中新社美国得梅因4月25日电 题：走访关税战中的"美国粮仓" 中新社记者 王帆 位于美国中西部的艾奥瓦州是著名的农业大州，素有"美国粮仓"之称。近日，记者走访该州多个社区。 从田间劳作的农民到校园里的学生，民众普遍表达了一个共同愿望：尽快结束关税战。 在艾奥瓦首府得梅因市郊的格里菲恩农场，第五代经营者克雷格·格里菲恩(Craig Griffieon)挖出一颗刚 刚种下的大豆种子说，他因为关税感到难过，未来充满不确定性，大豆秋天收获时还不知道要销往哪 里。 当地时间4月23日，在美国艾奥瓦州首府得梅因市郊的格里菲恩农场，第五代经营者克雷格·格里菲 恩(Craig Griffieon)展示大豆种子。 中新社记者 王帆 摄 "我希望没有关税(战)。"克雷格的妻子拉冯·格里菲恩(Lavon Griffieon)表示，美国现在对很多贸易伙伴加 征关税，包括中国、加拿大、墨西哥等，这是在制造混乱。良好的贸易关系一旦被破坏，可能需要十来 年的时间去修复，"发生这种情况一点也不好"。 格里菲恩农场以种植玉米和大豆为主，至今已世代经营了120余年。拉冯表示，联邦政府的许多政策制 定者缺乏对农业现状的了解。种植成本已持续攀升多年 ...

Financial Data and Key Metrics Changes - Preferred Bank reported a net income of $30 million or $2.23 per share for the first quarter of 2025, negatively impacted by a significant reversal of interest income due to elevated non-performing loans [6][8] - The net interest margin for the quarter was reported at 3.75%, down from an estimated 4.06% in the previous quarter, primarily due to the interest reversal [8][13] - Total classified loans decreased by $30 million or approximately 20% from the previous quarter [7] Business Line Data and Key Metrics Changes - The bank experienced a negative loan growth of $6 million, approximately 0.1% of the total loan portfolio, while deposits increased by 2.6% on a linked quarter basis [8] - Non-performing loans totaled $71 million at quarter end, with $66 million related to two specific credits [6][7] Market Data and Key Metrics Changes - The bank is closely monitoring its trade finance segment, which constitutes over $200 million of its loan portfolio, due to uncertainties arising from the ongoing tariff situation [8][9] - Management indicated that loan demand is not expected to improve significantly in the near term due to the unpredictability of the tariff war and its impact on supply chains and inflation [8][30] Company Strategy and Development Direction - The bank is taking a cautious approach to underwriting loans, particularly in the industrial property sector, which has seen increased pressure on cap rates [51][52] - Management is actively engaging with trade finance customers to assess their responses to the tariff situation and to mitigate potential risks [48][50] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the potential impact of tariffs on property values and overall loan demand, indicating a "wait and see" approach from many customers [30][46] - The bank is prepared to adapt its strategies based on customer feedback and market conditions, emphasizing the importance of understanding each customer's situation [50] Other Important Information - The bank has a buyback program with $65 million available, having repurchased 532,000 shares in early April [24] - The normalized expense run rate for the next couple of quarters is estimated to be between $21.5 million and $22 million [23] Q&A Session Summary Question: Margin outlook excluding reversals - Management indicated that the margin for the quarter, excluding nonaccrual reversals, would have been 3.94%, which is better than anticipated [13][14] Question: Details on non-performing loans - One of the non-performing loans is expected to be sold at par, with a collateral value supporting the loan amount [20][21] Question: Loan interest revenue decline - The decline in loan interest revenue was attributed to interest reversals and the impact of rate cuts from the previous year [40][42] Question: Trade finance portfolio risks - Management noted that the trade finance segment is being monitored closely due to varying impacts on customers based on their supply chains [37][38] Question: Positioning in the current economic cycle - Management is taking a cautious approach, focusing on understanding customer reactions to the tariff situation and adjusting lending practices accordingly [50][51]

能源化工 聚酯日报 通惠期货研发产品系列 2025 年 4 月 25 日 星期五 成本端油价存在技术面修复，利空情绪出尽后 PX、PTA 或上行 昨日，短纤主力合约PF2506收6028元/吨，较前一交易日下跌1.05%。 华东市场主流价为 6280 元/吨，较前一日下跌 20 元/吨，基差为 262 元/ 吨。国内涤纶短纤产量在 16.31 万吨左右，较上周总量上涨 1.19%。本周 涤纶短纤行业开工 82.11%，较上周开工上涨 0.96%。国内终端织造平均 订单天数约为 8.66 天，较上周减少 0.3 天。 通惠期货研发部 一、日度市场总结 1. PX & PTA 昨日，PX主力合约PX2509收6166元/吨，较前一交易日下跌0.93%， 基差为-231 元/吨。PTA 主力合约 PTA2509 收 4370 元/吨，较前一交易日 下跌 0.86%,基差为-10 元/吨。 成本端，特朗普称对中国关税将会大幅下降，市场担忧情绪缓解。 WTI 原油主力收 62.77 美元/桶，布油收 65.6 美元/桶。供应端，PX：盛 虹炼化 400 万吨装置 4 月有重整计划，预计 PX 降负荷，扬子石化重整检 修 ...

20 25年4月23日至24日，二十国集团（G2 0）主席国南非在美国华盛顿举 行今年第二次G2 0财长和央行行长会议。会议讨论了全球经济展望、完善 国际金融架构、应对非洲发展和增长困境等议题。财政部部长蓝佛安，中 国人民银行行长潘功胜出席会议并发言。 蓝佛安：关税战、贸易战进一步影响经济金融稳定 2025年4月23日至24日，二十国集团（G20）主席国南非在美国华盛顿举行今年第二次G20财长和央行行长会议。会议主要就全球宏观经济形势和金融稳 定、国际金融架构以及促进非洲增长和发展等议题进行了讨论。财政部部长蓝佛安出席会议并发言，副部长廖岷陪同参会。 来源 | 财政部、中国人民银行 编辑丨丁开艳 责编丨兰银帆 往期回顾 Review of Past Articles - 蓝佛安表示，当前世界经济增长动能不足，关税战、贸易战进一步影响经济金融稳定。中方坚定维护以世界贸易组织为核心的多边贸易体制，主张通过平 等对话协商解决贸易和关税争议，也将坚定维护自身正当权益。各方应通过加强多边合作进一步完善国际经济金融体系，积极推动多边开发银行改革，有 效推进国际复兴开发银行股权审议，务实完善《缓债倡议后续债务处理共同框架》 ...

► 文 观察者网 齐倩 近期，国际经贸风云变幻，美国总统特朗普挑起的关税战冲击全球产业链。但在如此关税风暴下，来自日本、德国、美国等国家的汽车、 医药、化学等多行业企业纷纷宣布新的在华投资，其中包括丰田、日产、西门子、巴斯夫等行业巨头。 据各地政府网站和媒体消息，4月以来，多家行业巨头与中方达成新的合作协议。 4月22日，上海市人民政府与丰田汽车公司在沪签署战略合作协议，双方将在新能源汽车等领域加强合作，共同助力中国社会绿色低碳发 展。据介绍，此次丰田项目总投资146亿元，接下来将加速整个项目的审批进度。根据规划，预计今年6月份实现项目正式开工，2027年第 一台车正式下线。 《南华早报》称，这是特朗普发动关税战以来，外企宣布的最大一笔在华投资之一。 一周前（15日），这家日本汽车巨头还与四川蜀道投资集团及蜀道装备科技签署了一项价值2.36亿元人民币的协议，成立一家氢燃料电池 合资企业。 4月23日，另一家日本知名汽车制造商日产携其全新电驱化车型亮相2025上海国际车展，同时启动了新的全球战略，制定全球各区域市场 策略、根据市场需求打造产品组合，加强与本土伙伴合作。 日产携其全新电驱化车型亮相2025上海国际 ...

1. Report Industry Investment Ratings - The report does not provide an overall investment rating for the industry, but gives individual ratings for each black commodity: steel - narrow - range adjustment; iron ore - repeated oscillations; coking coal - consolidation; coke - consolidation; manganese silicon - oscillation; ferrosilicon - oscillation [1] 2. Core Views of the Report - The report analyzes the market conditions of various black commodities on April 25, 2025, including price changes, supply - demand situations, and future trends [1] 3. Summary by Relevant Catalogs 3.1 Research Views - **Steel**: The rebar futures fell slightly, with the 2510 contract closing at 3106 yuan/ton, down 0.99%. Spot prices also declined, and trading volume decreased. This week, rebar production decreased slightly, inventory decline narrowed, and apparent demand dropped significantly. Considering short - term tariff war relief and domestic policy expectations, as well as raw material and finished - product support, it is expected to have a narrow - range adjustment [1] - **Iron Ore**: The main iron ore futures contract i2509 dropped 0.96% to 720.5 yuan/ton. Port spot prices also fell. Supply showed a slight increase in global shipments, while demand saw an increase in molten iron production and a rise in port inventory. Under the interweaving of long and short factors, it is expected to oscillate repeatedly [1] - **Coking Coal**: The coking coal futures dropped 0.68% to 956 yuan/ton. Spot prices in some areas decreased. Supply is relatively stable, and demand is mainly for on - demand procurement. With policy support expectations, it is expected to consolidate in the short term [1] - **Coke**: The coke futures dropped 0.28% to 1590.5 yuan/ton. Spot prices at ports declined. Supply production is stable, and demand is supported by high - level blast furnace operation. It is expected to consolidate in the short term [1] - **Manganese Silicon**: The manganese silicon futures weakened, with the main contract at 5822 yuan/ton, down 0.99%. Spot prices declined, and market sentiment needs to be boosted. With a decrease in supply in the main production areas, it is expected to oscillate at a low level [1] - **Ferrosilicon**: The ferrosilicon futures weakened, with the main contract at 5658 yuan/ton, down 0.67%. Spot prices in some areas decreased, and market sentiment is weak. With continued production cuts in the main production areas, it is expected to oscillate at a low level [1] 3.2 Daily Data Monitoring - The report provides the latest and环比 data of contract spreads, basis, and spot prices for various black commodities, as well as profit, spread data such as rebar's disk profit, long - process profit, short - process profit, etc [4] 3.3 Chart Analysis - **Main Contract Prices**: The report presents the closing price trends of main contracts for various black commodities from 2020 to 2025, including rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [6][7][10] - **Main Contract Basis**: It shows the basis trends of main contracts for various black commodities from 2020 to 2025, including rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [18][19][22] - **Inter - period Contract Spreads**: It shows the spread trends of inter - period contracts for various black commodities from 2020 to 2025, including rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [26][29][32] - **Inter - variety Contract Spreads**: It shows the spread trends of inter - variety contracts for various black commodities from 2020 to 2025, including the spread between hot - rolled coil and rebar, the ratio of rebar to iron ore, etc [41][42][43] - **Rebar Profits**: It shows the profit trends of rebar's main contract disk profit, long - process profit, and short - process profit from 2020 to 2025 [46][47][48] 3.4 Black Research Team Members - The black research team members include Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich industry experience and relevant professional qualifications [52][53]

Q： 请问重阳投资， 如何解读近期人民币汇率走势 ？ A： 4月份以来，人民币汇率呈现出对美元汇率稳定，对主要非美货币贬值的特征。 截止4月23日， 今年以来在岸人民币兑美元持平，但根据Wind以即期汇率估算的CFETS人民币汇率指数，今年以来 人民币对一篮子货币贬值幅度5.2%，今年以来最大贬值幅度已达5.7%。 人民币兑美元维持稳定，兑其他一篮子货币被动贬值是主动的政策选择的结果。 我们注意到，今年1 月末至3月中旬期间，央行始终将美元中间价设定在7.17附近。自3月开始中间价开始缓慢上移（趋向 于贬值），特别是在4月3日关税战升级后，央行进一步主动引导中间价上移，扩大人民币汇率弹性。 这样的结果是，在美元对其他主要货币快速贬值期间，人民币对美元汇率基本稳定，但是对欧元、日 元等主要货币贬值幅度超过10%。在我们看来，央行意在通过人民币对一篮子货币的贬值释放国内出 口压力。特别是在中美双边贸易接近冻结的情况下，人民币对欧元和日元贬值有助于增强中国出口竞 争力，起到汇率自动稳定器的作用。类似的情况也出现在首轮中美贸易战期间，2018年6-10月人民币 对一篮子货币最大贬值幅度6.2%，2019年5-10月人 ...

Summary of the Conference Call for Wanwei High-tech (皖维高新) Company Overview - Wanwei High-tech primarily operates in the chemical and new materials sectors, with significant contributions from PVA products and a focus on automotive applications and optical materials [2][4]. Key Points and Arguments Industry and Product Performance - PVA products account for a substantial portion of revenue, approximately 20 billion CNY, making up a significant share of overall income [4]. - The chemical segment contributes 50-60% of profits, while the new materials segment accounts for about 20% [4]. - The company expects to produce 280,000 tons in 2025, maintaining a high operating rate despite recent price declines in CAP products due to tariffs [2][7]. New Product Developments - A new production line for high-end automotive-grade PVB film is in trial stages, aiming for production in the first half of 2025 [10]. - The company is also developing a 300,000 sets per year automotive safety glass project in Chaohu, Anhui, with completion expected by the end of 2025 [12]. Market Dynamics - Recent price drops in CAP products were limited, with average prices decreasing from 12,400 CNY to 12,000 CNY, primarily due to tariff impacts [6]. - The company remains confident in market sales and has seen strong performance in exports, particularly in non-U.S. markets [20][19]. Financial Performance - In Q1 2025, the company reported a strong performance with a net profit of 117 million CNY, driven by increased sales and prices of main products [3]. - The optical materials segment has seen profitability in fiber waveguides, while polarizers are still operating at a loss [15]. Strategic Partnerships and Market Position - The company has secured orders from major automotive manufacturers such as SAIC General and BYD, indicating strong market integration [11]. - Wanwei is actively competing with international chemical giants, leveraging improved product quality and capacity to gain market share [21]. Future Outlook - The company anticipates stable market conditions in Q2 2025, with expectations for improved sales performance [18]. - Plans for new product lines and expansions are set to enhance overall production capabilities and market presence [16][17]. Additional Insights - The company is focused on expanding its presence in international markets and adapting to changing trade environments [19]. - There is an emphasis on investor engagement, inviting potential investors to visit and observe the company's operations [23]. Conclusion Wanwei High-tech is positioned for growth with a strong focus on automotive and optical materials, backed by solid financial performance and strategic market initiatives. The company is navigating challenges in the global market while maintaining confidence in its operational capabilities and future prospects.

2025 年 4 月 25 日星期五 地址： 电话： 重庆市江北区金沙门路 32 号 23 层； 023-67070250 上海市浦东新区向城路 288 号 1101A； 021-61101856 1 市场有风险 投资需谨慎 | 尿素： | | 11 | | --- | --- | --- | | 对二甲苯 | PX： | 11 | | PTA： | | 12 | | 乙二醇： | | 12 | | 短纤： | | 13 | | 瓶片： | | 13 | | 纯碱： | | 13 | | 玻璃： | | 14 | | 烧碱： | | 14 | | 纸浆： | | 15 | | 碳酸锂： | | 15 | | 铜： | | 16 | | --- | --- | --- | | 锡： | | 16 | | 镍： | | 17 | | 工业硅/多晶硅： | | 17 | | 豆油、豆粕： | | 17 | | 棕榈油： | | 18 | | 菜粕、菜油： | | 19 | | 棉花： | | 19 | | 白糖： | | 20 | | 苹果： | | 21 | | 生猪： | | 22 | | 鸡蛋： | | 22 ...

美 东时间4月24日盘后，谷歌母公司Alphabet发布了2025年一季度财报。作为关税影响宏观经济后最直面冲击的行业，谷歌这个广告龙头的表现，会比平时获得更 多的市场聚焦。 实际来看，谷歌Q1业绩强劲，明显优于近期进一步下调后的预期 （BBG一致预期并未完全体现预期的调整）。 但相比于一季度表现，二季度之后的展望才更加关 键。 不过谷歌一般不提供业绩指引，这次电话会估计逃不掉分析师的追问，建议关注一下。 海豚君则倾向于除了"不确定"，管理层给不出更清晰的描述，无非是强调自己的广告ROI优势和历史应对经验。 当下的广告前景如何一切取决于关税谈判进展，在 没有实质性的利好落地之前，商家投放预算会更偏向谨慎。而后续谈判若真的有好消息，那么商家态度变化，至少也要等到三季度才会有所体现。因此，二季度 是不确定中的确定——确定的是业绩差，不确定的差到什么程度。因此本篇点评除了梳理业绩表现外，也会结合谷歌当下的境遇，聊一聊安全区间。 具体来看核心信息： 1. 略解心忧的Q1业绩： 一季度表现比谨慎的预期要明显强劲， 尤其体现在盈利能力上。 Q1经营利润率环比继续提升至34%，暂时没有体现出因支出增长而承压 的情况。 其中 ...