连日来，美国政府单方面发起关税战，对几乎所有贸易伙伴滥施关税，同时不断升级对华关税。美方这一行为，逆世界潮流而动，遭到国际社会普遍反 对。中方不愿打贸易战，但中国政府也绝不会坐视中国人民的正当权益被损害和剥夺。面对美方一意孤行，中方以坚定的意志、丰富的手段，坚决反制并 奉陪到底。 转自：人民日报客户端 古希腊神话中有个"潘多拉魔盒"的故事。普罗米修斯盗天火给人类后，宙斯恼怒其挑战神威，不仅将其绑缚在高加索山上，还设下一计，用祸害抵消天火 带给人类的幸福。宙斯命众神造出"潘多拉"，将其送给普罗米修斯的弟弟做妻子。潘多拉来到人间，打开宙斯赠送的宝盒，各种祸害被释放。挑起关税战 无异于打开"潘多拉魔盒"。 美滥施关税，怎么看、怎么办？从三则故事中，可汲取智慧和思考。 （一） 从盘古开天，到愚公移山，我国古代神话深刻体现出中国人民的一种执着追求。"女娲补天"的故事更是家喻户晓。远古时代，天塌一块，地裂深沟，世界 陷入巨大灾难。女娲不忍生灵受灾，炼五色石补好天空，斩神鳌之足撑四极，平洪水杀猛兽，积芦灰以填地缝，万灵始得以安居。危难之际尽显英雄本 色，风高浪急更见中流砥柱，充分展现了中华民族不畏艰难的精气神。 历经500 ...

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View - The crude oil futures 2506 contract is expected to run strongly, with an intraday view of oscillating strongly and a medium - term view of oscillating weakly [1][5] 3. Summary by Relevant Catalog Market Conditions - On Monday, the domestic crude oil futures 2506 contract rose slightly by 1.91% to 474.0 yuan/barrel, and in the night session, it continued to oscillate strongly, rising slightly by 1.13% to 474.9 yuan/barrel [5] Core Logic - The macro - sentiment has eased, and the US President Trump has actively reduced the intensity of the tariff war, releasing positive signals and increasing the risk appetite of the financial market [1][5] - The global crude oil supply trend remains in a growth state. Starting from May this year, 8 OPEC and non - OPEC oil - producing countries have decided to increase daily production by 411,000 barrels, far exceeding market expectations [5] - Since April 2025, the international crude oil futures prices have shown a weak downward trend, and the market's long - making power has continued to decline [5]

ETF Industry News Summary - The three major indices collectively rose, with the Shanghai Composite Index increasing by 0.76%, the Shenzhen Component Index by 0.51%, and the ChiNext Index by 0.34. The precious metals sector, particularly gold ETFs, showed strong performance, with the Gold Stock ETF (159321.SZ) rising by 5.83%, and others by 4.81% [1] - The total share of stock ETFs reached a new high of 20.43 trillion shares, an increase of 742.79 billion shares from the previous week, despite an overall market decline. The total scale of ETFs increased by 875.27 billion yuan to 2.90 trillion yuan [2] - The first batch of nine CSI All Share Free Cash Flow ETFs was launched, with various fund companies planning to raise funds over one to two weeks [3] Market Performance Overview - On April 14, the three major indices rose, with the Shanghai Composite Index closing at 3262.81 points, the Shenzhen Component Index at 9884.3 points, and the ChiNext Index at 1932.91 points. The Hang Seng Index and other indices also performed well, with daily increases of 2.4% and 2.06% respectively [4] - In terms of sector performance, textiles, coal, and non-ferrous metals led the gains, while household appliances, food and beverage, and real estate lagged behind [6] ETF Market Performance - The average performance of different categories of ETFs was calculated, with cross-border ETFs showing the best average increase of 2.08%, while money market ETFs had the worst performance at -0.00% [10] - The top-performing ETFs included several gold-related funds, with the Gold Stock ETF (159321.SZ) leading with a 5.83% increase, followed by other gold ETFs [12][13] - The trading volume of stock ETFs was led by the CSI 300 ETF (510300.SH) with a transaction amount of 3.63 billion yuan, followed by the Sci-Tech Innovation 50 ETF (588000.SH) and A500 ETF [15][16]

桥水基金创始人达利欧警告称，如果美债无法找到接盘者，可能会导致债务重组，进而引发更加严峻的经济局势。美国长期依赖美元的国际霸权地位，通过 美元主导全球经济，借债维持经济运转。然而，这种依赖模式正面临着前所未有的挑战。制裁政策、债务失控和金融科技的崛起，使得全球各国开始重新审 视美元的未来。 特别是在美元遭遇信任危机的背景下，全球央行纷纷减少对美元的依赖，增加黄金储备以分散风险。中国不仅在黄金储备方面持续加码，还在推动人民币国 际化方面取得突破。中国连续五个月增持黄金，使得外汇储备中的黄金占比达到5.9%。与此同时，随着"一带一路"和RCEP等倡议的推进，人民币在全球贸 易中的使用逐渐增加，进一步削弱了美元的主导地位。 特朗普一度被认为是以强硬的言辞和政策著称的人物，但最近却逐渐展现出在关键问题上的软化和退让。他曾坚定表示，绝不会暂停关税政策，但很快就违 背了自己的承诺，政策反复无常让全球感到震惊。这一转变不仅突显了特朗普的虚张声势，还揭示了他在数据面前的无奈。 特朗普的关税战并未能如预期那样"让美国再次伟大"，反而引发了美股、美债和美元的集体下跌，推高了美国的债务负担，加剧了全球去美元化的趋势。美 国的美债危 ...

Market Overview - A-shares continue to rebound with all three major indices closing higher; Shanghai Composite Index up 0.76% to 3262.81 points, Shenzhen Component Index up 0.51%, and ChiNext Index up 0.34% [1] - Despite over 4300 stocks rising, trading volume decreased to 1.28 trillion yuan, a 5% drop from the previous day, indicating significant capital divergence [1] Short-term Market Characteristics - Rapid rotation of themes observed, with sectors like Hainan (+5.71%), cross-border e-commerce (9 stocks hitting the daily limit), robotics (catalyzed by Tesla's humanoid robot), and precious metals (new highs in international gold prices) leading the gains [1] - High valuation tech stocks such as semiconductors and consumer electronics experienced pullbacks, suggesting weak sustainability of themes and strong short-term profit-taking intentions [1] - Quality performance stocks are gaining traction as the market shifts towards more certain earnings, particularly in sectors like gold and SOC chips, which have shown high growth in Q1 [1] Mid to Long-term Market Logic - The mid to long-term market logic remains focused on "domestic demand boost + technological breakthroughs + resilient foreign trade" [2] - Domestic consumption is being supported by policies like the upgrade of Hainan's duty-free shopping and the Ministry of Finance's expansion of "zero tariffs," benefiting local enterprises and sectors like cross-border e-commerce and new retail [2] - The semiconductor sector, despite facing tariff disruptions, is still favored by institutions for its advanced processes and self-sufficiency directions, alongside themes like AI computing and robotics [2] - New foreign trade patterns are emerging due to fluctuating U.S. tariff policies, with trends towards regional alliances, RCEP trade facilitation, and a shift towards high-value-added exports [2] Short-term Strategy - Focus on three elastic directions: - Cross-border payment benefiting from the appreciation of the yuan and the decline of the dollar index, with related ETFs and leading stocks expected to see valuation recovery [3] - Export-to-domestic sales, where export chain enterprises with domestic substitution capabilities (e.g., home appliances, light industry) are likely to absorb external shocks through domestic markets [3] - Quality performance lines, with sectors like gold and SOC chips that have pre-increased Q1 earnings and reasonable valuations becoming safe havens for funds [3]

外交部回应美关税政策反复修改 智通财经4月14日电，外交部发言人林剑主持4月14日例行记者会。会上有记者就美国关税政策反复修改 一事提问。林剑对此表示，商务部的新闻发言人已就此表明了中方的态度，事实已经并将继续证明关税 战、贸易战没有赢家，保护主义没有出路，美国滥施关税，损人害己。我们敦促美方放弃极限施压的错 误做法，在平等尊重互惠的基础上，通过对话解决问题。 ...

金十数据4月14日讯，经济学家表示，瑞士央行今年将避免将利率降至零以下，以努力遏制瑞郎的走 强。在彭博社对分析央行货币政策走向的分析师进行的调查中，高盛集团是唯一预测利率将回归负值的 投行。大多数人预测，官方将把利率维持在目前0.25%的水平。这一前景表明，在特朗普的关税战引发 市场动荡之际，政策制定者可能需要转而抛售瑞郎，以遏制瑞郎兑美元升至10年来最高水平的涨势。瑞 士央行一直小心翼翼地不排除负利率的可能性，以防止消费者价格下跌过大，并使该国出口商免受本币 走强的影响。但官员们承认，他们给金融体系造成的痛苦并不理想。 机构调查：瑞士央行似乎不会采取负利率来对抗瑞郎升值 ...

众所周知，商业是信心的游戏，市场是预期的晴雨表。中国125%的关税重锤落下，美股三大股指期货跳水，美元指数大 跌3.6%，现货黄金盘中再创新高。连日来，美国股市蒸发数万亿美元，美债也遭到大幅抛售。美国企业和国家利益为特 朗普的任性和自负付出了高昂的代价。而在中国，从人民银行、金融监管总局，到中央汇金、社保基金，从各大央企、 地方国资，到保险机构、商业银行，密集释放政策红利，真金白银增护盘，托举股市持续上扬。说到底，中美博弈是"内 功"的竞逐与比拼。 实际上，特朗普不断对华加征关税，已经远远超过单纯贸易工具范畴，明显向想利用关税打压中国，借机切断中国的产 业链和供应链。特朗普若是真想解决贸易逆差，完全可以通过更加理性和温和的方式，但现在美国却采取极端暴力的措 施，既违背基本经济市场的基本规律，也严重违反国际经贸规则，同时将对全球产业链、工业链产生系统性破坏，影响 市场的稳定和信心。而这恰好是美国经济复苏的重要前提，如果没有市场的稳定和信心，让美国再次伟大的梦做得再 好，也只是白日梦。 陷入对全球打关税战魔怔执念的特朗普，没有等到中方电话，等来的是中国奉陪到底、对等反制的组合拳。自挑起全面 贸易战后，特朗普一直公 ...

4月3日-4日，美股缩水约6.6万亿美元，为史上最大的两日市值蒸发。 4月3日，人民币兑美元汇率迅速跌破7.3；4月9日，离岸人民币兑美元汇率盘中跌至7.4290。4月3日以来，澳元、韩元、越南盾等亚太货币亦跌至数年新 低。 4月7日，延续了前几个交易日跌势后，国际金价跌破3000美元/盎司关口，至三周来最低水平。 "有时候几十年什么都没有发生，有时候几周却发生了几十年的事。"——在美国总统特朗普征收"对等关税"后，这成为全球金融市场巨震最为恰切的注 脚。 这场金融风暴背后的起因是远超市场预期的关税之战。 据新华社报道，当地时间4月2日，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。 短短几日后，美国与多国的博弈再度加剧。 据新华社报道，国务院关税税则委员会4月9日发布公告称，经国务院批准，自2025年4月10日12时01分起，调整《国务院关税税则委员会关于对原产于美 国的进口商品加征关税的公告》规定的加征关税税率，由34%提高至84%。其他事项按照税委会公告2025年第4号文件执行。 4月11日，中国财政部发布公告，称将调整《国 ...

Group 1 - The global financial market is experiencing significant turbulence due to the U.S. imposing tariffs, leading to a sharp decline in stock markets worldwide, while China's capital market demonstrates resilience [1][2] - Following the U.S. announcement of tariffs, the U.S. stock indices recorded their largest single-day drop in nearly five years, with European indices falling over 3% and significant declines in the Asia-Pacific markets, whereas the A-share market only saw a minor drop of 0.24% [1] - The Chinese government quickly implemented countermeasures, including raising tariffs on all imports from the U.S., which escalated from 34% to 145% over time, while the A-share market stabilized and rebounded after initial declines [1] Group 2 - A coordinated effort led by the "national team" was initiated to stabilize the market, with Central Huijin increasing its holdings by over 100 billion yuan in just two days, and state-owned capital operating platforms launching a 180 billion yuan special purchase plan [2] - Regulatory adjustments allowed insurance funds to increase their equity asset ratios, potentially bringing in over a trillion yuan in new capital, while 451 listed companies announced buyback plans, positively impacting core indices [2] - In response to the uncertainties from the tariff war, the Chinese government is intensifying domestic demand policies, with expectations of increased fiscal spending between 1.5 trillion to 2 trillion yuan, and focusing on expanding domestic consumption and supporting affected industries [3]