特朗普升级贸易威胁，暗示对大多数贸易伙伴征收更高关税，引发全球市场剧烈反应。股指期货回落，美元走强，投资者对关税政策不确定性的 担忧重新抬头。 周五，欧洲斯托克50指数开盘跌0.4%，加元走弱。美元指数上涨0.2%，日元下跌，成为G10货币中表现最差的货币。比特币延续创纪录涨势，突 破11.8万美元。 据央视新闻报道，当地时间7月10日，美国总统特朗普宣布，将自8月1日起，对自加拿大进口的商品征收35%关税。报道称，特朗普还表示，他计 划对多数贸易伙伴征收15%或20%的统一关税。 欧洲斯托克50指数开盘跌0.4%，德国DAX指数跌0.5%，英国富时100指数平开，法国CAC 40指数跌0.3%。 日经225指数收盘跌0.2%，报39569.68点。日本东证指数收盘涨0.4%，报2823.24点。韩国首尔综指收盘跌0.2%，报3175.77点。 越南VN指数涨近2%，报道称越南对特朗普20%的关税感到惊讶，寻求更低的关税。 10 年期美国国债收益率上涨 1 个基点至 4.36%。 日本 10 年期国债收益率变化不大，为 1.495%。 美元现货指数上涨 0.2%。欧元兑美元下跌 0.2% 至 1.1681 美 ...

Core Viewpoint - M&G Investments and Guotai Junan Securities have signed a strategic cooperation memorandum to expand channels for Chinese investors to participate in global markets, combining M&G's global expertise with Guotai Junan's local market leadership [1][2]. Group 1: Strategic Cooperation - The cooperation will focus on four key areas: information sharing, asset management development, client engagement, and investment market promotion, laying a solid foundation for future collaboration in investment research, product innovation, and global distribution [2]. - M&G aims to leverage Guotai Junan's market position to reach a broader local investor base, while Guotai Junan seeks to enhance its global investment management capabilities through M&G's expertise [2][3]. Group 2: Market Context and Growth Potential - The partnership comes at a critical time for China's asset management industry, which is undergoing regulatory reforms and increasing demand for international asset allocation due to global market volatility and geopolitical changes [1]. - The Chinese asset management industry is projected to reach $40.4 trillion by 2030, highlighting significant growth opportunities [1]. Group 3: Product Development and Future Plans - Both companies are jointly developing a brand-focused fixed income investment solution targeting the Asian market, set to launch in the coming months [2]. - They are also exploring other collaborative projects, including QDII-compliant products and investment consulting mechanisms, to maximize their strengths in global investment management and local market knowledge [2]. Group 4: Leadership Statements - M&G's CEO emphasized the long-term commitment to the Asian market, particularly China, and the opportunity to provide quality investment solutions for Chinese investors [3]. - Guotai Junan's representative highlighted the synergy between their deep understanding of the Chinese market and M&G's global investment expertise, aiming to offer diversified overseas investment solutions [3].

Core Viewpoint - The acquisition of AXA IM by BNP Paribas Insurance marks a significant expansion in the asset management sector, positioning BNP Paribas as a leading European asset management platform with over €1.5 trillion in assets under management [1][3]. Group 1: Acquisition Details - The acquisition of AXA IM was officially completed on July 1, 2025, and will integrate with BNP Paribas Asset Management and BNP Paribas Real Estate Investment Management to create a global platform focused on long-term savings and investment [2][3]. - Sandro Pierri, CEO of BNP Paribas Asset Management, will also take on the role of CEO at AXA IM, while Marco Morelli will serve as the chairman for both entities [2]. Group 2: Market Position and Strategy - Post-acquisition, BNP Paribas will manage approximately €850 billion in assets related to insurance and pension fund long-term savings, enhancing its leadership in these sectors [3]. - The bank aims to leverage complementary expertise in traditional and alternative asset classes, focusing on innovation, particularly in digitalization and data analytics, while reinforcing its commitment to sustainability [2][3]. Group 3: Industry Trends - The asset management industry is expected to experience a prolonged wave of acquisitions due to ongoing pressure from declining fees, prompting firms to pursue scale as a strategic choice [4]. - BNP Paribas has been actively acquiring businesses in Europe, including a recent agreement to acquire HSBC's custody and depository bank business in Germany, further solidifying its position as a leading local custodian bank [4]. Group 4: Expansion in China - BNP Paribas has been increasing its presence in the Chinese market, recently establishing several financial institutions, including BNP Paribas Securities, which is the fourth foreign-owned securities company in China [6][7]. - The approval of BNP Paribas (China) for securities investment fund custody qualifications marks a significant milestone, positioning it among the few foreign banks with such capabilities in the country [6].

Group 1 - China Orient Asset Management announced the resignation of Wang Zhanfeng as chairman and executive director due to work changes, with Liang Qiang elected as the new chairman pending regulatory approval [1] - Liang Qiang has extensive experience in the four major national AMCs, having held senior positions in China Huarong, China Cinda, and China Great Wall, showcasing his expertise in crisis management [2] - The current leadership positions in the three major AMCs are experiencing dynamic adjustments, with several key roles remaining vacant, including the chairman position at China Great Wall [4][6] Group 2 - Liang Qiang's career includes significant contributions to risk resolution and business transformation at China Cinda, where he served as executive director and president before his recent appointment at China Orient [2][3] - The chairman position at China Great Wall has been vacant for seven months following the resignation of Li Junfeng, with the role currently being temporarily filled by the president [4] - Following Wang Zhanfeng's resignation, his future career path remains uncertain, and the search for a new president at China Cinda is ongoing [6]

7月10日，睿远基金创始人陈光明与橡树资本创始人霍华德 马克斯在上海进行了一场对话交流。 【导读】陈光明对话霍华德 马克斯：持有或增配中国资产，有望持续获得回报 霍华德·马克斯是橡树资本联席创始人及联席董事长，他所执掌的橡树资本以逆向价值与卓越的风险管 理能力，成为全球最知名的另类资产管理公司之一。陈光明是睿远基金创始人及投资经理，他深耕中国 资本市场超过25年，是价值投资理念在中国本土化的实践者。 双方围绕经济与市场周期、全球市场波动时的应对、中国市场以及中国创新带来的投资机遇、价值投资 实践等话题展开了交流。 以下为本次对话的投资金句： "投资资本市场，大多数时候最好还是以农民的心态长期耕种，而不是以猎人的心态，打猎的水平要求 挺高，难度非常大。" "价格的波动有时非常剧烈，但企业内在价值的变化并不像价格表现得那么大，尤其一些优秀企业，它 们持续地创造着丰厚的自由现金流。" "乐观的一面，正在慢慢地展现给全球的投资人。我们相信，随着时间的推移，会有越来越多的投资 人，尤其是海外投资人，会意识到中国长期发展的潜力。" 我相信在过去80年到100年里，美国经济在世界上处于领先地位，其原因包括美国经济的活力、对 ...

【 导读 】 陈光明对话霍华德•马克斯 ：持有或 增配 中国 资产，有望持 续获得回报 中国基金报记者 若晖 7月10日，睿远基金创始人 陈光明与 橡树资本创始人 霍华德•马克斯 在上海进行 了一场对 话交流。 霍华德·马克斯是橡树资本联席创始人及联席董事长，他所执掌的橡树资本以逆向价值与卓越 的风险管理能力， 成为 全球最知名的另类资产管理公司之一。陈光明是睿远基金创始人及投 资经理，他深耕中国资本市场超过25年，是价值投资理念在中国本土化的实践者。 双方围绕经济与市场周期、全球市场波动时的应对、中国市场以及中国创新带来的投资机 遇、价值投资实践等话题展开了交流。 以下为本次对话的投资金句： "投资资本市场，大多数时候最好还是以农民的心态长期耕种，而不是以猎人的心态，打猎的 水平要求挺高，难度非常大。" "价格的波动有时非常剧烈，但企业内在价值的变化并 不 像价格表现 得 那么大，尤其一些 优秀企业， 它 们持续地创造着丰厚的自由现金流。" "乐观的一面，正在慢慢地展现给全球的投资人 。 我们相信，随着时间的推移，会有越来越 多的投资人，尤其是海外投资人，会意识到中国长期发展的潜力。" "投资的关键在于能够 ...

Group 1: Company Overview - Renqiao Asset recently conducted research on a listed company, Langzi Co., which showed varied performance among its medical beauty brands in Q1 2025, with Jingfu Medical Beauty's net profit increasing by 633.07% while other brands like Milan Baiyu and Wuhan Wuzhou experienced declines [1] - Langzi Co. aims to focus on technological innovation, customer needs, marketing channel optimization, and data governance in its medical beauty business, adhering to the philosophy of "safe medical beauty, reputation medical beauty, and quality medical beauty" without engaging in price competition [1] - The company has reduced its holdings in Ru Yuchen and accounted for the difference between the book value and the proceeds from the sale as investment income [1] Group 2: Financial Performance - In Q1, the revenue distribution among medical beauty departments was 45.14% for minimally invasive, 39.95% for dermatology, and 14.57% for surgery [1] - The sales expense ratio for medical beauty was 35.53%, with major marketing channels including local life platforms and short video platforms [1] - Online sales in the women's clothing segment increased by 14.31%, raising its revenue share to 42.62% of the women's clothing business [1]

Report Industry Investment Rating - The investment rating for the global economy in the macro and financial sector is (Bullish Bias) [1] Report's Core View - The global economy maintains an upward direction, with positive factors such as the expected meeting between the US Commerce Secretary and Chinese officials, the extension of the "reciprocal tariff" suspension period in the US, strong US non - farm payroll data in June, expected Fed rate cuts in September and acceleration in 2026, expansion in manufacturing PMIs in the US and China, measures to boost corporate performance in China, multiple rate cuts by the European Central Bank, military expansion and industrial recovery in Germany [1] Summary by Related Information Important News - US President Trump issued a second wave of tariff letters to eight countries, with a 50% tariff on Brazil being the highest since the new reciprocal tariffs were announced [1] - The US stock market rebounded strongly led by technology stocks, but the Fear and Greed Index signaled "extreme greed", indicating high market risk sentiment [1] - Morgan Stanley expects no rate cuts in 2025 due to inflation risks and tariffs, while Citi expects a rate - cut cycle to start in September and continue until the policy rate drops to 3 - 3.25% [1] - Baillie Gifford believes the prospects of Chinese tech giants depend more on domestic consumer sentiment than tariff policies, as US - bound exports are less than one - tenth of China's retail sales [1] - The US Treasury auctioned $39 billion of 10 - year Treasury bonds with a winning yield of 4.362%, lower than 4.421% in June [1] - Goldman Sachs found that the probability of the US dollar depreciating when the US stock market falls is more than twice as high as in the past decade, due to factors like US policy uncertainty, global diversified investment, and fiscal risks [1] - Brazilian President Lula called an emergency meeting and warned of a response to any unilateral tariff hikes based on Brazil's economic reciprocity law [1] Global Economic Logic - The US Commerce Secretary is expected to meet Chinese officials in early August, and the US extended the "reciprocal tariff" suspension period to August 1st [1] - US non - farm payroll data in June was significantly better than expected, and the market anticipates Fed rate cuts in September and acceleration in 2026 [1] - The US Markit manufacturing PMI in June was 52.0, continuing to expand, and China's PMI production index continued to expand while the new order index resumed expansion [1] - China's comprehensive rectification of cut - throat competition is expected to boost listed company performance [1] - The European Central Bank has cut rates 8 times, Germany is expanding its military by 30%, and German industry shows signs of recovery with a 1.2% month - on - month increase in industrial output in May [1]

Group 1 - The core concept of the public warehouse system in Jiangsu is to facilitate the efficient transfer and utilization of idle assets across various administrative levels and departments, akin to a "second-hand market" for government assets [1][4] - The public warehouse platform has successfully processed 477 batches and 3,155 items in the first five months of the year, saving over 11 million yuan in fiscal funds [2][4] - The platform currently hosts over 30,000 items, including office equipment, vehicles, and instruments, allowing units to easily match their needs and facilitate flexible borrowing or renting [3][4] Group 2 - The public warehouse initiative began in 2013 and has expanded to include collaboration between provincial, municipal, and district levels, as well as extending to state departments and local communities [4] - The system has enabled the transfer of high-value assets, such as a 4 million yuan environmental monitoring vehicle, demonstrating its effectiveness in asset management [4] - The platform not only manages physical assets but also facilitates the sharing of virtual assets, such as software licenses, enhancing resource utilization [7][8] Group 3 - The public warehouse has been instrumental in reducing administrative costs and improving operational efficiency by streamlining the asset allocation process [2][5] - Maintenance services are provided through a centralized approach, ensuring quality repairs and reducing costs associated with asset upkeep [5][6] - The initiative has also led to the repurposing of idle properties for community use, addressing local needs while optimizing resource allocation [7]

Group 1 - The core point of the article is the public transfer of debts and collateral assets from China Great Wall Asset Management Co., Ltd. Shanxi Branch to Zhixiang Asset Management (Zhuhai) Co., Ltd. through the JD Asset Trading Platform [1][2] - The transferred debts include three companies: Shanxi Jinhui Energy Group Co., Ltd., Taiyuan Qiaoyou Chemical Co., Ltd., and Shanxi Tengxiang Sports Goods Sales Co., Ltd. [1][3] - The total principal balance of the debts is 238.52 million yuan, with total interest amounting to 143.99 million yuan [3] Group 2 - Shanxi Jinhui Energy Group Co., Ltd. has a principal balance of 210.03 million yuan and interest of 123.88 million yuan, secured by pledges and guarantees [3] - Taiyuan Qiaoyou Chemical Co., Ltd. has a principal balance of 6.99 million yuan and interest of 550.43 thousand yuan, guaranteed without collateral [3] - Shanxi Tengxiang Sports Goods Sales Co., Ltd. has a principal balance of 21.50 million yuan and interest of 14.61 million yuan, with collateral already adjudicated for debt repayment [3]