当市场还在猜测欧洲央行下一步动作时，法国最新通胀率意外暴跌至五年来最低水平，为央行激进宽松政策扫清了最后障碍。 法国国家统计局周二公布的数据显示，5月份CPI同比上涨0.6%，远低于4月份的0.9%，更是大幅低于经济学家预期的0.9%。这一数字创下五年来 新低，远低于欧洲央行2%的中期通胀目标。 | 14:45 | 法国5月CPI同比初值 | ★★★ | 0.7% | 0.9% | 0.8% | ना | | --- | --- | --- | --- | --- | --- | --- | | 14:45 | 法国5月CPI环比初值 | ★★★ | -0.1% | 0.1% | 0.6% | ना | | 14:45 | 法国5月调和CPI同比初值 | ★★★ | 0.6% | 0.9% | 0.9% | ना | | 14:45 | 法国5月调和CPI环比初值 | ★★★ | -0.2% | 0.1% | 0.7% | गा | 面对如此疲软的通胀数据，法国央行行长Francois Villeroy de Galhau表示： 通胀数据远超预期下滑，欧洲央行6月降息概率飙升 法国5月通胀的大幅回落主要受到能 ...

5月19-25 日期间接受调查的36位全球范围内的经济学家全部预计，韩国央行将于5月29日把韩国基准利 率下调 25个基点至2.50%，该水平的利率上次出现于2022年8月。 来自法国兴业银行的韩国首席经济学家吴锡泰表示："4月的货币政策会议上，政策制定者们已强烈暗示 将会降息，且短期经济增长预期也可能被显著下调。此后公布的数据并未出现足以阻止韩国央行降息的 因素。事实上，一季度经济收缩、美国关税不确定性持续以及美元/韩元汇率下跌，都进一步支持韩国 央行货币宽松政策。" 在提供长期利率展望的27名受访经济学家中，有 23位经济学家预计到下一季度末基准利率将在当前水 平基础上再降50个基点至 2.25%，该观点与上期调查数据大体一致。 智通财经APP获悉，一项面向多位经济学家的最新调查数据显示，他们集体预计韩国央行将于周四把关 键政策利率下调25个基点，主要因上季度韩国经济活动意外萎缩且通胀持续趋于温和，加之央行的政策 制定者们已经充分暗示了降息可能性，为韩国央行重启宽松货币政策周期提供了重要的数据凭证。 值得注意的是，韩国央行行长李昌镛此前在4月的货币政策会议上已暗示降息的可能性，叠加几天后公 布的韩国官方数 ...

智通财经APP获悉，欧元区5月私营部门活动意外萎缩，服务业创16个月来最差表现。标普全球周四公 布的数据显示，欧元区综合采购经理人指数(PMI)从4月的50.4降至5月的49.5，跌破50的荣枯线。分析师 此前预计该指数将小幅升至50.6。 欧元区私营部门5月份萎缩 今年前几个月，欧元区20国经济表现稳健，尽管贸易不确定性抑制了企业投资和家庭支出，但仍超出预 期。然而，2025年的增长可能会受到限制，欧盟委员会本周预测 GDP 将增长0.9%。 增长动力主要来自该地区两大经济体之外的国家。德国的PMI同样令分析师意外，因服务业表现疲软而 跌破50。与此同时，法国的PMI连续第九个月低于荣枯线。 下个月，该地区可能会得到提振，分析师预计欧洲央行将在此轮周期中第八次下调存款利率，至2%。 进一步的货币宽松政策是否跟进，将取决于美国的贸易政策。欧洲央行官员将在季度展望中公布几种情 景，以更好地了解潜在结果。 汉堡商业银行经济学家Cyrus de la Rubia在一份声明中表示："欧元区经济似乎始终难以站稳脚跟。虽然 服务业的外部需求正在减弱，但拖累该行业的主要因素似乎是疲软的国内需求。" 长期以来的制造业疲软是部 ...

金十数据5月20日讯，三菱日联的分析师Derek Halpenny在一份报告中表示，日元应该会继续得到支 撑，因为日本央行发出的信号仍倾向于进一步加息，而其他10国集团央行正在降息。"即使日本央行最 终不再加息，它也不太可能恢复货币宽松政策，这将继续支撑日元。"与此同时，美国财长贝森特和日 本财务大臣加藤胜信本星期将会晤，讨论包括外汇在内的问题。Halpenny说，贝森特认为日本央行的货 币政策导致美元兑日元汇率被高估，这一观点可能会抑制日本央行降息的意愿。 三菱日联：日本央行的政策立场可能继续支撑日元 ...

Group 1 - The implementation of monetary easing measures, including interest rate cuts and reserve requirement ratio reductions, is expected to have significant impacts on the market [1][2] - There is a high expectation for continued monetary easing, but the timing of further interest rate cuts by the Federal Reserve remains a key factor due to internal and external interest rate differentials [2][3] - Recent social financing data indicates a positive signal, with government departments initiating credit expansion, although both residents and enterprises remain cautious [3] Group 2 - The market has experienced significant volatility, leading to challenges in timing investments correctly, with many investors feeling they are "only earning the index but not making money" despite a nearly 10% index increase since April 7 [3][4] - Investors often misjudge market movements, leading to poor decision-making, such as selling at lows or buying at highs, which can result in missed opportunities [4][6] - Understanding the true intentions of institutional funds is crucial for improving trading success rates, as many investors rely solely on price movements [6][7] Group 3 - Advanced data analytics can help identify different trading behaviors, allowing investors to better align their strategies with market movements [7][9] - The analysis of trading behaviors reveals that price movements may not always reflect the underlying intentions of institutional investors, highlighting the importance of data-driven insights [9][11] - There are multiple trading behaviors beyond simple price increases or decreases, which can provide deeper insights into market dynamics [11]

投资咨询业务资格：证监许可【2011】1778 号 宝城期货煤焦早报（2025 年 5 月 16 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤 | 2509 | 震荡 | 震荡 | 震荡 偏弱 | 震荡思路 | 基本面不佳，焦煤弱势震荡 | | 焦炭 | 2509 | 震荡 | 震荡 | 震荡 偏强 | 震荡思路 | 原料供应宽松，焦炭震荡走弱 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：焦煤（JM） 日内观点：震荡偏弱 中期观点：震荡 参考观点：震荡思路 核心逻辑：5 月 15 日夜盘，焦煤主力再次走弱，均线维持 ...

Core Viewpoint - The credit bond ETF from Bosera is experiencing a tight market with active trading and significant liquidity, reflecting a structural contrast in credit expansion and economic policies in China [2][3]. Group 1: Market Performance - As of May 15, 2025, the Bosera credit bond ETF is priced at 100.54 yuan, with a turnover rate of 25.28% and a trading volume of 1.521 billion yuan, indicating active market participation [2]. - The ETF has reached a new high in scale at 6.028 billion yuan and a new high in shares at 59.9751 million, ranking in the top quarter among comparable funds [3]. - Over the past five days, the ETF has seen continuous net inflows, with a maximum single-day inflow of 286 million yuan, totaling 515 million yuan, averaging 103 million yuan daily [3]. Group 2: Financial Metrics - The ETF has recorded a maximum drawdown of 0.89% since inception, with a recovery period of 26 days, indicating resilience in performance [3]. - The management fee is 0.15% and the custody fee is 0.05%, which are the lowest among comparable funds [3]. - The ETF has a historical monthly profit percentage of 66.67% and a 100% probability of profit over a three-month holding period [3]. Group 3: Economic Context - As of April 2025, China's social financing scale increased by 8.7% year-on-year, with M2 balance growing by 8%, indicating a robust monetary environment [2]. - The average interest rate for new corporate loans in April was approximately 3.2%, down by about 4 basis points from the previous month, maintaining a historically low level [2]. - The current economic policies are focused on expanding fiscal measures to stimulate consumption and investment, with potential for further monetary easing [2].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The short - term and medium - term views for both coking coal and coke are "oscillation", with an intraday view of "oscillation on the strong side", and the overall reference view is an "oscillation approach" [1]. - For coking coal, policy - side benefits drive a small upward rebound in futures, but the supply - demand relaxation situation restricts the rebound space, and it is expected to maintain low - level oscillation [5]. - For coke, short - term demand is okay and policy benefits improve the market atmosphere, but cost - side pressure from coking coal exists, and it is expected to maintain low - level oscillation [6]. 3. Summary by Related Catalogs Coking Coal - **Price Information**: The latest quotation of Mongolian coal at the Ganqimaodu Port is 1015.0 yuan/ton, with a week - on - week decline of 1.5%, and the equivalent futures warehouse receipt cost is about 988 yuan/ton [5]. - **Market Logic**: The relaxation of overseas pressure due to the Sino - US tariff consensus and a package of domestic favorable policies drive the upward rebound of coking coal futures. However, its weak fundamentals suppress the rebound strength, and the supply - demand relaxation restricts the rebound space [5]. Coke - **Price Information**: The latest quoted price of quasi - first - grade coke at Rizhao Port is 1440 yuan/ton, with a week - on - week flat, and the equivalent futures warehouse receipt cost is about 1583 yuan/ton [6]. - **Market Logic**: The cooling of Sino - US tariff friction drives a small rebound in coke futures. But there is a significant cost - side drag, the slowdown of fundamental benefits, and the limited growth space for molten iron output, so it is expected to maintain low - level oscillation [6].

Group 1 - The non-bank financial theme index in Hong Kong has seen a strong increase of 3.74%, with significant gains in constituent stocks such as Hongye Futures (up 16.01%) and China Taiping (up 8.85%) [1] - The Hong Kong non-bank ETF (513750) has risen by 3.92%, accumulating over 20% increase in the last 22 trading days [1] - The latest market capitalization of the Hong Kong non-bank ETF reached 1.566 billion [1] Group 2 - The recent monetary easing policies, including interest rate cuts, are expected to benefit the insurance sector, with analysts optimistic about the recovery potential of insurance stocks during the economic recovery cycle [2] - The insurance industry reported better-than-expected first-quarter results, with significant growth in new business value and improved solvency ratios for leading companies [2] - The Hong Kong non-bank ETF (513750) is the first ETF tracking the non-bank index, with over 70% of its investments in insurance stocks [2]

Group 1 - The core viewpoint of the articles indicates that the easing of US-China trade tensions has led traders to retract their bets on aggressive monetary easing by the Reserve Bank of Australia (RBA), with current market pricing suggesting only three rate cuts for the remainder of the year [1][4] - Previously, traders anticipated that if demand for Australian products from China declined or a global economic recession occurred, the RBA would be forced to implement significant rate cuts [4] - The reduction in bets on RBA rate cuts reflects the cautious approach taken by RBA Governor Michele Bullock in response to the uncertainty created by the Trump administration's tariffs [4][5] Group 2 - Economists expect that the upcoming data will show Australia's unemployment rate remaining at 4.1% for April, and a recent report indicated that core inflation has fallen within the RBA's target range for the first time in over three years [4] - The expansionary fiscal policy in Australia is another reason investors believe the RBA's easing cycle may be shallow, with expectations of a more expansionary stance under a Labor-majority government [4] - Some economists still believe that the uncertainty stemming from Trump’s policies may lead the RBA to consider deeper rate cuts, with forecasts suggesting a potential reduction of the cash rate to 3.1% by the end of the year [5]