智通财经记者 | 冯赛琪 4月24日，上海市金融服务企业"走出去"推进大会暨"百园千企送金融"（浦东专场）活动举办。 "事实上中国银行在上海分行已经建立了境内首个跨境银团中心，联动我们的银行同业，联动我们在纽 约、伦敦、新加坡、香港国际金融中心的机构，为我们走出去的企业提供全球的银团业务和服务。同时 未来根据行动方案，可能在非居民并购贷款，在各方面创新业务方面，我们也会再加大力度。" 此外他还谈到，要着眼于贸易韧性建设，提供金融服务。中国的外贸现在走遍全世界，金融服务也要跟 上。在帮助企业应对外汇波动方面，助力企业采用各类的近远期以及期权等等方式，为企业提供保值增 值的服务。 4月23日，中国人民银行、金融监管总局、国家外汇局和市政府共同发布了《上海国际金融中心进一步 提升跨境金融服务便利化行动方案》（以下简称《行动方案》）。 上海市委常委、常务副市长吴伟在致辞时表示，上海将以《行动方案》出台为契机，进一步强化金融 对"走出去"企业和"一带一路"建设的支持能力，形成更加适配外向型经济的金融体系，不断增强上海国 际金融中心的竞争力和影响力。 吴伟指出，金融机构要主动对接国家战略，将服务企业"走出去"作为自身发展 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report The report presents the latest market data, macro news, and morning meeting views on various commodity futures and financial markets. It analyzes the supply - demand situation, price trends, and investment suggestions for different sectors such as agriculture, energy and chemicals, industrial metals, and financial options [4][6][12]. Summary by Related Catalogs 1. Market Data - **Chemical Products**: On April 24, 2025, most chemical product futures prices declined compared to the previous day. For example, crude oil dropped by 3.255% to 487.40, and fuel oil decreased by 2.640% to 2,987.00 [4]. - **Agricultural Products**: The prices of some agricultural products rose, while others fell. Yellow soybean No.1 increased by 1.226% to 4,292.00, and rapeseed meal rose by 1.306% to 2,714.00. Meanwhile, white sugar decreased by 0.819% to 5,937.00 [4]. 2. Macro News - Diplomatic responses were given to the US statements on tariffs and trade agreements. China hopes the US to stop threats and conduct dialogues on an equal, respectful, and reciprocal basis [6]. - China and Azerbaijan established a comprehensive strategic partnership, including cooperation in trade, investment, and other fields, and signed a visa - exemption agreement [6]. - The EU appealed against a WTO dispute case, and China will handle it according to relevant rules to safeguard its legitimate rights [6]. - The Fed's "Beige Book" showed little change in economic activity, with uncertainties in international trade policies [6]. - The US President may exempt some tariffs on automakers and steel and aluminum, and the US Commerce Department launched a truck import investigation [7]. - International oil prices weakened due to concerns about OPEC+ production increases and global economic uncertainties [8]. - Zhengzhou plans to adjust the upper age limit for housing provident fund loans [8]. 3. Morning Meeting Views on Main Varieties Agricultural Products - **Peanuts**: The spot market is stable with increased supply. Focus on the 5 - 10 positive spread and consider short - selling on rebounds [12]. - **Oils and Fats**: The overall commodity atmosphere is weak, and the oil market is expected to decline. Palm oil and soybean oil inventories have changed, and total trading volume decreased [12]. - **Sugar**: The market has both long and short factors. It is recommended to buy low and sell high in the 5950 - 6050 range, with key levels at 5950 and 6050 [12]. - **Corn**: The market is also mixed. Technically, pay attention to the 2300 support level, and consider going long lightly if it holds, with a stop - loss for inventory pressure [12]. - **Pigs**: Spot prices are stable with fluctuations. Futures are in high - level oscillations, and short - term operations are recommended [13]. - **Eggs**: Spot prices are falling. There is short - term support from pre - May Day demand, but medium - term pressure is increasing, and short - selling opportunities can be considered [13]. Energy and Chemicals - **Urea**: Supply is high, and demand is weak. Futures prices may continue to oscillate weakly, and weather and macro factors should be monitored [13]. - **Caustic Soda**: The market is relatively stable, and the 2509 contract continues to operate at a low level [13]. - **Coking Coal and Coke**: The coking coal market is weakening, and there is still an expectation of a second - round price increase for coke. Short - term, they are in low - level oscillations [13]. Industrial Metals - **Copper and Aluminum**: Prices rebounded on April 23. Pay attention to the filling of the gap. Copper and aluminum inventories have decreased [13][16]. - **Alumina**: The supply - demand fundamentals are still in surplus. In the medium - to - long - term, prices are under pressure, and a bearish approach is recommended [16]. - **Steel Products**: Spot market transactions improved, and prices rebounded in a range. Pay attention to the 3200 pressure for rebar and 3300 for hot - rolled coils [16]. - **Ferroalloys**: They are in short - term low - level oscillations. Steel tenders are approaching the end [16]. - **Lithium Carbonate**: The market is in a situation of weak supply and demand. Technically, it is recommended to wait and see, and consider going long lightly if the 69500 pressure is broken [16]. Financial Options - **Stock Indexes**: Driven by policy benefits, relevant concept sectors are active. The market shows resilience, and trading volume is above 1 trillion yuan. Consider short - term opportunities for index futures and combination arbitrage strategies [18]. - **Options**: Different index options have different performance in terms of volume, open interest, and implied volatility. Trend investors can defend or use arbitrage strategies, and volatility investors can buy wide - straddles after volatility reduction [20].

Group 1 - The People's Bank of China announced a series of policies to enhance cross-border financial services in Shanghai, aiming to provide a "Shanghai experience" for replication in other regions [2] - The plan includes support for RMB cross-border trade refinancing through a rediscount window, officially launched in December 2024, to alleviate investment pressures on foreign trade enterprises [2] - The initiative seeks to optimize business processes and create a secure, convenient, and efficient financial service environment for enterprises going global [2] Group 2 - Shanghai's government has established a regular scheduling mechanism for financial services to support enterprises going abroad, involving various financial institutions and experts [3] - A "Financial Service Package" will be provided to enterprises, integrating multiple financial products and services for comprehensive solutions [3] - The city plans to enhance financial legislation and regulatory mechanisms to support enterprises in their international endeavors [3] Group 3 - AI technology is driving innovation in user experiences and operational efficiency for automotive companies, leading to a competitive landscape where technological innovation is crucial [4] - The domestic company Yush Robot will participate in the first Embodied Intelligent Robot Games, showcasing its capabilities alongside other leading firms [4] Group 4 - Huawei's executive expressed confidence in the sales potential of the "Shangjie" brand's first vehicle, urging SAIC Motor to prepare sufficient production capacity [5] - iQIYI is entering the live-streaming e-commerce space, leveraging its IP content and celebrity resources to target potential e-commerce users among its membership base [6] Group 5 - BYD plans to invest 100 billion yuan in smart technology development, with a sales target of 5.5 million vehicles for 2025, including 800,000 units for overseas markets [7] - In Q1 2025, Wens Foodstuff Group reported a net profit of 2 billion yuan, recovering from a loss in the previous year, primarily due to profitability in the pork business [8] Group 6 - Xiaomi confirmed that the launch timeline for the YU7 model remains unchanged, expected in June to July of this year [9] - Gree Electric's chairperson emphasized the importance of nurturing domestic talent and stated a preference against hiring overseas returnees [10] Group 7 - The EU imposed a total fine of 700 million euros on Apple and Meta for violating new antitrust regulations under the Digital Markets Act [12] - OpenAI faces opposition from former employees and AI experts regarding its transition to a for-profit model, citing concerns over the technology's risks [13] Group 8 - Tesla's production of the "Optimus" humanoid robot is impacted by China's export restrictions on rare earth magnets, with the company seeking cooperation with Beijing for export licenses [14] - Major memory manufacturers, including Samsung and Micron, are reducing DDR4 production, indicating a shift in market dynamics [15] Group 9 - The State-owned Assets Supervision and Administration Commission (SASAC) aims to cultivate strategic emerging industries and enhance the competitiveness of state-owned enterprises [16] - China and Azerbaijan signed a visa exemption agreement, facilitating travel between the two nations [18] Group 10 - The domestic tourism sector saw a significant increase in travel, with 1.794 billion trips taken in Q1 2025, reflecting a 26.4% year-on-year growth [24] - The stock market is witnessing a surge in gold-related stocks, with an average increase of 50% for 11 gold stocks in A-shares this year, driven by rising gold prices [21]

Group 1 - The People's Bank of China announced that the Renminbi has become the fourth largest payment currency and the third largest trade investment currency globally, indicating its growing international monetary functions [1] - In 2024, the total amount of cross-border Renminbi payments in Shanghai is projected to reach 29.8 trillion yuan, a year-on-year increase of 30%, accounting for 47% of the national total [2] - The Inner Mongolia Autonomous Region has achieved a computing power scale of approximately 120,000 P, ranking first in the country, with over 90% being intelligent computing power [7] Group 2 - The China Securities Association is conducting research on the unified interface standard system construction for securities firms' core business systems, focusing on system architecture, interface specifications, and business challenges [6] - Fujitsu and RIKEN in Japan have developed a superconducting quantum computer with 256 quantum bits, quadrupling the computing power of the previous generation [5] - The Ministry of Water Resources has launched a three-year action plan for the construction and management of flood retention areas, aiming to complete the engineering tasks for 72 national flood retention areas by the end of 2027 [8] Group 3 - U.S. President Trump stated that tariffs on Chinese goods will "significantly decrease, but will not go to zero," reflecting ongoing discussions about trade relations between the two largest economies [4] - Storage suppliers have raised DRAM prices by 8% to 10% as OEM manufacturers increase inventory levels ahead of clearer tariff policies, while NAND Flash prices remain stable due to slowing demand [10]

Group 1 - The article discusses the strategic importance of overseas expansion for companies, emphasizing the need to find the right locations for business operations [2] - It highlights the increasing trend of Chinese companies, particularly in the automotive and technology sectors, to establish research and development centers in Europe to enhance their global competitiveness [3][12] - The article notes the significant growth in revenue for companies like Pop Mart, with a reported increase of 165%-170% year-on-year in Q1 2025, driven by both domestic and international markets [15] Group 2 - The article outlines the challenges faced by the automotive industry in the U.S., where six major organizations have united to oppose the imposition of tariffs on imported auto parts, citing potential disruptions to the supply chain [12] - It mentions the ambitious plans of companies like BYD and NIO to expand their presence in international markets, with BYD targeting 550,000 vehicle sales by 2025, including 80,000 in overseas markets [12][13] - The article also discusses the emergence of new insurance products, such as the "cross-border e-commerce insurance" launched in Shenzhen, aimed at supporting local businesses in navigating international trade [11]

Core Insights - The People's Bank of China Shenzhen Branch and the State Administration of Foreign Exchange Shenzhen Branch held a press conference to discuss the financial operations in Shenzhen for Q1 2025, highlighting the continuous support for key sectors and the establishment of a cross-border financial service benchmark [1] Financial Performance - As of the end of Q1 2025, the total deposits in Shenzhen reached 13.97 trillion yuan, while the total loans amounted to 9.81 trillion yuan, with both deposits and loans increasing by over 300 billion yuan during the quarter [1] - The manufacturing loan balance stood at 1.26 trillion yuan, accounting for 12.8% of total loans, an increase of 0.6 percentage points from the end of the previous year [3] - The balance of inclusive small and micro loans reached 1.90 trillion yuan, representing 19.3% of total loans, with a growth rate exceeding the overall loan growth by 5 percentage points [3] Interest Rates and Financing Costs - The average interest rate for newly issued corporate loans in Shenzhen was 2.79% in March 2025, a year-on-year decrease of 0.71 percentage points, indicating a stable decline in overall financing costs [3] Policy Initiatives - The Shenzhen Financial "Five Major Articles" were introduced to enhance the coordination between financial policies and industrial policies, establishing a refined policy framework [3] - By the end of Q1 2025, the loan balance for technology-based enterprises was 1.23 trillion yuan, and green loans reached 1.27 trillion yuan, positioning Shenzhen among the top cities in China [3] Cross-Border Financial Services - Shenzhen has seen a significant increase in foreign personnel, with 69.5 million entries and exits recorded from January to April 7, 2025, a 15% year-on-year growth [4] - The city has facilitated over 400,000 proxy witness accounts for Hong Kong residents, with cumulative transactions nearing 32 billion yuan, accounting for 90% of the Greater Bay Area [4] - The "Cross-Border Wealth Management Connect" program has seen a total of 42 billion yuan in cross-border payments, capturing nearly 50% of the Greater Bay Area's market since its upgrade [5]

Group 1: Financial Overview of Shenzhen - As of the end of Q1 2023, Shenzhen's total deposits in both domestic and foreign currencies reached 13.97 trillion yuan, while total loans amounted to 9.81 trillion yuan, with both deposits and loans increasing by over 300 billion yuan in the first quarter [1] - The balance of loans in the manufacturing sector was 1.26 trillion yuan, accounting for 12.8% of total loans, an increase of 0.6 percentage points from the end of the previous year [1] - The balance of inclusive small and micro loans reached 1.90 trillion yuan, representing 19.3% of total loans, with a growth rate 5 percentage points higher than the overall loan growth rate during the same period, placing Shenzhen among the top cities in the country [1] Group 2: Development of Payment Services - Shenzhen is actively developing a comprehensive payment demonstration zone, with over 44,000 merchants able to accept foreign cards and 4,156 ATMs supporting foreign card withdrawals as of March 2025 [2] - The number of non-cash payment transactions by foreign personnel in Shenzhen increased by 28.09% in terms of transaction count and 34.74% in terms of transaction amount in the first quarter of 2025 compared to the previous year [2] - The city has implemented simplified account opening services and established 181 standardized foreign language service outlets to address account opening difficulties for foreign nationals [2] Group 3: Cross-Border Financial Services - Shenzhen has initiated a "Cross-Border Financial Services Entering Various Districts" campaign, focusing on stabilizing foreign trade and enhancing the quality of cross-border RMB services [4] - As of March 2025, over 1,500 enterprises in Shenzhen benefited from facilitation policies, with a business scale exceeding 140 billion USD [4] - The city has supported 21,000 enterprises in cross-border e-commerce settlement, with a business scale of 52.9 billion USD, and has facilitated cross-border RMB settlements totaling 1.2 trillion yuan [4]

Core Insights - As of the end of March, banks in Shenzhen have facilitated over 400,000 account openings for Hong Kong residents [1] - By the end of March 2025, Shenzhen will have over 44,000 merchants accepting foreign cards, with 4,156 ATMs supporting foreign currency withdrawals [1] - The number of non-cash payment transactions and amounts for foreign personnel in Shenzhen increased by 28.09% and 34.74% year-on-year, respectively, in the first quarter of 2025 [1] Summary by Categories Banking Services - Shenzhen banks have opened more than 400,000 accounts for Hong Kong residents as of March [1] - By March 2025, there will be 44,000 merchants in Shenzhen accepting foreign cards and 4,156 ATMs for foreign currency withdrawals [1] Currency Exchange and Payment Transactions - There are 1,645 bank branches and 37 licensed exchange institutions in Shenzhen for foreign currency exchange [1] - Nearly 30,000 digital wallets have been issued, and 349,600 small change wallets have been exchanged [1] - In the first quarter of 2025, non-cash payment transactions for foreign personnel in Shenzhen grew by 28.09%, with transaction amounts increasing by 34.74% year-on-year [1]

点击上图 ▲立即报名 4月LPR继续保持不变 4月 21日，中国人民银行授权全国银行间同业拆借中心公布，2025年4月贷款市场报价利率（LPR）为1年期LPR为3.1%，5年期以上LPR为 3.6%，两个期限品种LPR报价较上月均维持不变。东方金诚首席宏观分析师王青表示，4月以来政策利率（央行7天期逆回购利率）保持不变。 这意味着本月LPR报价的定价基础未发生变化，已在很大程度上预示4月LPR报价会保持不动。 此前，中国人民银行货币政策委员会2025年第一季度（总第108次）例会研究下阶段货币政策主要思路指出，建议加大货币政策调控强度，提高 货币政策调控的前瞻性、针对性、有效性，根据国内外经济金融形势和金融市场运行情况，择机降准降息。（中新经纬） ｜点评｜ 4月降息仍未能落地，符合市场预期。虽然央行通过各种途径反复传达降息降准信号，但更多的只是进行预期管理。今年一季度国内经 济数据整体有所修复，对于降息的迫切性需求并不算特别强。银行盈利能力尚未修复，人民币面临贬值压力，这两个老大难问题在过去半年内 没有得到有效解决，央行难以下定降息决心。 今年二季度，外部环境更加复杂，对外贸企业已经形成了一定冲击，出口对经济 ...

今年二季度，外部环境更加复杂，对外贸企业已经形成了一定冲击，出口对经济的贡献大概率将有所走弱。未来反映在宏观经济数据中时，或 将提升央行降息意愿。 全国登记在册民营企业超5700万户 4月 21日，市场监管总局公布数据显示，第一季度全国新设民营企业197.9万户，同比增长7.1%，超过过去三年平均增速。截至3月底，全国登 记在册民营企业超过5700万户，占企业总量的92.3%。我国民营企业和个体工商户发展呈现强大韧性。 点击上图 ▲立即报名 4月LPR继续保持不变 4月 21日，中国人民银行授权全国银行间同业拆借中心公布，2025年4月贷款市场报价利率（LPR）为1年期LPR为3.1%，5年期以上LPR为 3.6%，两个期限品种LPR报价较上月均维持不变。东方金诚首席宏观分析师王青表示，4月以来政策利率（央行7天期逆回购利率）保持不变。 这意味着本月LPR报价的定价基础未发生变化，已在很大程度上预示4月LPR报价会保持不动。 此前，中国人民银行货币政策委员会2025年第一季度（总第108次）例会研究下阶段货币政策主要思路指出，建议加大货币政策调控强度，提高 货币政策调控的前瞻性、针对性、有效性，根据国内外经济 ...