 and $1300 per ounce in Q2 2026 [5] - Chile expects its copper production to reach 5.67 million tons in 2025 [6] - Goldman Sachs predicts an increased possibility of US copper import tariffs, and has adjusted its aluminum price forecast [6] 3.2.3 Coal, Coke, Steel, and Minerals - Multiple regions in China are strengthening the management of strategic minerals to prevent illegal exports [8] - The US will raise the steel import tariff from 25% to 50% on June 4, and the EU is considering counter - measures [8][9][19] - The price of coking coal dropped by 1.17% in mid - May, reaching a record low [10] 3.2.4 Energy and Chemicals - OPEC+ agreed to increase oil production by 411,000 barrels per day in July [11] - Goldman Sachs expects OPEC+ to increase production by 410,000 barrels per day in August and maintains its oil price forecast [11] - The Russian central bank believes that the risk of financial instability is limited due to low debt levels and accumulated reserves [11] - India has lowered the natural gas price by 5% in June [12] 3.2.5 Agricultural Products - Malaysia's palm oil exports in May increased by 17.9% compared to the same period last month [13] - The price of soybeans increased by 1.18% in mid - May, reaching a new high since late September 2024 [14] 3.3 Financial News Compilation 3.3.1 Open Market - On May 30, the central bank conducted 291.1 billion yuan of 7 - day reverse repurchase operations, with a net investment of 148.6 billion yuan [15] - A total of 1.6026 trillion yuan of reverse repurchases will mature in the central bank's open market this week [15] - The central bank conducted 700 billion yuan of outright reverse repurchase operations in May, with a net withdrawal of 200 billion yuan [17] 3.3.2 Key News - China's economic data in May showed that the manufacturing PMI improved, and the import and export situation improved [2][16] - The 2025 Lujiazui Forum will be held from June 18 - 19, and several major financial policies will be announced [16] - It is expected that the central bank may resume buying government bonds in July or August [17] - The US has extended the exemption period for the 301 investigation against China [18] - Multiple cities' new home prices showed different trends in May, with first - and second - tier cities rising and third - and fourth - tier cities falling [21] - As of May 28, 119 market entities issued science and technology innovation bonds with a total issuance of 339.1 billion yuan [21] 3.3.3 Bond Market Summary - The domestic bond market rebounded, with the 30 - year Treasury bond futures rising by 0.56%, and major interest - rate bond yields falling [25] - The exchange bond market showed mixed performance, with some bonds rising and some falling [25] - The CSI Convertible Bond Index rose by 0.06%, and the trading volume was 58.988 billion yuan [25] - Most money market interest rates and bond yields in the US and Europe increased [26][27] 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar closed at 7.1953, down 37 basis points from the previous trading day [28] - The US dollar index fell by 0.75%, and most non - US currencies rose [28] 3.3.5 Research Report Highlights - Huatai Securities predicts that the US fiscal deficit in the 2026 fiscal year may reach $2.2 trillion, and the deficit rate may rise to 7% [29] - CICC Fixed Income expects the monetary policy to be relaxed in the second and third quarters, and suggests investors to allocate Chinese bonds [29] - Huatai Securities believes that fiscal policies may be further strengthened to support economic growth [30] 3.4 Stock Market Key News - The Hang Seng Index fell by 0.57%, and pharmaceutical and real - estate stocks led the decline [32] - As of June 3, 28 listed companies have "removed stars and caps" this year, more than the same period last year [32] - As of May 31, private equity funds showed strong interest in ETFs, especially science - innovation and free - cash - flow themed ETFs [33] - *ST Hengli is under investigation by the CSRC for suspected false disclosure of financial data [33]

Group 1: Economic Indicators and Federal Reserve - The core PCE price index in the US decreased from 2.7% to 2.5%, marking the lowest level since April 2021 [1] - Federal Reserve Governor Waller supports a potential interest rate cut later this year, despite the uncertainty surrounding tariff impacts on inflation and employment [1] - The US GDP for Q1 was revised to a -0.2% growth rate, indicating economic stagnation, while consumer confidence has dropped significantly [1] Group 2: Gold Market Dynamics - Gold prices surged following Trump's announcement to double tariffs on steel and aluminum, with spot gold reaching $3,380 per ounce [2] - Gold mining stocks experienced significant gains, with Newmont rising nearly 5.5% and Barrick Gold over 6% [2] - Long-term demand for gold is driven by central bank purchases, making gold a safer investment compared to more volatile gold mining stocks [2] Group 3: Seagate Technology Developments - Seagate Technology's stock rose by 29.56% in May, driven by the delivery of 40TB hard drive samples and plans for larger capacities [3] - The company aims to produce a 100TB hard drive by 2030, addressing the growing demand for data storage in AI and data centers [3] - Seagate reported a 30% year-over-year revenue increase and a 12.6-fold increase in profit, highlighting its strong market position [3] Group 4: Oil Market Outlook - OPEC+ decided to maintain an increase of 411,000 barrels per day for July, consistent with previous months [5] - Morgan Stanley predicts continued OPEC+ production increases, potentially leading to lower oil prices, while Goldman Sachs expects a more cautious approach [5][6] - The overall supply-demand balance remains skewed towards oversupply, with US production growth impacting global oil prices [6] Group 5: US Stock Market Projections - After a 6.2% rebound in May, the US stock market is expected to enter a consolidation phase due to rising inflation and slowing economic growth [7] - The S&P 500 index has only increased by about 0.9% this year, underperforming compared to European markets [7] - Concerns over inflation and fiscal issues may lead to higher bond yields, affecting the attractiveness of US equities [7]

Open Market Operations - The central bank conducted a reverse repurchase operation of 291.1 billion yuan for 7-day terms on May 30, with a fixed interest rate of 1.40%, resulting in a net injection of 148.6 billion yuan for the day after accounting for 142.5 billion yuan in reverse repos maturing [1][2]. Liquidity Conditions - Liquidity remains ample, with overnight weighted rates for deposit institutions below 1.5%. Non-bank institutions saw overnight borrowing rates initially rise above 1.8% but later settle around 1.6%. Shibor rates showed mixed performance, with overnight rates up 6.0 basis points to 1.471%, while 7-day rates rose 1.5 basis points to 1.617% [3][4]. Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit in the secondary market is around 1.70% [7]. Government Bond Futures - The closing prices for government bond futures showed increases: 30-year contracts rose by 0.56%, 10-year by 0.21%, 5-year by 0.14%, and 2-year by 0.04% [11]. Key Financial Events - The 2025 Lujiazui Forum is scheduled for June 18-19, where major financial policies will be announced by leaders from various financial regulatory bodies [12]. - The Ministry of Housing, Ministry of Finance, and the People's Bank of China reported that over 1.3 trillion yuan in housing provident fund loans were issued last year, with total contributions reaching 36,317.83 billion yuan [12]. Global Macro Developments - The U.S. overnight financing rate is currently at 4.33% [4]. - The Federal Reserve's Daly indicated the possibility of two interest rate cuts within the year, while the Bank of Japan faces record losses on government bonds [16].