央视新闻客户端消息，在美国发起又一轮关税大战、搅乱国际贸易秩序之际，我们如何将目光向内聚焦， 坚定做好自己的事？ 各地积极应对"关税战" 助力企业迎挑战 为应对美国加征关税冲击，近日，重庆、福建多地企业积极调整、主动应对。 0:00 / 2:03 在重庆璧山区一家外贸企业，工人们加紧赶制一批将发往俄罗斯的订单。 同样，在福建泉州的这家外贸服饰企业，产品九成以上是出口的，其中销往美国的超过三成。面对如今的 关税局面，企业与美国客户商定的办法是：一分为二，各担一半。这样做的底气在于，对自家产品核心竞 争力充满信心。 泉州某服饰有限公司副总经理 赵文宏：注册了我们自己的产品专利，跟客户形成了黏性，关税加再高，他 照样还会买我们的产品。 一方面加大创新、调整市场方向，另一方面政府部门也给予了企业支持。 重庆某新能源有限公司负责人 罗勇：去年以来，我们就在积极拓展欧盟和俄罗斯等新兴市场，降低对单一 市场的依赖风险，预计今年对新兴市场出口有20%增长，可以抵消我们美国市场的损失。 来自英国的客商苏曼准备签订一笔价值500万美元的订单。 英国客商 苏曼：我们非常开心能参观这个工厂，产品质量很好，我们希望能长期保持合作关系。 ...

2025.04. 13 微信编辑 | 小羊 推荐阅读 时隔7日，小米SU7再现交通事故！ 据俄罗斯卫星社网站4月13日报道，美国总统特使理查德·格雷内尔表示，特朗普认为与中国进行谈 判，从而找到摆脱贸易对峙局面的出路至关重要。 据报道，格雷内尔在福克斯新闻频道的节目中说，特朗普是 "谈判大师，但要谈判就必须对话"。此 外，格雷内尔坚信，特朗普"相信和平协议"。他在节目中说："我们刚刚摆脱了（前总统）拜登三年 多不与（俄罗斯领导人）普京对话的局面。" 特朗普此前签署了关于对从其他国家进口商品征收所谓"对等关税"的行政令，并多次提高税率。 针对美国所谓"对等关税"，中国陆续发布多项反制措施。4月11日，中国国务院关税税则委员会发布 公告称，自4月12日起，对原产于美国的进口商品加征关税税率由84%提高至125%。并指出，鉴于在 目前关税水平下，美国输华商品已无市场接受可能性，如果美方后续对中国输美商品继续加征关税， 中方将不予理会。 对于美加征关税问题，中国外交部发言人表示，关税战、贸易战没有赢家，中方不愿打，但也不怕 打。如果美方真的想通过对话谈判解决问题，就应该停止极限施压、胡作非为。任何对话都必须建立 在平 ...

毛宁发布上述帖文之际，在中方和其他方的压力下，美方暂缓对部分贸易伙伴征收高额"对等关税"，但对华轮番加征畸高关税。面 对美国滥施关税做法，中方11日继续反制，宣布对美所有进口商品加征125%关税。 在4月11日中国外交部例行记者会上，发言人林剑回答美方滥施关税相关问题时表示，中方已多次阐述在关税问题上的严正立场。关 税战、贸易战没有赢家，中方不愿打，但也不怕打。我想强调，如果美方真的想通过对话谈判解决问题，就应该停止极限施压、胡 作非为！中国从来不吃这一套！任何对话都必须建立在平等、尊重、互惠的基础上。如果美方执意打关税战、贸易战，中方必将奉 陪到底。"中国是一个负责任国家。我们对美国霸凌行径采取反制措施，既是为了维护自身正当权益，也是为了维护国际规则和秩 序，为了维护世界各国的共同利益，为了维护国际公平正义。面对美国的霸凌霸道，妥协退让没有出路。"林剑说。 视频中，肯尼迪说，"我们必须承认，美国既非全知，亦非全能。我们只占世界人口的6%，无法将自己的意志强加到世界另外94%的 人身上。我们无法纠正所有的错误，或每次都扭转败局。因此，美国方案不是每次都能解决世界的问题。" 【环球网报道】北京时间4月12日，中 ...

Group 1 - The Chinese government has announced an increase in tariffs on imports from the United States from 84% to 125%, indicating that U.S. goods have no market acceptance under current tariff levels [1] - The Chinese Ministry of Commerce criticized the U.S. for its high tariffs, stating that further increases would be ignored by China, highlighting the futility of the U.S. tariff strategy [1][4] - Experts suggest that the high tariffs are detrimental to both sides, and if the U.S. continues to raise tariffs, it will only harm its own interests [1][5] Group 2 - The Chinese response to U.S. tariffs is framed as a defense of global fairness, emphasizing that resistance is a viable option against bullying [3] - The current U.S. tariff policy has led to a loss of credibility on the global stage, with warnings from former U.S. Treasury Secretary Summers about the potential economic damage [4] - China is focusing on maintaining its domestic market and diversifying its trade partnerships, including initiatives like the Belt and Road Initiative and the Regional Comprehensive Economic Partnership (RCEP) [5][6]

作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 在美国政府挥舞着关税大棒横扫全球、风光无两之时，美国国内民众却快要连一个鸡蛋也吃不起了。 横征暴敛、残暴关税的另一头，美国政府正低声下气地给欧洲国家写信，紧急求购鸡蛋，却遭遇了接连拒绝。 在超市买大麻，黑市买鸡蛋的荒诞情境之下，墨西哥黑帮也盯上了一个更安全、更快捷、损失更小的生意——走私鸡蛋。 而当中美之间关税达到145%之时，特朗普无疑又给墨西哥黑帮送来了另一大生意——走私中国商品。 来源：网络 而这一切，都要从小小的鸡蛋开始讲起。 01 《资本论》中曾说—— "有50％的利润，资本就铤而走险；为了100％的利润，资本就敢践踏一切人间法律；有300％的利润，资本就敢犯任何罪行，甚至冒绞首的危 险。" 有危机，就有商机。鸡蛋如此，中国商品也是如此。 在中国人的眼里，鸡蛋这种难以携带运输，货值又小的商品，是很难代购甚至转卖的，但并不妨碍它有利可图。 2022年，美国爆发禽流感，此后，美国便开始大规模扑杀下蛋鸡。三年时间内，美国已经累计扑杀超过1.68亿只蛋鸡。 显而易见的后果是，美国鸡蛋产量越来越少，逐渐短缺，导致鸡蛋价格飙升。过去 ...

Core Insights - Tesla has removed the option to order new Model S and Model X vehicles in China, leaving only options for viewing existing stock and scheduling test drives [1][2] - The decision to halt new orders is attributed to the impact of rising tariffs on imported vehicles, particularly as the U.S. has increased tariffs on Chinese goods to 125% [8][9] - The competitive landscape for high-end electric vehicles in China has intensified, with domestic brands gaining significant market share and launching performance-oriented models at lower price points [5][12] Summary by Sections Product Availability - Consumers can no longer custom order new Model S and Model X vehicles, only existing stock or certified used cars are available [2] - In major cities like Beijing and Shanghai, Model S is available for immediate delivery, while Model X has no current stock [1] Market Dynamics - The high-end electric vehicle market has become more competitive over the past decade, with domestic brands establishing a strong presence [5] - New entrants like Xiaomi and other domestic brands have launched high-performance electric vehicles at competitive prices, leading to a decline in demand for Model S and Model X [5][12] Tariff Impact - The recent increase in tariffs has made the importation of Model S and Model X economically unfeasible, leading Tesla to limit new orders to protect its brand image [8][9] - The Model 3 and Model Y, produced in Tesla's Shanghai factory with a high localization rate, are less affected by these tariffs [8] Future Outlook - Tesla plans to introduce updated versions of Model S and Model X later this year, featuring new design language and advanced hardware [11][12] - The new models are expected to enhance driving capabilities and range, but may struggle to attract consumers if priced similarly to existing models [12][14] - There is speculation that local production of these models could mitigate tariff impacts and improve sales performance [15] Conclusion - The halt in new orders for Model S and Model X reflects their marginal sales position in the Chinese market, signaling potential volatility for other imported models as well [17]

再看这豁免清单的第二层意思，美国是真的没牌了。从开始加征关税到暂停关税，特朗普这招"胡萝卜加大棒"玩得可真溜。但问题是，美国这根"大棒"抡 得再凶，打在自己腿上的疼更明显。其他国家一看美国这出尔反尔的德行，怕是连胡萝卜都不想吃了。特朗普这招"拉拢其他国家孤立中国"的把戏，怕是 又要翻车。毕竟上次搞"芯片四方联盟"不也黄了？现在美国自己先撑不住了，这豁免清单就是最好的证据。要我说，这哪是打贸易战，简直是给自己挖坑 跳。 最绝的是中国这一招"奉陪到底"的狠劲儿。从34%到50%的关税反击，再到出口管制，这招数打得美国措手不及。特朗普这下慌了神，开始玩起"关税暂 停"的把戏，说白了就是想给其他国家喘口气，好继续拉帮结派。但问题是，美国这招能持续多久？美债收益率最近涨得凶，明显是有人开始抛售美债 了。大家猜猜是谁？中国作为美债第二大持有国，要是真开始大幅抛售，美元霸权怕是要抖三抖。这招比起关税战来，杀伤力可大多了。 特朗普那边刚宣布对华加征50%关税，还信誓旦旦要等中国主动认输的电话，结果呢？中国直接反手就是一个同等力度的关税反击。眼瞅着中国不仅没低 头，反而在关键领域祭出大招，特朗普这下慌了神，直接把关税又往上涨到 ...

【环球时报记者 白云怡 杨沙沙 谢文婷 王雯雯 环球时报驻美国特约记者 吴倩 陈立帆】编者的话：美国总统特朗普推出的所谓"对等关税"，不仅扰乱世界经 济贸易秩序，也对美国老百姓生活的方方面面造成严重影响——主妇担忧超市的货架上是否还会有物美价廉的商品，小企业主被迫"冻结"中国进口订单，临 近退休的人害怕自己的养老金在股市中蒸发，股民们被焦虑的情绪笼罩，农场主认为自己成了"政治博弈"的牺牲品……接受《环球时报》记者采访的美国普 通民众对这场威胁自己生活和事业的风暴充满无奈和不满，他们不希望这种混乱的状态长期持续下去。 " 我的退休金账户两天损失了 5.8 万美元 " 上周末，美国马里兰州的玛吉带着即将上大学的女儿去家附近的百思买（北美消费型电器、个人电脑及娱乐软件设备零售商）选电脑和手机，"店里好多 人，比平时多很多。"一家人又想折回到附近苹果店看看手机，发现人都已经排出店外。玛吉一打听才知道，大家都想趁着关税生效前囤手机、电脑之类 的"中国制造"。 据《印度时报》报道，3月27日至29日，5架满载iPhone和其他产品的货机从印度起飞，直抵美国。与此同时，苹果公司还从中国向美国批量运送iPhone智能 手机。 ...

Group 1 - The State Council's Tariff Commission announced an increase in tariffs on U.S. imports from 84% to 125% starting April 12, indicating that U.S. goods have no market acceptance in China at current tariff levels [3] - The Ministry of Commerce criticized the U.S. for its high tariffs on China, stating that such measures have become a "numbers game" with no real economic significance, and warned of resolute countermeasures if the U.S. continues to harm China's interests [3] - The Shenzhen Stock Exchange outlined a plan for long-term capital market entry, focusing on product supply, optimizing trading mechanisms, and promoting targeted investment strategies [3] Group 2 - U.S. stock indices closed higher, with the Dow Jones up 1.56% at 40,212.71 points, and the S&P 500 rising 1.81% to 5,363.36 points, driven by gains in major companies like Apple and JPMorgan [5] - European stock indices showed mixed results, with Germany's DAX down 0.92% and the UK's FTSE 100 up 0.64% [6] - Major Asia-Pacific indices fell, with Japan's Nikkei 225 down 2.96% and South Korea's KOSPI down 0.5% [6] Group 3 - The International Financial Association reported a net outflow of $17.1 billion from emerging market fixed income and equities in March, marking the largest monthly outflow since August 2023 [6] - International gold futures surged 2.44% to $3,254.90 per ounce, reaching a new historical high, with a weekly increase of 7.23% [6] - Brent crude oil prices rose 1.99% to $64.59 per barrel, despite a weekly decline of 1.51% [6] Group 4 - The National Financial Regulatory Administration issued guidelines to promote the high-quality development of financial asset management companies, emphasizing the need for a balanced approach to asset growth [11] - The Ministry of Commerce reiterated its stance against unilateral U.S. tariffs, asserting that such actions violate WTO rules and disrupt multilateral trade systems [11] - The People's Bank of China conducted a 285 billion yuan reverse repurchase operation at a rate of 1.50%, with no reverse repos maturing that day [11] Group 5 - A-shares and Hong Kong stocks rebounded for four consecutive days, with the Shanghai Composite Index closing up 0.45% at 3,238.23 points [14] - The Hang Seng Index rose 1.13% to 20,914.69 points, with significant buying in gold and semiconductor sectors [14] - The Taiwan Weighted Index closed up 2.78% at 19,528.77 points [15] Group 6 - The China Securities Regulatory Commission approved Huazhi Jie’s IPO registration on the Shanghai Stock Exchange [15] - The Shanghai Stock Exchange took regulatory measures against 155 instances of abnormal trading behavior this week [15] - China Mobile launched AI glasses with integrated features for real-time translation and meeting management [16] Group 7 - The Ministry of Industry and Information Technology reported that China's automobile production and sales reached 7.561 million and 7.47 million units respectively in Q1, with a year-on-year increase of 14.5% and 11.2% [26] - The semiconductor industry association announced new rules for the origin certification of semiconductor products [26] - The IDC forecasted that China's gaming cloud market will reach $1.87 billion in 2024, growing at a compound annual growth rate of 6.9% [26] Group 8 - The U.S. Federal Reserve indicated that tariffs and trade uncertainties are significant factors affecting economic growth, which is expected to slow to 1% this year [28] - The U.S. March PPI rose 2.7% year-on-year, below expectations, while core PPI increased by 3.3% [28] - The UK reported a 1.4% year-on-year increase in GDP for February, exceeding expectations [29]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - Due to the escalation of the tariff war, the capital market declined sharply at the beginning of the week, increasing concerns about market recession, weakening the expected demand for industrial products, and leading to a weak sentiment in the commodity market, with industrial products hitting a new low since December 2020. The tariff increase on the US has little direct impact on coal but indirectly affects it through steel demand, and it is expected that US coal imports will be restricted. Monetary policies such as reserve requirement ratio cuts and interest rate cuts are expected to be introduced soon [9]. - Overseas, the US government's adjustment of tariff policies and the authorization of tariff suspension measures by Trump have led to volatile market sentiment [9]. - In terms of supply and demand, the supply is loose, and due to the impact of tariffs, the demand in the sector is under pressure, with negative feedback from raw materials. The main contradiction is that tariffs dominate market sentiment, and the tariff issue will continue to disrupt the market repeatedly during Trump's term [9]. - Technically, the weekly K - line of coking coal 2509 is below the 60 - day moving average, showing a bearish trend in the weekly chart. - Operationally, coking coal 2505 is expected to operate in a weak and volatile manner [9]. 3. Summary by Directory 3.1. Weekly Highlights Summary - **Price and Spread**: As of the Friday daytime session close, the futures price of coking coal contract 2505 was 1001.0 yuan/ton (-23.0), and the ex - factory price of coking coal in Wuhai, Inner Mongolia was 1160 yuan/ton (unchanged) [8]. - **Mine Production**: The daily average output of raw coal from 523 coking coal mines was 196.4 million tons, a week - on - week increase of 1.9 million tons; the daily average output of 110 coal washing plants was 52.86 million tons, an increase of 1.04 million tons [8]. - **Total Coking Coal Inventory**: The total coking coal inventory (independent coking plants + 6 major ports + steel mills) was 1919.39 million tons this period, a week - on - week increase of 66.34 million tons and a year - on - year increase of 20.76% [8]. - **Tonnage Coke Profit**: The average loss per ton of coke for 30 independent coking plants nationwide was 49 yuan/ton [8]. - **Steel Mill Profit Rate**: The profit rate of steel mills was 53.68%, a decrease of 1.73 percentage points from last week and an increase of 15.58 percentage points compared to the same period last year [8]. - **Iron Water Production**: Iron water production continued to increase slightly, reaching 240.22 million tons, an increase of 1.49 million tons from last week and an increase of 15.47 million tons compared to the same period last year [8]. 3.2. Futures and Spot Market - **Futures Market**: As of April 11, the position of coking coal futures contracts was 46.42 million lots, a week - on - week decrease of 6.06 million lots; the spread between futures JM2509 and JM2505 (far - month minus near - month) was 104 yuan/ton, a week - on - week increase of 31.5 yuan/ton. As of April 10, 2025, the registered coking coal warehouse receipts were 200 lots, a week - on - week increase of 200 lots; as of April 11, 2025, the spread between the main contracts of coke and coking coal was 629.5 yuan/ton, a week - on - week increase of 2 [15][21]. - **Spot Market**: As of April 10, 2025, the flat - price of coke at Rizhao Port was 1460 yuan/ton, unchanged from the previous period; the ex - factory price of coking coal in Wuhai, Inner Mongolia was 1160 yuan/ton, unchanged from the previous period. As of April 11, 2025, the coking coal basis was 247 yuan/ton, a week - on - week increase of 88.5 [27]. 3.3. Industrial Chain Situation - **Supply - side Production**: On April 10, the verified capacity utilization rate of 523 coking coal mine samples was 87.2%, a week - on - week increase of 0.8%. The daily average output of raw coal was 196.4 million tons, a week - on - week increase of 1.9 million tons, and the daily average output of clean coal was 78.2 million tons, a week - on - week increase of 1.4 million tons. On April 9, the operating rate of 110 coal washing plant samples nationwide was 62.70%, an increase of 1.93% from the previous period; the daily average output was 52.86 million tons, an increase of 1.04 million tons [31]. - **Inventory Situation**: As of April 11, 2025, the capacity utilization rate of the full sample of independent coking enterprises was 72.96%, an increase of 0.28%; the daily average coke output was 64.84, an increase of 0.01; the coke inventory was 107.30, a decrease of 10.17; the total coking coal inventory was 965.69, an increase of 14.1; the available days of coking coal were 11.2 days, an increase of 0.16 days. As of April 4, 2025, the total coking coal inventory (independent coking plants + 6 major ports + steel mills) was 1919.39 million tons, a week - on - week increase of 66.34 million tons and a year - on - year increase of 20.76%. As of April 11, the inventory of imported coking coal at 16 ports nationwide was 646.40, a decrease of 7.18; the inventory of coke at 18 ports nationwide was 277.30, an increase of 16.02. The inventory of coking coal in 247 steel mills was 779.63, an increase of 10.08, and the available days of coking coal were 12.36 days, an increase of 0.15 days; the inventory of pulverized coal injection was 402.94, a decrease of 3.64, and the available days of pulverized coal injection were 11.94 days, a decrease of 0.14 days [35][39]. - **Downstream Demand**: As of April 10, the daily average iron water output of 247 steel mills was 240.22 million tons, a week - on - week increase of 1.49 million tons and a year - on - year increase of 15.47 million tons. As of April 11, the available days of coking coal for the full sample of independent coking enterprises were 11.2 days, an increase of 0.16 days [43]. - **Coking Enterprise Profit**: From January to December 2024, the coke output was 48927.2 million tons, a year - on - year decrease of 0.68%. In December 2024, the coke output was 4148.1 million tons, almost the same as the previous period. As of April 10, the average loss per ton of coke for 30 independent coking plants nationwide was 49 yuan/ton [47]. - **Upstream Production**: From January to February 2025, the raw coal output increased by 7.7% year - on - year, and the growth rate accelerated compared to December of the previous year. In February 2025, the coking coal output was 3622.59 million tons, a year - on - year increase of 3.6% and a year - on - year increase of 9.15%. From January to December 2024, the cumulative coking coal output was 46945.66 million tons, a year - on - year decrease of 4.17% [52]. - **Import Situation**: In 2024, China imported 5.4 billion tons of coal, a year - on - year increase of 14.4%, hitting a record high, including a cumulative import of 12189.5 million tons of coking coal, a year - on - year increase of 19.62%. From January to February 2025, China imported 1884.55 million tons of coking coal, a year - on - year increase of 5.59% [57].