Group 1 - Gold prices experienced volatility, initially dropping below $3,300 to $3,296.37 before rebounding to close at $3,336.19 [1] - The U.S. stock market saw a collective decline, with the Dow Jones down 0.94% to 44,406.36 points, the S&P 500 down 0.79% to 6,229.98 points, and the Nasdaq down 0.92% to 20,412.52 points [1] - The U.S. government announced new tariffs on imports from 14 countries, with rates ranging from 25% to 40% depending on the country [4] Group 2 - The EU is still negotiating with the U.S. for a bilateral trade agreement before July 9, amidst rising tensions over tariffs [5] - Concerns are growing that the new tariffs could exacerbate inflation in the U.S., impacting consumer spending [6] - The U.S. Treasury Secretary indicated that the market is factoring in potential interest rate cuts by the Federal Reserve, with expectations of two cuts remaining this year [8] Group 3 - The Reserve Bank of Australia decided to maintain its cash rate at 3.85%, contrary to market expectations of a rate cut [9] - Recent unexpected rate cuts by central banks in Poland and Norway highlight a trend of monetary policy adjustments in response to economic conditions [11] - Investor sentiment in the U.S. stock market has shifted, with a recovery in indices despite ongoing concerns about tariffs and inflation [11]

Group 1 - Vietnam officially announced its membership in the BRICS organization, becoming a partner country, signaling a shift in its geopolitical stance [1] - The U.S. imposed a 46% tariff on Vietnamese goods, significantly impacting Vietnam's economy, which relies heavily on exports to the U.S. [3][5] - The Vietnamese Dong depreciated to a historical low of 25,455, making it one of the worst-performing currencies in Asia [3] Group 2 - Vietnam's government sought to negotiate with the U.S. to reduce tariffs and open markets, but faced further punitive measures instead [5][7] - The realization that being an ally of the U.S. could be more dangerous than being its adversary led Vietnam to reconsider its foreign policy [7][12] - Vietnam's previous attempts to balance relations between the U.S. and China resulted in a deadlock, prompting a reevaluation of its strategic partnerships [8][12] Group 3 - The appeal of joining BRICS is driven by the desire for energy security and the ability to circumvent U.S. dollar dominance [16][18] - Vietnam's trade with China increased by 17.46% in the first quarter, highlighting the deep economic ties between the two nations [18] - The trend of Southeast Asian countries looking towards BRICS reflects a broader shift away from reliance on the U.S. [14][19] Group 4 - The growing membership of BRICS, now representing 42% of the global population and 26% of global GDP, indicates a significant challenge to U.S. hegemony [21] - The internal dynamics of BRICS are changing, with Southeast Asian nations potentially becoming new pillars of the organization [23] - Vietnam's alignment with BRICS is expected to enhance China's influence in Southeast Asia, undermining U.S. efforts to maintain regional dominance [23][25]

Core Viewpoint - The article discusses the issuance of the "Opinions on Deepening Reform and Expanding Opening Up in Shenzhen" by the Central Committee of the Communist Party of China and the State Council, aiming to enhance Shenzhen's role in the Guangdong-Hong Kong-Macao Greater Bay Area and contribute to the modernization of the country through comprehensive reforms and innovations [1]. Group 1: Reform and Opening Up - The "Opinions" emphasize the need for deeper reforms and broader opening up at higher levels and goals, aiming to create replicable and promotable experiences [1]. - The document outlines five main areas for reform: education, technology, talent system integration; financial, technological, and data empowerment for high-quality economic development; establishment of a new open economic system; improvement of governance models; and strengthening implementation [1][2]. Group 2: Financial and Technological Empowerment - The "Opinions" call for the establishment of a financial service incentive and constraint mechanism to support the integration of technology and finance in Shenzhen [2]. - It includes measures to enhance credit for technology enterprises, promote intellectual property securitization, and optimize financing mechanisms for tech companies [2]. - The document also highlights the need for deepening green finance reforms and allowing specific investment funds to be established in Shenzhen [2]. Group 3: Data Market Reforms - The "Opinions" propose reforms for the market-oriented allocation of data elements, including the establishment of trading rules and standards [2]. - Shenzhen is encouraged to explore mechanisms for data trading, trusted circulation, and revenue distribution, aiming for more institutional achievements in compliance assessment and certification [2]. Group 4: Trade and Service Innovations - The document suggests optimizing and upgrading goods trade, promoting trade facilitation, and supporting the development of new trade models [3]. - It supports high-value, high-tech, and environmentally friendly bonded maintenance business trials outside comprehensive bonded zones [3]. - The "Opinions" also advocate for the expansion of international express business licensing and the innovation of digital renminbi application scenarios [3].

Core Points - China has expanded its visa-free policy to include citizens from Brazil, Argentina, Chile, Peru, and Uruguay, effective from June 1, 2025, to May 31, 2026, marking the first time this policy extends to Latin America and the Caribbean [1][2][5] - The visa exemption is expected to significantly increase the number of tourists and business travelers from these countries to China, enhancing bilateral trade and cultural exchanges [2][4][5] Group 1: Tourism Impact - The visa-free policy is seen as a major benefit for Brazilian tourists, simplifying travel plans and reducing costs associated with visa applications [2][3] - Brazilian travel agencies anticipate a 15% increase in travel bookings to China due to the new policy, reflecting heightened interest among travelers [2] - Chilean tourism professionals view the policy as an opportunity to promote cultural exchanges and themed tourism products [3] Group 2: Business Opportunities - The policy is expected to double the number of business trips to China from Latin America, facilitating trade and investment opportunities [4][5] - Companies in Chile and Brazil are already preparing for increased participation in trade fairs and business activities in China, which were previously hindered by visa requirements [4][5] - The policy is anticipated to strengthen commercial ties between China and Latin American countries, particularly in sectors like energy and infrastructure [5][7] Group 3: Broader Implications - The visa exemption reflects China's commitment to deepening relations with Latin America and enhancing global south cooperation [5][8] - Experts believe that the policy will foster greater understanding and cultural exchange, helping to dispel misconceptions about China [8] - The initiative aligns with recent discussions at the China-Latin America and Caribbean Countries Forum, emphasizing the importance of intergovernmental cooperation and knowledge sharing [7]

上天天基金APP搜索【777】注册即可 领98元券包 ，优选基金10元起投！限量发放！先到先得！ 最近外围对中国的看法大幅转向！ 汇丰最新调查报告访问逾5700家国际企业，当中74%的香港企业对未来两年继续拓展国际贸易仍抱有信心，最 多受访企业准备与中国内地、南亚和欧洲三大市场深化贸易关系。 根据晨间咨询公司（Morning Consult）独家提供给Axios的支持率数据，截至5月底，中国的净支持率为8.8， 而美国为-1.5。2024年1月，美国评级超过20，中国评级为负值。 与此同时，"世界大型企业联合会"日前发布数据显示，美国2025年第二季度首席执行官信心指数从此前的60点 跌至34点，为2022年第四季度以来的最低水平，这也是该调查自1976年启动以来的最大环比降幅。外界普遍认 为，该指数低于50表明首席执行官对经济前景持悲观态度。 超预期的信心 汇丰最新调查报告访问逾5700家国际企业，当中74%的香港企业对未来两年继续拓展国际贸易仍抱有信心，最 多受访企业准备与中国内地、南亚和欧洲三大市场深化贸易关系。同时，逾七成企业正采取行动或计划将供应 链和生产迁移至靠近主要客户的地区，首选地点同样为中国 ...

Group 1 - The Bank of Korea has lowered the benchmark interest rate by 25 basis points to 2.5%, marking the lowest level since August 2022 and the fourth rate cut in the last six meetings [1][4] - The central bank has significantly revised its GDP growth forecast for 2025 from 1.5% to 0.8%, indicating a serious economic downturn [1][4] - Political instability and trade pressures are cited as major factors contributing to the economic challenges, including the impeachment of former President Yoon Suk-yeol and potential tariffs from the Trump administration [1][4] Group 2 - Following the central bank's decision, the KOSPI index increased by 1.7%, while the Korean won depreciated by 0.71% against the US dollar, trading at 1381.40 [2] - The central bank's monetary policy statement emphasizes the need to maintain a dovish stance to mitigate economic growth risks while closely monitoring domestic and international policy changes [4] - Economic fundamentals have deteriorated sharply, with a surprising 0.1% contraction in GDP in the first quarter, marking the first negative growth since Q4 2020 [4][6]

Core Viewpoint - Ningbo Shanshan Co., Ltd. is undergoing a substantial merger and restructuring process involving its controlling shareholder, Shanshan Group, and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd. The first creditors' meeting was held to discuss the formation of a creditors' committee and related proposals [1][4]. Group 1: Creditors' Committee Formation - The creditors' committee will consist of up to seven members, including the meeting chair and a representative of employees, with five additional seats filled by representatives from specific creditor groups [1][3]. - The meeting resulted in the approval of candidates for the creditors' committee, with 130 creditors supporting the nomination of Industrial Bank Co., Ltd. Ningbo Branch, representing 89.19% of the voting creditors [2][3]. - The meeting also approved the establishment of an investor selection group composed of authorized representatives from five major creditors and representatives from local financial authorities [3]. Group 2: Meeting Procedures and Voting - The creditors' meeting adopted rules for the committee's proceedings to ensure effective decision-making and oversight [2][3]. - A proposal to hold future creditors' meetings and voting in a non-physical format was also approved, aimed at reducing costs and improving efficiency [3][4]. - The resolutions passed at the meeting require a majority vote from creditors present, representing more than half of the total unsecured debt [3]. Group 3: Company Status and Shareholding - As of May 19, 2025, Shanshan Group holds 320,296,700 shares of the company, accounting for 14.21% of total equity, while Pengze Trading holds 205,264,756 shares, representing 9.11% [4]. - The shares held by both Shanshan Group and Pengze Trading are subject to significant pledges and judicial freezes, indicating potential risks to their control over the company [4][5]. - The restructuring process does not currently impact the company's normal operations, and the company maintains independent business capabilities [4].

Core Viewpoint - Thailand's economic recovery faces unexpected disruptions, with GDP growth forecasted to slow down to 1.8% in 2025, down from previous expectations of 2.5% for 2024, due to multiple adverse factors impacting the economic outlook [2][9]. Macroeconomic Overview - Thailand's real GDP is projected to grow by 2.5% in 2024, up from 2.0% in 2023, driven by a 5.4% increase in goods exports, a 26.3% rise in international tourist arrivals, and a 4.4% growth in private consumption [8][9]. - The IMF has revised Thailand's GDP growth forecast for 2025 down to 1.8%, highlighting the challenges posed by external factors such as U.S. tariffs and domestic political instability [9][10]. Policy Regulation - The Thai government has introduced an economic stimulus plan exceeding 500 billion THB (approximately 15 billion USD) to counteract slowing growth, focusing on consumption stimulation and investment [3][21]. - The Bank of Thailand has lowered the policy interest rate from 2.25% to 1.75% to enhance market liquidity, with additional measures including debt relief programs and digital wallet initiatives aimed at supporting indebted households [3][21]. Trade Dynamics - U.S. tariff policies present uncertainties for Thailand's exports, with a trade surplus of 35.4 billion USD expected in 2024, and a corresponding tariff rate of 36% [4][30]. - In Q1 2025, Thailand's exports grew by 15.2%, supported by strong demand from the U.S. and China, but ongoing trade negotiations with the U.S. remain stalled, posing risks to future trade performance [4][31]. Tourism Industry - The tourism sector is under scrutiny due to security incidents and the impact of the March earthquake, with international tourist arrivals increasing by only 1.9% in Q1 2025 [5][37]. - High-spending tourists from Western countries are partially offsetting the decline in Chinese visitors, but the overall recovery in tourism is expected to be slower than anticipated [5][38]. Capital Markets - The Thai stock market (SET Index) has fallen by 14.5% year-to-date, reaching a five-year low, driven by global market volatility and domestic economic challenges [6][46]. - Recommendations for investment strategies include diversifying into high-dividend blue-chip stocks, tourism-related sectors, and utilities, as well as taking advantage of potential stock buyback programs [6][47].

1. Report Industry Investment Rating - Short - term, maintain a cautious long position for the four major stock index futures (IH/IF/IC/IM) in A - shares; maintain a cautious wait - and - see attitude for commodities and government bonds. The ranking is: stock index > government bonds > commodities. Among commodities, the ranking is: precious metals > non - ferrous metals > energy > black metals [2] 2. Core Viewpoints - Domestically, in April, China's exports increased by 8.1% year - on - year, far exceeding expectations, and the trade surplus was 96.81 billion US dollars, a year - on - year increase of 34%. China and the US will hold trade talks, and the central bank has unexpectedly cut the reserve requirement ratio by 0.5% and interest rates by 10BP, which will boost domestic risk appetite in the short term. Internationally, the US economic activities are still expanding steadily, the US - UK has reached a limited trade agreement, and the US - China trade negotiation has made progress. The Fed maintains the federal funds rate target range at 4.25% - 4.5%, and the dollar rebounds in the short term, leading to an overall increase in global risk appetite [2] 3. Summary by Directory 3.1 Last Week's Important News and Events - On May 5th, the US President announced to impose a 100% tariff on all foreign - made movies entering the US and will announce tariff measures on pharmaceutical products in the next two weeks. On May 6th, the US March trade deficit widened to a record 140.5 billion US dollars, and the US refused to cancel some tariffs on Japan. On May 7th, the Fed kept interest rates unchanged, and the US and the EU are in trade negotiations. On May 8th, the UK and the US reached a tariff trade agreement, and the EU announced a retaliatory list of 95 billion euros of US goods. On May 9th, the US President said that the US and China will conduct substantial trade negotiations this weekend, and the current 145% tariff on China will be lowered [3][4][5][6][10] 3.2 This Week's Important Events and Economic Data Reminders - From May 12th to May 16th, there will be a series of industrial data releases, including electrolytic aluminum inventory, iron ore shipping and arrival volume, etc., as well as important economic data such as the US CPI, PPI, and GDP data of various countries [11] 3.3 Global Asset Price Trends - Stock markets: Different stock indices in various countries have different price trends and changes. Bond markets: Yields of 10 - year bonds in different countries have different fluctuations. Commodity markets: Prices of various commodities such as steel, non - ferrous metals, and energy have different changes. Exchange rate markets: Exchange rates of major currencies have different degrees of fluctuations [12] 3.4 Domestic High - Frequency Macroeconomic Data - Upstream: Includes data on commodity price indices, energy prices, coal inventories, and iron ore prices. Mid - stream: Covers data on steel prices, production, and inventory, non - ferrous metal prices and inventory, building material prices and inventory, and chemical product prices and inventory. Downstream: Involves data on real estate transaction area, automobile sales, and agricultural product prices [13][42][71] 3.5 Domestic and Foreign Liquidity - Global liquidity: Shown by the US Treasury yield curve. Domestic liquidity: Reflected by central bank open - market operations, inter - bank lending rates, and bond yields [82][84] 3.6 Global Financial Calendar - From May 13th to May 16th, there are important economic data releases in the EU, the US, Germany, Japan, etc., including CPI, PPI, GDP, and other data [105]

本篇评级为★★★，主要围绕以下内容展开： 昨天晚上最大的消息来自美国央行——美联储。在最新一次的议息会议上，美联储最终宣布不降息。这 一决定比较符合市场预期，所以大家看到几大股市基本上都接受得比较坦然，没有出现大的波动。 前段时间，美国资产出现了股债汇"三杀"的局面。随之而来的问题是：美国央行有没有可能在这个时候 下场救市呢？有没有可能通过降息或者重新下场购买国债来稳定市场呢？但从目前来看，美联储还是保 持了一贯的冷静态度，并没有特别大地把这张"牌"打出去。于是，这张"牌"又再次回到了美国总统特朗 普手里。如果美联储现在不动的话，那么"解铃还须系铃人"，稳定美国资本市场的任务，一部分又交给 了特朗普。 所以昨天晚上，特朗普也在他的社交媒体上发了一条消息，说再过一段时间，也就是在今天晚上10点 （美国时间早晨10点），会开一个新闻发布会，宣布一个重大的好消息——跟一个大国达成了贸易协 定。目前来猜测，最有可能的国家就是英国。因为之前有媒体报道，英国在跟美国勾兑一些贸易政策的 时候，提出了一些比较巧妙的做法。比如，对于英国产的钢铁和汽车，设定一个配额，在这个配额范围 之内实行低关税，而超出这个配额的部分可以象征性 ...