这并非PS5首次涨价。2022年和2024年，PS5也曾在部分地区提高售价。但是，此次涨价发生在美国总 统特朗普掀起的"关税战"浪潮中，受到市场普遍关注。 4月初以来，美国肆意加征所谓"对等关税"扰动全球市场。日本一些依赖硬件业务的游戏机制造商不可 避免地受到波及。 近日，游戏主机PlayStation 5（以下简称"PS5"）在部分地区提高价格，任天堂则推迟了新款主机Switch 2在美国的预购。 分析人士表示，游戏机制造商将产业链转移到美国的可能性微乎其微，其不仅要面对高昂投资、劳动力 成本飙升和供应链重构的难题，还要应对知识产权泄露的风险。 Switch 2在美预购推迟 4月13日，索尼方面宣布，提高PS5的价格。此次涨价涉及英国、欧洲、澳大利亚和新西兰等市场，涨 价措施在4月14日生效。 涨价后，PS5数字版欧洲地区的售价为499.99欧元，上涨50欧元，涨幅超11%。 "在高通胀和汇率波动等充满挑战的经济环境下，索尼互动娱乐做出了艰难的决定。"索尼方面并未在公 告中指明涨价的具体原因。 投大大数据研究院分析师胡怡文对《中国经营报》记者表示，在"关税战"风波中，日本受挫最重的产业 是汽车制造业。 4月 ...

1. Report Industry Investment Rating - Not provided 2. Core View - Today, treasury bond futures fluctuated within a narrow range throughout the day. The impact of the recent tariff war has marginally subsided, the Fed has a low willingness to cut interest rates in the short term, and the domestic economic indicators in the first quarter performed well, reducing the necessity of interest rate cuts in the short term. Thus, the upside space for treasury bond futures is limited. In the medium to long term, external uncertainty risks are increasing, the external situation is severe, and domestic policies are needed to boost internal demand. Whether from the perspective of reducing the financing costs of the real economy or coordinating the implementation of fiscal policies, there are still expectations of interest rate cuts in the future, and treasury bond futures have strong bottom support. Overall, it is expected that treasury bond futures will remain in a high - level volatile consolidation in the short term [3] 3. Summary by Relevant Catalog Industry News - On April 18, the People's Bank of China conducted 250.5 billion yuan of reverse repurchase operations at a fixed - rate and quantity - tendered manner, with a winning bid rate of 1.5%. There were 28.5 billion yuan of reverse repurchases maturing in the open market today, resulting in a net investment of 222 billion yuan [5] - The Ministry of Finance plans to issue the 2025 Special Treasury Bonds (Phase I) for Capital Injection into Central Financial Institutions (5 - year term). The face value of this issuance of treasury bonds through competitive bidding is 165 billion yuan, and there will be no additional bids from Class A members. The coupon rate will be determined through competitive bidding. The bonds will start accruing interest on April 25, 2025, with annual interest payments on April 25 of each year (postponed in case of holidays), and the principal and the last interest payment will be repaid on April 25, 2030. The bidding time is from 10:35 to 11:35 on the morning of April 24, 2025 [5] Related Charts - The report includes charts such as the TL2506, T2506, TF2506, TS2506 trends, the treasury bond yield - to - maturity curve, and the central bank's open - market operations [6][8][9]

以下文章来源于星海情报局 ，作者星海老局 iPhone零部件里，中国大陆厂商主要负责包括电池、摄像头模组、部分显示屏、连接器这些东 西，屏幕则主要靠韩国的三星和LG，还有部分组装是在越南、印度完成。 这次关税一加，直接把苹果的供应链掐了个遍，成本蹭蹭往上蹿， 库克吓得赶紧从印度往美国空 运600吨iPhone，差不多150万个手机，打算赶在关税全面开花前把货囤好，免得价格飞上天。 尽管懂王坚信"美国有能力生产iPhone"，还坚信美国会因此搞出一堆工厂，但业内人士算了一下 账，几乎全都在摇头： 要是iPhone完全在美国本土生产，最终的售价可能将会卖到3500美元（ 25588元人民币），远超现在iPhone Pro 16在美国999美元的起售价。 星海情报局 . 关注国产替代和中国品牌出海，每年写100个中国品牌案例，见证中国产业崛起！ 我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 最近这几天，美国股市被懂王的关税大棒搅得那叫一个"血肉模糊"。 "七朵金花"（科技股七大头部企业）——苹果、微软、 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The steel market is expected to remain in a low - level consolidation. Although there was a panic - driven decline due to the tariff war, the peak - season demand for rebar has resilience, inventory is at a low level, and the valuation is also low, limiting further price drops [1]. - The iron ore market is likely to show a narrow - range oscillation. Supply and demand factors are intertwined, with a slight decrease in global shipments and limited room for further increase in molten iron production [1]. - The coke and coking coal markets are expected to oscillate weakly. For coke, the reduction in coking costs and increased production on the supply side, along with weak steel demand and reduced cost support, contribute to this trend. For coking coal, the weak market, cautious procurement by coking enterprises, and low cost of making warehouse receipts are the main factors [1]. - The manganese silicon and ferrosilicon markets are expected to operate weakly. For manganese silicon, the weakening of port manganese ore prices and the need for production cuts to ease the supply - demand contradiction are key factors. For ferrosilicon, the lack of improvement in demand and the accumulation of inventory are the main reasons [1][3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Steel**: The rebar futures price closed at 3092 yuan/ton, down 1 yuan/ton (0.03%) from the previous trading day, with an increase in positions. Spot prices rose slightly, and trading volume increased. This week, national rebar production decreased by 3150 tons to 229220 tons, social inventory decreased by 30340 tons to 532760 tons, and factory inventory decreased by 14260 tons to 200400 tons. Rebar apparent demand increased by 21140 tons to 273820 tons. It is expected to remain in low - level consolidation [1]. - **Iron Ore**: The main contract price of iron ore futures i2509 closed at 707 yuan/ton, down 1 yuan/ton (0.14%) from the previous trading day. Port spot prices fell. Global shipments decreased slightly, while molten iron production continued to increase, but there is limited room for further growth. It is expected to show a narrow - range oscillation [1]. - **Coke**: The coke futures price closed at 1555.5 yuan/ton, down 10.5 yuan/ton (0.67%) from the previous trading day, with an increase in positions. Spot prices were stable. Coking production increased, and steel demand was weak, suppressing coke prices. It is expected to oscillate weakly [1]. - **Coking Coal**: The coking coal futures price closed at 950.5 yuan/ton, down 15.5 yuan/ton (1.6%) from the previous trading day, with an increase in positions. Some spot prices rose, and the market was weak. Coking enterprises' procurement was cautious. It is expected to oscillate weakly [1]. - **Manganese Silicon**: The manganese silicon futures price closed at 5902 yuan/ton, down 0.3% from the previous trading day, with an increase in positions. The mainstream steel tender inquiry price in April was 5900 yuan/ton, a decrease of 500 yuan/ton from March, and the procurement volume increased by 400 tons. It is expected to operate weakly [1]. - **Ferrosilicon**: The ferrosilicon futures price closed at 5658 yuan/ton, down 1.15% from the previous trading day, with an increase in positions. The mainstream steel tender inquiry price in April was 5900 yuan/ton, a decrease of 280 yuan/ton from the previous month, and the tender quantity decreased by 183 tons. It is expected to operate weakly [3]. 3.2 Daily Data Monitoring - **Contract Spreads and Basis**: Data on contract spreads and basis for various varieties such as rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon are provided, including the latest values and their changes compared to the previous period [4]. - **Profit and Price Spreads**: Data on profits (such as rebar futures profit, long - process profit, short - process profit) and price spreads (such as coil - rebar spread, rebar - iron ore ratio, rebar - coke ratio) are provided, including the latest values and their changes compared to the previous period [4]. 3.3 Chart Analysis - **Main Contract Prices**: Charts show the closing prices of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [6][7][9][10][12][15]. - **Main Contract Basis**: Charts show the basis of main contracts for various varieties from 2005 to 2025 [17][18][21][23]. - **Inter - period Contract Spreads**: Charts show the contract spreads of different periods for various varieties from 2016 to 2026 [25][27][30][33][34][36][37][38][40]. - **Inter - variety Contract Spreads**: Charts show the inter - variety contract spreads such as coil - rebar spread, rebar - iron ore ratio, rebar - coke ratio, etc., from 2020 to 2025 [41][42][43][45]. - **Rebar Profits**: Charts show the rebar futures profit, long - process profit, and short - process profit from 2020 to 2025 [46][47][48][49][50]. 3.4 Black Research Team Members Introduction - The team includes members such as Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich experience and professional qualifications in the black - metal research field [52][53].

Report Summary 1. Investment Rating - No report industry investment rating is provided in the content. 2. Core View - The reference view of crude oil 2506 is to run strongly, with short - term being volatile, medium - term being volatile and weakening, and intraday being volatile and strengthening. The core logic is the escalation of US - Iran conflict and the reduction of supply expectations in the crude oil market [1][5]. 3. Summary by Related Content Time - cycle and View - For crude oil 2506, short - term (within a week) is volatile, medium - term (two weeks to one month) is volatile and weakening, and intraday is volatile and strengthening. The reference view is to run strongly [1]. Price and Market Performance - Due to the short - term positive factors, on Thursday night, domestic and international crude oil futures prices rose significantly. The domestic crude oil futures 2506 contract closed up 3.40% to 495.3 yuan/barrel, and it is expected to maintain a volatile and strengthening trend on Friday [5]. Core Logic - The US President Trump reduced the intensity of the tariff war, releasing positive signals and increasing the risk appetite of the financial market. The US Treasury imposed new sanctions on Iran's energy, escalating the US - Iran conflict. OPEC+ required Kazakhstan and Iraq to compensate for the insufficient crude oil production cuts, reducing the future supply expectations of the crude oil market [5].

Core Insights - The report indicates a bearish outlook for both Shanghai rubber (RU) and synthetic rubber (BR) in the short and medium term, with expectations of weak performance in the market [5][7]. Summary by Sections Shanghai Rubber (RU) - Short-term and medium-term views are both characterized as "oscillating weak," with a reference viewpoint of weak operation [5]. - The core logic suggests that recent macroeconomic sentiment has improved, helping the market to digest previous negative impacts from the US tariff situation. However, the upcoming rubber tapping season in Southeast Asia and domestic regions like Yunnan and Hainan is expected to increase supply pressure [5]. - The domestic automotive market showed optimistic production and sales data for March, indicating significant year-on-year and month-on-month growth, which could boost rubber demand expectations [5]. - Despite the positive automotive data, tire manufacturers are facing reduced operating rates as the May Day holiday approaches, leading to weakened demand expectations [5]. - On Thursday night, the Shanghai rubber futures contract (2509) closed down 0.41% at 14,595 CNY/ton, with expectations of continued weak oscillation on Friday [5]. Synthetic Rubber (BR) - Similar to Shanghai rubber, the short-term and medium-term views for synthetic rubber are also "oscillating weak," with a reference viewpoint of weak operation [7]. - The report notes that the macroeconomic sentiment has improved, allowing the market to absorb the adverse effects of the US tariff situation. The domestic automotive market's March production and sales data also showed significant growth [7]. - However, tire manufacturers are expected to reduce their operating rates as the May Day holiday approaches, leading to diminished demand expectations [7]. - The inventory reduction pace for synthetic rubber remains slow, contributing to ongoing supply pressure [7]. - On Thursday night, the synthetic rubber futures contract (2506) fell sharply by 2.08% to 10,840 CNY/ton, with expectations of continued weak oscillation on Friday [7].

Group 1: Market Overview - Northbound trading recorded a net buy of HKD 23.09 billion, with HK Stock Connect (Shanghai) contributing HKD 5.08 billion and HK Stock Connect (Shenzhen) contributing HKD 18.01 billion [1] - The most net bought stocks included Alibaba-W (09988), Tencent (00700), and Meituan-W (03690) [1][4] - The most net sold stocks were Yingfu Fund (02800), Xiaomi Group-W (01810), and CNOOC (00883) [1] Group 2: Stock Performance - Alibaba-W saw a net inflow of HKD 3.11 billion, with total trading volume of HKD 41.78 billion [2] - Xiaomi Group-W experienced a net outflow of HKD 6.15 billion, with total trading volume of HKD 35.74 billion [2] - Tencent recorded a net inflow of HKD 819.94 million, with total trading volume of HKD 31.70 billion [2] Group 3: Sector Insights - Morgan Stanley's report indicates that the impact of the US-China trade war on Chinese internet companies is mostly indirect, with an estimated effect on online consumption being less than 0.5% [4] - HSBC's research suggests that while the Chinese internet sector may experience volatility due to trade tensions, the direct impact from tariff policies is limited [4] Group 4: Company-Specific Developments - Giant Bio (02367) received a net buy of HKD 4.16 billion, planning to raise approximately HKD 22.94 billion through a discounted share placement for business development and working capital [5] - Pop Mart (09992) saw a net buy of HKD 2.27 billion, with a focus on global organizational restructuring to enhance its international strategy [5] - Xiaomi Group-W's recent financing plans include a HKD 425 billion share placement and a HKD 200 billion bond project, leading to significant net selling [7] Group 5: Commodity and Semiconductor Sector - Semiconductor stocks like Hua Hong Semiconductor (01347) and SMIC (00981) received net buys of HKD 1.97 billion and HKD 615 million respectively, amid favorable domestic policies [6] - The price of gold has reached a historical high of USD 3,350 per ounce, benefiting companies like Chifeng Jilong Gold Mining (06693) which saw a net buy of HKD 1.82 billion [6]

有人说，只有中国硬刚美国，其他国家不谋求反制，获得了喘息的机会和谈判的空间，中国把自己的路 堵死了，巨大的对美出口份额不可能短期内被内需消化掉。事实上，中国没有妥协的余地，因为特朗普 关税战的最终目标是重新实现美国独一无二的优势，彻底削弱中国的经济实力和发展空间，扼杀中国产 业升级的机会。因此，退让还要用更大的退让来弥补，"以地事秦，犹抱薪救火，薪不尽，火不灭"，那 是我们不可承受之重。 半个多世纪以来，美国放任国内财富和收入严重失衡，部分地区生活水平下降，并在国内外造成巨大金 融失衡。但美国不从自身寻找原因，也无力调整国内政策，却试图将危机转移给贸易伙伴。 短暂的停顿与观望过后，如果美国政府还没有被自身利益的损害打痛，"靴子"终会落下来。我国政府正 在通过系列"组合拳"化解这一局面，但阵痛期必然存在。涨价、外贸转内销、转向其他海外市场、在海 外开组装厂等，这些应对措施在实际操作中都有难度，调整时间或许要以月计、以年计，甚至更久。个 人要有所准备，努力适应内外环境的变化，探寻新的道路与生机。中长期看，中国必将更加深化与全球 的联系，发展机会绝不会因为美国的阻碍而中断，对于这一点，我们是有自信的。 关税战本质上 ...

Report Summary 1) Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2) Core View - The methanol market is expected to run weakly with bearish factors prevailing. The domestic methanol futures 2509 contract may maintain a weakly oscillating trend on Thursday [1][5]. 3) Summary According to Related Contents Price and Trend - The short - term, medium - term, and intraday views of methanol 2509 are all weakly oscillating, with a reference view of weak operation [1]. - On Wednesday night, the domestic methanol futures 2509 contract showed a weakly oscillating trend, with the futures price closing down 1.27% to 2246 yuan/ton [5]. Driving Logic - The US President Trump's move to reduce the intensity of the tariff war has released positive signals, and the risk appetite of the financial market has risen, which has repaired the bullish sentiment in the methanol market [5]. - However, the domestic methanol supply pressure is relatively large. During the Spring Festival maintenance period, due to the high profit of coal - to - methanol this year, the weekly output and operating rate remain high. Meanwhile, the downstream demand for methanol has only slightly improved [5].

Core Viewpoint - Recent fluctuations in tin prices on the Shanghai Futures Exchange have been characterized by significant volatility, with prices rising over 10% in the first quarter and reaching a 34-month high before experiencing a drop of over 20% in just five trading days, driven by macroeconomic shocks and supply-demand mismatches [1][2]. Group 1: Market Dynamics - The sharp decline in tin prices is attributed to two main factors: the U.S. "reciprocal tariff" policy raising concerns about increased global trade costs and demand contraction, and supply expectation adjustments from major producing regions like Myanmar and the Democratic Republic of Congo [2]. - The ongoing trade war and changing tariff policies have led to heightened market risk aversion, significantly impacting tin as a high-volatility commodity [2]. - The tightening of dollar liquidity and geopolitical conflicts have further exacerbated market fluctuations, with LME tin inventories dropping to their lowest point in 2023 [2]. Group 2: Supply and Demand Analysis - Current supply-demand dynamics indicate a "tight but not lacking" supply situation, with demand showing signs of recovery from weakness [6]. - Data shows that China's tin ore imports in January-February 2025 fell nearly 50% year-on-year, with a sharp 81.07% decline in imports from Myanmar, influenced by recent earthquakes affecting supply [6]. - The global mining capital expenditure growth rate for tin-related projects from 2019 to 2024 is only 1.2%, indicating a mismatch between existing project recovery and new project development timelines against demand growth [6]. Group 3: Future Outlook - The demand for tin is expected to significantly improve in the medium to long term, supported by growth in sectors such as semiconductor chips, 5G communications, photovoltaic cells, and AI chip soldering materials [6][8]. - The International Tin Association predicts a "non-linear leap" in tin demand from AI servers, with consumption per server expected to be three times that of traditional devices by 2025 [8]. - Despite the ongoing global trade tensions, tin is recognized as a strategic resource, with its overall value anticipated to rise as macroeconomic concerns are gradually absorbed by the market [8].