1. 4月22日(周二)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.81%，标普500指数期货涨0.79%，纳指期货涨0.89%。 传特朗普正在考虑将美国药品价格降至国际水平。据两名制药公司消息人士称，制药商已被警告称，特朗普政府正在考虑将美国药品价格 与其他发达国家支付的较低金额挂钩，这是制药行业的首要担忧。消息人士表示，他们预计该政策将来自监管医疗保险和医疗补助计划的 机构。第一个消息人士说，政府卫生官员直接告诉他，他们正在研究这样的政策，他说这是特朗普政府试图降低药品价格的中级优先事 项。这两位消息人士表示，与正在讨论的其他政府举措相比，此类政策对医药行业的影响更大。第一位消息人士表示，这是"对该行业和 美国生物科学创新的最大生存威胁"。 加征最高达3521%关税!美国对东南亚太阳能"下狠手"。美国对来自四个东南亚国家的太阳能产品加征了最高达3521%的新关税。这一举 措对美国国内制造商而言是一场胜利，但同时也给美国可再生能源发展带来了更大的阻碍。此次宣布的关税是一项为期一年贸易调查的最 终结果。调查认为，柬埔寨、越南、马来西亚和泰国的太阳能制造商通过接受政府补贴获得了不公平优势，并以低于生 ...

Core Viewpoint - The article discusses the significant impact of Trump's trade policies on Wall Street, highlighting a shift in sentiment among financial elites who now largely oppose him due to the unpredictability and consequences of his actions [3][6][18]. Group 1: Market Reactions and Sentiment - The recent market turmoil, characterized by a simultaneous decline in stocks, bonds, and currencies, reflects a growing discontent with Trump's policies among Wall Street professionals [3][4]. - A notable shift occurred on April 2, when Trump announced substantial tariffs, leading to a market crash as investors realized the seriousness of his intentions [9][12]. - The S&P 500 index experienced a peak decline of 25%, while the Nasdaq fell by 21%, indicating widespread losses across the market [14]. Group 2: Impact on Specific Sectors - Companies directly affected by tariffs include those in consumer goods, particularly those producing clothing, shoes, and toys, which are primarily manufactured in Asia [22]. - The tourism sector, including hotels and airlines, is also expected to suffer as international travel to the U.S. has already dropped by 50% due to the trade conflict [23]. - Technology companies like Google and Meta are facing potential backlash from the EU, which could further impact their advertising revenues amid economic downturns [24]. Group 3: Investment Strategies and Fund Performance - Many hedge funds have adopted a conservative approach, reducing leverage and maintaining neutral positions in response to market volatility [14][15]. - Quantitative funds have struggled to adapt to the rapid changes in Trump's policies, leading to significant losses [16][17]. - Long-only mutual funds with high risk exposure have also faced challenges, particularly those heavily invested in equities without adequate hedging [17]. Group 4: Future Outlook and Economic Implications - The current tariff levels, reaching as high as 145%, are perceived as tantamount to a trade embargo, raising concerns about long-term economic impacts [28][29]. - Analysts predict that if tariffs remain high, the U.S. economy could face a significant downturn, with potential GDP impacts of 1%-1.5% and inflation increases of nearly 2% [31]. - The article emphasizes that the current economic situation is artificially created and differs from structural crises like the 2008 financial crisis, suggesting that the underlying economy remains relatively stable [32]. Group 5: Opportunities Amidst Challenges - Some companies may benefit from the current environment, such as AutoZone, which could see increased demand for auto parts as consumers delay new car purchases due to rising prices [25]. - European stocks have begun to show independent performance, with certain companies, like Infineon, remaining insulated from U.S. market turmoil due to their global production strategies [26]. - Mercado Libre, a leading e-commerce company in Latin America, has also thrived during this period, demonstrating resilience against U.S. market fluctuations [26].

智通财经APP获悉，4月22日港股市场，北水成交净买入213.6亿港元，其中港股通(沪)成交净买入118.06 亿港元，港股通(深)成交净买入95.54亿港元。 北水净买入最多的个股是盈富基金(02800)、恒生中国企业(02828)、阿里巴巴-W(09988)。北水净卖出最 多的个股是小米集团-W(01810)、紫金矿业(02899)、中芯国际(00981)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 美团-W | 27.48亿 | 29.17 乙 | 56.65亿 | | HK 03690 | | | -1.69 乙 | | 小米集团-W | 19.96亿 | 29.82 乙 | 49.78 乙 | | HK 01810 | | | -9.86 亿 | | 盈富县金 | 46.26 Z | 866.31万 | 46.34 乙 | | HK 02800 | | | +46.17 亿 | | 阿里巴巴-W | 26.08亿 | 15.42 乙 | 41.50亿 | | HK 09988 | | | +10.66亿 ...

在我国强力反击美国的关税战之后，特别是在我国明确宣布不再理会美国关税战数字游戏之后，我国其实就不理会特朗普政府了。 刚才看到一条很搞笑的新闻，美国总统特朗普宣称因为我国多次主动联系，所以他考虑下调关税。 所以，特朗普所说的我国给他打电话，显然是他在撒谎、造谣，为的是给他自己主动下调关税找个台阶下。 事实上，在美国当地时间4月17日，特朗普就已经说"不想继续提高对中国的关税了，因为这可能会使两国之间的贸易陷入停滞。"然后扬言中美将有"充 足"时间，三到四周内达成协议，并预计最终会取得成果。 即特朗普、特朗普政府、美国经济，坚持不住了，要认怂了，在急迫的想结束这场它们所悍然发起的关税战。 教员的话，高屋建瓴："美帝国主义者很傲慢，凡是可以不讲理的地方就一定不讲理。要是讲一点理的话，那也是被逼不得已了。" 特朗普之所以能认怂，是因为美国现在处于内部撕裂、外部树敌的状态，美国和美国总统特朗普都是典型意义的独夫民贼。 美国内部，在关税战的强烈冲击下，中美之间的贸易没有停止，可是美国的农产品、能源等却失去了中国这个大市场，甚至于美国的波音飞机都被退了回 去。 当天，包括两位诺贝尔奖获得者在内的数十位经济学家签署了一份"反 ...

视觉 | 顾芗 动荡，是2025年4月的月度主题。 掀起全球贸易波涛的始作俑者，是美国总统特朗普。这位曾被视为"黑天鹅"的总统再度上任，仍然高举 MAGA(让美国继续伟大)的旗帜，并决意向全球市场投入一枚炸弹。 美东时间4月2日，特朗普签署"对等关税"行政令，宣布对美国所有进口产品征收至少10%的基础关税， 对60多个贸易逆差较大的经济体加征了额外关税，于4月9日生效，而中国被加征了34%的关税。 尽管这一天，被特朗普宣布为"解放日"，但政策宣布的第二天，美股应声暴跌，标普500跌幅达4.85%， 纳斯达克指数跌幅达5.99%。 关税战，重新打响，但事情不仅没有结束，反而向更癫狂的方向发展。 文 | 任早羽 编辑 | 何子维 值班编辑｜ 宝珠 4月2日，美国总统特朗普在白宫签署关于所谓"对等关税"的行政令，宣布美国对贸易伙伴加征10％的"最低基准关税"，并对某些 贸易伙伴征收更高关税。/图源：新华社记者 胡友松 摄 4月7日，美国要求中国撤回34%的反制关税，翌日，美国宣布对中国出口美国商品加征关税到84%，到 美东时间4月9日，特朗普宣布对中国加税至125%。 美国以一种近似于赌博的加税态势，把全球秩序推到 ...

不到一天后，OPEC+宣布以快于预期的速度增产，令市场震惊。双重冲击一度导致美国原油期货下跌逾6%，创下自俄罗斯入侵乌克兰以来的最大跌幅，而 一项关键的波动性指标飙升至六个月高点。 在上周终于迎来三周来的首次周线上涨后，国际油价周一再度下滑，低开低走下盘中一度跌逾3%，因投资者再次担心美国对其贸易伙伴征收的关税将造成 经济逆风，从而降低燃料需求增长。而且由于周六美国和伊朗核谈判出现进展迹象，供应方面的担忧有所缓解。 据悉在会谈中，美国和伊朗同意开始制定潜在核协议的框架，此前美国官员称此次会谈取得了"非常好的进展"。而原本美国对伊朗的制裁对原油价格形成了 提振，推动布伦特原油和WTI原油价格上周上涨约5%，为三周以来首次周度上涨。 就在上个月，原油价格一直处于窄幅区间的低迷交投。在那段短暂的时期，石油市场从停滞不前转为经历了剧烈的价格波动，WTI原油价格自4月高位至本 月低位，一度累计下跌23%（当前收复近一半涨幅）。导火索是美国总统唐纳德·特朗普于4月2日宣布全面加征关税，贸易战由此升级。 也有迹象表明，石油消费者正试图通过锁定其最大的单笔成本来规避市场波动。掉期交易商上周增持了布伦特原油和ICE柴油期货的多 ...

作者 | 深鹏 数据支持 | 勾股大数 据（www.gogudata.com） 关税战到现在，急跌经历过了，反弹也已经有了。 市场似乎进入了横盘时间，整体走势是跌不下去，但也涨不上去，略显无聊。 具体到股指和个 股方面，分化也挺大，股指因为一直有维稳资金托着，估计这周也会如此，自然不用担 心跌下去，但个股层面的变化大，轮 动快，赚钱效应很一般。 可以明显得感受得到，整个市场都在等待一个终极信号，这个信号大概率能打破市场的盘整走势。 更重要的是，这个信号就在本周揭晓。 依然要注意避险 01 在解码这个终极信号之前，还是先简单复盘一下行情走势。 今天的盘面，大体上是科技板块继续回调，有关税反向利好以及避险板块继续升温。 | 热门概念指数 | | | | | | --- | --- | --- | --- | --- | | 智能物流 | 离境退税 | 数字货币 | PEEK材料 | 高关转 | | 3.35% | 3.25% | 2.59% | 2.53% | 2.39% | | 跨境支付 | 统一大市场 | 工业气体 | 未合体硅片 | IGBT | | 2.29% | 2.26% | 2.23% | 2.22 ...

Core Viewpoint - The demand for ternary materials in the market continues to diverge, with domestic high-nickel high-voltage orders persisting, while overall overseas demand remains weak [2][4]. Group 1: Production and Market Share - In Q1 2025, China's ternary material production was 140,000 tons, a year-on-year decline of 10.3%, while global production was 212,000 tons, down 9.3%. China's global market share increased from 64.4% in 2024 to 66.1% [2]. - The proportion of 6-series ternary materials in China has further increased, exceeding 30%, while the share of mid-low nickel materials continues to shrink [4]. Group 2: Price Fluctuations and Cost Impact - The cobalt price experienced significant volatility, with prices rising over 80% in about two weeks due to various policy factors, including the suspension of cobalt exports from the Democratic Republic of Congo and the establishment of a strategic alliance with Indonesia. This has notably impacted the cost of ternary materials, especially mid-low nickel types [8]. Group 3: Market Dynamics and Competition - Currently, orders for ternary materials are limited outside of high-nickel high-voltage products, with most changes being adjustments in order distribution among suppliers. In Q1 2025, Nantong Ruixiang emerged as a top player due to strong product shipments, while companies like Rongbai Technology, Tianjin Bamo, and Guangdong Bangpu benefited from overseas high-nickel demand [12]. - The ongoing U.S. tariff war is expected to suppress overseas demand for new energy vehicles in the short term, leading to a downward adjustment in total market expectations. However, domestic orders remain relatively stable, indicating a potential widening gap in demand across different supply chains [14].