Core Viewpoint - Fitch Ratings anticipates a slowdown in global air travel demand but does not expect significant order delays or cancellations for Boeing (BA.N) [1] Group 1 - Fitch Ratings projects a deceleration in the growth of global air travel demand [1] - The outlook for Boeing remains stable despite the anticipated slowdown in demand [1]

Group 1: Core Views - The article discusses the significant growth of credit bond ETFs, with a total scale of 106.6 billion yuan as of June 20, 2025, an increase of 77.7 billion yuan since the end of March, and 41.7 billion yuan since June [1] - The expansion of index constituent bonds is notably slower than the growth of credit bond ETF scales, indicating a potential undervaluation in constituent bonds [1][2] - The article highlights the impact of low valuation transactions on bond valuations, particularly the widening valuation gap between exchange-traded corporate bonds and comparable bank bonds [2] Group 2: Market Dynamics - The article notes that the issuance of new science and technology bonds is primarily at low valuations, with an average coupon rate lower than the estimated average by 6 basis points [3] - It emphasizes that the secondary market's low valuation trend may extend to the primary market, suggesting potential opportunities in newly issued low-valuation science and technology bonds [3] - The article identifies two main lines for constituent bond exploration: bonds with a remaining term of over 5 years and those included in both the science and technology bond index and credit bond benchmark market [4] Group 3: Investment Opportunities - The article suggests that the demand for 3-5 year credit bonds is increasing due to the volume of credit bond ETFs, which may lead to a flattening of the yield curve and a narrowing of credit spreads for higher-rated bonds [2] - It recommends focusing on newly issued science and technology bonds with a low valuation of within -5 basis points, indicating potential for price appreciation [3] - The article indicates that the market for long-term science and technology bonds (over 5 years) is particularly attractive due to their larger scale and stable valuations [4]

Core Points - The Indian Aircraft Accident Investigation Bureau (AAIB) has initiated the data extraction process for the cockpit voice recorder (CVR) and flight data recorder (FDR) of the crashed Boeing 787 aircraft [1] - The incident involved Air India flight AI171, which crashed shortly after takeoff on June 12, with a total of 242 people on board [1]

Group 1: Trump's Statements on Netanyahu and Iran - Trump called for the immediate dismissal of the trial against Israeli Prime Minister Netanyahu, expressing shock at what he termed "absurd political persecution" [2] - Trump stated that the U.S. saved Israel in the past and will now save Netanyahu, emphasizing the need for the trial to be revoked or for Netanyahu to be pardoned [2] - Trump announced that the U.S. will hold talks with Iran next week, potentially leading to an agreement, while maintaining that preventing Iran from acquiring nuclear weapons remains a core demand [4][3] Group 2: Military and Defense Budget Changes - Trump plans to reduce the number of F-35 fighter jets in the next fiscal year, opting to increase investments in high-tech missiles and drones instead [9] - The proposed defense budget for the upcoming fiscal year is $892.6 billion, remaining consistent with the current fiscal year [9] - The budget includes a 3.8% pay raise for military personnel while also cutting costs by retiring older, more expensive ships and aircraft [10]

盘前市场动向 美股面临"高估值风险"，需要降息或亮眼财报"救场"。美国股市近期在多重压力下仍屡创新高，但估值过高引发担忧。标普500 市盈率达22倍，远超长期均值35%，多项指标显示其处于历史高位。市场能否持续上涨取决于企业盈利能否超预期或美联储降 息。但鉴于估值水平高企，美股盈利超预期门槛很高;与此同时，美联储也表示不急于调整政策。彭博一项模型考虑了诸如美国 国债收益率、每股收益以及股票风险溢价等要素，该模型显示，以历史数据计算，标普500指数的合理市盈率应维持在约17.7倍 的水平，而目前的市盈率为 23.7倍。要使市盈率回归到合理价值水平，该指标的盈利水平需在未来一年内增长 30%(假设股价保 持不变)。据彭博策略师Gina Martin Adams和Michael Casper称，除了盈利增长之外，美联储大幅降息也将是使标普500指数中的 基本面与市场价格之间的差距缩小的另一种方式。 鲍威尔将再闯国会山，今晚继续"打太极"?周三，鲍威尔将继续在参议院银行委员会作证。鲍威尔昨日对尽快降息三缄其口，只 是不排除任何可能。鲍威尔重申了他的观点，即决策者无需仓促调整政策，这与美国总统特朗普的要求以及美联储理事 ...

Core Viewpoint - The UK government has announced the procurement of at least 12 F-35A stealth fighter jets capable of carrying nuclear warheads, enhancing its strategic nuclear capabilities and joining NATO's nuclear mission [1] Group 1: Military Procurement - The UK will acquire a minimum of 12 F-35A stealth fighter jets [1] - These jets will be stationed at the RAF Marham base [1] - The procurement aims to strengthen the UK's strategic nuclear capabilities [1] Group 2: NATO Involvement - The new squadron of fighter jets will participate in NATO's alliance mission involving US nuclear weapons [1] - This move signifies the UK's commitment to NATO's nuclear strategy [1] Group 3: Aircraft Specifications - The F-35 fighter jets are developed by Lockheed Martin [1] - They possess stealth and supersonic cruising capabilities [1]

Core Points - The UK government announced the purchase of 12 F-35A fighter jets capable of carrying tactical nuclear weapons, marking the largest scale initiative to enhance nuclear deterrence in decades [1] - Prime Minister Keir Starmer is set to officially announce this decision at the NATO summit in The Hague on the 25th [1] - Starmer stated that the increase in defense spending is a response to a time of extreme uncertainty, where peace is no longer taken for granted [1]

Group 1 - The UK will purchase 12 F-35A fighter jets capable of carrying nuclear warheads from the US, emphasizing the need for NATO member countries to provide more support [1][3] - NATO members have agreed to increase defense spending to 5% of GDP by 2035, driven by the urgency to appease former President Trump [3][4] - The F-35A, manufactured by Lockheed Martin, is noted as one of the most advanced and expensive fighter jets globally [3] Group 2 - The NATO summit in The Hague aims to solidify commitments to increase defense spending, particularly in light of concerns regarding Iran's nuclear issues [3] - UK Prime Minister Starmer will reaffirm the UK's commitment to NATO during the summit [3]

Group 1 - The current status of US dollar hegemony is facing unprecedented challenges, with a significant decline in its share of global foreign exchange reserves from 71% in 1999 to 57.4% in Q1 2024, marking a historical low [4][5][6] - Emerging markets, particularly Brazil and India, are actively reducing their dollar reserves, with Brazil and China agreeing to conduct trade settlements in local currencies, indicating a shift towards de-dollarization [4][5][6] - The dollar's share in international trade settlements has also shown a slight decline, with its current share at 49.08%, while the euro and yuan are gaining ground [12][13] Group 2 - The US federal debt has surpassed $36 trillion, with a debt-to-GDP ratio of 124%-125%, the highest since World War II, raising concerns about the sustainability of dollar hegemony [16][17][19] - The US is employing unconventional debt monetization strategies, including the introduction of century bonds and inflation-linked bonds, to maintain the attractiveness of dollar assets [40][41] - The Federal Reserve's aggressive monetary policy, including a cumulative rate hike of 500 basis points since March 2022, has led to significant global financial repercussions, exacerbating the trend of de-dollarization [21][22][24] Group 3 - The "de-dollarization" process has accelerated, with over 110 countries actively participating in initiatives to reduce reliance on the dollar, particularly following geopolitical tensions such as the Ukraine crisis [27][28] - Various regions are adopting different strategies for de-dollarization, with BRICS countries establishing local currency settlement systems and Southeast Asian nations planning to reduce dollar settlements in regional trade [28][29] - The challenges to de-dollarization include the high conversion costs associated with the dollar's established network effects and the depth of the US debt market, which remains unmatched by non-US markets [29][30]

Group 1 - The core point of the article highlights that over 125 U.S. military aircraft participated in a significant operation, marking the largest B-2 bomber action in U.S. history [1]