如果你近期到过上海淮海中路，走到山下有松的旗舰店门口，大概率要停下来：不是因为橱窗，而是因为队伍。 周五下午的这段街道，人流比周末还要稠密一些。茶饮店的窗口前有几个人，眼镜店门口有人举起手机拍照。只有山下有松门口聚着一条队伍，队伍里肤色各异，说中文的是少数。 山下有松淮海中路旗舰店门口，图源小红书用户@安小古🐰 随着中国免签政策持续放开，根据上海市文化和旅游局统计，2025年上海接待入境外国游客同比增幅近50%，而他们“中国特产”购物名单里，山下有松与泡泡玛特等品牌一道，成为了新特产。 时尚媒体LADYMAX认为，能够吸引外国游客的中国品牌，至少具备了两个条件：兼具审美与设计，以及优质的线下零售体验。山下有松正在被归入这一范畴。这种排队现象，从两年前就已经开始。据《环球时报》等境内外媒体报道，山下有松上海旗舰店超过半数的顾客来自海外，每逢海外节假日，这个比例还会更高。 海外用户分享山下有松 海外社交媒体上，不少外国游客分享自己一次性买下五六只包。店员被反复问到的问题往往不是价格，而是这只包还有别的颜色吗——答案通常是有，但是没有货。有人等了一个配色三个月，有人专程把门店设为上海行程的第一站，落地当天就直奔淮海中路。 价格差是最直接的诱因之一——由于关税、运费等成本，山下有松在海外的价格大约比中国贵40%——但这无法解释代购的出现。海外社交媒体上，已有一批面向山下有松的专业买手出现。他们愿意垫资购买、人工携带入境转售给当地消费者——需求的强度，由此可见一斑。 在山下有松的故事里，代购出现的意义还要更深一层。很长时间里，经典的中国代购模型是单向的：中国消费者托人在海外买西方商品带回来，奢侈品更是有半数以上的消费发生在海外。而现在发生的，是这个模型的镜像翻转—— 海外消费者在主动搭建基础设施，把一个中国品牌的东西运出去。 海外网友求购山下有松 对绝大多数海外用户来说，他们没有听过山下有松的中文播客“山下声”，没有走入过这个品牌疏朗简洁的线下门店，也不认识山下有松任何一位中国面孔的品牌代言人。 自2021年山下有松建立海外品牌独立站以来，它并没有高举高打地进入海外——没有社交媒体大规模买量，没有狂砸海外流量明星，没有重持海外渠道（海外仅在曼谷开了一家店）……总之，没有制造爆点。 那么，之所以能掀起海外代购，山下有松凭什么？ 01. 产品自会说话 在许多人看来，山下有松在海外...

Abu Hanifah/iStock via Getty Images By Padhraic Garvey, CFA , Regional Head of Research, Americas and Michiel Tukker , Senior UK & Eurozone Rates Strategist Payrolls incoming It's payrolls Friday. The report itself has lost some of its aura, partly due to question marks as to its accuracy (it is mostly just a survey after all). But also, the US economy has become a more complex beast to track. Even with very little expectation for employment growth, risk assets aren't perturbed at all. Bond markets typically would be on major alert into payrolls reports, but less so in recent months. That all being said, it remains an important barometer of the labour market, and absolutely sets the tone for the months ahead. The market expectation is for employment growth of around 85k. That's an outcome that can only be described as 'meh'. But it's actually okay in the current economy, one that has the promise of a productivity revolution premised on tech and AI underpinnings. It's here that we identify a link with real yields and a rationale for them to remain elevated. We'll monitor the rest of the report too, with the unemployment rate a particular focus. At 4.3%, it remains low, defying all the layoff talk. The low jobless claims run we've been on, and again reconfirmed on Thursday, points to the same. It does feel like we're overdue a lurch higher on these metrics at some point. And for Treasury bulls, that is the type of outcome that can shake off the risk that real yields remain sticky, with more upside than downside tendencies. Overall, the remarkable feature of the anticipated payrolls outcomes is that they would typically result in a bond buying spree. Traditionally, it was all about the employment growth number. But the current immigration policy of forcing marginal workers out of the country is a curb to this number. The unemployment rate was typically not the big one to watch. More recently, it's actually the unemployment rate that really counts. That's the one that s...

The global energy crisis is threatening to slow spending among India ’s vast middle class, undermining a fragile recovery in consumption and adding to the woes of an economy already grappling with a markets and currency slump. The impact is already visible across the country — from car showrooms to clothing retailers and neighborhood shops. Business owners and sales personnel interviewed by Bloomberg News say customers are cutting back on discretionary purchases and trading down to cheaper essentials, eroding sales and squeezing margins. Several retail companies also reported in May that shoppers are turning cautious, leading to slower sales. This pullback in spending comes just weeks after state-owned oil companies raised diesel and gasoline prices for the first time since 2022, followed by three rapid-fire hikes in a matter of days. That’s piled even more pressure onto household budgets strained by rising food, consumer goods, and cooking gas costs. At Shah Jagshi Khimji General Stores in Worli Village, near one of Mumbai’s upscale neighborhoods, owner Hitesh Furia said some of his regular customers are opting for cheaper everyday items. “Everyone’s compromising,” the 46-year-old said. “You can’t stop eating, so those who bought rice costing 60 rupees (62 cents) are buying rice costing 50 rupees.” India appears to be one of the hardest-hit major economies from the Middle East conflict outside the Gulf, exposing the vulnerability of a nation heavily dependent on imported crude oil and natural gas. The country — among the hottest destinations for foreign capital until recently — has seen that momentum reverse as the cloudy outlook sends equities tumbling and pushes overseas funds to cash out . Asia’s third-largest economy likely expanded 7.1% in the three months through March, the slowest pace in three quarters, according to a Bloomberg survey ahead of official data that is due on Friday. The outlook for the year is weakening, with several analysts cutting their gro...

Trump Says Accountability Is Coming Over The 'Rigged' 2020 Election In a new, wide-ranging interview on "Pod Force One" with Miranda Devine, President Donald Trump is saying out loud what he says a growing body of evidence increasingly supports: the 2020 election was rigged, the people responsible are known, and something is coming for them. Trump was unambiguous. " We had a rigged election ," he told Devine. "I used to say that a year and a half ago, the election was rigged. And the cameras would literally turn off. Yeah. And the anchor would say, 'Sir, you're not allowed to say that.' Now nobody ever turns off the camera because it's been proven to be rigged." Trump added, " Look at what happened in Georgia. Look at all the stuff that we found out. It was a rigged election. Biden lost in a landslide." Trump went further, connecting the consequences of that election and the disasters that followed, including Russia's invasion of Ukraine, which, Trump says, "would have never happened" had he still been in office. And, of course, there was Biden's border crisis, which resulted in, by Trump's count, 25 million illegal immigrants into the United States in four years, many of whom, he said, were criminals. "And fentanyl deaths," Devine pointed out. "Yeah. He was the worst president," Trump argued. "And we were laughed at all over the world as a country. We're not laughed at anymore. We have the hottest country anywhere in the world." Devine pressed him directly on the accountability for what happened in the 2020 election. "So someone has to be punished, though, for that," she said. "So how do you do that?" "Well, you don't have to punish them all," he said. "I'd rather not get into it. Let's see what happens. The election was rigged. We know who rigged the election. We know it. We know everything now. You know, we have information that nobody thought was possible . But when you get to office, all of a sudden, people start giving you things." He knows what's coming... li...

日本财务大臣片山皋月重申，政府已决定，针对食品的临时性消费税下调将不会依赖额外发债来筹措资金。 片山皋月对记者表示，一个工作小组正在研究多种财源方案，包括审查冗余补贴和税收措施，以及利用非税收入；不过她补充称，目前尚未作出最终决定。 片山皋月还表示，政府已做好准备，必要时可随时就汇率波动作出适当应对。 责任编辑：王永生

格隆汇6月5日｜日本持有的海外证券在5月份大幅减少，这表明日本政府可能已动用包括美国国债在内的海外资产，为其过去一个月创纪录的货币市场干预行动提供资金。根据日本财务省周五公布的外汇储备数据，日本持有的海外证券较4月份减少了756亿美元。截至5月底，日本的外汇储备总额降至1.09万亿美元。作为干预资金另一潜在来源的外币存款基本保持不变，维持在1620亿美元的水平。此前已有确切消息证实，在截至5月28日的一个月内，日本在外汇市场进行的干预规模创下了11.73万亿日元（约合734亿美元）的历史新高。

Oil steadies after Oman says Mina al Fahal operations proceeding normally Reuters

格隆汇6月5日｜美股纳斯达克100指数期货跌超1%，标普500指数期货跌0.5%，道琼斯指数期货跌0.1%。

RocketLab (NASDAQ: RKLB) stock is soaring on the back of increasing enthusiasm to invest in space stocks. *Stock prices used were the afternoon prices of June 2, 2026. The video was published on June 4, 2026. Continue reading

格隆汇6月5日｜开源证券发布食品饮料板块2026年中期投资策略称，白酒板块已接近周期底部，全年复苏节奏应是前低后高。建议布局强品牌、稳动销、渠道健康的高端及次高端龙头。大众品板块估值处于合理区间，叠加基本面持续改善，具备较高配置价值，建议围绕三条主线布局优质标的：一是寻找短期收入修复弹性明确的机会，二是寻找产业周期有望触底反转的机会，三是餐饮行业持续修复，带动餐饮供应链需求提升。

富途、老虎、长桥6月12日起业务调整；SpaceX已启动IPO路演 当地时间4日，美国总统特朗普表示， 如果美伊最终达成协议，不排除与伊朗最高领袖会晤的可能性 。他重申，美国绝不会允许伊朗拥有核武器，并称美国此前对伊朗核设施的打击已将相关设 施“彻底摧毁”。另外， 美国、以色列、黎巴嫩达成联合声明 。 同日， 以色列继续空袭黎巴嫩 ， 黎真主党拒绝 美国、以色列与黎巴嫩政府就以黎停火发表的联合声明 ， 强调以色列必须完全撤出黎巴嫩领土 。 伊朗最高领袖军事顾问雷扎伊表示， 若以色列向黎巴嫩达希耶方向推进将承受巨大代价 。 美股方面 ，三大股指涨跌不一。道指涨 1.73% ，飙升近 900点 创 历史 新高，标普 500指数涨0.41%，纳指跌0.09%。半导体板块表现分化， 博通绩后大跌超12% ，美光科技跌近8% ， Arm跌超4%；英伟达、台积电、阿斯麦涨近2%。太空概念股 、 大型科技股普涨，谷歌 A收涨3.68%，英伟达涨1.94%，特斯拉跌1.24%。 中概股多数下跌， 纳斯达克中国金龙指数收跌 0.6%。小鹏跌3.72% ，蔚来跌 超 1%，阿里巴巴、美团ADR跌0.99%，百度 涨逾1 % ， 大全新能源涨超5%。 全球资产表现上 ， 原油下挫，金银反弹 。 WTI 7月原油期货收跌3.1%报93.04美元/桶，布伦特8月原油期货收跌2.84%报95.03美元/桶。周四纽约尾盘，现货黄金涨0.91%，报4475.02美元/盎司；COMEX黄金期货涨0.83%，报4504.10美元/盎司。现货白银涨1.62%，报73.8903美元/盎司；COMEX白银期货涨1.69%，报74.160美元/盎司。 由于比特币价格大幅回调，其总市值降至约 1.29 万亿美元，排名滑落至全球资产第 14 位，跌出全球前十大资产之列。 1. 市场紧盯黄仁勋访韩动向！ 随着中国台北电脑展落幕，黄仁勋飞往韩国展开为期四天的密集行程。周五，黄仁勋预计将在首尔圣水洞的一家烤肉店，与 SK 集团会长崔泰源、 LG 集团会长具光谟以及 Naver 董事长李海珍聚餐会谈。有预测认为，包括 AI 半导体议题在内的扩大在机器人技术和物理智能领域合作方案，有可能成为核心议题。另外，黄仁勋还将做客韩国知名脱口秀节目《 You Quiz on the Block 》。 2. SpaceX 已启动 IP...

格隆汇6月5日｜据CCTV国际时讯，美国总统特朗普当地时间4日在白宫对媒体表示，美国无需同伊朗达成协议，就能通过派兵进入伊朗获取其浓缩铀库存，但他“不喜欢这个主意”。特朗普说，“我们现在就能拿到它。我觉得如果我们想动手，他们根本拦不住我们，但没理由这么做。这些浓缩铀早已被封存深埋。”在被问到“是否想见见伊朗最高领袖穆杰塔巴·哈梅内伊”时，特朗普称“不想见”，“但如果真要见，我会很荣幸见他。如果达成协议，我是有可能见他的，并会秉持应有的尊重。”特朗普表示，在对伊朗问题上，他觉得目前“做得很好”。特朗普强调，“美国终将会赢，无论如何都会赢——要么在纸面（协议）上赢，要么在军事上赢。无论如何，要么是军事胜利，要么是协议胜利。”

Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) will raise roughly $80 billion in an equity offering. *Stock prices used were the afternoon prices of June 2, 2026. The video was published on June 4, 2026. Continue reading

康方生物(09926) 月報表 信報網站

Costco (NASDAQ: COST) stock is experiencing a rare dip. *Stock prices used were the afternoon prices of June 2, 2026. The video was published on June 4, 2026. Continue reading

路透公布的一项调查显示，只要加拿大国内经济复苏，且北美贸易协定的审查取得进展，未来一年加元兑美元将走强。 在5月29日至6月3日进行的调查中，31位外汇分析师的预测中值显示，未来三个月加元/美元将升值1.4%，升至1.37加元，即72.99美分。这略低于上月调查预测的1.3667。 最新调查预测12个月后，加元/美元将上涨3.7%至1.3400，而此前预测为1.3433。 负责加美贸易事务的部长 勒布朗（Dominic LeBlanc）周二在华盛顿表示，加拿大与美国就《美墨加协定》的审查举行了一次积极的会谈。 BMO资本市场加拿大利率及宏观策略师 Benjamin Reitzes表示：“美墨加协定谈判需取得进展并最终达成协议，加元才能实现持久走强。” “在此之前，加元将面临挑战，因为经济仍受不确定性的压力，且美伊局势的头条新闻正令市场剧烈波动，”他称。 责任编辑：王永生

韩国股市周五早盘大幅下跌，追随隔夜美国科技股的走势。 韩国综合股票指数（KOSPI）开盘下跌316.21点，跌幅3.66%，截至目前跌幅已扩大至6%，三星电子和SK海力士股票均大幅下跌；小盘股Kosdaq指数下跌2.41%。 隔夜美股交易中， 道琼斯 工业平均指数大幅上涨，创下历史新高，而 纳斯达克 综合指数则表现疲软，投资者似乎纷纷抛售科技股，转而买入非科技类股票。 道琼斯30股指数上涨874.86点，涨幅1.73%，收于历史最高水平51，561.93点。纳斯达克指数下跌0.09%，收于26，830.96点，而标普500指数上涨0.41%，报7，584.31点。 此次轮动源于博通股价下跌，导致投资者削减了对与人工智能相关股票的持股。该芯片制造商在第二财季营收不及预期后，股价下跌了超过12%。此前推动市场上涨至历史高位的芯片股普遍下挫。VanEck半导体ETF（SMH）跌幅超1%，Arm Holdings下跌逾4%， 美光 科技则跌近8%。 对中东局势的担忧也令股市承压。近期有关结束冲突的谈判传出矛盾信息，扰乱了全球市场，导致油价和汽油价格大幅上涨。 责任编辑：于健 SF069

Nvidia (NASDAQ: NVDA) reported an overall fantastic quarter. *Stock prices used were the afternoon prices of May 28, 2026. The video was published on May 30, 2026. Continue reading

Joby Aviation is becoming a leader in the eVTOL industry.

Key PointsJoby Aviation demonstrated a point-to-point flight of an electric air taxi in Manhattan -- the first ever to do so.

Broadcom (NASDAQ:AVGO) has had a stellar run over the past few years, but those gains have been marked by significant volatility. The artificial intelligence (AI) chipmaker has gained 649% since the start of 2023, but has fallen 10% or more on at least nine separate occasions. Furthermore, in early 2025, the stock plunged 41%, so it isn't for the faint of heart. Some investors have been steering clear of the stock, concerned that AI adoption will slow. However, Wall Street is increasingly convinced that Broadcom's growth story remains intact. Continue reading

6月3日，东方财富证券研究所副所长陈果做客华尔街见闻大咖会客厅。他指出，市场对AI的追逐已过于极端，中国消费股正处历史大底、遍地黄金，而美国三大AI巨头的IPO，他“闻到的只有泡沫的味道”。 投资作业本课代表整理了要点如下： 1、中国这轮股市的牛市和美国是不一样的。如果美股的AI出现问题，美股走熊，我认为中国股市还是会继续走牛。 美国的AI牛市从ChatGPT开始。 中国股市在924走牛之后，迎来了DeepSeek时刻，堪比中国版ChatGPT时刻，它使得中国股市牛市锦上添花，也成为了中国股市牛市的重要组成部分，但不等于中国股市牛市的全部。 我最近特别强调这个观点，牛市的含量和包容性就不仅仅是AI一个部分。是因为我认为市场走势过于极端，本质上市场只相信硅基的上游，即IT硬件，对碳基丧失信心。 2、现在中国消费是过去五年中最好的一年，也是未来五年中最差的一年。所以绝对不能看空中国的碳基、消费，也包括中国至少核心城市的房地产。 现在中国消费股是遍地黄金，处于历史大底。现在去看空中国消费股，绝对是倒在黎明之前。 3、现在这个时刻,第一，我不会做空AI，第二，我对AI保持高度警惕，尤其是硅基上游、美国的硅基上游。 如果看到Anthropic、OpenAI访问量明显下降或收入增速明显放缓，那么转折几乎是确定的。 4、需要做其他方向的配置，不能all in一个方向（AI）。当其他方向被市场共识严重忽略、价值严重低估时，是非常舒服的位置。包括A股、港股的消费、泡腾资产，还有红利资产、新旧能源、金融等，都相当不错。 5、最近市场走势让我想起15年4、5月份。但看了很多数据后，我得出结论：我们不会出现15年6月12日之后那种牛熊转换或剧烈的指数级大跌。 我倾向于认为不会，但不排除结构上出现明显切换，有点像21年年初。21年整体是结构牛或震荡牛，有三个方向：茅指数转向宁组合，红利资产开始走牛，微盘股开始走牛。 现在比较像：市场对A股硅基上游的交易拥挤度、配置拥挤度、预期一致性、股票逻辑走势，和21年初的茅指数有相似之处。未来有一种可能：一部分科技要“缩圈”。 未来A股更多的是风格再平衡，而不是牛熊转换。 即使美股下行，如果不出现牛转熊，A股可能是两条线索：科技继续，同时低位资产（包括消费）也会慢慢起来。 6、短期炒上游，中期投下游，但过程中有J型曲线向下。这是把握AI产业革命时，既要看...

在中东冲突的不确定性和华尔街科技股隔夜下跌的情况下，日本股市走低。日经指数下跌1.6%，报66396.46点。芯片股领跌。瑞萨电子下跌5.1%，东京电子下跌5.3%，爱德万测试下跌4.3%。投资者正密切关注与伊朗战争相关的进展，以及日本政府为应对能源价格上涨和日元走弱而采取的任何措施。 责任编辑：王永生

格隆汇6月5日｜韩国产业通商部长金正官周四在与美国商务部长霍华德·卢特尼克会谈后表示，美国再次向韩国保证，对韩国征收的关税不会超过去年双边关税协议中商定的水平。金正官在社交媒体文称，卢特尼克在视频会议中确认了这一点。

韩国Kospi指数一度暴跌5%，连续第二天走低，在隔夜美国芯片股下跌后，韩国相关业者股价也走低。SK海力士、三星电子和SK Square领跌。美国芯片股指数周四收跌2.2%，其中 美光 科技下跌7.7%。韩国小盘股Kosdaq指数一度下跌2.9%。周五早盘，韩国股市成为亚洲跌幅最大的股市，MSCI亚太指数下跌约1%。 责任编辑：王永生

格隆汇6月5日｜证券日报：央行日前公布6月5日开展5000亿元买断式逆回购操作，期限为3个月。由于本月有8000亿元3个月期买断式逆回购到期，因此3个月期买断式逆回购将实现净回笼3000亿元。这也是央行连续第4个月缩量续做3个月期买断式逆回购。同一天，央行公告，根据公开市场业务一级交易商的需求，7天期逆回购操作量为零。业界普遍认为，中国人民银行近期的“收水”操作，更多属于“削峰填谷”性质，并不代表货币政策转向。东方金诚首席宏观分析师王青表示，逆回购操作量连续两个交易日为零，主要是金融机构缺乏这方面的资金需求。这可能主要源于短期内政府债券发行未持续显著放量，信贷投放处于温和状态，商业银行向中国人民银行的融资需求下降。在出口偏强、物价水平回升，以及部分城市房地产市场回暖等背景下，当前宏观政策保持定力，财政支出、信贷投放都比较温和，这也是当前银行体系流动性偏松的主要原因。这也释放出中国人民银行稳定资金面、避免主要市场利率过度向下偏离政策利率、防范资金空转的信号，有助于稳定市场预期。

截至2026年06月04日，全球最大的白银ETF iShares Silver Trust持仓量为15036.15吨，较前一个交易日减少0.02吨。

韩国综指跌幅扩大至6%，现报8110.84点。

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