美股三大股指涨跌不一 英伟达大涨 当地时间周二（5月13日），美国三大股指收盘涨跌不一，总体表现比较平稳。 不过，有道指成份股大幅下跌，其中联合健康集团重挫近18%。 消息面上，当地时间5月13日，联合健康集团发布领导层换届的新闻稿，宣布Stephen J. Hemsley被任命 为首席执行官。Andrew Witty因个人原因决定辞去首席执行官职务后立即生效。2006年至2017年担任公 司首席执行官的Hemsley将继续担任公司董事会主席，Witty将担任Hemsley的高级顾问。 当地时间周二（5月13日），美国三大股指收盘涨跌不一，道琼斯工业指数跌0.64%，报42140.43点，标 准普尔500指数涨0.72%，报5886.55点，纳斯达克综合指数涨1.61%，报19010.08点。 美股大型科技股多数上涨，具体个股方面，英伟达涨逾5%，5月以来累计涨幅已经接近两成。当地时间 周二，英伟达CEO黄仁勋在沙特利雅得宣布，与沙特主权财富基金PIF本周刚成立的人工智能公司 Humain达成芯片供应协议。 特斯拉涨逾4%，5月以来累计涨幅已经超过18%。 其他大型科技股中，Meta涨逾2%，亚马逊涨逾1%， ...

Group 1 - Domestic gold recycling institutions have set the lowest price for AU9999 at 755 yuan per gram, while gold stocks have collectively declined, with companies like Western Gold and Sichuan Gold dropping over 3% [1] - Analysts attribute the adjustment in gold prices to the easing of market risk aversion following progress in US-China tariff negotiations, where both sides agreed to cancel a significant portion of tariffs [1] - The US has canceled 91% of additional tariffs and suspended 24% of "reciprocal tariffs," while China has made similar concessions, leading to a recovery in market risk appetite and exerting pressure on gold prices [1] Group 2 - Future gold price movements will largely depend on the pace of global central bank gold purchases, with UBS predicting that central banks will buy approximately 1,000 tons of gold by 2025, maintaining levels similar to the past three years [2] - Investment experts suggest that further upward movement in gold prices may require additional drivers, such as the expansion of the US fiscal and trade deficits, although these may not be strong in the short term due to efforts to reduce these deficits [2] - Domestic investors need to consider exchange rate factors when investing in gold, as the long-term downtrend of the US dollar index may not translate into significant gains for gold priced in RMB [2] Group 3 - On May 12, international gold prices fell sharply, with spot gold hitting a low of $3,215.78 per ounce, a decline of approximately 3.33% [3] - COMEX gold also saw a significant drop, reaching a minimum of $3,219.20 per ounce, with a decline of 3.73% [3] Group 4 - Long-term gold price trends are influenced by multiple factors, including inflation, global central bank gold purchases, and the US debt deficit, with a quantitative model indicating substantial growth potential for gold prices over the next decade [4] - Despite the potential for short-term price corrections due to policy shocks, the fundamental outlook for gold investment remains positive [4] - Analysts from various institutions, including Deutsche Bank and Goldman Sachs, maintain a bullish long-term outlook on gold prices, citing the gradual easing of trade tensions and the weakening global position of the US dollar as key drivers [4]

每经编辑｜杜宇 当地时间5月13日，美股三大指数收盘涨跌不一。纳指上涨301.74点，涨幅1.61%；标普500指数涨0.72%；道指跌0.64%。其中，标普收复年内跌幅。 英伟达报129.93美元，涨幅5.63%，市值3.17万亿美元，其市值一夜增加1691亿美元（约合人民币12174亿元）。 | 特斯拉 | | | --- | --- | | TSLA US 空 | | | 337.589 昨收 318.380 量比 1.38 334 070 " | | | 316.800 市值1.08万亿 换 | 4.85% | | 15.690 4.93% # 320.000 市盈™ 168.89 额 444.94亿 | | | 相关ETF 2 标普消费ETF 10.04% 含特斯拉 13.0% > | | | -1.260 -0.38% ⊙ 17:14 美东时间 盘后 332.810 | | | 盘中 × 日K 周Ｋ 月Ｋ 五日 更多▼ | | | 时间04:00 均价:328.024 最新334.070 涨幅+4.928% | | | 337.589 | NA838 卖价 | | 买价 | | 特斯拉涨近5%，创 ...

Market Capitalization Summary - Visa has a market capitalization of 657.08 billion, while ExxonMobil is at 484.30 billion, and Oracle stands at 471.67 billion [2] - Johnson & Johnson has a market cap of 372.06 billion, and Home Depot is at 371.34 billion [2] - Bank of America has a market cap of 333.47 billion, and Coca-Cola is at 300.39 billion [2] - UnitedHealth Group has a market cap of 282.32 billion, and Wells Fargo is at 248.49 billion [2] Stock Performance - Visa's stock decreased by 9.44 (-1.25%), while ExxonMobil's increased by 28.00 (+2.52%) [2] - Johnson & Johnson's stock fell by 5.71 (-3.70%), and Home Depot's decreased by 2.21 (-1.37%) [2] - Bank of America saw an increase of 0.92 (+2.11%), while Coca-Cola's stock rose by 13.60 (+1.81%) [2] - UnitedHealth Group's stock dropped significantly by 67.53 (-17.83%) [2] Additional Company Insights - General Electric has a market cap of 240.31 billion, and Morgan Stanley is at 211.88 billion [2] - Disney's market cap is 200.22 billion, while Verizon's is at 185.42 billion [4] - PayPal Holdings has a market cap of 629.01 billion, and Deutsche Bank is at 556.89 billion [5] - Ford's market cap is 421.97 billion, and Delta Airlines is at 388.45 billion [5]

Core Viewpoint - The recent decline in gold prices is attributed to reduced risk aversion following the U.S.-China trade agreement, which has led to a more balanced market dynamic for gold [3][4][5]. Group 1: Gold Price Movement - On May 13, gold prices in the Asian market opened at $3,239.25 per ounce for spot London gold and $3,240.70 per ounce for New York futures, reflecting a drop of 2.69% and 2.76% respectively from the previous day [1]. - Major Chinese gold retailers, such as Chow Tai Fook and Lao Miao, have reduced the price of gold jewelry to below 1,000 yuan per gram, with significant decreases of 16 yuan and 13 yuan per gram respectively over two days [1][2]. Group 2: U.S.-China Trade Relations - The U.S. has committed to canceling 91% of tariffs on Chinese goods and suspending 24% of the remaining tariffs for 90 days, while China has reciprocated by canceling 91% of its counter-tariffs [4]. - This trade agreement is expected to alleviate pressure on both countries' export sectors and reduce uncertainty for Chinese manufacturing, positively impacting investor sentiment [4][5]. Group 3: Economic Indicators and Predictions - The U.S. dollar has seen its largest increase since the November 2024 presidential election, and U.S. Treasury yields have risen, which poses a challenge for gold prices as it increases the cost of holding non-yielding assets like gold [4][5]. - Goldman Sachs has pushed back its forecast for the first interest rate cut by the Federal Reserve to December, while Citibank has also delayed its prediction from June to July [5][6]. Group 4: Central Bank Gold Purchases - As of April, China's gold reserves increased to 73.77 million ounces, marking a continuous six-month increase, with a total rise of nearly 1 million ounces (approximately 28 tons) over this period [7]. - Global central banks purchased 244 tons of gold in the first quarter, aligning with the average quarterly purchase levels over the past three years, indicating sustained demand for gold as a reserve asset [7]. Group 5: Future Outlook for Gold - The low proportion of gold in China's foreign exchange reserves (5.5% as of December 2024) compared to the global average of around 15% suggests a continued trend of increasing gold purchases by the People's Bank of China [8]. - The ongoing geopolitical instability and the need to optimize reserve structures are driving central banks to enhance their gold holdings, which is expected to support gold prices in the long term [7][8].

Group 1 - The A-share market showed strong fluctuations on May 13, with the Shanghai Composite Index closing at 3373.87 points, up 0.17% [1] - The A500 Index ETF (159351) experienced a two-day rise, closing up 0.10%, with a trading volume of 2.351 billion yuan, ranking third among similar products in the market [1] - The A500 Index ETF demonstrated strong capital absorption capability, with a net inflow of nearly 130 million yuan over the past five days [1] Group 2 - Several foreign investment banks have upgraded their investment ratings for the Chinese stock market, with Nomura Securities raising its rating from neutral to tactical overweight [2] - Goldman Sachs maintained an overweight rating on the Chinese stock market, raising the 12-month target for the CSI 300 Index to 4400 points and increasing the profit forecast for 2025 [1][2] - The A500 Index ETF tracks the CSI A500 Index, consisting of 500 large-cap, liquid stocks across various industries, providing a tool for investors to access representative A-share companies [2]

Group 1 - Figma Inc. has hired Morgan Stanley to lead its initial public offering (IPO), which could be one of the largest IPOs of the year [1] - The company has also invited Goldman Sachs and Allen & Co. to assist with the listing, with the IPO potentially occurring as early as this year [1] - Figma had previously agreed to be acquired by Adobe for $20 billion in 2022, but the deal was canceled after over a year of regulatory scrutiny [1] Group 2 - Since its founding in 2013, Figma has raised over $300 million in funding, with major investors including Sequoia Capital and Greylock Partners [2] - The company's valuation reached $12.5 billion, with investments from firms like Coatue Management and Alkeon Capital Management [2] - The anticipated IPO of Figma is expected to provide a necessary boost to the IPO market, which has raised approximately $19 billion so far this year, a modest increase of only 11% compared to the same period in 2024 [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report Through macro - fundamental and technical analysis (including the use of the golden ratio line, horizontal line, and moving average), the report predicts the trend of today's (May 13, 2025) futures main contracts. It is expected that stock index futures will oscillate with a strong bias, while gold, silver, copper, coking coal, glass, and soda ash futures will oscillate with a weak bias. Rebar, iron ore, aluminum, tin, hot - rolled coil, soybean meal, cotton, and container shipping index (European line) futures will oscillate with a strong bias. Ten - year and thirty - year treasury bond futures will likely oscillate with a weak bias [2]. Summary by Related Catalogs 1. Macro News and Trading Tips - The joint statement of the China - US economic and trade high - level talks was released. Both sides agreed to significantly reduce bilateral tariff levels. The US cancelled 91% of the additional tariffs, and China cancelled 91% of the counter - tariffs accordingly. The US suspended the implementation of 24% of the "reciprocal tariffs", and China also suspended the implementation of 24% of the counter - tariffs. China also suspended or cancelled non - tariff counter - measures against the US. Both sides will establish a mechanism to continue consultations on economic and trade relations [7]. - China launched a special campaign to combat the smuggling of strategic minerals for export and will organize a series of actions in the near future. The meeting on strengthening the full - chain control of strategic mineral exports pointed out that export control of strategic minerals is crucial for national security and development interests [7]. - The Ministry of Commerce will work with relevant departments to provide more support for foreign - trade enterprises, help them expand markets, and promote the stable development of foreign trade [8]. - The State Council Information Office released China's first white paper on national security, demonstrating China's determination to safeguard national interests [8]. - The central bank and other departments issued the "30 Measures for Nansha Finance" to strengthen financial support for the construction of Nansha [8]. - US President Trump signed an executive order requiring pharmaceutical manufacturers to lower drug prices, but analysts believe it is difficult to implement [8]. - The Fed's governor Kugler believes that Trump's tariff policy may push up inflation and drag down economic growth. The European Central Bank is cautious about future interest - rate actions due to policy uncertainty [9]. - Japanese Prime Minister Ishiba Shigeru stated that Japan will not accept a preliminary trade agreement without automobile tariffs. The Japanese government is ready to take additional stimulus measures [9]. - Goldman Sachs adjusted the expected time of the Fed's next interest - rate cut to December and raised the forecast of the US economic growth rate in Q4 2025 [9]. 2. Commodity Futures Information - Most domestic commodity futures closed higher at night. Energy and chemical products generally rose, with styrene up 3.05%, butadiene rubber up 2.69%, etc. Some agricultural products and basic metals also had different trends [11]. - On May 12, international oil prices strengthened, with US crude oil up 1.54% and Brent crude up 1.63%. International precious - metal futures generally closed lower, and London's basic metals showed mixed trends. Chicago's agricultural - product futures also had different closing results [12]. - The National Food and Strategic Reserves Administration announced that the purchase of autumn grain in 2024 was completed, with a total purchase of 3.45 billion tons [13]. 3. Futures Market Analysis and Forecast Stock Index Futures - On May 12, the main contracts of stock index futures, such as IF2506, IH2506, IC2506, and IM2506, generally opened slightly higher, oscillated upward, and closed higher. On May 13, it is expected that stock index futures will oscillate with a strong bias, with specific resistance and support levels provided [13][19]. Treasury Bond Futures - On May 12, the main contracts of ten - year and thirty - year treasury bond futures opened lower, oscillated downward, and closed lower. On May 13, they are expected to oscillate with a weak bias and test support levels [38][43]. Gold Futures - On May 12, the main contract of gold futures opened slightly higher, oscillated downward, and closed lower. From May 6 to May 12, the continuous main contract of domestic gold futures rebounded but was blocked. On May 13, it is expected to oscillate with a weak bias and test support levels [43]. Silver Futures - On May 12, the main contract of silver futures opened slightly higher, oscillated upward, and closed higher. On May 13, the new main contract AG2508 is expected to oscillate with a weak bias and test support levels [51]. Copper Futures - On May 12, the main contract of copper futures opened slightly higher, oscillated upward, and closed higher. On May 13, it is expected to oscillate with a weak bias and test support levels [55]. Aluminum Futures - On May 12, the main contract of aluminum futures opened slightly higher, oscillated upward, and closed higher. On May 13, it is expected to oscillate with a strong bias, with specific resistance and support levels provided [59]. Alumina Futures - On May 12, the main contract of alumina futures opened slightly lower, oscillated upward, and closed higher. On May 13, it is expected to oscillate and consolidate, with specific resistance and support levels provided [63]. Zinc Futures - On May 12, the main contract of zinc futures opened slightly higher, oscillated upward, and closed higher. On May 13, it is expected to oscillate with a weak bias and test support levels [67]. Nickel Futures - On May 12, the main contract of nickel futures opened slightly higher, oscillated upward, and closed higher. On May 13, it is expected to oscillate with a weak bias and test support levels [75]. Tin Futures - On May 12, the main contract of tin futures opened slightly higher, oscillated upward, and closed higher. On May 13, it is expected to oscillate with a strong bias and attack resistance levels [80]. Rebar Futures - On May 12, the main contract of rebar futures opened slightly higher, oscillated upward, and closed higher. On May 13, it is expected to oscillate with a strong bias, with specific resistance and support levels provided [85]. Hot - Rolled Coil Futures - On May 12, the main contract of hot - rolled coil futures opened slightly higher, oscillated upward, and closed higher. On May 13, it is expected to oscillate with a strong bias, with specific resistance and support levels provided [89]. Iron Ore Futures - On May 12, the main contract of iron ore futures opened slightly higher, oscillated upward, and closed higher. On May 13, it is expected to oscillate with a strong bias, with specific resistance and support levels provided [92]. Coking Coal Futures - On May 12, the main contract of coking coal futures opened slightly lower, oscillated upward, and closed higher. On May 13, it is expected to oscillate with a weak bias and test support levels [96]. Glass Futures - On May 12, the main contract of glass futures opened flat, oscillated upward, and closed with a slight decline. On May 13, it is expected to oscillate with a weak bias and test support levels [98]. Soda Ash Futures - On May 12, the main contract of soda ash futures opened slightly lower, oscillated upward, and closed higher. On May 13, it is expected to oscillate with a weak bias and test support levels [101]. Soybean Meal Futures - On May 12, the main contract of soybean meal futures opened slightly higher, oscillated upward, and closed with a slight decline. On May 13, it is expected to oscillate with a strong bias and attack resistance levels [103]. Cotton Futures - On May 12, the main contract of cotton futures opened slightly lower, oscillated upward, and closed higher. On May 13, it is expected to oscillate with a strong bias and accumulate strength to attack resistance levels [104]. Container Shipping Index (European Line) Futures - On May 12, the main contract of the container shipping index (European line) futures opened with a gap up, oscillated upward, and closed at the daily limit. On May 13, it is expected to oscillate widely with a strong bias, with specific resistance and support levels provided [107].

5月13日，人民币兑美元中间价报7.1991，上调75点；上一交易日中间价为7.2066。 人民币对美元汇率延续涨势，在岸、离岸人民币对美元双双升破7.19关口，离岸人民币盘中一度升破7.18关口。 截至13日10时16分，在岸人民币对美元报7.1888，日内涨244个基点；离岸人民币对美元报7.1814，日内涨182个基点。 消息面上，《中美日内瓦经贸会谈联合声明》于昨日发布，市场普遍认为关税的下降幅度和节奏明显超市场预期。 | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | | 美元兑人民 | 7.1888 | -0.34% | | USDCNY.IB | | | | 美元兑离岸 | 7.18140 | -0.25% | | USDCNH.FX | | | 机构看好人民币 中银证券全球首席经济学家管涛指出当前人民币汇率具备四方面支撑力量。 第一，特朗普关税反噬美国经济。若关税政策导致美国经济放缓、失业上升，美联储大概率将重启降息。考虑到其降息空间更大（通常为25个基点甚至更 高），这将削弱美元、支撑人民币。 第二，美元信用危机仍未解除。由于关税限制美元通过贸易逆差输出流动性，市场对 ...