Abroad
1. JPMorgan Chase: Trump's new tariffs will raise the average US tax rate to 14.6%.
2. Goldman Sachs: The US dollar may once again trade as a "riskier" currency.
3. Citi: The window for exporting copper to the United States may close in the rest of 2025.
4. Citi: The Fed's minutes may echo Powell's testimony, and the "wait-and-see" period may end in late summer.
5. UBS: Long positions in US Treasuries have been closed, waiting for higher yields to enter the market again.
6. Standard Chartered: Reserve managers seem to be deliberately increasing their holdings of US dollars.
7. Barclays: High tariffs may lead to higher drug prices and shortages in the United States, and consumers will bear the brunt.
8. State Street Global: US Treasuries and US dollars have been sold off historically, and funds are pouring into other safe-haven markets.
9. OCBC Bank of Singapore: The global order is reshaped, and inflation and interest rates will rise in the next few years, and the US dollar will weaken.
10. Rabobank: The US dollar has rebounded, and the euro is expected to rise to 1.20 in the medium and long term.
Domestic
1. CITIC Securities: Pay attention to the sector allocation opportunities under the background of copper prices returning to the long-term logic.
2. CITIC Construction Investment: Global funds are rebalancing, and the pressure of outflow from US stocks continues.
3. CITIC Securities: Pay attention to the trend of risky assets in July and seize the layout opportunities after the adjustment of the bond market.
4. Huatai Securities: The "anti-involution" policy is beneficial to the medium and long-term performance of pig prices.
5. Huatai Securities: The urgency of photovoltaic glass anti-involution is relatively strong, and leading companies are expected to take the lead in reducing production.
6. Tianfeng Securities: Storage prices have strong momentum in Q3-Q4.
7. Everbright Securities: OPEC+ has accelerated production beyond expectations, and the oil transportation boom is expected to pick up in the second half of the year.