·新势力车企4月"成绩单"： 交付量小鹏最高增长超270%；零跑增长173%、蔚来增长53% ·美国证实加拿大及墨西哥汽车零部件免征25%关税将于5月3日生效 ·日本央行将政策利率维持在0.5%左右不变植田和男：若经济和物价走势符合预期将继续加息 ·从中国国家铁路集团有限公司获悉，5月1日，全国铁路预计发送旅客2250万人次，计划加开旅客列车1341列。4月30日，全国铁路发送旅客1831.6万人次、 同比增长11.5%，运输安全平稳有序。（新华社） ·第137届广交会第三期"美好生活"5月1日开幕，12043家企业参展。参展企业通过挖掘更深层次的消费需求，在孕婴童、服饰、文具、食品、宠物用品、健 康休闲等领域推出更个性化、更高品质的产品，打造美好生活体验，助力提升生活品质。（新华社） ·据海口海关消息，海南自由贸易港"零关税"进口药品、医疗器械政策自2024年12月25日在博鳌乐城国际医疗旅游先行区落地实施以来，已有10家医院通过 政策享惠主体审核。海口海关共监管"零关税"进口药品、医疗器械申报总货值6023.9万元人民币，减免税款818.7万元人民币。（新华社） ·美国海关和边境保护局当地时间5月1日证实 ...

金十数据整理：昨日今晨重要新闻汇总（5月2日） 6. 美国4月ISM制造业PMI录得48.7，高于预期的48；美国至4月26日当周初请失业金人数录得24.1万 13. 原定5月3日举行的伊朗和美国之间的谈判因故将重新安排时间。特朗普称将禁止伊朗石油买家与美 国做生意。 14. 美国证实加拿大及墨西哥汽车零部件免关税。 国内新闻： 6. 交通运输部消息，"五一"假期第一天，预计全社会跨区域人员流动量超3.4亿人次，比去年"五一"假 期首日增长8.0%。 国际新闻： 1. 日本央行连续第二次会议将目标利率维持在0.50%不变，下调经济和核心通胀预期。 5. 美国财长贝森特：2年期国债收益率低于联邦基金利率是美联储应该降息的信号。预计GDP数据将被 修正。 人，为2025年2月22日当周以来新高。 7. 美国商会致信白宫寻求给予小企业关税豁免。 8. 美国国家经济委员会主任哈塞特：预计今天结束前将有关税消息宣布。 9. 美国考虑放松英伟达向阿联酋出口芯片限制，或于特朗普访问该国时宣布。 10. 调查显示：尽管欧佩克计划增加石油产量，但4月份石油产量下降。 11. 英媒：欧盟希望增加500亿欧元的美国商品采购量，以解 ...

金十数据5月1日讯，美国商会周三致信白宫，寻求立即给予小企业关税豁免。商会还要求立即豁免美国 国内无法供应的产品的关税，如咖啡、香蕉和某些工业原料。 美国商会致信白宫寻求给予小企业关税豁免 ...

004月8日，贵州孵化公众号上发布消息称"谈疏铁钢铁理氟"耦合循环一体化项目在贵阳市开阳目双流镇测永村开工，2万吨/年六氟减酸锂等项目开工。据了解，该项目是以磷的主导 的全资源循环播合产业示范项目，中核铂目、贵州降化及其他产业方与贵阳市人民政府签署合作协议。通过建设140万吨七水顽棱亚铁联产40万吨铁白粉、60万吨磷旋铁、60万吨磷酸铁 理、15万吨碳酸锂、1万吨氟化锂、2万吨元氰磷酸锂、10万吨铜冶炼、磷石膏分解制动酸、热电联产项目、公铺工程项目来打造具有全球等务力频能源电池材料研发和生产基地。 0组:BSMT 降，4月海关公布的进口再生铜原锌数据显示，3月再生铜原料进口量为18.97万突物吨，环比减少28%，同比减少12.07%。折分来源国来看，前五来源国分别为日本、美国、泰 国、马来西亚和中国台湾，日本进口量达2.7万实物吨，环比增加16%，一举跃升至第一名，美国进口量2.2万弈物吨，环比减少29%，受中美贸易战不断升级。中国海关次对4月00日前 寓开美国随口，并于5月22号前到达中国港口并报关的再生铜原料进行关税豁免，但在此前，8月份进口贸易商早已停止从美国采购两生铜原料，3月份到港货物均是1、2月赛 ...

韩国产业通商资源部：将通过与美国贸易代表办公室的技术磋商，寻求得到美国对等关税、汽车和钢铁 进口关税的豁免。 ...

Industry Information - Reported industry: Soybean meal [1] - Report date: April 30, 2025 [2] - Research team: Agricultural products research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Investment Rating - Not provided Core Viewpoints - The CBOT soybean has strong support at the bottom due to ongoing trade negotiations between various countries and the US, with many countries expected to purchase US agricultural products. The planting area of new-season US soybeans has decreased significantly, and weather conditions will have a greater impact on the market in the future. [6] - In the domestic soybean meal market, the spot and futures markets deviated last week. The shortage and price increase in North and Northeast China spread across the country, but the spot market has cooled down recently. The high basis indicates that the market expects the future spot shortage to ease significantly. After May, a large amount of soybeans will arrive at ports and clear customs, which is reflected in the supply increase on the futures market. [6] - Contracts 09, 11, and 01 have relatively more potential positive factors, including the increase in import costs after the Brazilian selling pressure eases, the US weather window, and tariff issues. However, investors may need to endure the greatest supply pressure in the second quarter. [6] Section Summaries 1. Market Review and Operation Suggestions - **Market review**: The prices of soybean meal contracts 2505, 2507, and 2509 all declined. The trading volume of contract 2509 was the largest, and its position decreased. The US soybean 05 contract on the external market fluctuated, with the main contract at 1055 cents. After the Tomb-Sweeping Festival, US soybeans rebounded and then entered a narrow range. [6] - **Operation suggestions**: Contracts 09 and subsequent ones have relatively more potential positive factors, but investors need to withstand the supply pressure in the second quarter. [6] 2. Industry News - As of the week ending April 27, 2025, the US soybean planting rate was 18%, higher than the market expectation of 17%, and higher than the previous week's 8%, last year's 17%, and the five-year average of 12%. [7] 3. Data Overview - As of April 26, the harvesting rate of Brazilian soybeans in the 2024/25 season was 94.8%, higher than last week's 92.5%, last year's 90.5%, and the five-year average of 93.5%. [18] - In the first four weeks of April, Brazil exported 12,954,887.78 tons of soybeans, with an average daily export volume of 762,052.22 tons, a 14% increase compared to the average daily export volume in April last year. The total export volume in April last year was 14,687,842.09 tons. [18]

行业 豆粕 日期 2025 年 4 月 28 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 1 一、行情回顾与操作建议 每日报告 每日报告 | 表1：行情回顾 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Group 1 - South Korea is urgently seeking a trade agreement with the U.S. before the expiration of a 90-day tariff suspension on July 8, to avoid potential trade impacts from the Trump administration [1] - South Korean officials are focusing on four main categories in discussions: tariffs and non-tariff measures, economic security, investment cooperation, and monetary policy [1][2] - The South Korean government emphasizes the need for a "reciprocal" solution to address tariff concerns and proposes specific measures to support U.S. shipbuilding and enhance energy security [2] Group 2 - South Korea's key export industries, particularly steel and aluminum, face a 25% tariff on exports to the U.S., while the automotive sector also encounters similar additional tax burdens [3] - Major South Korean automotive brands, Hyundai and Kia, rank among the top eight best-selling brands in the U.S. market, highlighting the significance of these tariffs on their performance [3] - Political uncertainty due to upcoming elections in South Korea may affect the timeline and outcomes of trade negotiations with the U.S., as a new government will be established after the June 3 elections [4]

Report Industry Investment Rating - Not provided in the given content Core Views - Cost side: Affected by Trump's tariff exemption news, risk assets in the macro - level have stabilized temporarily, but related negotiations are at a stalemate, and market sentiment is cautious. The fundamentals of crude oil have limited marginal changes, with overall expectations slightly improved and support still existing [6]. - Supply side: Last week, the PTA capacity utilization rate decreased. Over the weekend, PTA plants such as Fujian Baihong and Yisheng Dahua restarted. Without new maintenance plans, the PTA operating rate is expected to rise this week [8]. - Production profit: Last week, the PTA production profit declined. Before the macro - pessimistic sentiment eases and there are no obvious positive signs on the demand side, the PTA production profit is unlikely to recover significantly [8]. - Inventory: Last week, the total PTA inventory continued to decline, but the available days of in - factory inventory increased. The raw material inventory of downstream polyester and the warehouse receipt inventory both decreased [8]. - Demand side: Last week, the polyester operating rate remained high, but the average available days of inventory increased, and the average production profit decreased [8]. - Overall logic: The cost - side support from crude oil remains. In terms of PTA supply and demand, supply decreased and demand remained high last week. The fundamentals are good, and the total inventory is continuously decreasing, but the pessimistic sentiment caused by tariffs has led to a decline in PTA processing fees. In the later stage, if there is no new maintenance for the restarted PTA plants last week, the operating rate will rise this week. Although the polyester on the demand side is at a seasonal high in operating rate, under the pressure of high inventory, insufficient orders, and compressed profits, the high operating rate is difficult to maintain in the long term. If the PTA operating rate continues to increase, supply and demand may turn weak. However, considering the cost - side support, the short - term PTA price is expected to fluctuate. The view is to take a wait - and - see attitude towards the short - term PTA price, with the reference range for the main contract being 4200 - 4500 [6][8][9]. Summary by Related Catalogs Market Review - PTA futures price: Last week, the PTA price fluctuated narrowly and rose, with the highest price reaching 4398 yuan/ton and the lowest dropping to 4218 yuan/ton [15]. - PTA futures trading volume and open interest: Last week, the PTA futures trading volume decreased from 2.1226 million lots to 1.3233 million lots, and the open interest increased from 1.5443 million lots to 1.6102 million lots [20]. Supply - PTA weekly operating rate: The PTA capacity utilization rate decreased from 77.99% to 76.74%, and the output decreased from 1.3617 million tons to 1.3385 million tons [28]. - PTA restart and maintenance plans: Fujian Baihong and Yisheng Dahua plants restarted over the weekend. Without new maintenance, the operating rate is expected to increase this week. There are also multiple plants with maintenance and restart schedules, such as Hainan Yisheng, Sichuan Energy Investment, etc. [32]. Profit - PTA processing fee: Last week, the PTA spot processing fee decreased from 393.4 yuan/ton to 322.89 yuan/ton, and the average disk processing fee decreased from 392.63 yuan/ton to 338.43 yuan/ton [38]. Inventory - PTA total inventory: The PTA total inventory continued to decline, from 2.7843 million tons to 2.5549 million tons. The available days of in - factory inventory increased from 4.32 days to 4.36 days, the PTA raw material inventory of polyester factories decreased from 760,600 tons to 701,200 tons, and the warehouse receipt inventory decreased from 810,900 tons to 695,100 tons [47]. Demand - Polyester operating rate and output: Last week, the polyester capacity utilization rate decreased from 91.31% to 91.09%, and the output increased from 1.5506 million tons to 1.5588 million tons [53]. - Polyester inventory and production profit: The average polyester inventory increased from 15.56 days to 16.16 days, and the average production profit decreased from 53.02 yuan/ton to - 8.02 yuan/ton [60].

作者 | 弗雷迪 数据支持 | 勾股大数 据（www.gogudata.com） 本周，当外围关税突然传来缓和声浪， A 股却在九连涨之后收住了势头。 今天下午两点，指数突然跳水，打破了市场一天的平静。 为何突然变脸？ 风不平，浪不静 01 截至， 上证指数收跌 0.07% ，创业板指涨 0.59% ，市场成交额再破万亿。 板块方面，电力板块尾盘发力，湖南发展等多股涨停；钛白粉板块走高，天原股份逼近涨停；旅游酒店板块震荡上行，三峡旅游、天府文旅双双 涨停； CPO 、云计算、 AI 医疗板块涨幅居前。另一方面，贵金属板块回落，西部黄金领跌；乳业股走低，贝因美尾盘跌停；跨境支付、创新 药、宠物经济、猪肉股跌幅居前。 昨天下午一份 "豁免清单"在网上流传，文件内提到部分科技产品的 125% 对等关税暂时取消，包括集成电路 ( 年进口量 87 亿，不含存储 芯片 ) 、血液类制品 (67 亿 ) 、半导体制造设备 (42 亿 ) 、医疗类闪烁扫描装置 (35 亿 ) 、乙烯聚合物 (26 亿 ) 半导体相关的特定检测仪 器 (19 亿 ) 等产品，合计豁免总额接近 450 亿左右，占到从美国进口总额的 30% 。 ...