International 1. Goldman Sachs: Still believes the US will not impose tariffs on gold and maintains its previous price forecast. 2. Goldman Sachs: US consumers may bear 67% of the tariff costs. 3. JPMorgan: Trump's appointment of Milan to the Federal

International 1. Goldman Sachs: Still believes the US will not impose tariffs on gold and maintains its previous price forecast. 2. Goldman Sachs: US consumers may bear 67% of the tariff costs. 3. JPMorgan: Trump's appointment of Milan to the Federal Reserve Board will steepen the yield curve. 4. UBS: The Swiss franc's mild reaction to tariffs reflects hopes for a US-Switzerland trade agreement. 5. ING: Dissenting opinions among central bank officials suggest an increasingly uncertain economic outlook. Domestic 1. CICC: To effectively and sustainably push inflation back to historical levels, policy easing is still necessary. 2. CMB Macro: China may not follow the Fed's rate cuts in the second half of the year. 3. CITIC Construction Investment: The lifting of purchase restrictions outside Beijing's Fifth Ring Road signals a stabilization of the real estate market. 4. CITIC Construction Investment: A-shares remain in the midst of a bull market, and pullbacks present good investment opportunities. 5. CITIC Securities: With the release of GPT-5, we recommend investing in areas such as AI computing chips in the US tech sector. 6. CICC: The release of GPT-5 and Huawei's CANN open source are expected to drive the development of AI applications. 7. Zheshang Securities: Bank stocks can meet the "long-term stability and absolute return" allocation requirements of insurance funds. 8. CITIC Securities: The 232 tariff increase on semiconductors will have a very limited impact on domestic semiconductor companies. 9. Industrial Securities: In July, high-risk funds dominated inflows, and foreign insurance fund allocation also increased. 10. Shenwan Hongyuan: The bull market atmosphere will not disappear easily, and the anti-involution of technology and manufacturing may become the main trend. 11. Cathay Pacific Haitong: Baijiu stock prices may see an inflection point before demand, and industry restructuring highlights the "debt-like asset" nature. 12. Guotai Junan Securities: Policies support innovative pharmaceuticals and medical devices, promoting the development of the brain-computer interface industry. 13. CICC: EPS and PE doubled, and the bull market in non-ferrous metals has restarted.