Group 1 - The announcement of a trade agreement between Trump and Vietnam has boosted risk appetite, but signs of negative impacts from the trade war are emerging in the small non-farm payroll data [1] - The overall market sentiment remains cautiously optimistic ahead of the upcoming non-farm payroll report and the vote on the Big Beautiful Bill, with increasing indications of a slowdown in the US economy [1] - Asian stock markets saw slight gains, European stocks rose moderately after US stocks hit new highs, and US stock futures also increased slightly [1] Group 2 - US Treasury yields mostly declined, with the benchmark 10-year Treasury yield falling by over 3 basis points [2] - The dollar index and euro remained stable, while the British pound rose by 0.2% and the New Taiwan dollar increased by over 0.5% [2] - Gold prices recovered from an earlier 0.4% decline, while silver rose by over 0.6% [2] Group 3 - Concerns about the future outlook of the UK’s fiscal situation were raised following comments from Chancellor Reeves, but Prime Minister Keir Starmer reassured that Reeves will continue in her role [5]

Core Viewpoint - Fidelity International reports that Asian central banks have room to ease monetary policy to mitigate economic impacts from trade tensions [1] Group 1: Economic Impact - Asia's reliance on trade makes the region vulnerable to tariff tensions, prompting central banks to consider easing monetary policies [1] - The potential for interest rate cuts and currency appreciation may boost demand for local currency bonds in the region [1] Group 2: Currency Demand - As investors seek currencies outside the US dollar, demand for Asian currencies is likely to rebound [1] - Several regions in Asia stand to benefit from this shift in currency demand [1]

当前全球格局面临深度调整，处于新一 轮科技革命和产业变革加速演进的关键时期，科技创新活动 愈发密 集活跃。 在此环境下， 中小市值企业不仅是经济韧性的重要支撑，也是国家科技创新活力 的具体承载。 由于相比大型企业更具灵活性，中小市值企业在 向专业化、精细化、特色化持续发展 的过程中，有望逐渐在产业链中构筑起不可替代的竞争力。 中小市值上市公司作为经济韧性的重要支撑，其健康发展既是完善产业结构和释放创新活力的关键一 环，也是提高多层次资本市场服务覆盖面和精准度的重要实践。在初评会上，主办方代表第一财经总 经理汪钧、安永大中华区业务主管合伙人毕舜杰、矽亚资产管理首席执行官陈加凤，先后发言致辞， 并表示对中小市值企业的发展予以高度关注。 汪钧表示，无论是推动经济发展潜力军的价值发现，还是推动深化改革中的资本市场的资源配置引 导，研究中国中小市值上市公司成长性意义深远。 "我们看到，当前内外部环境仍存在不确定性，技 术迭代对企业的影响也仍在持续，中小企业仍然需要各方携手护航，这是我们和'未来20'共同的使 命。 以持续跟踪和系统研究资本市场中小市值企业的成长发展潜力为目标， 2 024 年第一财经携手安永 （中国）、 ...

Core Insights - Recently, Hainan Sirei Private Fund Management Co., Ltd., a subsidiary of Sirei Group, has been approved for private fund advisory qualifications by the China Securities Investment Fund Industry Association, allowing it to provide investment advisory services to various financial institutions [1] - This qualification marks a significant expansion of Sirei Group's business landscape and enhances its capabilities in the MOM (Manager of Managers) business [1] - Sirei Group has been recognized with multiple prestigious awards in 2023, including the "Golden Yangtze Award" for rapid growth in private equity funds and the "Golden Reputation Award" for excellence in family offices [2] Business Expansion - The approval enables Sirei Group to offer advisory services to banks, wealth management subsidiaries, trusts, fund subsidiaries, securities asset management, futures asset management, insurance asset management, and private funds, thus broadening its business channels [1] - The firm aims to enhance compliance and operational efficiency in its MOM business, which is a core support for its investment advisory capabilities [1] Future Outlook - Sirei Group plans to leverage its professional advantages to deepen its investment advisory services across diverse fields, continuously creating value for clients [3]

Group 1 - Baidu has launched its self-developed video generation model MuseSteamer and the video product platform "HuiXiang" during the AIDAY Technology Open Day [1] - The Hubei Provincial Government has established a humanoid robot industry investment fund with a total scale of 10 billion yuan, focusing on humanoid robots and AI-related core fields [2] - Morgan Stanley has raised the target prices for several US asset management companies, including BlackRock and Franklin Resources, citing improved earnings prospects [3] Group 2 - Google has been ordered to pay over $314.6 million in damages for misusing Android users' data without consent [4] - Bilibili has reported the arrest of its former game cooperation department general manager for serious job-related crimes [5] - Kweichow Moutai has repurchased 3.3821 million shares, using a total of 5.202 billion yuan, with plans to continue repurchases based on market conditions [6] Group 3 - In June, Tesla's wholesale sales in China were estimated at 71,599 units, while BYD's were 377,628 units [7] - JD.com is set to release AI interactive products under its JoyInside brand, collaborating with leading robot brands [8] - Former Vice Minister of Housing and Urban-Rural Development discussed the considerations for young people buying homes, emphasizing the importance of location and external factors [9] Group 4 - The Hong Kong government announced the "Yue Che Nan Xia" plan, aiming to implement it in November with an initial quota of 100 vehicles per day [10] - Xiaopeng Motors' CEO stated that the next five years will be crucial for the automotive industry, highlighting the importance of high-performance chips in the AI era [11] - Hong Kong universities have received around 300 transfer applications following the controversies surrounding Harvard University, indicating a growing interest in international education [13]

2025.07. 03 本文字数：1553，阅读时长大约3分钟 作者 | 第一财经 陈玺宇 当地时间2日，英国金融市场突然遭遇全面抛售。 政治局势引发市场恐慌 当地时间7月1日，英国首相斯塔默（Keir Starmer）领导的政府大幅缩减原计划的福利削减方案。这一 政策转向被当地媒体报道为"意味着计划将不再为纳税人节省开支"，从而在财政大臣蕾切尔·里夫斯 （Rachel Reeves）中期预算中留下了约50亿英镑的财政缺口。此举实际上削弱了英国为实现财政规则 所设的缓冲机制，引发了外界对政府如何填补这一财政缺口的质疑。 局势在次日达到高潮。当地时间7月2日，首相答问环节（Prime Minister's Questions，PMQs）中，反 对党领袖当场质问里夫斯是否仍适合担任财政大臣，而首相斯塔默对此并未立即予以明确支持。 会议期 间，里夫斯情绪明显波动，甚至泪洒议会现场。 这一极不寻常的场面引发了外界对其政治前途的激烈猜测。有传闻称，她可能在即将到来的内阁改组中被 替换。对市场而言，这引发了新任财政大臣可能采取更宽松财政政策的担忧。 唐宁街随后试图平息事态，首相新闻秘书称"财政大臣不会被换，她得到了首相的 ...

美元，跌势不止！ 近期，美元持续下挫。7月1日，美元指数最低下探至96.37，创2022年2月下旬以来新低；7月2日，美元指数微 幅上涨；7月3日早盘，美元又继续下跌，截至记者发稿时，美元指数下跌0.10%报96.69。 刚刚过去的上半年，美元指数暴跌10.8%，创下半个多世纪以来最差半年度表现。据了解，美元上一次出现如 此大幅度贬值，是在1973年上半年（跌幅为14.8%）。 尽管关于美元即将失去储备货币地位的猜测仍然牵强，全面"去美元化"还有很长一段路要走，但美国政府增长 的债务可能会显著加剧这一风险。贝莱德认为，美国政府债务处于危险境况；如果任其发展，债务将是美国在 金融市场拥有的"特殊地位"面临的最大单一风险。 目前，美国国会正在讨论一项关键的税收和支出法案，即特朗普所谓的"大而美法案"——这是特朗普本届经济 议程的一个关键要素。据无党派分析机构估计，这项法案将在未来10年使美国联邦政府本已超过36万亿美元的 债务再额外增加5万亿美元。 贝莱德表示，政府债务增加可能降低美国长期国债收益率走势与美国货币政策之间的相关性，不过贝莱德预 计，即使美联储降息，美债收益率仍将上升。在美国政府债券供应增加的同时， ...

Group 1 - BlackRock is optimistic about the U.S. stock market, stating that AI will drive earnings growth beyond Europe [1] - The firm predicts a 6% year-over-year earnings growth for U.S. companies in Q2, compared to only 2% for Europe, continuing the trend from Q1 where U.S. earnings grew by 14% [1] - BlackRock suggests that U.S. equities are more attractive than U.S. bonds amid inflation concerns and rising debt burdens [1][4] Group 2 - BlackRock expresses caution regarding U.S. Treasury bonds, indicating that their appeal is less than that of U.S. stocks [4] - The ongoing tax legislation discussions in Congress may exacerbate the already high debt burden in the U.S., putting additional pressure on long-term bonds [5] - BlackRock recommends U.S. investors consider European bonds with currency hedging to achieve higher yields compared to the domestic market [5]

Wei Li 补充称，美国国债吸引力低于美股，因特朗普的贸易政策可能推高通胀——这意味着投资者对美 联储降息的预期过于乐观。此外，她指出，国会正在辩论的税改法案可能加剧美国本已高企的债务负 担，对长期美债构成更大压力，这使得美债作为投资组合对冲工具的可靠性下降。 Li 建议，美国投资者可考虑对冲汇率风险后配置欧洲债券，该策略能提供高于本土市场的收益率。 标普500指数今年以来回报率超5%，但仍落后于斯托克欧洲600指数近7%的涨幅——后者受益于市场对 欧洲更多财政刺激的预期。以美元计价，欧洲指数年内回报率约22%。这一市场动态逆转了过去几年的 趋势——此前美股基准指数大幅跑赢其他发达国家市场，主要得益于美国科技巨头股价飙升。 贝莱德预计，美国企业二季度盈利同比将增长6%，而欧洲约为2%。据其团队数据，一季度美国公司盈 利增速达14%，远高于欧洲2%的水平。下一个美国财报周期将于本月启动。"从整体看，美国股市的底 层韧性、活力及企业部门的创新潜力仍无可匹敌。"贝莱德投资组合管理团队副主管 Michael Pyle 表 示。 智通财经APP获悉，贝莱德投资研究所指出，尽管市场存在大量不确定性，但美股仍是当前"风险 ...

Group 1 - Strategic allocation qualifications for Jianxin Investment are established, confirming it as a professional institutional investor under the relevant regulations [1][2][3] - Jianxin Investment's holding period for the strategic allocation is set to be no less than 24 months from the fund's listing date, in compliance with the guidelines [2][7] - There are no prohibitive circumstances for Jianxin Investment's participation in the strategic allocation as per the relevant guidelines [3] Group 2 - Basic information regarding CITIC Asset Management's Hongxin No. 1 Asset Management Plan is provided, confirming its legal status and operational compliance [4][5] - CITIC Asset Management qualifies as a professional institutional investor and meets the strategic investor requirements outlined in the regulations [5][6] - The holding period for the strategic allocation by CITIC Asset Management is also set to be no less than 24 months from the fund's listing date [6][11] - No prohibitive circumstances exist for CITIC Asset Management's participation in the strategic allocation [8] Group 3 - Allianz Insurance Asset Management's Zhiri No. 1 Asset Management Product is confirmed to be a legally established entity with appropriate qualifications [13][14] - Allianz Insurance Asset Management qualifies as a professional institutional investor and meets the strategic investor requirements [14][15] - The holding period for the strategic allocation by Allianz Insurance Asset Management is set to be no less than 24 months from the fund's listing date [15][20] - No prohibitive circumstances exist for Allianz Insurance Asset Management's participation in the strategic allocation [16] Group 4 - Basic information regarding CITIC Asset Management's Weili Ruisheng No. 1 Asset Management Plan is provided, confirming its legal status and operational compliance [9][10] - CITIC Asset Management qualifies as a professional institutional investor and meets the strategic investor requirements outlined in the regulations [10][11] - The holding period for the strategic allocation by CITIC Asset Management is also set to be no less than 24 months from the fund's listing date [11][20] - No prohibitive circumstances exist for CITIC Asset Management's participation in the strategic allocation [12] Group 5 - Basic information regarding foreign trade trust's Hengxin Ying No. 20 Trust Plan is provided, confirming its legal status and operational compliance [22][23] - Foreign trade trust qualifies as a professional institutional investor and meets the strategic investor requirements outlined in the regulations [23][24] - The holding period for the strategic allocation by foreign trade trust is set to be no less than 12 months from the fund's listing date [24][29] - No prohibitive circumstances exist for foreign trade trust's participation in the strategic allocation [25] Group 6 - Basic information regarding Kunlun Trust's Kunlun Jiacheng No. 018 Trust is provided, confirming its legal status and operational compliance [26][27] - Kunlun Trust qualifies as a professional institutional investor and meets the strategic investor requirements outlined in the regulations [27][28] - The holding period for the strategic allocation by Kunlun Trust is set to be no less than 12 months from the fund's listing date [28][29] - No prohibitive circumstances exist for Kunlun Trust's participation in the strategic allocation [30] Group 7 - Basic information regarding Xinda Australia’s Xin Ao Zhong Yin Yuan Qi No. 1 Asset Management Plan is provided, confirming its legal status and operational compliance [31][32] - Xinda Australia qualifies as a professional institutional investor and meets the strategic investor requirements outlined in the regulations [32][33] - The holding period for the strategic allocation by Xinda Australia is set to be no less than 24 months from the fund's listing date [33][34] - No prohibitive circumstances exist for Xinda Australia's participation in the strategic allocation [35] Group 8 - The legal opinions from Shanghai Yuantai Law Firm confirm that the selection criteria for strategic investors comply with the relevant guidelines [38][39] - The allocation qualifications, subscription amounts, and holding period arrangements for the strategic investors meet the regulatory requirements [39][40] - There are no prohibitive circumstances for the allocation of fund shares to the strategic investors as per the guidelines [40]