隔夜，现货黄金下跌0.8%，收报于3317.06美元。今日欧市盘中，黄金延续跌势，目前在3285美元附近徘徊。 关税大撤退！ 隔夜，美股三大指数收涨，截至收盘，道琼斯工业指数上涨0.75%，纳斯达克指数上涨0.55%，标普500指数上涨0.58%，道琼斯工业指数、标普 500指数均连续6个交易日上涨。 消息面上，当地时间4月29日，美国劳工部公布的数据显示，美国3月JOLTs职位空缺719.2万人，创2024年9月份以来新低，预期748万人，前值从 756.8万人修正为748万人。数据显示，美国3月的职位空缺数降至去年9月以来的最低水平，表明在经济不确定性增加的情况下，劳动力需求减 弱。 美国世界大型企业研究会29日发布数据显示，受预期恶化影响，美国4月消费者信心指数连续第五个月下降。 数据显示，美国4月消费者信心指数为86，低于市场预期的87.5和3月份修订后的93.9。在该指数的5个组成部分中，消费者对当前就业市场环境的 评估指数小幅下降，但反映短期收入前景、商业和就业市场环境的消费者预期指数大幅下降至54.4，为2011年10月以来的最低水平，也显著低于 通常暗示将出现经济衰退的80的门槛水平。 另外， ...

智通财经APP获悉，摩根大通交易团队日前转向战术性看涨美股，认为科技巨头财报和贸易协议进展等 利好因素，将推动近期受挫的美股继续回升。尽管如此，该行在周一给客户的报告中迅速强调，这波涨 势动能可能数周内消退，而美国加征关税的负面影响将在未来数月开始拖累经济。 全球市场情报主管Andrew Tyler在报告中写道："总体而言，贸易紧张局势缓和的行情仍有延续空 间。"然而，他补充道，这并不意味着市场警报已完全解除。 周一美股震荡，标普500指数盘中跌幅一度达1%，以科技股为主的纳斯达克100指数更是下挫1.4%。此 前一周，随着特朗普总统吹嘘贸易谈判取得进展，美股刚创下2025年第二大单周涨幅。 此前持"战术性看空"立场的Tyler团队指出，他们的最新预测与过去的看涨观点不同，主要基于技术面因 素而非单纯基本面分析。 他们写道："仓位较轻、流动性偏低叠加投资者参与度低迷，意味着只要不出现关税升级或债券收益率 飙升等利空消息，市场很可能延续温和上涨。" 此外，由Fabio Bassi和Dubravko Lakos-Bujas领衔的摩根大通股票研究团队认为，标普500指数将在5200 至5800点区间波动，走势将受贸 ...

港股收评：港股全日冲高回落 地产股跳水 金十数据4月25日讯，港股主要股指全日冲高回落，早盘时段恒生科技指数一度涨超2%，恒生指数一度 涨至1.6%；截至收盘，恒生指数收涨0.32%，本周累计上涨2.74%；恒生科技指数收涨0.14%，本周累计 上涨1.96%。恒生指数今日累计成交额达2080.36亿港元。盘面个股方面，地产股午后大幅下挫，融创中 国(01918.HK)跌近7%，富力地产(02777.HK)早盘时段一度涨超10%，收盘回跌至0.92%。其余热门港股 中，百度(09888.HK)、蔚来汽车(09866.HK)均收涨近4%；华虹半导体(01347.HK)跌超6%，泡泡玛特 (09992.HK)跌超4%。 ...

Report Investment Rating - The rating for commodities and stock index futures is overall neutral, pending fundamental verification [4]. Core Viewpoints - External risks have risen, but the domestic trend remains optimistic. China's economic new pattern driven by domestic demand and innovation is taking shape. The window for interest rate cuts may open in the second quarter. Attention should be paid to the window period of domestic easing policies during the April Politburo meeting [1]. - The negative impact of tariff events on asset prices has temporarily ended. Future focus should be on the impact on the economic fundamentals. The US tariff policy may lead to stagflation in the US economy [2]. - For commodities, focus on the transmission of fundamentals in the short - term and stagflation allocation in the long - term. The rating for commodities and stock index futures is overall neutral [3][4]. Summary by Related Catalogs Market Analysis - China's government has set a positive tone for the year, with an increased deficit rate, a lower CPI target, and expanded government credit. China's Q1 GDP grew by 5.4% year - on - year. The LPR has remained unchanged for 6 consecutive months, and the interest rate cut window may open in Q2 [1]. - Trump's tariff policy has been volatile. The US has imposed high anti - dumping and anti - subsidy taxes on Southeast Asian countries' photovoltaic products. Trump may "significantly reduce" tariffs on China. Attention should be paid to the progress of US tariff negotiations with Japan and the EU [2]. Commodity Analysis - From the 2018 tariff review, the market first trades on the decline in demand and then on the rise in inflation. Industrial products are vulnerable to the impact of US stock market adjustments. The accident at the Antamina copper mine in Peru supports copper prices. Agricultural products may see price increases, and attention should be paid to the change in the soybean - palm oil spread. Crude oil prices have declined, and the supply is expected to be loose in the medium - term [3]. Strategy - The rating for commodities and stock index futures is overall neutral, waiting for fundamental verification [4].

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of April 21, 2025, highlighting significant players in the industry [1]. Group 1: Market Capitalization Rankings - JD.com ranks 8th with a market capitalization of $504.58 billion [3]. - SMIC (Semiconductor Manufacturing International Corporation) is in 9th place with a market cap of $473.13 billion [3]. - Kuaishou Technology holds the 10th position with a market cap of $277.81 billion [3]. - Li Auto is ranked 12th with a market capitalization of $247.49 billion [3]. - Tencent Music is in 14th place with a market cap of $210.91 billion [3]. Group 2: Additional Notable Companies - Xpeng Motors is ranked 16th with a market cap of $173.41 billion [3]. - NIO is in 21st place with a market capitalization of $79.71 billion [3]. - Bilibili holds the 23rd position with a market cap of $67.76 billion, showing an upward trend [3]. - Vipshop is ranked 27th with a market cap of $64.15 billion [4]. - Kingsoft has a market cap of $62.85 billion, placing it 28th [4]. Group 3: Market Trends - The rankings reflect the competitive landscape of the Chinese technology sector, with significant fluctuations in market capitalizations among the top companies [1]. - The data is calculated based on the daily market values, converted using the current exchange rate between USD and HKD [5].

Group 1 - The core viewpoint of the article highlights the increasing clarity of the allocation logic for Hong Kong stocks among public funds as they disclose their Q1 2025 reports [1][4] - In Q1, the Hong Kong stock market experienced a structural rally driven by the release of consumer dividends and the upgrade of the technology industry [2][3] - Major public funds have significantly increased their holdings in technology leaders such as Tencent Holdings, SMIC, Alibaba, and Xiaomi, as well as new consumption targets like Li Auto and Pop Mart [1][2] Group 2 - The focus of fund holdings is primarily on two directions: technology internet giants and smart vehicles/new consumption [3][4] - Tencent Holdings was the most favored stock among public funds, with 27 products heavily invested, while SMIC and Alibaba were also among the top holdings [2][3] - Fund managers emphasize the strong growth momentum in the technology internet sector as a core logic for increasing allocations, with AI-related investments being a key area of focus [4][6] Group 3 - The article notes that the Hong Kong stock market is still considered a value trap, with many traditional industry leaders being undervalued [6][7] - The potential for recovery in the Hong Kong market is supported by factors such as low valuations, improving domestic economic conditions, and continuous net inflows from Hong Kong Stock Connect [6][7] - Fund managers express optimism about the growth potential of emerging consumption driven by younger consumers and the recognition of new consumption concepts [5][6]

特朗普向美联储大力施压，要求立即降息。 当地时间周四，美股三大指数涨跌不一，道琼斯指数和纳斯达克指数下跌，标普500指数小幅上涨。而 中概股同样出现分化走势，纳斯达克中国金龙指数下跌0.42%，霸王茶姬上市首日上涨超15%。 消息面上，特朗普直接向美联储主席鲍威尔"开炮"，不满于其迟迟不降息的举动，并表示鲍威尔"越快 下台越好"。此前鲍威尔曾明确表示不急于降息，强调美联储将重点防范关税驱动的物价上涨演变为更 持久的通胀。 霸王茶姬美股上市，盘中一度涨近50% 当地时间4月17日，道琼斯指数跌超1.3%，纳斯达克指数下跌0.13%，标普500指数上涨0.13%。热门科 技股涨跌不一，苹果上涨1.39%，奈飞上涨1.19%，特斯拉微跌0.07%，Meta微跌0.17%，亚马逊下跌 0.99%，谷歌A下跌1.42%，英伟达下跌2.87%。据了解，美股将因为耶稣受难日在周五休市一日，本周 交易时段提前结束。 被称为"减肥药双雄之一"的礼来股价大涨14.3%。消息面上，礼来宣布其口服减肥药Orforglipron在三期 临床试验中表现出色，有望成为注射类减肥药的替代品。 纳斯达克中国金龙指数下跌0.42%，万国数据上涨 ...

棱镜 . 以下文章来源于棱镜 ，作者肖望 腾讯新闻出品栏目，《棱镜》聚焦泛财经深度记录。 "避风港"为何失灵？ 作者 | 肖望 编辑 | 孙春芳 来源 | 棱镜 （ID：lengjing_qqfinance） 9 90元/克！这是4月11日一早金饰品牌周大福公布的首饰金价，创下历史新高。两天时间 内大涨近60元/克，连见多了世面的周大福店员也不由得连连感叹：太疯狂了。 首饰金价破千仅一步之遥，另一边周六福品牌的999 .9足金饰品价已抢先一步，挂牌1 010 元/克。 金饰价格创历史新高，背后是国际金价的深"V"型反转：4月3日至4月7日，国际金价连续 三个交易日暴跌，区间跌幅达到7.08%；但从4月8日至4月11日，金价又快速反弹，并创 下历史新高3263美元/盎司。上海黄金交易所报价也从4月7日开盘的7 03元/克拉涨至762 元/克，5天上涨近60元/克，涨幅约8. 40%。 这样的波动幅度，在黄金市场中并不常见。而高盛、瑞银等国际投行还进一步上调了对黄 金的价格预期。 投资者对黄金的押注热情高涨，甚至有投资者贷款炒金，试图抓住黄金的"历史机遇"，短 短五天里就经历了巨亏到大赚的两极反转。 黄金大跌源于 ...

Group 1: Economic Impact of Tariffs - The tariffs imposed by Trump are expected to significantly harm the U.S. economy, with the average tariff rate on all imported goods projected to rise from 2.5% in 2024 to 16.5% in 2025, the highest since 1937, leading to an estimated decline in imports by approximately $800 billion [2] - The uncertainty surrounding the tariffs has caused U.S. companies to delay major investment decisions, reflecting a broader hesitation in both corporate and consumer spending due to unpredictable economic conditions [3][4] - Major technology companies, including Apple, Amazon, Meta, Google, and Microsoft, have seen a combined market value loss of $1 trillion as a result of increased costs and supply chain pressures stemming from the tariffs [3] Group 2: Investor Sentiment and Market Reactions - Investor and consumer confidence has been shaken, leading to a cautious approach in capital investments and spending, which in turn has contributed to a slowdown in economic activity [3] - The likelihood of a recession in the U.S. has increased, with JPMorgan raising the probability of a recession in 2025 from 40% to 60%, and other indicators reflecting a similar trend [5] - The U.S. Treasury market has experienced significant sell-offs, with the yield on 10-year Treasury bonds rising sharply, indicating a loss of confidence in U.S. debt as a safe haven [9] Group 3: Dollar's International Standing - The tariffs are undermining the credibility of the U.S. and diminishing global demand for the dollar, particularly as countries like China may seek to reduce their dollar reserves in favor of alternatives like gold [8] - The dollar's dominance in global trade and finance is being challenged, with its share of global foreign exchange reserves at 58% and 64% of global debt denominated in dollars, raising concerns about its future stability [6][7] - The potential for a shift away from the dollar as the world's reserve currency is increasing, as countries may seek alternatives due to the perceived risks associated with U.S. economic policies and political actions [10]

Group 1 - France's strategy is to use fines instead of taxes, which has been promoted within the EU [2] - Macron criticized Trump's tariffs as "barbaric" and proposed a temporary halt to European investments in the US until clarifications are made [1][5] - The US has imposed a 20% tariff on the EU, alongside existing tariffs on steel, aluminum, and automobiles [4] Group 2 - Macron predicts that the tariffs will weaken the US economy and make American businesses and citizens poorer [5] - Stellantis announced layoffs of 900 employees in the US due to the impact of the tariffs, indicating a direct consequence of the trade policies [6] - The EU is considering retaliatory measures against US tech companies and may utilize the Anti-Coercion Instrument (ACI) to impose tariffs and restrictions [1][7] Group 3 - The EU's trade deficit with the US was €155.8 billion (approximately $168.6 billion) in goods, while the US had a surplus of €104 billion (approximately $112.6 billion) in services [4] - The ACI allows the EU to impose counter-sanctions against economic coercion, including trade and service restrictions [7][8] - France has been effective in pushing for fines against US tech giants, reflecting a strategic shift in how the EU addresses trade imbalances [8]