Group 1 - The company is undergoing a significant transition with the recent appointment of Martina Cheung as CEO, who has a strong background in various senior leadership roles within the organization [3][4] - The CEO has announced the spin-off of the Mobility division, indicating a strategic shift in the company's focus and operations [3] - There is a strong emphasis on building and maintaining trusted relationships with clients globally, which is seen as a key driver for future growth [4] Group 2 - The company is experiencing considerable policy and macroeconomic volatility, which presents both challenges and opportunities for strategic decision-making [3] - The CEO expresses optimism about the company's growth potential across its divisions and the overall enterprise, highlighting the excitement generated from customer interactions and feedback [4]

Core Viewpoint - The recent tax reduction measures proposed in the Republican "Big and Beautiful" bill are prompting investors to sell U.S. Treasuries, reminiscent of the 2007 market behavior, indicating a potential long-term rise in borrowing costs for U.S. borrowers [1][3]. Group 1: Bond Yield Trends - The 10-year U.S. Treasury yield, a benchmark for various loans, has seen a significant rise, with the 30-year yield surpassing 5% for the first time in nearly two years, reaching its highest level since spring 2007 [3][6]. - Morgan Stanley's Jim Caron suggests that interest rates are unlikely to return to historical lows, indicating a need to adapt to a steeper yield curve and persistent inflation [3][8]. Group 2: Economic Implications - The rise in bond yields is attributed to the Federal Reserve's actions to combat inflation, which have diminished the attractiveness of existing bonds compared to newly issued ones [5][6]. - Concerns over rising inflation and federal deficits, exacerbated by tax cuts and tariffs, are driving up interest rates, with the Congressional Budget Office projecting a federal deficit of $1.9 trillion for FY2025, representing 6.2% of GDP [6][7]. Group 3: Political and Fiscal Dynamics - The "Big and Beautiful" bill is expected to increase the deficit by $3.8 trillion by 2034, raising concerns among investors about the sustainability of such fiscal policies [7]. - The potential for a unified Republican government to maintain large deficits poses risks, as highlighted by Moody's recent downgrade of U.S. debt ratings due to deficit concerns [7][8]. Group 4: Global Economic Factors - Caron emphasizes that the current rise in yields is not a temporary phenomenon, contrasting with the declining trend of borrowing costs since the 1980s, which was largely due to low inflation rates influenced by globalization [8][11]. - The ongoing concerns about U.S. debt and shrinking global trade may weaken demand for U.S. Treasuries, further pushing up bond yields [11][12].

特朗普（资料图） 不仅如此，国际评级机构穆迪宣布将美国主权信用评级从Aaa下调至Aa1，同时将美国主权信用评级展望从"负面"调整为"稳定"。这不是 美国第一次被降级。此前，标准普尔和惠誉分别在2011年和2023年将美国主权信用评级调至Aaa以下。美国最高信用评级接连失守，不 仅暴露出其国内经济治理的深层缺陷，更折射出全球治理体系变革的紧迫性。穆迪此次调降评级，源于美国政府债务与利息支出的持续 攀升。数据显示，美国联邦政府债务总额目前已超过36万亿美元，仅今年6月份就有6.5万亿美元的国债到期。 在此背景下，5月16日播出的福克斯新闻节目中，特朗普一顿吹嘘称，这些国家曾被中国极力拉拢，打算靠拢中国，但这种情况不会发生 了。他"确信"自己已经改变了这一局面。有美国学者指出，除投资和人工智能、安全等问题的合作外，特朗普也希望看到海湾国家降低 与中国之间的关系，"但实际上不太可能发生这样的情况"。特朗普在采访中多次提到了中国。当被问及是否希望访问中国时，特朗普回 答："我当然愿意。"他补充道，中美关系"至关重要"。 据环球时报援引美国财政部发布的最新数据，截至3月底，中国持有的美国国债已经较上个月减少了约189亿美 ...

Core Insights - The report discusses the recent rise in long-term US Treasury yields, with both 20-year and 30-year yields surpassing 5% and remaining above this level since late May 2023 [3][4][8] - The downgrade of the US credit rating by Moody's from Aaa to Aa1 on May 16 is identified as a primary factor contributing to the increase in yields, leading to a disappointing auction for 20-year bonds on May 21, where the final yield was 5.047%, up 24 basis points from April [4][6] - Concerns regarding the US debt ceiling have resurfaced, particularly following the passage of the "Beautiful Bill" on May 22, which allows for a $4 trillion increase in the debt ceiling, suggesting a return to expansionary fiscal policies [4][6][7] - Market fears of inflation and delayed interest rate cuts are also contributing to the sustained high yields, with the report indicating that the Federal Reserve's reluctance to lower rates could keep yields elevated for an extended period [8] Summary by Sections Recent Yield Trends - Long-term US Treasury yields have recently risen above 5%, with specific reference to the 20-year and 30-year bonds [3][5] - The yields have been influenced by a combination of credit rating downgrades, debt ceiling issues, and inflation concerns [4][8] Credit Rating Impact - The downgrade by Moody's has led to increased market volatility and higher yields, as all three major rating agencies have now rated US debt below the highest level [4][6] - The immediate effect was seen in the auction results, which reflected a significant increase in yield compared to previous months [4][6] Debt Ceiling Concerns - The passage of the "Beautiful Bill" has raised expectations of increased debt supply, which could further pressure yields upward [4][6][7] - Historical context is provided, noting that after previous debt ceiling resolutions, yields have tended to rise, indicating a potential pattern [6][7] Inflation and Interest Rate Outlook - The report highlights that inflation fears and the Fed's cautious stance on rate cuts are likely to maintain high yield levels [8] - The probability of a rate cut in June has dropped significantly, indicating a shift in market expectations regarding monetary policy [8][11]

新华社香港5月27日电 评级机构标普及穆迪27日分别发表报告，维持香港的信用评级。香港特区政 府发言人当日回应表示，最近三家评级机构——惠誉、标普及穆迪，分别确认香港的评级，并一致给予 香港"稳定"的评级展望，反映香港在全球经济和金融不确定性增加之际，具备稳定前行的韧性。 发言人表示，特区政府注意到标普维持香港"AA+"的信贷评级和"稳定"的评级展望，而穆迪在维持 香港"Aa3"信贷评级的同时，将评级展望由"负面"调升为"稳定"。标普及穆迪均对香港的信用基本面作 出相当正面的评价，包括庞大的财政缓冲和外汇储备、强健的对外资产负债表以及较高人均收入水平 等。 发言人说，最近的数据充分显示，香港的金融体系保持稳健，银行存款持续增长、资本市场表现活 跃、新股市场畅旺，这些都反映环球投资者对香港的信心。 发言人说，香港经济在今年首季稳健增长，尽管关税战持续影响全球经济，但随着国际贸易摩擦近 期稍为缓和，外围环境的不利因素和不确定性会略为减轻。内地持续推进高水平对外开放，经济稳中有 进，也有充足的政策空间和政策工具应对和化解各种风险挑战；加上在科技创新、绿色转型和数字经济 等方面不断有所突破并加速发展，是香港经济发展的 ...

Group 1 - The core viewpoint is that the decline of the United States is evident, marked by the downgrade of U.S. debt ratings by major agencies, indicating a significant shift in its global standing [1][3] - The U.S. national debt has reached $36 trillion, with annual interest payments exceeding $1 trillion, projected to consume 6.7% of GDP by mid-century, highlighting an unsustainable debt situation [3][5] - The industrial hollowing out of the U.S. is irreversible, with its industrial output dropping from 40% of global production to 15%, significantly lagging behind China [3][5] Group 2 - The decline of the U.S. is both absolute and relative, with China's rapid industrialization and economic growth making the U.S. appear diminished in comparison [5][6] - The root causes of the U.S. decline are internal, particularly the unsustainable debt crisis and industrial hollowing, rather than external factors like China's rise [5][6] - The greed of capital is identified as a fundamental reason for the U.S. decline, stemming from the abandonment of the gold standard and the shift towards debt expansion [6][8] Group 3 - The U.S. faces inevitable trade deficits due to the need to maintain dollar hegemony, leading to increased borrowing and a worsening debt crisis [8] - The reliance on cheap currency for resource acquisition has contributed to the industrial hollowing out, making U.S. production less competitive [8] - The decline of the U.S. is deemed inevitable, with China's rise seen as a historical consequence rather than a primary cause [8]

Group 1 - The 2025 China Brand Boao Summit awarded Dongfang Jincheng the title of "2025 Annual (Industry) Most Valuable Brand" due to its professional and efficient brand image and high-quality research output [2][4] - Dongfang Jincheng aims to build a national credit rating agency brand by continuously optimizing rating methodologies, upgrading product services, and enhancing the effectiveness of services to the real economy [4] - The company has established a multi-layered brand communication matrix with national mainstream media and authoritative information platforms, resulting in nearly 1,000 media interviews and over 5,000 media exposures annually, with more than 50 reports exceeding one million views [4] Group 2 - Dongfang Jincheng plans to continue fulfilling its mission as a state-owned rating agency, emphasizing its role in supporting the development of the real economy [4] - The company will focus on key and hot issues in economic development, collaborating with major media, information platforms, and participants in the bond market to enhance its promotional efforts and brand connotation [4] - The goal is to create a credit rating agency brand with Chinese characteristics while improving service quality [4]

或因一些投资者在美国假期前选择回补空头头寸，两油有所反弹，日内涨超1%，WTI原油期货先跌后涨，并在美盘时段急速拉升至61美元上方，最终收涨 1.56%，报61.74美元/桶。欧佩克+增产加剧了市场对原油供应过剩的担忧，但以色列对加沙的新一轮军事打击以及美伊核谈判陷入僵局也限制了油价跌幅。 油价上周走势偏震荡，周五下探60关口后反弹回升，大涨逾1%，一度逼近62关口，目前没有消息或者数据很难打破震荡走势，上方关注65一线的阻力。四 小时线，上周油价冲高64关口后回落，下方触及60关口后反弹回升，可以看出60关口存在支撑，油价处于布林带中上轨之间运行，KDJ有形成金叉的迹象， MACD金叉后向上运行，短线走势震荡偏强。 综合来看，目前油价处于震荡走势之中，暂时很难打破这种僵局，上周五在下探60关口后回升收涨逾1%，短线走势震荡偏强，日内操作上可以参考61-61.50 区域布局多单，看至63.50-64区域。 投资的首要原则是规避好风险，如果不能规避风险，那么赚再多的钱，有一天还是会回去，任何一个人成功都有其方法，而投资交易也必有其原则，积少成 多，以小损失博大是交易的根本，而有很多人却忘记了初衷，把利益放在眼前 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Last week, precious metal prices showed a volatile and slightly stronger trend. The prices of gold and silver were boosted by Moody's downgrade of the US sovereign credit rating, which weakened the US dollar index and increased global market risk aversion. Meanwhile, the tax reform bill promoted by US President Trump in Congress raised concerns about the expansion of the fiscal deficit. Trump's tariff threat on Friday further boosted precious metal prices [3][6]. - The US - EU trade negotiation is ongoing. Trump initially claimed to impose a 50% tariff on EU goods starting from June 1, but later postponed the deadline to July 9. Japan is considering accepting a US tariff reduction, and India and the US are discussing a "three - stage" trade agreement expected to reach a temporary agreement by early July [3][6]. - Although the US - China trade relationship has recently eased, there is still great uncertainty in the trade negotiations between the US and other economies such as the EU and Japan. The global economic outlook remains unclear, and geopolitical risks occur frequently. Investors tend to seek more stable asset allocations, so the short - term gold price is expected to maintain a volatile and slightly stronger trend [3][8]. 3. Summary by Relevant Catalogs 3.1 Last Week's Trading Data | Contract | Closing Price | Change | Change Rate (%) | Total Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Gold | 780.10 | 28.30 | 3.76 | 220512 | 178255 | Yuan/gram | | Shanghai Gold T + D | 775.72 | 21.63 | 2.87 | 48148 | 210456 | Yuan/gram | | COMEX Gold | 3357.70 | 152.40 | 4.75 | - | - | US dollars/ounce | | SHFE Silver | 8263 | 162 | 2.00 | 522479 | 634627 | Yuan/kilogram | | Shanghai Silver T + D | 8244 | 131 | 1.61 | 372524 | 3454112 | Yuan/kilogram | | COMEX Silver | 33.64 | 1.21 | 3.73 | - | - | US dollars/ounce | [4] 3.2 Market Analysis and Outlook - The precious metal prices showed a volatile and slightly stronger trend last week due to Moody's downgrade of the US sovereign credit rating, the tax reform bill, and Trump's tariff threat [3][6]. - The US - EU trade negotiation is in progress. Trump postponed the tariff deadline for the EU to July 9. Japan may accept a US tariff reduction, and India and the US are expected to reach a temporary trade agreement by early July [3][6]. - The tax reform bill led by Trump will increase the federal debt by about $3.8 trillion in the next decade, causing concerns about fiscal sustainability and global bond market fluctuations. The bill will face challenges in the Senate vote [6]. - Fed officials emphasized patience in policy adjustment. The market expects a 90% probability of an ECB interest rate cut next month [6][7]. - Geopolitical risks include the ongoing Russia - Ukraine conflict negotiation and the "Gideon's Sword" operation by the Israeli Defense Forces [7]. - This week, focus on US economic data such as GDP and PCE, and events like the US trade negotiations, the Fed's May meeting minutes, and speeches by Fed officials [8]. 3.3 Important Data Information - In May, the US manufacturing PMI reached a three - month high of 52.3, and the service PMI was 52.3, with new orders growing at the fastest rate in a year. However, manufacturing export orders contracted for the second consecutive month, and the employment index declined [9]. - As of the week ending May 17, the number of initial jobless claims in the US decreased by 2000 to 227,000, a four - week low, indicating a stable employment market [9]. - In May, the eurozone manufacturing PMI improved slightly to 49.2, but the service PMI dropped to 48.9, a 16 - month low, dragging down the composite PMI to 49.5. The money market increased bets on further ECB interest rate cuts this year [9]. - In April, US new home sales reached the highest level since February 2022, with an annualized growth of nearly 11% to 743,000 units [9]. - In April, Japan's core CPI rose 3.5% year - on - year, and the price of rice increased by 98%, which may prompt the Bank of Japan to raise interest rates in October [10]. - In April, China's gold imports reached 127.5 metric tons, a 73% increase, a new high in 11 months [10]. - As of May 20, the total gold holdings of precious metal ETFs were 922.46 tons, an increase of 3.73 tons from last week. The silver holdings of ishare were 14217.50 tons, an increase of 302.60 tons from last week [10]. 3.4 Relevant Data Charts - The content provides multiple charts including SHFE and COMEX precious metal prices, inventory changes, non - commercial net long positions, and the relationship between precious metal prices and other economic indicators such as the US dollar, inflation, and interest rates [14][15][16]

薛东阳对中国证券报记者表示，江苏中诚信选择迁址到苏州工业园区，主要基于三方面考量。首先，苏 州工业园区已构建起相对完备的ESG政策体系，包括绿色金融激励政策、企业绿色低碳发展行动计划 等，推动ESG政策与园区产业发展相协同，这与中诚信的业务能力与战略布局相契合。 园区金融机构可参考企业ESG评级结果，针对绿色产业企业设计专属信贷产品，同时对于ESG表现优异 的企业，给予利率优惠、额度提升、审批流程简化等政策倾斜。 ■ ESG领航者 ● 本报记者 郑萃颖 日前，江苏中诚信信用管理有限公司落户苏州工业园区。江苏中诚信将与苏州工业园区合作，共同打 造"ESG+信用"特色服务体系，助力园区企业实现绿色转型，探索具有本土特色的ESG发展路径。 中诚信国际执行副总裁、中诚信绿金总裁薛东阳认为，国际社会正加速推动绿色金融与ESG标准相互融 合，同时绿色金融与实体经济也呈现出深度融合的发展趋势。绿色产业通过绿色金融工具实现产能扩 张，金融机构开展投资端ESG风险评估，推出可持续发展挂钩债等ESG金融工具，引导企业优化可持续 表现。未来江苏中诚信将在苏州工业园区开展绿色金融业务创新，探索推出多样化的绿色金融产品和服 务模式。 ...