Group 1: Bond ETF Market - The bond ETF market has seen significant growth, with over 40 billion yuan in net inflows in May alone, reaching a new high in total scale [1] - On May 30, 10 out of the top 12 ETF products by trading volume were bond ETFs, indicating strong market participation [1] - Nine bond ETFs have been approved for use as collateral in general pledge-style repurchase agreements, which may accelerate the expansion of the bond ETF market [1] Group 2: Public Fund Issuance - In May, bond funds dominated the public fund issuance market with a 55.07% issuance ratio, while equity products faced uneven demand [1] - The issuance of ETFs has declined for four consecutive months, raising only 11.068 billion units in May [1] - The market reflects a struggle between stability and change, with bond funds providing a safety net while equity products seek growth in niche segments [1] Group 3: Private Equity and ETF Investment - Private equity firms have shown strong interest in newly listed ETFs, with 104 firms holding a total of 1.783 billion shares in 97 ETFs [2] - The preferred themes for private equity investments are technology innovation and free cash flow [2] Group 4: Insurance Companies' Stock Purchases - As of the end of May, seven insurance companies have made 15 stock purchases this year, surpassing the total for 2023 and the first nine months of 2024 [2] - The majority of these purchases have been in bank stocks, with additional investments in public utilities, energy, and transportation sectors [2] Group 5: Corporate Developments - 28 companies have successfully removed their ST (Special Treatment) status this year, primarily through financial improvements, internal control repairs, and bankruptcy restructuring [3] - The airline industry is expected to see improved profitability due to falling oil prices and recovering demand, with a projected net profit margin of 3.7% for 2025 [3] - Domestic new energy vehicle manufacturers reported significant sales growth in May, with several companies achieving monthly sales exceeding 40,000 units, driven by extended-range vehicles [4] Group 6: Tesla's Sales Decline - Tesla's sales in France plummeted by 67% in May, marking the lowest sales level in nearly three years, despite the launch of a new version of its Model Y [6]

Trade Tensions and Market Impact - President Trump accused China of violating tariff agreements, leading to a decision to double steel tariffs from 25% to 50% [1] - Cleveland-Cliffs saw a significant stock surge of +24% following the tariff announcement [2] - Major indexes like the Dow, Nasdaq, S&P 500, and Russell 2000 experienced declines, with the S&P 500 down -20 points [2] Labor Market Insights - The upcoming week is designated as Jobs Week, with key reports including Job Openings and Labor Turnover Survey (JOLTS) and the U.S. Employment Report from the Bureau of Labor Statistics (BLS) [3][4] - Expectations for job gains are set at +112K for ADP and +125K for BLS, with potential narratives of labor market loosening if results show notable weakness [4] - The U.S. labor force has been underestimated, with a current unemployment rate expected to remain low at 4.2% despite recent increases [6] Company Earnings Reports - Campbell's Company reported fiscal Q3 earnings of 73 cents per share, exceeding expectations by +12% but slightly below the previous year's quarter [7][8] - Revenues for Campbell's reached $2.48 billion, surpassing expectations by +1.55% and showing growth from $2.37 billion year-over-year [8] Economic Indicators - Anticipation for S&P Manufacturing PMI and ISM Manufacturing reports, with S&P expected at +52.3 and ISM projected to decrease to +48.5 [9] - Construction Spending for April is expected to show a positive change of +0.2% after a -0.5% decline in March, following a trend of negative spending in recent months [10]

| 雪道琼斯 | 42024.330 -0.58% | | --- | --- | | 雪纳斯达克 | 19103.040 -0.06% | | 雪标普500 | 5895.580 -0.27% | 6月2日晚，钢铁股、铝业股大涨，截至发稿，世纪铝业(CENX.US)涨超22%，克利夫兰克里夫(CLF.US)涨超24%，纽柯钢铁(NUE.US)、Steel Dynamics(STLD.US)涨近10%。 世纪铝业 ◀ CENX US 空 L1-标 20.430 昨收 15.490 量比 11 昌 18.925 18.850 市值 17.66亿 换 7.1 (EE 3.435 22.18% 19.170 市盈 ™ 15.27 额 7206. 开 日K 周K 月K 五日 更多。 e 均价:19.648 最新:18.925 3.435 22.176% 31.89% 0.430 明细 成 卖1 -- 买1 -- 23:33 18.930 23:33 18.930 23:33 18.930 23:33 18.930 -15.490. 0.00% 23:34 18.930 23:34 18.930 23:34 18.94 ...

Group 1 - Steel stocks surged following the announcement of increased tariffs on steel and aluminum from 25% to 50% by the Trump administration, with Cleveland-Cliffs shares rising approximately 26% [1] - Other steel companies also experienced significant stock price increases, with Steel Dynamics and Nucor shares jumping around 11% and 10.5% respectively [1] - The announcement was made during a rally at a U.S. Steel factory, coinciding with the potential union between U.S. Steel and Nippon Steel, which Trump assured would not involve layoffs [2][3] Group 2 - The increase in tariffs is expected to raise the price of U.S.-made steel, benefiting companies like Cleveland-Cliffs, Steel Dynamics, and Nucor, with benchmark steel prices rising from $725 per metric ton to $875 per metric ton since Trump took office [4] - Cleveland-Cliffs has faced challenges, including a failed acquisition attempt of U.S. Steel and a lowered full-year guidance due to higher costs and lower demand perceptions [6][7] - Analysts indicate that Cleveland-Cliffs is more highly leveraged compared to its peers, making its stock more sensitive to fluctuations in steel prices [7] Group 3 - There is uncertainty regarding the permanence of the 50% tariff level, with potential countermeasures from the European Union in response to the U.S. tariff increase [8] - The administration may seek trade deals after a 90-day tariff pause, and if tariffs become an obstacle, there is a possibility of reverting to the previous 25% rate [8] - Investors are advised to consider less-leveraged companies like Nucor and Steel Dynamics for exposure to the steel industry, as Cleveland-Cliffs may be adversely affected if tariffs are reduced [8]

Market Overview - US stock indices opened lower on Monday, with the Dow Jones down 0.43%, Nasdaq down 0.25%, and S&P 500 down 0.30%. The Dow Jones index fell below 42,000 points, closing at 41,964.54, down 0.72% for the day [1] Manufacturing Sector - US factory activity has contracted for the fourth consecutive month in May, with the ISM manufacturing index decreasing by 0.2 percentage points to 48.5. The import index dropped to its lowest level in 16 years, down 7.2 points to 39.9, marking one of the largest monthly declines on record [3] - The export index reached a five-year low, potentially reflecting retaliatory tariffs imposed by other countries on US producers. The supplier delivery index rose to its highest level since June 2022, indicating extended delivery times [3] - The report highlighted the impact of increased tariffs on demand, with new orders shrinking for the fourth consecutive month and backlogs decreasing at the slowest pace since September 2022 [3] Steel Industry - Steel stocks saw significant gains, with Cleveland-Cliffs up 23.3%, Steel Dynamics up 12.5%, and Nucor up 13.5%. This surge followed President Trump's announcement to raise the import tariff on steel from 25% to 50% [3] Biopharmaceutical Sector - BioNTech shares rose by 12.3% following a $11.1 billion collaboration agreement with Bristol-Myers Squibb. Blueprint Medicines experienced a 26.3% increase after agreeing to be acquired by Sanofi for approximately $9.5 billion [4]

Core Viewpoint - The article discusses the recent performance of the U.S. stock market, particularly focusing on the decline of major indices and the impact of U.S. tariffs on steel and aluminum imports, which has led to significant gains in the steel and aluminum sectors. Market Performance - On June 2, the three major U.S. stock indices opened lower, with the Dow Jones down 0.5%, S&P 500 down 0.25%, and Nasdaq down 0.05% [1] - Specific stock performances include Tesla dropping nearly 3% due to poor sales in Europe [1][8] Steel and Aluminum Sector - Following President Trump's announcement to increase tariffs on imported steel from 25% to 50%, steel and aluminum stocks surged, with Century Aluminum rising over 28%, Cleveland-Cliffs up over 21%, and Nucor and Steel Dynamics both increasing over 10% [5][6][7] - The market response indicates a strong bullish sentiment in the steel and aluminum sectors due to the tariff hike [5] Tesla's Sales Performance - Tesla's sales in Europe were notably poor in May, with France experiencing a 67% drop, marking the lowest sales level in nearly three years. Other countries like Portugal, Denmark, and Sweden also reported significant declines in sales [8][9] - As of the latest trading session, Tesla's stock price fell by 2.69%, contributing to a year-to-date decline of 16% [9] Technology Sector Performance - In the technology sector, Nvidia rose by 1%, while Apple saw a slight increase, and Meta Platforms gained over 1%. Conversely, Amazon and Microsoft experienced minor declines, with Google down 1.59% [10][11]

Group 1: Tariff Impact on Metal Stocks - President Trump's announcement to increase tariffs on imported steel and aluminum from 25% to 50% has significantly influenced U.S. metal stocks, strengthening domestic producers by reducing foreign competition and increasing prices [1][2] - Cleveland-Cliffs (NYSE: CLF) stock surged about 33% in pre-market trading following the tariff announcement, while Nucor Corp (NYSE: NUE) shares rose around 13% [2] - United States Steel stock (NYSE:X) increased by 22% over the past week and is up nearly 65% year-to-date [2] Group 2: Cleveland-Cliffs Performance - Cleveland-Cliffs stock has decreased by 66% over the last year and approximately 76% over the past three years, with a 15% revenue decline in the last twelve months [3][4] - The company's price-to-sales (PS) multiple has dropped from 1.1x in 2020 to 0.48x in 2023, currently at 0.2x, indicating potential for upside compared to previous years [4] - For Q1 2025, Cleveland-Cliffs reported revenues of $4.6 billion, up from $4.3 billion in Q4 2024, but incurred a net loss of $483 million, attributed to underutilized assets and low steel prices [5] Group 3: Strategic Responses and Future Outlook - Cleveland-Cliffs plans to temporarily close several facilities and pause capital spending on a transformer facility, expecting to save over $300 million annually [5] - The long-term impact of the tariff increase on metal stocks will depend on the sustainability of the tariffs, global market responses, and domestic production capabilities [6] - Diversification across sectors and stocks is emphasized as vital to mitigate concentration risk, with the Trefis High Quality (HQ) portfolio outperforming major indices with returns exceeding 91% since inception [7]

当地时间5月30日，美国总统特朗普表示，将把进口钢铁的关税从25%提高至50%。 关税提高至50%！ 美国白宫当天在社交媒体上发布公告称，"为进一步保护美国钢铁行业免受外国和不公平竞争的影响，从下周 起，美国进口钢铁关税将从25%提高至50%。" 此前，特朗普2月10日签署行政命令，宣布对所有进口至美国的钢铁和铝征收25%的关税。当地时间3月12日， 特朗普对所有进口至美国的钢铁和铝征收25%关税的举措正式生效。 受此影响，美国钢铁公司（X）美股盘后涨幅扩大至1%，俄亥俄州钢铁公司Cleveland-Cliffs Inc.（CLF）盘后 大幅拉升，截至发稿涨超26%。 纽柯钢铁盘后一度涨超11%，STEEL DYNAMICS盘后涨超11%。 校对：王锦程 百万用户都在看 香港，重磅利好！这个板块，集体飙涨！ 刚刚，直线跳水！美国，重磅发布！ 集体飙升！半导体，突传重磅！ 深夜！中国资产，全线爆发！ 午后！日本，重大突发！ 俄乌突发！刚刚，大规模袭击！特朗普"怒了" 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 根据摩根士丹利的数据，美国大约有17%钢材需依赖进口，其中大部 ...

Group 1 - Cleveland-Cliffs is under investigation by Kirby McInerney LLP for potential violations of federal securities laws and unlawful business practices [1] - On May 7, 2025, Cleveland-Cliffs reported a larger than expected adjusted loss and an 11% year-over-year revenue decline to $4.63 billion [2] - The company plans to fully or partially idle six steel plants due to negative effects from underperforming non-core assets and lower index prices [2] Group 2 - Cleveland-Cliffs' CEO stated the company is repositioning its portfolio away from non-core markets and focusing on the automotive industry [2] - Following the financial results announcement, Cleveland-Cliffs' share price dropped from $8.49 to $7.15, a decline of $1.34 per share [2]

Group 1: Kohl's Corporation (NYSE: KSS) - Kohl's CEO was terminated for violating company policy related to undisclosed conflicts of interest in vendor transactions [2] - The CEO directed the company to conduct business with a vendor he had a personal relationship with, resulting in favorable terms for the vendor [2] - Following the CEO's termination, Kohl's stock experienced a significant drop on unusually heavy trading volume [2] Group 2: Cleveland-Cliffs Inc. (NYSE: CLF) - Cleveland-Cliffs reported a larger than expected adjusted loss and an 11% year-over-year revenue decline to $4.63 billion for Q1 2025 [3] - The company announced plans to fully or partially idle six steel plants due to underperforming non-core assets and lower index prices [3] - Cleveland-Cliffs' share price fell from $8.49 to $7.15 following the financial results announcement, a decline of $1.34 per share [3]