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]

特朗普关税，风涌云荡。 2025年4月10日，美国政府宣布对中国输美商品征收"对等关税"的税率进一步提高至125%。 对此，中国政府宣布了一系列反制措施，宣布自2025年4月12日起，对美所有进口商品加征125%关税。 同时，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。 特朗普政府执意打关税战、贸易战，公然与世界作对，其动因何在？对中国经济增长和全球贸易格局会 带来哪些影响？就此，新京报专访北京大学国家发展研究院教授、中国经济研究中心主任姚洋。 在姚洋看来，关税战暴露出美国内部长期存在的"亏空"问题。我们不用理会特朗普政府的"闹腾"，可以 做好自己的事，在服务业等领域加大开放，抵消关税战带来的不利影响，同时促进新一轮的国内改革。 特朗普折腾关税源于自己"亏空" 新京报：特朗普的对华关税政策引起广泛关注。美方这样折腾是出于哪些动机，想达到什么目的？ 姚洋：特朗普在征收全球关税。我们只能从他说的和做的来推测他想干什么，因为他真实的目的谁也不 知道。从特朗普所公布的信息来看，大概有三个目的。 第一点，要平衡贸易，就是说他要设定一个关税，然后通过这个 ...

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].

4月11日，外交部发言人林剑主持例行记者会，回应美方称对华关税达145%。 林剑说，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，中方从来不吃这一 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。 中国是一个负责任的国家，我们对美国的霸凌行径采取反制措施，既是为了维护自身的正当权益，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。 邮箱：bwb@stcn.com 来源：日月谭天 责编： 王璐璐 校对：王蔚 百万用户都在看 事关降息！美联储，最新发声！ 紧急空运！苹果手机，刷屏！ 上午开会，下午就加仓7000万元！A股公司闪电回购！ 特朗普，操纵市场？美股，盘前走低！ A股，大反攻！见证历史：两天买入超1780亿！ 千亿级别！大资金，疯狂买入！ 违法和不良信息举报电话：0755-83514034 ...

不过在"选购现车"一栏，还能看到Model S和Model X的现车。以深圳地区进行搜索，能看到售价最低72.19万元的Model S全轮驱动版有现车，可以"即刻交 付"，但并无Model X现车。以上海地区进行搜索，能看到售价90.29万元的Model X现车。 停止新车订购，并非是因为Model S和Model X停产。尽管特斯拉CEO马斯克曾在公开的"特斯拉总体规划"中提及，这两款车型最初被定位为为未来面向大 众市场的平价车型筹集资金的工具。但因为Model S的性能和Model X的宽敞空间，它们到今天还仍能吸引部分消费者，所以一直没有被停产。 特斯拉汽车工程副总裁拉尔斯.莫拉维(Lars Moravy)也表示，目前公司并无计划将Model S和Model X从产品线中移除。并且他表示，从自动驾驶和机器人 出租车的使用场景来看，Model S和Model X都具有独特的优势，这两款车型在"可预见的未来"都不会停产。 据了解，特斯拉上海工厂尚未实现对Model S和Model X车型的国产化，这些车型主要在特斯拉位于美国的加州工厂生产。特斯拉上海超级工厂产能超过95 万辆，生产车型均为Model3和Mo ...

Group 1 - The U.S. has increased tariffs on imported vehicles, significantly impacting European and American car manufacturers, leading to layoffs and factory closures [2][3][4] - Stellantis announced the layoff of 900 workers and the closure of two factories in Canada and Mexico due to the tariff increase [2] - Audi has suspended deliveries of new vehicles to U.S. dealers, with over 37,000 vehicles currently in inventory that are unaffected by the new tariffs [2][3] Group 2 - Jaguar Land Rover has halted exports to the U.S., where it sells nearly 100,000 vehicles annually, representing 25% of its global sales [3] - The British automotive industry faces challenges from both domestic demand decline and the transition to electric vehicles, with potential job losses of up to 25,000 in the supply chain due to the tariff policy [3] - The new tariffs are expected to further decrease the market share of American-made vehicles in China, which has already dropped to 6.8% in 2023 [6][10] Group 3 - The tariff structure is tiered based on engine displacement, meaning higher displacement vehicles will face steeper tariffs, affecting models like Ford's Mustang and Chevrolet's Corvette [4][6] - The cost increase for vehicles like the Chevrolet Corvette C8 Z06 could reach an additional 1 million RMB due to the new tariffs, significantly impacting pricing strategies [4][6] - The luxury car tax threshold in China has been lowered to approximately $67,000, which may further disadvantage American imports compared to German brands [6][7] Group 4 - Tesla faces increased production costs due to reliance on imported parts, with the new tariffs potentially raising costs by thousands of dollars per vehicle [8][10] - The tariffs may weaken Tesla's competitive position in international markets, particularly in China, where it is already experiencing declining sales [10] - Long-term, Tesla may need to diversify its supply chain and innovate to mitigate risks associated with the tariffs, although this will require significant investment and time [10][11]

Core Viewpoint - The article discusses the impact of U.S. tariffs on the automotive industry, highlighting that Chinese automakers are optimistic about the domestic market while international companies are responding with export suspensions and price increases. Group 1: Impact of Tariffs on Chinese and International Automakers - Chinese automotive exports to the U.S. account for only 1.81% of total exports, indicating minimal impact from U.S. tariffs [1][10] - Experts believe that the long-term negative effects of the tariff war will be greater for the U.S. than for China, potentially opening opportunities for trade and investment cooperation between China and regions like the EU and Japan [1][12] - The China Automotive Dealers Association states that the impact of U.S. tariffs on Chinese automakers will be limited due to the small volume of exports [11][12] Group 2: Actions Taken by Chinese Automakers - Major Chinese automakers like China FAW and Dongfeng are increasing share buybacks to bolster market confidence, with Dongfeng having completed over 2 billion yuan in buybacks [2][3] - GAC Group also plans to accelerate its share repurchase program, citing strong economic resilience and potential [2] Group 3: International Automakers' Responses - Audi has suspended all exports to the U.S., affecting vehicles arriving after April 2, while maintaining a two-month inventory for dealers [5] - Jaguar Land Rover announced a one-month suspension of exports to the U.S. starting April 7 [6] - Volkswagen has halted rail transport of vehicles from Mexico to the U.S. and is temporarily holding cars arriving from Europe [7] - Stellantis is laying off 900 employees and temporarily shutting down some factories in the U.S. due to tariff impacts [8] Group 4: Future Opportunities for Chinese Automakers - The tariff policy may encourage Chinese brands to focus on emerging markets in North America, Southeast Asia, and Europe [13] - The current trade environment may provide Chinese electric vehicles with greater opportunities in international markets, leveraging China's advantages in the electric vehicle supply chain [13]

行 业 研 究 研 究 所 晨 会 观 投资咨询业务资格： 证监许可[2011]1771号 分[析Ta师ble_Report] 点 精 萃 贾利军 从业资格证号：F0256916 投资咨询证号：Z0000671 电话：021-80128600-8632 邮箱：jialj@qh168.com.cn 明道雨 从业资格证号：F03092124 投资咨询证号：Z0018827 电话：021-80128600-8631 邮箱：mingdy@qh168.com.cn 刘慧峰 从业资格证号：F3033924 投资咨询证号：Z0013026 电话：021-80128600-8621 邮箱：Liuhf@qh168.com.cn 刘兵 从业资格证号：F03091165 投资咨询证号：Z0019876 联系电话：021-80128600-8630 邮箱：liub@qh168.com.cn 王亦路 从业资格证号：F03089928 投资咨询证号：Z0019740 电话：021-80128600-8622 邮箱：wangyil@qh168.com.cn 冯冰 从业资格证号：F3077183 投资咨询证号：Z0016121 电话：021 ...

Report Summary 1) Industry Investment Rating No industry investment rating is provided in the report. 2) Core View The report focuses on the methanol futures market. It indicates that the short - term (intraday) view is that the methanol futures will be oscillating strongly, while the medium - term view is that it will be oscillating weakly. The overall reference view is a strong - side operation. The main reason is that due to the tariff war between China and the US, the external stock and commodity futures markets declined significantly. After Trump announced a 90 - day tariff suspension for non - retaliating countries, commodity futures prices stopped falling and rebounded. The methanol futures 2505 contract had an oversold rebound on the previous day and maintained an oscillatingly strong trend in the night session on Thursday, with the price slightly rising by 0.17% to 2397 yuan/ton. It is expected to maintain an oscillatingly strong trend on Friday [5]. 3) Summary by Related Content Price and Trend - The methanol futures 2505 contract maintained an oscillatingly strong trend in the night session on Thursday, with the price slightly rising by 0.17% to 2397 yuan/ton [5]. Market - driving Logic - The continuous fermentation of the tariff war between China and the US led to a sharp decline in the external stock and commodity futures markets to digest negative risks. Trump's announcement of a 90 - day tariff suspension for non - retaliating countries was a positive factor, causing commodity futures prices to stop falling and rebound, including the methanol futures 2505 contract [5].

周四，A股市场继续反弹，上证指数收涨1.16%，重回3200点大关，深证成指上涨2.25%，创业板指也涨 逾2%。市场成交继续维持高位，已连续四个交易日突破1.6万亿元。截至收盘，上涨个股超4900只，其 中涨停个股超170只。 北证50指数领涨市场 "国家队"积极入市、上市公司掀起增持回购热潮，市场正逐步走出关税战带来的焦虑，慢慢止跌企稳。 近三个交易日，A股各主要指数连续反弹，其中上证指数累计上涨4.1%，深证成指上涨4.17%，创业板 指上涨5.16%。北证50指数最为坚韧，近三个交易日已基本收复周一的跌幅，反弹超过21%。 从个股来看，已有720多只个股本周录得上涨，周一收盘时上涨个股仅有100多只，相当于有600多只个 股已收复周一跌幅。部分个股反弹幅度惊人，例如品渥食品（300892），周一时大跌超9%，本周已累 计上涨超50%；奇德新材（300995）周一出现20%跌停，本周已累计上涨超25%。 由于市场非理性下跌，部分优质个股或因短期情绪或行业波动而出现大幅调整。据证券时报.数据宝统 计，本周跌幅超10%的个股中，有28只个股2024年净利同比增长超50%且评级机构数在5家及以上。这 些股票未 ...