Core Viewpoint - The "Insurance + Futures" project for natural rubber has significantly improved the lives of rubber farmers and stabilized the rubber industry in China, providing financial security and encouraging sustainable development [2][11]. Group 1: Historical Context and Challenges - In 2011, natural rubber prices fell sharply from a historical high of $4000 per ton to around $1000 per ton, leading to a decline in farmers' income and a high abandonment rate of rubber tapping [2][3]. - By 2015, rubber farmers in Hainan and Yunnan faced losses exceeding 5000 yuan per ton, resulting in a significant number of farmers abandoning rubber tapping or switching to other crops [2][3]. Group 2: Project Implementation and Impact - The "Insurance + Futures" project was launched to provide price insurance for rubber farmers, allowing them to hedge against price fluctuations through a collaborative model involving insurance companies, futures exchanges, and local governments [3][5]. - From 2017 to 2023, the project covered 1.8334 million acres of rubber trees in Yunnan, with total compensation reaching 84.9482 million yuan and a payout rate of 81% [3][4]. Group 3: Financial Innovations and Benefits - The project has revitalized farmers' production enthusiasm, with approximately 480,000 farmers benefiting from the program in 2024, as rubber prices showed an upward trend [4][5]. - The introduction of flexible financial instruments, such as American-style options, has increased the likelihood of farmers receiving compensation during favorable market conditions [7][8]. Group 4: Industry Development and Collaboration - The project has evolved to address complex industry challenges, promoting a comprehensive service model that enhances the entire rubber supply chain [6][8]. - Collaborations between rubber processing companies and farmers have improved the stability of raw material supply and pricing, increasing the order fulfillment rate from 60% to 90% [6][8]. Group 5: Technological Integration and Future Prospects - The establishment of a rubber industry database has enabled real-time monitoring of production and pricing, enhancing transparency and efficiency in the compensation process [10][11]. - The project has contributed to the sustainable development of the rubber industry, with significant investments and support for local economies, aligning with national policies for rural revitalization [11].

Group 1: Banking and Finance - In Q1 2025, the total RMB loans increased by 9.78 trillion yuan, with a total balance of 265.41 trillion yuan, reflecting a year-on-year growth of 7.4% [1] - The balance of RMB real estate loans reached 53.54 trillion yuan, with a slight year-on-year increase of 0.04% and a quarterly increase of 619.7 billion yuan [1] - The consumer finance sector has seen a surge in bad asset transfers, with 103 announcements made by 15 licensed consumer finance companies by May 29, 2025, indicating a significant market activity [2] Group 2: Manufacturing and Industry - China's shipbuilding industry continues to show strong resilience, with new orders in the first four months of 2025 maintaining the largest global market share [3] - The automotive sector reported an import and export total of 23.09 billion USD in April 2025, with exports increasing by 6.9% month-on-month [3] Group 3: Agriculture and Livestock - Major pig farming companies have received notifications to suspend the expansion of breeding sows and control the weight of pigs for slaughter, indicating regulatory measures to stabilize prices [4] Group 4: Technology and Innovation - The first fully automated testing system for medical electronic instruments based on NQI technology has passed inspection, marking a significant advancement in China's medical instrument industry [5] Group 5: Corporate Actions - Zhejiang Medicine plans to use up to 1 billion yuan of idle funds for entrusted wealth management, with a maximum investment period of 12 months [10] - All-in-one subsidiary Jinbo Hydrogen Energy of Quanxin Co. has received a supplier designation notice, indicating a strategic move in the hydrogen energy sector [11]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The Fed officials are cautious about cutting interest rates due to inflation risks, and the concentrated maturity of US Treasury bonds from June to July may cause a liquidity shock. However, due to the difficult - to - reduce US fiscal deficit, continuous gold purchases by central banks of many countries, and unresolved geopolitical risks, precious metal prices may first weaken and then strengthen. It is recommended that investors mainly lay out long positions on dips [4]. 3. Summary by Relevant Catalogs 3.1 Global Central Bank Policies and Economic Indicators - **US**: The scale of short - term Treasury bonds maturing in June and July is $1.2 trillion and $1.46 trillion respectively, which may cause a liquidity shock. The May SPGI manufacturing and service PMI were both higher than expected and the previous value. The Fed's interest - rate cut expectation has been postponed to September/December due to concerns about inflation rebound. The US Treasury's cash account balance may decrease to release liquidity, and the CBO predicts that the Treasury funds may be exhausted as early as August - September, which will make the Fed slow down the reduction of its balance sheet [2][7][11]. - **Europe**: The ECB cut interest rates by 25 basis points in April, and is expected to cut interest rates in June and about twice more before the end of 2025. The Bank of England cut the key interest rate by 25 basis points in May and is expected to cut interest rates only once more before the end of 2025 [2]. - **Japan**: The Bank of Japan raised interest rates by 25 basis points in January, and there is still a possibility of further interest - rate hikes as some officials hope to raise rates to 1% in the second and third quarters [3][4]. 3.2 US Treasury Bond Market - **Inflation Expectation**: The implied medium - and long - term inflation expectation of US Treasury bonds has begun to decline, although the one - year and five - year consumer inflation expectations in May continue to rise [15][17]. - **Yield**: The medium - and long - term Treasury bond yields have begun to decline but are still at a high level. The medium - and long - term inflation - protected Treasury bond yields remain stable. The difference between long - and medium - term Treasury bond yields is positive but narrowing [18][20][21][26]. - **Financial Pressure Index**: The US OFR financial pressure index has increased compared with last week [29][31]. 3.3 US Economic Indicators - **Loan and Credit**: The weekly rate of loans and leases of US commercial banks has increased, while the weekly rate of credit card and car loans has decreased [33][35]. - **Retail Sales**: The weekly annual rate of US Redbook commercial retail sales has increased, indicating that the US consumer industry remains prosperous [37][39]. - **Mortgage**: The fixed mortgage rates for 15 - year and 30 - year terms have increased, causing the MBA mortgage application activity index to decline. The sales volume of new and existing homes in April has increased [41][43]. - **Unemployment**: The number of initial jobless claims is lower than expected and the previous value, while the number of continued jobless claims is higher than expected and the previous value, indicating that the labor demand in the US job market remains strong [45][47]. 3.4 International Bond Yield and Exchange Rate - **Bond Yield Difference**: The difference in medium - and long - term Treasury bond yields between the US and Germany has increased [49][51]. - **Exchange Rate**: The euro and the pound have strengthened against the US dollar [52][53]. 3.5 Precious Metal Market - **Gold**: The volatility of the US gold ETF index has decreased. The ratio of non - commercial long - to - short positions in COMEX gold futures has increased. The total gold inventory in COMEX and SHFE has decreased. The domestic gold futures price premium is in a reasonable range. It is recommended to pay attention to the short - term light - position arbitrage opportunity of going long on the SHFE gold basis [54][57][61][66][72]. - **Silver**: The ratio of non - commercial long - to - short positions in COMEX silver futures has increased. The total silver inventory in COMEX, SHFE, and SGE has decreased. The domestic silver futures and spot price premiums are in a reasonable range. It is recommended to temporarily wait and see for silver - related arbitrage opportunities [77][81][85]. - **Precious Metal Ratio**: The "gold - to - silver ratio" is far higher than the 90% quantile in the past five years. It is recommended to pay attention to the short - term light - position arbitrage opportunity of going short on the "gold - to - silver ratio". The "gold - to - oil ratio" and "gold - to - copper ratio" are also far higher than the 90% quantile in the past five years, and corresponding arbitrage opportunities are recommended [97][99][100][102].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - As the market's response to tariff shocks and policy support weakens, and the current rebound has reached the upper limit of the range, the market may enter a short - term consolidation phase without incremental catalysts. It is advisable to cautiously observe the stock index and pay attention to macro - incremental signals [6] 3. Summary by Relevant Catalogs Interest Rate and Bond Market - DRO01 closed at 1.48, down 3.18bp; DR007 closed at 1.57, down 0.49bp; GC001 closed at 1.49, down 5.00bp; GC007 closed at 1.61, down 0.50bp; SHBOR 3M closed at 1.64, unchanged; LPR 5 - year closed at 3.50, down 10.00bp; 1 - year treasury closed at 1.45, up 0.25bp; 5 - year treasury closed at 1.53, unchanged; 10 - year treasury closed at 1.69, up 1.40bp; 10 - year US treasury closed at 4.58, up 10.00bp [3] - On May 20, the 1 - year LPR was 3.0% (previously 3.1%), and the 5 - year LPR was 3.5% (previously 3.6%). The central bank guided the LPR to decline through policy rate cuts, which will reduce the financing costs of the real economy. Also, on May 20, some banks cut deposit rates, with large state - owned banks' current deposit rates falling below 0.1% and 1 - year fixed - deposit rates falling below 1% [4] - The central bank conducted 154.5 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40%. With 64.5 billion yuan of reverse repurchase maturing, the net investment on the day was 90 billion yuan [3] Stock Index and Futures Market - The CSI 300 closed at 3914, down 0.06%; the SSE 50 closed at 2734, up 0.19%; the CSI 500 closed at 5703, down 0.95%; the CSI 1000 closed at 6066.1, down 1.08%. The trading volume of the two markets was 1.1 trillion yuan, a decrease of over 70 billion yuan [5] - IF volume was 72,125, down 7.3%; IF open interest was 233,159, down 0.8%; IH volume was 37,418, up 2.6%; IH open interest was 78,458, up 1.1%; IC volume was 77,616, up 31.0%; IC open interest was 207,764, up 3.8%; IM volume was 202,919, up 34.7%; IM open interest was 330,540, up 7.8% [5] - The market volume shrank, small and medium - cap stocks led the decline, the futures discount widened during the session, but the IM recovered some discount as the CSI 1000 accelerated its decline at the end of the session. The press conference after the market mainly mentioned financing for technology companies with little incremental information [5] - The IF, IH, IC, and IM futures showed different levels of premium or discount in different contracts. For example, IF's current - month contract had a 11.02% premium, and IM's current - month contract had a 24.09% premium [7]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Based on fundamental analysis, the market shows a pattern where large - cap indices are weak and small - cap indices are strong. The short - term market may rest, and investors are advised to stay on the sidelines, consider partial profit - taking or defensive operations [9]. - In the bond market, there is a game between long and short factors, and the market is waiting for a clear direction. Investors are advised to focus on the breakout direction [11]. - For various commodities, different trends and investment strategies are presented, such as short - term weakness in some agricultural products and energy products, and potential opportunities in some industrial metals [12][15][26]. Summary by Relevant Catalogs Macro News - China and ASEAN have completed the negotiation of the China - ASEAN Free Trade Area 3.0, including 9 new chapters [6]. - The US attempts to globally ban Chinese advanced computing chips, and the Chinese Ministry of Commerce has responded [6]. - Seven banks in China have lowered deposit interest rates, with a focus on medium - and long - term deposits [6]. - Shanghai has issued a special action plan to boost consumption, including measures for consumer goods replacement, housing consumption, and bond product supply [6]. - NVIDIA's CEO predicts that the Chinese AI market will reach $50 billion in 2026, and the US export control on AI chips to China has failed [7]. - A new tax bill may extend Trump's tax - cut policy and cut government spending, which may lead to an increase in federal debt [7]. - Two Fed officials suggest patience in policy adjustment, waiting for more data [7]. - The US Treasury auctioned $16 billion of 20 - year Treasury bonds, with a higher yield and a lower bid - to - cover ratio [8]. - The US stock, bond, and foreign exchange markets were all under pressure due to concerns about the tax bill [8]. Stock Index Futures - In April, domestic demand was weak, industrial production was stronger than expected, and major indicators declined. The market style shifted back to weak large - cap and strong small - cap indices. The short - term market may rest, and investors are advised to stay on the sidelines and consider defensive operations [9]. Treasury Bond Futures - During the tax period, the capital market was loose, and bond prices fluctuated narrowly. The macro data in April showed mixed performance, and there is a game between long and short factors in the bond market. Investors are advised to focus on the breakout direction [10][11]. Container Shipping to Europe - In the first half of June, there is more capacity supply, and the price increase may not be fully realized. The price increase is more likely to be implemented in the second half of June. The supply in June - July is increasing, but there is uncertainty in the long - term. The situation of the US shipping market will also affect the European shipping market [12]. Cotton - The international cotton market is affected by factors such as crude oil prices and planting progress. The domestic cotton market is relatively strong due to increased downstream demand. However, there are still pressures such as high inventory and uncertain trade relations. The short - term price may rebound but is still under pressure [13][14][15]. Sugar - The international sugar market is expected to have a supply surplus in the next season, which will suppress prices. The domestic sugar market has sufficient short - term supply but low inventory, and the price may fluctuate within a certain range. Attention should be paid to import supply [15][16][17]. Oils and Fats, and Oilseeds - Palm oil is expected to continue to accumulate inventory, and its short - term trend is weak. Attention should be paid to US biodiesel policy changes. Domestic soybean meal may be under pressure as soybean arrivals increase, but short - term support comes from low inventory [18][19]. Eggs - Egg prices have been falling before the Dragon Boat Festival, and the supply pressure is large in the medium - term. Consumption may enter a off - season after the festival. It is recommended to short on price rebounds [20][21]. Apples - The market is in a state of shock due to inconsistent views on apple fruiting. Before the Dragon Boat Festival, apple sales and prices are expected to be stable. It is recommended to use a light - position positive spread strategy [21]. Red Dates - The market trading is light, and the futures price is in a weak shock. The Xinjiang production area is in good condition, but the demand may decline after the festival. It is recommended to short on price increases [22]. Hogs - The supply pressure of live hogs is increasing, and demand may decline with the hot weather. The short - term spot price is expected to be weak. It is recommended to stay on the sidelines [22][23]. Crude Oil - International crude oil prices are affected by inventory and geopolitical factors. The long - term trend is downward, and short - term fluctuations are strong but with limited upward space [23][24]. Fuel Oil - Fuel oil prices follow crude oil prices. The current pressure area is around $65 - 68 per barrel, and the futures price is expected to decline [24][25]. Plastics - The short - term decline momentum of plastics weakens, and downstream export orders increase. It is expected to have a small - scale rebound, and a long position in the 9 - 1 spread can be considered [24]. Methanol - Methanol may have a short - term rebound due to less - than - expected port inventory accumulation, but the supply pressure is large, and it is recommended to short after the rebound [24]. Caustic Soda - The spot price of caustic soda in Shandong is strong, while the futures price is pessimistic. Before the spot price falls, the futures price decline space is limited [24]. Soda Ash and Glass - Soda ash production is in maintenance, and the short - term supply pressure eases, but the long - term supply is still abundant. Glass demand has not improved significantly, and the price may fluctuate or decline slightly [25]. Asphalt - Asphalt prices are affected by crude oil prices. The current pressure area of crude oil is $65 - 68 per barrel, and asphalt futures prices are expected to decline [25]. Polyester Industry Chain - Polyester products follow crude oil prices. With the resumption of production of maintenance devices, more cost - side benefits are needed for price increases. It is recommended to short on price rebounds [25]. Pulp - The short - term supply and demand of pulp have no major contradictions, and the market is in a rigid demand and high - inventory pattern. Attention should be paid to raw material and finished - product inventory rhythms [25][26]. Logs - The spot market of logs is stable, and the supply and demand are balanced. Attention should be paid to capital and macro - sentiment impacts. Short - term spot wheeling can sell covered calls, and long - term can buy out - of - the - money calls [26]. Urea - The urea spot market is weak and stable, and the futures market is affected by export rumors. It is recommended to maintain a strong - shock thinking [26]. Aluminum and Alumina - Aluminum demand is strong in the off - season, and the price is expected to fluctuate strongly. It is recommended to buy on dips. Alumina is affected by Guinea's policy, and the short - term price is strong, but the supply may return to surplus. It is recommended to be cautious when going long [26]. Lithium Carbonate - Lithium carbonate prices are in a shock pattern. The short - term price decline space is limited, and attention should be paid to supply - demand changes [26]. Industrial Silicon and Polysilicon - Industrial silicon has an over - supply problem, and a bearish view is maintained before effective supply reduction. Polysilicon demand is weak, and the price is expected to decline. It is recommended to short on price rebounds [27][28]. Steel and Iron Ore - The steel market has weak demand and strong supply. The short - term trend is expected to be in shock, and the long - term trend is weak [29][30][32]. Coking Coal and Coke - Coking coal and coke prices are in a downward channel. The short - term trend is affected by policies, and the fundamentals have not changed substantially. It is not recommended to go long [32]. Ferroalloys - The upper - limit hedging pressure of ferrosilicon and silicomanganese is large, and the short - term trend is downward. It is recommended to short on price increases [33].

Group 1 - The commodity market shows mixed trends, with palm oil and aluminum oxide rising over 1%, while the chemical sector collectively declines, with styrene dropping over 2% and industrial silicon down by 2% [1] - Lithium carbonate and industrial silicon have reached historical lows [1] - The main contracts for styrene and industrial silicon have seen significant price drops, with styrene down 2.16% to 7558 and industrial silicon down 1.91% to 7975 [2] Group 2 - The People's Bank of China has lowered the one-year and five-year Loan Prime Rate (LPR) by 10 basis points to 3% and 3.5% respectively, indicating a shift in monetary policy [4] - The National Development and Reform Commission (NDRC) plans to implement most employment and economic stabilization policies by the end of June, aiming for high-quality development [4] Group 3 - The commercial inventory of the three major oils has increased to 1.86 million tons, with a week-on-week rise of 40,000 tons, and a year-on-year increase of 200,000 tons [5][6] - The inventory breakdown shows soybean oil stable at 640,000 tons, canola oil at 810,000 tons (up 10,000 tons week-on-week), and palm oil at 410,000 tons (up 30,000 tons week-on-week) [5][6] Group 4 - The chemical sector is experiencing a downturn, with styrene futures dropping to below 7600 yuan, influenced by supply and demand dynamics [7] - The market for styrene is currently balanced, with no significant supply reduction, and downstream demand remains stable despite minor fluctuations [7] Group 5 - The SCFIS European line index has decreased by 2.9% to 1265.30 points, reflecting a cooling market after previous macroeconomic optimism [8] - The market is expected to stabilize and return to fundamental valuation as the supply-demand balance is reassessed [8]

Core Viewpoint - The "Nansha Financial 30 Measures" aims to enhance financial support for the Nansha area, positioning it as a key node in the Guangdong-Hong Kong-Macao Greater Bay Area's high-quality development and international financial hub [1][2]. Group 1: Financial Support Measures - The measures are structured around seven dimensions, including improving financial services for innovation and entrepreneurship, enhancing financial services in social welfare, developing specialized financial services, promoting cross-border financial cooperation, and ensuring supportive measures [2][3]. - The initiative is a strategic deployment to accelerate the construction of major cooperation platforms in the Greater Bay Area, aligning with the "Greater Bay Area Development Plan Outline" [2]. Group 2: Innovation and Entrepreneurship - A primary focus is on enhancing financial services for innovation and entrepreneurship, supporting the construction of technology innovation industrial cooperation bases [3]. - Specific measures include supporting financial institutions in innovating bill discount products and increasing financing support for eligible enterprises [3]. Group 3: Cross-Border Financial Services - The plan emphasizes the development of cross-border asset management centers and encourages the use of RMB for international shipping fees [4][5]. - It aims to facilitate cross-border payment services and credit financing, including expanding the range of banks for Hong Kong and Macao residents to open accounts [7]. Group 4: Commodity Futures and Insurance - The establishment of a commodity futures delivery center is proposed to enhance the integration of spot and futures markets, contributing to the pricing power of commodities [6]. - The measures also include the development of cross-border insurance products tailored for residents in the Nansha area [6].

1. Macroeconomic Data Overview - GDP in Q1 2025 grew by 5.4% year-on-year, the same as the previous quarter and slightly higher than the same period last year [1] - In April 2025, the manufacturing PMI was 49.0%, down from 50.5% in the previous month; the non - manufacturing PMI for business activities was 50.4%, down from 50.8% in the previous month [1] - In April 2025, the Caixin manufacturing PMI was 50.4%, down from 51.2% in the previous month; the Caixin services business activity index was 50.7%, down from 51.9% in the previous month [1] - In March 2025, the year - on - year growth rates of M0, M1, and M2 were 11.5%, 1.6%, and 7.0% respectively [1] - In April 2025, CPI was down 0.1% year - on - year, and PPI was down 2.7% year - on - year [1] - In April 2025, exports increased by 8.1% year - on - year, and imports decreased by 0.2% year - on - year [1] 2. Commodity Investment Reference 2.1 Comprehensive - The China - US high - level economic and trade talks on May 10 - 11 in Geneva were productive, and a consultation mechanism will be established [2] - The central bank will implement a moderately loose monetary policy in the next stage, and boosting consumption is the key to expanding domestic demand [2] - In April 2025, CPI turned from a 0.4% decline in the previous month to a 0.1% increase month - on - month, and core CPI rose 0.2% month - on - month [3] 2.2 Metals - Gold prices are volatile, and many wealth management companies have launched gold - linked wealth management products [5] - Goldman Sachs raised its copper price forecasts for Q2 and Q3 2025 to $9330/ton and $9150/ton respectively [6] 2.3 Coal, Coke, Steel, and Minerals - China will carry out a special campaign to combat the smuggling of strategic minerals [7] 2.4 Energy and Chemicals - Iraq plans to export 3.2 million barrels of crude oil per day in June [9] - Oman is considering selling an $8 billion stake in a natural gas field [9] 2.5 Agricultural Products - On May 9, the average wholesale price of pork increased by 0.1% compared to April 30 [10] - In April 2025, China's soybean imports increased by 72.59% month - on - month [10] 3. Financial News Compilation 3.1 Open Market - On May 9, the central bank conducted 77 billion yuan of 7 - day reverse repurchase operations, with a net investment of 77 billion yuan [12] - This week, 836.1 billion yuan of reverse repurchases and 125 billion yuan of MLF will mature [12] 3.2 Key News - The China - US high - level economic and trade talks achieved important consensus and substantial progress [13] - The State Council called for in - depth planning of the "15th Five - Year Plan" and support for free trade zones [15] - China's goods trade imports and exports in the first four months increased by 2.4% year - on - year [16] 3.3 Bond Market Summary - Treasury bond futures mostly fell slightly, and the yield of the 10 - year Treasury bond active bond rose 0.4bp [22] - The money market funds were loose, and the repo rates of deposit - type institutions decreased [22] 3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed at 7.2461 on May 12, down 106 points from the previous trading day [27] - In Q1 2025, China's current account surplus was $165.6 billion [28] 3.5 Research Report Highlights - Huatai Fixed Income said that the bond market has several new trends this year [29] - CITIC Securities believes that the credit spread is unlikely to decline trendily in May [29] 4. Stock Market Key News - This week, 28 A - share stocks will face restricted - share unlocking, with a total market value of 18.63 billion yuan [33] - Since May, many fund companies have conducted intensive research on listed companies [33] - Some private equity firms believe that the stage of the greatest impact of tariffs has passed [34]

Core Viewpoint - The article discusses the widespread panic in global financial markets due to "reciprocal tariffs," leading to a significant sell-off across various asset classes, with no clear winners in the market [1]. Market Performance - U.S. stock indices, crude oil futures, cryptocurrencies, and precious metals experienced severe declines, with the Nasdaq futures dropping over 5% and the S&P 500 futures down more than 4% [2]. - Crude oil futures fell by 10% last week and continued to decline, with WTI crude oil futures dropping below $60 per barrel for the first time since April 2021 [3]. - Spot gold and silver also saw declines, with gold down nearly 1.7% and silver dropping 3% in early trading [5]. Cryptocurrency Market - COMEX copper futures fell over 8%, while major cryptocurrencies like Bitcoin and Ethereum dropped more than 6% and 12%, respectively, leading to over 28,000 liquidations totaling $852 million in the past 24 hours [8][10]. Investor Sentiment - The VIX index surged by 40% on April 3 and then by 50% on April 4, reaching its highest level since April 2020, indicating extreme fear in the market [13]. - The S&P 500 index fell by 5.97%, marking its largest single-day drop since March 2020, while the Dow Jones Industrial Average also entered a correction phase [15]. Economic Implications - The article highlights concerns that rising tariffs will increase supply chain costs and weaken profitability, particularly for tech-heavy indices like the Nasdaq [17]. - Investors are selling off assets, including gold, to cover losses in other areas, reflecting a broader trend of panic selling similar to the sell-off during the COVID-19 pandemic [19]. Federal Reserve's Stance - The Federal Reserve's Chairman Jerome Powell indicated that the Fed would not rush to respond to the tariffs or market volatility, suggesting a cautious approach to monetary policy adjustments [24]. - Powell's comments have led to a shift in market expectations regarding interest rate cuts, with projections for four 25 basis point cuts being pushed from October to December [26]. Future Outlook - Some analysts are exploring potential "buying opportunities" in the aftermath of the market crash, while others express skepticism about the sustainability of a bull market given the ongoing trade tensions [28][29]. - The risk of economic recession is increasing, with predictions of a 60% chance of recession in the U.S. if the tariff policies persist [31].

来源|中国基金报 继3月27日创下历史新高后，3月28日，国际金价再次延续上涨态势。截至发稿，现货黄金升至3070美元/盎司附近，黄金期货升至3110美元/盎司 附近，双双再次刷新历史新高。 01 国际金价再创历史新高 3月27日深夜，黄金持续上涨，伦敦金现刷新历史新高至3059.63美元/盎司，COMEX黄金也一度涨至3071.30美元/盎司，创下历史新高。 3月28日，国际金价再次冲高。伦敦金现突破3070美元/盎司关口，并一度上涨至3074.22美元/盎司，再创历史新高。截至发稿，报3073.69美元/ 盎司，涨幅达0.59%。 COMEX黄金则突破3110美元/盎司关口，并一度上涨至3114.7美元/盎司，再创历史新高。截至发稿，报3112.8美元/盎司，涨幅达0.71%。 3月28日，国内黄金首饰价格也进一步上涨，最高已突破930元/克。截至发稿，周生生足金首饰价格涨至934元/克，周大福、六福等足金首饰价格 涨至932元/克，老凤祥足金首饰价格涨至929元/克。 02 多家银行上调积存金起购金额 金价续创历史新高！ 3月24日，招商银行发布公告称，自3月27日起，黄金账户活期买入起点及黄金账户定投 ...