2025.04. 24 本文字数：1579，阅读时长大约3分钟 作者 | 第一财经 陈姗姗 在浙江舟山的波音飞机完工与交付中心，原本有三架737MAX客机即将交付中国的航空公司，但最 近的一周内，三架客机陆续从舟山飞回美国。 多家航司管理层告诉记者，公司目前不仅暂停接收波音飞机，而且也暂缓购买进口自美国的相关航材 零部件。而一家飞机租赁公司的高层也对记者透露，按照合同，从租赁公司引进的波音飞机，缴纳的 租金也要增加相应的关税，目前对于存量租赁订单，有航司提前支付了几个月的租金或提前付税，而 增量的租赁订单也选择暂不接收。 "加征125%的税率对于航空公司引进美国的飞机来说将带来巨额的成本增加，国内的航空公司可通过 寻找替代来源，或者延迟运力的引进等方式来应对。"民航业内人士林智杰对记者分析，目前国内航 空市场的运力还是相对过剩的状态，暂缓增加一些飞机运力，不会对具体运营产生重大影响。 而上述"替代来源"，主要是指引进美国以外的飞机。目前，国内航司最需要的窄体客机主要来自美国 的波音公司和欧洲的空客公司，去年三大航都接收了国产C919飞机，在窄体机市场也有了国产飞机 的新选择。 对于波音来说，中国是其单一最大海 ...

Group 1 - Herbert Hoover, a successful businessman before entering politics, became the U.S. President and significantly raised tariffs on foreign goods, leading to economic turmoil and recession in the U.S. [1] - Hoover's early life was marked by the loss of his parents, which redirected his path from a potential agricultural life to one that included education and global experiences [2][3] - His connection with former President Benjamin Harrison during his time at Stanford University influenced his views on protectionist policies, which he later implemented as President [4][10] Group 2 - As Secretary of Commerce, Hoover promoted housing and automotive industries, earning a reputation as one of the best Commerce Secretaries in U.S. history, which became a political asset for his presidential campaign [12] - Hoover's presidency began with optimism but quickly turned into crisis with the stock market crash of October 1929, marking the start of the Great Depression [14][15] - In response to the economic downturn, Hoover implemented various measures, including urging companies not to cut wages or lay off workers, which ultimately led to business failures [16] Group 3 - Hoover signed the Smoot-Hawley Tariff Act in 1930, raising tariffs on over 20,000 goods to an average rate of 53%, which prompted retaliatory measures from other countries and worsened international trade [18] - The tariff led to a significant decline in global trade from 1929 to 1933, exacerbating the financial crisis and contributing to the collapse of the U.S. banking system [19][20] - Despite Hoover's efforts to stabilize the economy, including delaying debt repayments, the unemployment rate continued to rise, leading to his eventual defeat in the 1932 election [21]

关税战打了两周，虽有反复，但对抗的基调没有改变，所谓进口关税豁免，和关税暂缓实施，并不是缓和信号，懂王一天一个样，根本看不到关税战马上 会结束的样子。中国反制进口美国商品的关税能执行，肯定不是乱来的，也至少要做好维持一段时间的准备。 毕竟国际对抗不是过家家，在美国进口关税执行还不太顺利之际，这边中国的进口关税执行已经落地。 除了已经在国产替代风口上几年的芯片股，有更多的产业受此轮进口关税影响。农业这次受的影响也颇大，美国出口中国最多的是农产品。巨额关税后， 这一部分的进口量完全消失，成本上升在所难免，因此，国内作物将有一定量价齐升的机会，同时，大豆这类基础作物的价格上涨，将全面向下游包括 油、养殖行业蔓延。 因此，在关税过后的两周内，内需方向的股票都迎来一定炒作，农林牧渔行业罕见地实现了超额收益。 农林牧渔行业，不景气已有很长时间，股价低迷，行业也远没有到景气过热的阶段，进口关税带动的预期也是偏乐观的，大涨的背后，也不失为合理的回 归，那么，这个行业是否就此开启了新的向上周期呢？ 一、关税的影响路径 这次加全面关税，大家都很突然，短短时间内就从54%加到124%，虽说，农产品这种美国的优势产品，本身就已经有一 ...

Market Overview - The US stock market experienced a pullback after a brief rally, with the Hong Kong stock market also declining by 0.74% [1] - President Trump indicated potential new tariffs on trade partners, including China, which has led to skepticism in the market regarding the actual implementation of these tariffs [1] - The White House's claims of progress in trade negotiations with allies have been denied by those countries, indicating a lack of consensus [1] Gold Market Activity - Gold prices have become active again, with Deutsche Bank attributing recent declines to a rebound in the US dollar and market overreaction to tariff news [2] - Despite the recent pullback, the outlook for gold remains positive due to ongoing uncertainties surrounding US tariffs [2] - Several gold mining companies, including Lingbao Gold and Shandong Gold, saw rebounds in their stock prices [2] Japanese Market Investment - Overseas investors have net purchased 9.64 trillion yen (approximately 675 billion) in Japanese bonds and stocks, marking the highest level since records began in 1996 [3] - A significant portion of this investment has flowed into the Japanese bond market, indicating a potential future interest in the Chinese market [3] Banking Sector Performance - A-share listed banks reported strong growth in revenue and net profit for Q1 2025, with steady credit expansion [3] - Major banks in China, including the "Big Four," have seen their stock prices reach historical highs, reflecting investor confidence [3] New Consumption Trends - Investment is shifting towards new consumption sectors such as personal care, cosmetics, and jewelry, with companies like Shangmei and Juzhong Biotech showing strong performance [4] - Shangmei's recent partnership and its leading position in the beauty market highlight the growth potential in this sector [4] Oncology Sector Developments - The upcoming ASCO 2025 conference will showcase significant clinical advancements from companies like Rongchang Biotech and Ascentage Pharma, with multiple projects selected for presentation [5][6] - Rongchang Biotech's stock surged over 17% following the announcement of its clinical progress [5] Wind Power Industry Insights - Wind power companies have reported strong Q1 results, with expectations for increased demand and improved operational efficiency in the coming years [7] - The domestic wind power installation forecast for 2025 and 2026 shows significant growth, particularly in offshore wind projects [7] Individual Company Highlights - TCL Electronics announced a new stock incentive plan aimed at boosting employee confidence and aligning with its global growth strategy [9] - The company reported a projected revenue increase of 25.7% for 2024, with significant growth in its innovative business segments, including solar energy [10]

过去一个月，关于黄金的新闻只有两个："金价大涨""金价大跌"。 无论是钢丝的哪一头，都毫无水分地站上热搜大榜。从总体趋势上看，金价仍呈上扬形态，盘中的跌宕 回调，则更加剧了投资者的炒金热情。 黄金价格接连闯破四道整数关口，同时刺激的还有每一个投资人的心脏。过去的30个月里，黄金价格翻 涨了一倍之多。 一场炒金狂欢在各大社交软件上演，每个小时都有新的行情刺激耳膜，有人坐地起价，开出198-598元不 等的黄金投资群入群费用，声称能够"带大家起飞"；还有人试图通过借贷来加高杠杆短期炒金获利，" 02年女生借贷100万炒金月赚9万"的笔记让人意乱神迷。 "疯抢"背后，是急速跳动的黄金价格。 4月11日，现货黄金突破3200美元/盎司，引发市场震动。就在接下来7个交易日内，这个数字又变成了 3300，3400，3500。 4月23日，黄金再次回到3300大关之内。 随着特朗普任期的到来，水深火热的关税战，使得避险需求涌入黄金，资本市场的原始反应和荒诞现 实，持续刷新着看客的认知。 作者 | 张来 编辑 | 宝珠 视觉 | 顾芗 4月22日，深圳水贝市场的一位 黄金商家翁乐滨告诉盐财经："上周，水贝这边的金条库存全部都 ...

以下文章来源于财经杂志 ，作者成孟琦 黄慧玲 编辑｜杨秀红 美国总统特朗普，又一次因为"改口"，而使全球资产出现风险偏好的转换，还带动中国资产上涨。 受特朗普对中国关税"松口"的影响，4月22日，避险情绪消退下，传统避险资产黄金、日元和瑞士 法郎出现不同程度回落，美国股市则出现回升，美股三大股指均上涨超2.5%。 4月23日，美股三大 股指数续升，纳指收涨2.5%，道指收涨1.1%，标普500指数收涨升1.7%。 现货黄金在回调后反弹，4月22日-23日，现货黄金连续走低，伦敦金现一度跌至3291美元/盎司， 4月23日下跌2.71%。不过，4月24日，金价开始反弹，截至上午11时，伦敦金现反弹至3350美 元/盎司左右，涨幅近2%。 财经杂志 . 《财经》杂志官方微信。《财经》杂志由中国证券市场研究中心主办，1998年创刊，秉承"独立、独 家、独到"的新闻理念，以权威性、公正性、专业性报道见长，是政经学界决策者、研究者、管理者的 必读刊物。 机构认为，贸易紧张局势最糟糕阶段可能已过去，市场焦点将集中在中美谈判及中国自身政策上。 文｜《财经》特约撰稿人 成孟琦 记者 黄慧玲 中国资产方面，4月23日，A股直冲 ...

点此无门槛进群 关税战叠加降息不确定性！黄金高位震荡何时结束？多空如何把握交易机会？点此0元进群参加期货特 训营！仅剩50个名额，立即进群！ 相关链接 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The copper price is expected to face a downward risk in the second quarter due to the impact of US tariffs and the entry into the off - season of spot trading, despite the tight supply of copper concentrates in the medium - term, short - term smelting cost support, and the transfer of global inventory to the US [1][2] - For protein meal, the second - quarter Brazilian new soybean exports are large, putting downward pressure on the near - month contracts of soybean meal, and the spread between near - and far - month contracts is affected by Trump's attitude. Under the background of trade - war easing, the spread of soybean - rapeseed meal 2610 should be narrowed [4][5] - The asphalt futures price is expected to oscillate strongly in the near term due to improved rigid demand and stronger crude - oil cost. In the long term, it is expected to maintain a strong trend with limited supply growth and increasing demand from road projects [6][8][9] 3. Summary by Variety Copper - **Price Range** - Intraday: 75,200 - 77,300 [1] - Medium - term: 66,000 - 90,000 [1] - **Reference Strategy**: Adopt an operation idea of weakening oscillation [1] - **Core Logic** - Macro: Trump's tariff war and related remarks have caused dissatisfaction, and then he proposed to lower tariffs and abandon the idea of firing Powell [1] - Supply: Global copper concentrate supply is expected to be tight, but some mining companies plan to increase production. Some smelters reduce production due to negative processing fees, while domestic copper enterprises increase imports [1] - Demand: The current peak season has stable demand growth, but US tariffs may suppress demand. The off - season starts at the end of the second quarter [1] - Inventory: On April 23, LME copper inventory decreased by 7,450 tons (3.50%) to 205,250 tons, and SHFE copper inventory decreased by 1,728 tons to 44,965 tons [2] Protein Meal - **Price Range** - Intraday: Soybean meal主力[2950,3050] [3] - Medium - term: The spread between near - and far - month contracts of soybean meal narrows [3] - **Reference Strategy**: Short soybean meal 2601 and long rapeseed meal 2601 [3] - **Core Logic** - Trump's trade - war easing remarks had little impact on soybean varieties, while vegetable oils rose. Indonesia and Japan may increase US purchases [4] - Brazilian soybean exports are expected to be large in April. US soybean planting progress is 8% as of April 20. Chinese soybean imports in March were low [4] - Canadian rapeseed planting area is expected to decrease, and the ending inventory is raised [5] Petroleum Asphalt - **Price Outlook** - Intraday: Oscillate strongly [7] - Medium - term: Run strongly [7] - **Reference Strategy**: Long asphalt and short high - sulfur fuel oil spread strategy [7] - **Core Logic** - Supply: Local refineries are in loss, but the operating rate and production are increasing. Shandong refinery profit is - 645.37 yuan/ton, and the operating rate is 30.7% [6] - Demand: Most areas have good construction conditions. Southern demand is stable, and northern demand is improving. Waterproofing membrane enterprises' operating rate is 32.0% [6] - Inventory: Refinery inventory decreased by 1.9 tons to 57.5 tons, and social inventory increased by 2.6 tons to 56.3 tons [6][9] - Cost: Pay attention to Iran - US nuclear negotiations and sanctions. Trump's low - oil - price policy affects the market, and the raw - material cost has support [9]

北京君城永和教育咨询有限公司 经济困境宛如一座难以翻越的大山，横亘在特朗普面前。美国政府债务规模犹如滚雪球般越来越大，2025年，需要偿还的到期国债高达9.2万亿美元，仅6月 份就要偿还6万亿美元 ，这还没算上利息。为了缓解财政压力，特朗普可谓绞尽脑汁。他先是委托马斯克进行改革，期望精简政府机构，降低运行开支，结 果改革遭遇层层阻力，仅仅搞掉了几个与民主党利益相关的部门，距离2万亿美元的目标遥不可及，马斯克还得罪了众多政界大佬，特斯拉在西方遭受抵 制，最终被特朗普"扫地出门"。讹诈乌克兰用矿产抵债的计划，也因泽连斯基的强硬态度和欧洲的持续援助而泡汤。关税战更是把特朗普架在火上烤，他本 想借此捞钱还债、逼迫他国与中国脱钩并缩小"贸易逆差"，结果美国进口商成本激增，供应链断裂风险加剧，企业怨声载道，国内反对声此起彼伏，中国强 硬反制，欧盟准备反制，盟友英国和日本也不配合，特朗普不仅没捞到好处，还让自己陷入孤立无援的境地。他向美联储施压要求降息，可美联储主席鲍威 尔不为所动，气得特朗普在社交平台上频繁"开炮"，却也无济于事。 法律危机也如阴云般笼罩着特朗普。"密件风波"让他焦头烂额，2022年8月，美国联邦调查局搜 ...

美国东部时间4月23日，中国人民银行行长潘功胜在美国华盛顿特区出席二十国集团财长和央行行长会 议时表示，当前全球经济充满不确定性，经济碎片化和贸易紧张局势加剧，扰乱全球产业链供应链，引 发金融市场动荡，削弱全球经济增长动能，各方应加强合作，努力避免全球经济滑向"高摩擦、低信 任"的轨道。贸易战、关税战没有赢家，单边主义、保护主义没有出路，不符合任何一方利益。中国将 坚持对外开放，坚定支持自由贸易规则和多边贸易体制，推进普惠包容的经济全球化，维护全球经济和 金融稳定。 ...