凌云社区为成员量身打造三大基金投资选择 随着全球经济快速变革和市场波动加剧，投资者的需求也越来越多样化。凌云社区深知社区成员在投资过程中面对的挑战与机遇，特 别是在不同风险偏好和财务目标下的多元化需求。为此，凌云社区正式推出三大基金产品——极速基金、增值基金和稳定基金，为社 区成员提供灵活、安全且高效的投资选择，帮助他们在复杂市场中找到适合自己的理财方式。 二．服务社区成员，构建信任与专业支持 一．精准布局三大基金，满足不同需求 1.极速基金：短期高效交易选择 对于风险承受能力较强、喜欢捕捉市场短期机会的社区成员，极速基金是理想选择。该基金主要投资比特币、以太坊、黄金等高波动 性资产，通过日内交易策略和先进交易系统实现高效增值。极速基金为社区成员提供了资金高周转和即时市场机会的投资平台，让热 衷短期投资的朋友能够紧跟市场节奏。 2.增值基金：中长期稳健增值 对于追求资产长期稳健增长的社区成员，增值基金提供了平衡风险与收益的投资方案。基金主要投资于成熟市场和新兴市场的优质交 易所交易基金（ETF），如标普500、纳斯达克100和沪深300等。通过长期持有和科学配置，增值基金致力于帮助社区成员实现资产增 值，同时 ...

Group 1 - The core viewpoint of the news revolves around the significant diplomatic progress made between the U.S. and Russia regarding the Ukraine situation, with potential implications for peace negotiations and geopolitical stability [2][3][5] - U.S. President Trump announced a meeting with Ukrainian President Zelensky, indicating a possible trilateral meeting involving the U.S., Russia, and Ukraine, which could pave the way for further discussions on the conflict [2][5] - The U.S. special envoy stated that Russia has agreed to include a "NATO-like Article 5" security guarantee for Ukraine in future peace talks, marking a notable concession from Russia [3] Group 2 - The gold market experienced a decline due to reduced geopolitical risks following the U.S.-Russia meeting, with gold prices dropping approximately 2% and falling below 3400 yuan per ounce [4][6] - Analysts noted that the decrease in market risk appetite was influenced by positive signals from the U.S.-Russia meeting and a joint statement from the U.S. and China, which alleviated concerns over trade tensions [4][6] - The rise in U.S. inflation, as indicated by the July PPI data, has led to decreased expectations for interest rate cuts by the Federal Reserve, further applying downward pressure on gold prices [4][6][7]

● 葛瑶 代诗瑶 近期，国际金价再度成为全球投资者关注的焦点。受宏观环境、政策预期等因素影响，COMEX黄金期 货价格屡创新高，伦敦金现货价格则在高位震荡，期现价差明显拉大。 业内人士表示，中期金价走势仍取决于宏观经济与政策环境，或在短期调整后维持上行趋势。 金价波动加剧 Wind数据显示，截至8月11日中国证券报记者发稿时，COMEX黄金期货价格报3415.7美元/盎司，下降 约2%；伦敦金现货价格延续高位震荡态势，报3359.81美元/盎司。国内方面，沪金主连期货价格报收 779.48元/克，下降0.81%。 7月末以来，金价波动加剧。第二季度美国GDP增长超预期及美联储官员的系列言论，曾导致金价短暂 下跌。但随后美国7月非农数据远低于市场预期，加剧市场对其经济疲软的担忧，带动金价快速反弹。 上海黄金交易所8月8日公告称，近期影响市场不稳定的因素较多，为防范市场波动可能带来的风险，提 示投资者做好风险防范工作，合理控制仓位，理性投资。 今年以来，国际黄金期货与现货的价差从10美元/盎司左右逐渐扩大，创近年来罕见水平。Wind数据显 示，8月8日，COMEX黄金期货价格盘中一度冲高至3534.10美元/盎司 ...

在创新药、人工智能（AI）和机器人等市场热点轮番冲击下，上半年火热的黄金板块近期相对沉寂。 不过，值得注意的是，上周五纽约商品交易所黄金期货价格盘中再创下历史新高，一度涨至每盎司 3534.1美元。 "我们是战略性看好黄金，短期波动是我们布局的好机会。"上海一家券商自营业务人士王杰（化名）向 证券时报记者表示，金价后市还将有更多催化事件。 王杰表示，随着市场对金价长期上涨的共识更加一致，黄金股投资逻辑发生改变，市场将从关注公司短 期产量增长转向更加关注公司储量，拥有更多储量的黄金公司价值凸显。 黄金期货创新高 美联储是否降息是全球黄金投资者最关注的事件之一。此前，美国就业市场意外大幅降温，显著推升9 月降息预期，助推黄金等贵金属自8月以来持续上涨。 其中，伦敦金现货价格在8月以来上涨了3.31%。8月8日，纽约商品交易所12月交割的黄金期货价格一 度刷新历史纪录，当日最高升至每盎司3534.1美元，超过4月22日的前高，涨幅一度接近1.5%。 值得注意的是，美联储副主席米歇尔·鲍曼在最新的公开讲话中表示，她支持今年进行3次降息，并将在 10月9日主持一次社区银行会议。 "降息交易有望与去美元化实现共振，驱动金 ...

Group 1 - The gold market has seen a recent surge, with gold futures reaching a historic high of $3534.1 per ounce, driven by expectations of interest rate cuts by the Federal Reserve and geopolitical uncertainties [1][2] - Analysts suggest that the investment logic for gold stocks is shifting from focusing on short-term production growth to emphasizing companies with larger reserves, as the consensus for long-term gold price increases strengthens [1][2] - Central banks are expected to continue increasing their gold reserves, with China's reserves rising to 73.96 million ounces as of July, marking nine consecutive months of increases [3][4] Group 2 - The World Gold Council reported that while central bank gold purchases slowed in Q2 2025, the volume remains 41% higher than the average from 2010 to 2021, indicating sustained high levels of demand due to geopolitical and economic uncertainties [4] - Institutions remain optimistic about long-term investment opportunities in gold, with expectations that interest rate cuts and geopolitical factors will support gold prices, thereby influencing the investment focus towards companies with stable, large-scale gold mines [5][6]

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints - Gold: FOMC's decline releases hawkish expectations; Gold trend intensity is -1, indicating a bearish outlook [1][6]. - Silver: Prices have fallen from recent highs; Silver trend intensity is -1, also suggesting a bearish view [1][6]. 3. Summary by Related Catalogs 3.1 Fundamentals Tracking - **Price Data**: - Gold:沪金2510昨日收盘价773.78,日涨幅0.30%,夜盘收盘价770.68,夜盘跌幅0.32%;黄金T+D昨日收盘价769.48,日涨幅0.30%,夜盘收盘价767.00,夜盘跌幅0.32%;Comex黄金2510昨日收盘价3327.90,日涨幅0.08% [2]. - Silver:沪银2510昨日收盘价9192,日跌幅0.03%,夜盘收盘价9090.00,夜盘跌幅1.32%;白银T+D昨日收盘价9166,日涨幅0.03%,夜盘收盘价9062,夜盘跌幅1.23%;Comex白银2510昨日收盘价37.175,日跌幅3.15% [2]. - **Trading Volume and Open Interest**: - Gold:沪金2510合约对2512合约价差昨日成交206,379,较前日减少13,553,持仓214,105,较前日增加1,698;Comex黄金2510昨日成交199,901,较前日增加90,801,持仓322,961,较前日增加256,168 [2]. - Silver:沪银2510昨日成交689,866,较前日增加97,939,持仓392,370,较前日减少373;Comex白银2510昨日成交71,289,较前日增加29,664,持仓121,325, unchanged from the previous day [2]. - **ETF and Inventory**: - Gold: SPDR黄金ETF持仓955.37,较前日减少1;沪金库存33,462千克,较前日增加2,199;Comex黄金库存（前日）38,166,532金衡盎司,较前日增加132,494 [2]. - Silver: SLV白银ETF持仓（前天）15,149.90,较前日减少24;沪银库存1,208,094千克,较前日增加3228;Comex白银库存（前日）502,296,559金衡盎司,较前日增加599,929 [2]. - **Price Spreads**: - Gold:黄金T+D对AU251 -价差昨日为 -4.30, unchanged from the previous day;买沪金12月抛6月跨期套利成本昨日为4.77,较前日减少0.87;黄金T+D对伦敦金的价差昨日为385.68,较前日减少0.60 [2]. - Silver:白银T+D对AG2510价差昨日为32,较前日增加6;沪银2510合约对2512合约价差昨日为 -8,441,较前日增加16;买沪银12月抛6月跨期套利成本昨日为73.41,较前日减少11.3;白银T+D对伦敦银的价差昨日为4,247,较前日减少799 [2]. - **Exchange Rates**: - 美元指数昨日为99.94,日涨幅1.05%;美元兑人民币（CNY即期）昨日为7.18,日涨幅0.04%;欧元兑美元昨日为1.15,较前日减少0.01;美元兑日元昨日为148.59,较前日增加0.05;英镑兑美元昨日为1.21, unchanged from the previous day [2]. 3.2 Macro and Industry News - **Fed Policy**: The Fed has kept rates unchanged for five consecutive meetings, with two voting members supporting rate cuts due to slowing economic growth. Powell did not provide guidance on a September rate cut, emphasizing uncertainties in tariffs and inflation and stating that the job market has not weakened [2][4]. - **China's Policies**: The Political Bureau of the CPC Central Committee held a meeting to decide on the convening of the Fourth Plenary Session of the 20th CPC Central Committee and analyzed the current economic situation and economic work. China's preliminary budget for child - rearing subsidies is 90 billion yuan, and applications will be accepted in late August [7]. - **Trade Policies**: Trump imposed a 50% tariff on imported semi - finished copper, etc. (excluding cathode copper and refined copper), causing a 20% plunge in New York copper prices. The US suspended the minimum exemption for low - value goods. Trump said the US would impose a 25% tariff and "punishment" on India, and announced a comprehensive trade agreement with South Korea, imposing a 15% tariff, with South Korea to provide $350 billion in investment to the US. Trump postponed the implementation of a 50% tariff on Brazilian goods by seven days [7]. - **Economic Data**: The US Q2 real GDP annualized quarterly growth rate was 3%, better than expected. The US ADP employment in July increased by 104,000, exceeding expectations, but employers are more cautious about hiring decisions [7]. - **Natural Disaster**: An 8.8 - magnitude earthquake struck the Kamchatka Peninsula in Russia, triggering a tsunami alert in the Pacific Rim, and China launched a second - level emergency response to marine disasters [5].

Group 1 - Gold prices have rebounded this week, recovering from last week's decline, with spot gold prices in London ending above $3300 per ounce and domestic AU9999 rising by 0.52% to over 774 yuan per gram [2][3] - The overall market is in a fluctuating upward trend, with AU9999 showing a maximum increase of over 30% in the first half of the year due to heightened safe-haven demand amid geopolitical tensions and tariff issues [5][6] - Recent adjustments in gold prices are attributed to the easing of geopolitical tensions and a lack of new driving forces for price increases [6] Group 2 - Key factors to watch include the "Big and Beautiful" tax and spending bill in the U.S., which, if passed, could create a long-term support for gold prices due to an estimated $2.8 trillion fiscal deficit [6] - The upcoming U.S. non-farm payroll data is crucial, as disappointing figures could lead to increased expectations for interest rate cuts, benefiting gold prices [6] - Ongoing tariff negotiations, particularly with major trading partners, may continue to create uncertainty, potentially increasing demand for gold and driving prices higher [7][8] Group 3 - Despite a reduction in safe-haven demand due to improved geopolitical conditions, expectations for U.S. Federal Reserve interest rate cuts and the potential passage of the "Big and Beautiful" bill may lead to a weaker dollar and U.S. bonds, supporting gold prices in the long term [8] - The international monetary order may continue to be reshaped, with the long-term bullish trend for gold prices still in play [8]

Group 1 - The consumer confidence index in the U.S. unexpectedly rose to 60.5 in June, surpassing market expectations of 58.0, ending a five-month decline and signaling greater economic resilience than anticipated [1][3] - The rebound in consumer confidence is primarily driven by improved evaluations of the current job market and the gradual absorption of tariff impacts, which are providing support for consumer spending [1][3] Group 2 - Financial markets reacted swiftly to the data, with major U.S. stock indices continuing to rise; the Dow Jones Industrial Average increased by 0.72%, the S&P 500 rose by 0.81%, and the Nasdaq Composite gained 0.93% [4] - The rise in consumer confidence is interpreted as a sign that domestic demand may help the economy avoid recession, with technology and discretionary consumer sectors leading the gains [4] Group 3 - Despite the current rebound in consumer confidence, the market remains cautious about the U.S. economic outlook, with key data such as the FHFA house price index and the Richmond Fed manufacturing index yet to be released [5] - Goldman Sachs suggests that the rebound in consumer confidence may be temporary, citing rising credit card debt default rates and the resumption of student loan repayments as potential pressures on future consumer spending [5] Group 4 - The upcoming non-farm payroll report and core PCE data will be critical in determining whether the improvement in consumer confidence can be sustained [7] - If employment growth slows or inflation falls more than expected, it may prompt the Federal Reserve to signal clearer interest rate cuts, potentially increasing demand for gold as a safe-haven asset [7]

Core Viewpoint - The article highlights the impact of escalating tensions in the Middle East on global markets, leading to declines in U.S. stock indices and significant increases in gold and oil prices due to heightened risk aversion and supply concerns [1][3][11]. Group 1: U.S. Stock Market Performance - All three major U.S. stock indices fell, with the Dow Jones down 1.58%, Nasdaq down 1.08%, and S&P 500 down 0.97% [3]. - The "fear index," or the S&P 500 volatility index, surged above 20, reaching its highest level since late May [3]. - The technology sector, represented by the seven major tech companies, also experienced declines, with the index down 0.86% and notable drops in stocks like Apple and Nvidia, which fell over 1% [6]. Group 2: Energy and Commodity Markets - International gold prices rose significantly, with COMEX gold futures increasing by 1.69% to $3459.8 per ounce, and London gold spot prices up 1.23% to $3427.71 per ounce [11][12]. - Oil prices surged due to concerns over potential disruptions in Middle Eastern oil supply, with NYMEX WTI crude oil futures rising by 6.67% to $72.58 per barrel and ICE Brent crude oil futures up 6.52% to $73.88 per barrel [11][12]. - Energy stocks saw a collective increase, with Houston energy stocks rising over 100% and U.S. energy stocks up over 62% [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The stock market may benefit from the expected increase in risk appetite, and the bond market yield will fluctuate at a low level. A - shares may benefit from the increase in risk appetite due to potential policy support and positive progress in Sino - US economic and trade talks. The bond market price has fully factored in the central bank's reserve requirement ratio cut and interest rate cut expectations, and the bond yield may continue to fluctuate at a low level. Gold still has a long - term positive outlook, but short - term volatility may increase [11]. 3. Summary by Relevant Catalogs Stock Market - In the past week (20250505 - 20250511), US stocks declined, with the Nasdaq, S&P 500, and Dow Jones Industrial Average changing by - 0.27%, - 0.47%, and - 0.16% respectively, and the Nasdaq China Technology Index changing by - 2.46%. Meanwhile, the Hang Seng Index rose 1.61%, and the FTSE China A50 Index rose 2.63% [2]. - A - shares generally rose. The wind All - A Index rose 2.32%. Among them, the CSI A100, CSI 300, CSI 500, CSI 1000, CSI 2000, and wind micro - cap stocks changed by 2.13%, 2.00%, 1.60%, 2.22%, 3.58%, and 5.65% respectively. Growth and blue - chip stocks in the Shanghai and Shenzhen stock markets both rose [3]. - All 30 CITIC industries rose. Industries with relatively large increases included national defense and military industry, communication, banking, machinery, new energy, and comprehensive, with weekly increases of more than 3.5% [4]. Bond Market - In the past week (20250505 - 20250511), the yield of treasury bonds with a maturity of less than 10 years decreased, and the yield of those with a maturity of 10 years and above increased, making the yield curve steeper. The 10 - year treasury bond futures rose 0.06% compared to April 30, 2025 [5]. - The capital price decreased, and the bond market leverage level increased. As of May 9, 2025, R007 was 1.5805%, down 25.91 BP from April 30, 2025, and DR007 was 1.5409%, down 25.77 BP. The central bank had a net withdrawal of 781.7 billion yuan in the past week. The 5 - day average of inter - bank pledged repurchase volume increased from 4.97 trillion yuan on April 30, 2025, to 6.32 trillion yuan on May 9, 2025 [6]. - In the past week (20250505 - 20250511), the price of US treasury bonds fell, and the yield curve shifted upward as a whole. As of May 9, 2025, the yield of the 10 - year US treasury bond rose 4 BP to 4.37% compared to May 2, 2025 [7]. Foreign Exchange Market - In the past week (20250505 - 20250511), the US dollar appreciated. The US dollar index rose 0.38%, the US dollar against the offshore RMB exchange rate rose 0.40% to 7.2402, and the US dollar against the on - shore RMB exchange rate fell 0.24% to 7.2461 [8]. Commodity Market - In the past week (20250505 - 20250511), the spot price of London gold rose 2.30% to $3324.55 per ounce, and the COMEX gold futures price rose 3.14% to $3326.30 per ounce [9]. Foreign Trade - From January to April, China's cumulative export increased by 6.4% year - on - year, 0.6% higher than that in the first three months. Although the cumulative year - on - year growth rate of exports to the US decreased from 4.5% in January - March to - 2.5% in January - April, the cumulative year - on - year growth rates of exports to other countries and regions such as ASEAN, the EU, Hong Kong, Japan, and South Korea increased. The cumulative year - on - year import decreased by 5.2%, 1.8% higher than that in the first three months. The trade surplus in January - April was $368.76 billion, an increase of $113.808 billion year - on - year [10].