Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The US imposing a 245% tariff on China has led to trade tensions, disturbing the market and dragging down black series commodities. It's expected that policy hedging measures will be introduced soon. The downstream demand has entered a peak period in April. Although the real - estate market in core cities shows signs of recovery, low - tier cities are still in the bottom - building process. For both steel products and iron ore, the futures prices are short - term uncertain, and it is recommended to hold short positions lightly [2][3] Summary According to Related Catalogs 1. Threaded Rods and Hot - Rolled Coils - **Market Impact Factors**: The US tariff on China and trade tensions have negatively affected the downstream consumption and exports of steel products. The downstream demand has entered a peak period in April. The real - estate market in core cities may be stabilizing, while low - tier cities are still bottoming out [2] - **Market Conditions**: Last week, the production of threaded rods decreased, factory and social inventories declined, and the total inventory continued to fall. The apparent demand increased month - on - month. Technically, the futures price rebounded after breaking the previous low, with short - term uncertainty [2] - **Operation Suggestion**: Hold short positions lightly [2] - **Data Summary**: - **Price**: The closing price of the threaded rod main contract was 3076 yuan/ton, down 1.76% from last week; the closing price of the hot - rolled coil main contract was 3181 yuan/ton, down 1.88% from last week [2] - **Production**: The national building materials steel mill threaded rod production was 229.22 million tons, down 1.36% from last week; the hot - rolled coil production was 314.4 million tons, up 0.35% from last week [2] - **Inventory**: The five - variety social inventory was 1124.83 million tons, down 4.41% from last week; the threaded rod social inventory was 532.76 million tons, down 5.39% from last week [2] 2. Iron Ore - **Market Impact Factors**: Global trade tensions are disturbing the market. The downstream demand has entered a peak period in April, which may support the futures price. The real - estate market in individual hot cities is picking up, while low - tier cities are still bottoming out. The global shipment is at a relatively high level, and the national port inventory has rebounded [3] - **Market Conditions**: The iron water production of 247 steel mills reached 240.21 million tons last week, close to last year's peak, and it's expected to have peaked. Technically, the futures price fell sharply after breaking the previous low and then stabilized and rebounded, with a high probability of oscillating downward in the future [3] - **Operation Suggestion**: Hold short positions lightly [3] - **Data Summary**: - **Price**: The settlement price of the DCE iron ore main contract was 699 yuan/dry ton, down 1.27% from last week; the SGX iron ore continuous - one settlement price was 97.5 US dollars/dry ton, up 2.87% from last week [3] - **Supply**: The Australian iron ore shipment was 1568.1 million tons, up 0.03% from last week; the Brazilian iron ore shipment was 630.1 million tons, down 4.21% from last week [3] - **Inventory**: The 45 - port imported iron ore inventory was 14056.00 million tons, down 285.02 million tons from last week; the 45 - port daily average ore handling volume was 309.51 million tons, down 8.54 million tons from last week [3] 3. Industry News - Mysteel statistics show that the total inventory of imported iron ore in 45 ports decreased by 285.02 million tons, and the daily average ore handling volume decreased by 8.54 million tons. In the first quarter, the steel industry was generally stable, with the output of construction steel bars decreasing by 2.9% year - on - year and the crude steel output increasing slightly by 0.6% year - on - year. The blast furnace operating rate of 247 steel mills increased by 0.28 percentage points week - on - week, the profitability rate increased by 1.30 percentage points week - on - week, and the daily average iron water output decreased by 0.10 million tons week - on - week [7]

报告日期： 2025 年 4 月21 日 申银万国期货研究所 首席点评： 油价走弱，金价续涨 研究稳就业稳经济推动高质量发展的若干措施，要持续稳定股市，持续推动房地产市场平稳健康发展。 据新华社，会议指出，加大逆周期调节力度，着力稳就业稳外贸，着力促消费扩内需，着力优结构提质 量，做强国内大循环，推动经济高质量发展。中国商务部回应美方海事、物流和造船领域 301 调查。商 务部发言人称，中方敦促美方尊重事实和多边经贸规则，遵守市场经济和公平竞争原则，停止"甩锅推 责"，尽早纠正错误做法。中方将密切关注美方有关动向，并将坚决采取必要措施维护自身权益。 重点品种： 股指，原油，贵金属 原油 ： SC 夜盘上涨 0.33% 。欧佩克周三在网站上发布消息说，已收到伊拉克、哈萨克斯坦和其他国 家进一步减产的最新计划，以弥补以前超过配额的产量。据计算，最新计划要求七个国家从现在到 2026 年 6 月期间，每月额外减少日产量 36.9 万桶。根据最新补偿计划，从本月到 2026 年 6 月，每月减 产量将从每日 19.6 万桶到 52 万桶不等，高于此前的每日 18.9 万桶至 43.5 万桶。贝克休斯公布的数据 显示， ...

Core Viewpoint - The agricultural trade landscape is undergoing significant changes, particularly with Bolivia's entry into the Chinese market for chia seeds, which is seen as a milestone event due to the increasing tariffs imposed by the U.S. on agricultural products [2][3][8]. Group 1: Bolivia's Chia Seed Export - Bolivia's President Luis Arce announced the export of 25 tons of chia seeds to China as a milestone event, emphasizing the potential of the Chinese market [2][3]. - In 2023, Bolivia's chia seed export value reached $26.19 million, with major markets including Mexico (35%), the U.S. (15%), Germany (9%), the U.K. (7%), and Peru (6%) [5]. - The Bolivian government aims to become the world's largest exporter of chia seeds following the successful entry into the Chinese market [6]. Group 2: U.S. Agricultural Challenges - The U.S. agricultural sector is facing new challenges due to the ongoing tariff war, which could lead to significant losses for American farmers, particularly in the soybean market [8][12]. - The American Soybean Association reported that during the 2018 trade war, the agricultural sector suffered losses of approximately $27 billion, with about 71% related to soybeans [12]. - U.S. farmers are heavily reliant on exports, with about 50% of U.S. soybeans being exported, making the Chinese market crucial for their business [13].

Group 1 - Trump announced a delay in the TikTok transaction, stating it depends on China's stance and is contingent on resolving tariff issues first [6] - Taobao topped the app download charts in 16 countries, with a significant increase in overseas downloads, rising from 10.4 million to 32.6 million in just three days, a 222% increase [9] - Bawang Tea Ji listed on NASDAQ, with a first-day increase of nearly 16%, bringing its market value to $6 billion [13] Group 2 - Tencent plans to invest $1.5 billion in the Middle East and $500 million in Indonesia for cloud services, aiming to enhance its global digital ecosystem [12] - NineSight Intelligence completed nearly $300 million in Series B financing, focusing on product development and market expansion [30] - Dunhuang.com reported over 100% growth in GMV across 97 countries, with significant increases in various product categories [18] Group 3 - The signing of a memorandum between China and Vietnam aims to strengthen supply chain cooperation, enhancing trade and investment collaboration [23] - The first quarter of 2024 saw China's goods trade reach 10.3 trillion yuan, with exports growing by 6.9% [23] - The establishment of the "Cradle Outbound Service Center" in Hong Kong aims to assist SMEs in expanding into global markets [26]

「Going Global 出海周报」 是创业邦推出的出海系列栏目，旨在为出海领域的创业者和投资人精选 整理丨赵晓晓 本周（2024.04.14-2025.04.20）出海大事件包括： 特朗普称将推迟购买TikTok交易；Shein和Temu将涨价；英国 财相支持Shein在英IPO ，不会停止与中国贸易往来；TikTok Shop美区业务短暂下降，目标转向欧洲和东南亚； 特朗普表示可能会降低对华关税 ；中国跨境电商平台攻陷美区下载榜单，前两个都是阿里的；特朗普对中国船 只下手了；泡泡玛特全球组织架构大调整等。 本周（2024.04.14-2025.04.20）出海大事件包括：特朗普称将推 迟购买TikTok交易；Shein和Temu将涨价；英国财相支持Shein在英IPO ，不会停止与中国贸易往来；TikTok Shop美区业务短暂下降，目标转向欧洲和东南亚；特朗普表示可能会降低对华关税 ；中国跨境电商平台攻陷美 区下载榜单，前两个都是阿里的；特朗普对中国船只下手了；泡泡玛特全球组织架构大调整等。 出海四小龙 特朗普称将推迟购买TikTok交易 美国当地时间4月17日，美国总统特朗普在白宫回应对华关税问题时 ...

Core Viewpoint - The article discusses the implications of the trade war initiated by the Trump administration, highlighting the shift in attitudes of various countries towards the U.S. and the strengthening of ties with China as a result of U.S. tariff policies [1][4][19]. Group 1: U.S. Trade Policy and Global Response - The Trump administration's trade war has prompted over 75 countries, including Japan, Vietnam, and Canada, to seek tariff negotiations with the U.S. [1][3]. - Following China's strong retaliatory measures against U.S. tariffs, countries that initially sought U.S. concessions have begun to adopt a more assertive stance, negotiating new trade agreements with China instead [4][19]. - As of now, no formal tariff agreements have been reached between the U.S. and the countries that initially sought negotiations, raising questions about the effectiveness of the 90-day tariff reprieve announced by Trump [5][6]. Group 2: China's Position and Global Trade Dynamics - China's robust response to U.S. tariffs has led to a reassessment among countries that previously aligned with the U.S., as they now see potential benefits in aligning with China [8][19]. - The article suggests that the U.S. lacks the hard power to dominate the trade war, with China emerging as a likely winner, prompting countries like the EU, Japan, and Vietnam to reconsider their positions [19][21]. - The U.S. government's inconsistent policies and the lack of trust in the execution of any potential agreements further discourage countries from engaging in negotiations with the U.S. [22][23].

据央视新闻4月19日报道，当地时间4月18日，美国哥伦比亚广播公司报道称，多名消息人士透露， 由于特朗普政府对中国商品加征的畸高关税将 导致供应链危机，特朗普政府内部已开始讨论组建一个工作组，以便在未能与中国政府谈判取得突破的情况下紧急处理这些问题。 消息人士称，目前有关成立该小组的具体情况还未敲定任何细节，但工作组可能包括副总统万斯、财政部长贝森特、商务部长卢特尼克、白宫国家 经济委员会主任凯文·哈西特、白宫经济顾问委员会主席斯蒂芬·米兰和美国贸易代表贾米森·格里尔。 01 美方对华轮番加征畸高关税 美国总统特朗普本月2日在白宫签署行政令，援引《国际紧急经济权力法》，宣布美国进入紧急状态，对所有贸易伙伴征收所谓"对等关税"。 来源：每日经济新闻 编辑 | 程鹏 杜波 34%、125%、245%……连日来，美国政府滥用关税手段，对包括中国在内的全球贸易伙伴征收额外所谓"对等关税"，结果不仅造成全球市 场"鸡飞狗跳"，美国自己也出现了民众哄抢鸡蛋、企业原料缺货、海关系统"宕机"等诸多混乱。 美东时间8日，美方将此前宣布的对中国输美产品加征34%所谓"对等关税"，进一步提高50%至84%。 美东时间10日时，美方 ...

长按即可参与 损 失 已 造 成 特斯拉公司（纳斯达克股票代码：TSLA）正陷入危机，销量下滑，品牌形象受损，且持续的贸易 战令其前景黯淡。目前，该公司股价较月前持续下跌。然而，最糟糕的时期尚未结束，股价仍有下 跌空间。我们也不预期特斯拉会在4月22日公布理想的第一季度业绩，因为其季度交付量在近几个 月已经遭受重创，而宏观经济风险的上升可能会限制其未来几个月的上涨空间。 本月早些时候公布的第一季度交付数据显示，特斯拉正处于危机之中。今年第一季度，该公司仅交 付了336,681辆汽车，低于预期的37.7万辆，这是近年来最差的季度交付量之一。更糟糕的是，在 电动汽车市场蓬勃发展、其传统同行第一季度电动汽车销量均有所增长之际，特斯拉的交付量却出 现了下滑。因此，我们预计特斯拉下周公布第一季度财报时，不会公布令人满意的业绩。 虽然销量下滑的部分原因可能在于部分工厂Model Y生产线的调整，但认为马斯克的某些行为与此 无关则显得愚蠢。近几个月来，针对埃隆·马斯克的抗议活动频频发生，对特斯拉的销量造成了负 面影响。此外，摩根大通表示，特斯拉品牌遭受的损害是前所未有的，并将该公司的目标股价下调 至每股120美元。 我们认 ...

Group 1: Nvidia's Impact - Nvidia faced a significant blow with a projected loss of $5.5 billion due to the U.S. government's ban on selling its new AI chip H20 to China, leading to an 8% drop in its stock price from $97 to approximately $89 [2] - The immediate market reaction resulted in a substantial loss of confidence among institutional investors, with a surge in put option trading as long positions were liquidated [2][3] - The ban on Nvidia's chip sales triggered a broader sell-off in the cryptocurrency market, with Bitcoin dropping over $3,000 from its peak of $86,440 to a low of $83,600, reflecting a 3% decline within 24 hours [2] Group 2: Cryptocurrency Market Response - The CoinDesk 20 index saw a decline of over 2%, indicating a shift in market sentiment from "greed" to "fear" as leveraged positions were liquidated [3] - Major cryptocurrencies, including XRP and ADA, also experienced significant declines, with XRP falling over 2% to $2.08 and ADA dropping 4% to $0.61 [2] Group 3: Macro Economic Context - The market volatility is compounded by aggressive trade policies from the Trump administration, including a 10% baseline tariff on most imports and up to 46% reciprocal tariffs on key trading partners [4] - Concerns over potential supply chain disruptions and rising production costs have increased inflation expectations, with economists warning of a possible return to stagflation if these policies persist [4] Group 4: Federal Reserve's Role - The upcoming speech by Federal Reserve Chairman Jerome Powell is anticipated to be a critical catalyst for market movements, particularly regarding economic growth, inflation, and monetary policy [5] - There are growing concerns that the trade war could lead to increased costs, which may affect the Fed's interest rate decisions, as highlighted by warnings from Fed officials [5] Group 5: AI-Related Cryptocurrency Decline - AI-themed cryptocurrencies have seen declines ranging from 5% to 12% following the Nvidia news, indicating a shift in investor focus towards more stable assets [6] - The narrative surrounding AI as a driving force for altcoin growth in the first half of 2024 is now under pressure due to the impact of regulatory actions [6] Group 6: Bitcoin as an Inflation Hedge - Despite short-term volatility, some analysts view Bitcoin as a potential hedge against inflation amid rising tariff and currency devaluation risks [7] - Technical indicators suggest that Bitcoin may find support around $70,000, with expectations of establishing a new price platform above $80,000 once short-term adjustments conclude [7] Group 7: Ongoing Market Dynamics - The combination of tariffs and technology restrictions may signal the beginning of a broader crackdown on AI companies, raising concerns about the future of the sector [8] - The cryptocurrency market remains sensitive to macroeconomic expectations and policy signals, with Bitcoin serving as an emotional barometer for market sentiment [8]

以下文章来源于最华人 ，作者华人作者团 最华人 . 有华人的地方，就有最华人。 关注华人商业领袖、创业者及商业案例； 洞察科技制造、品牌出海、产 业革新等。 "2022中国正能量网络精品"获得者。 作者： 喻汀 来源： 最华人 （ID： gh_71044192929a ） 万万没想到，对华关税持续加码，最先受益的，竟然是中国货！ 01 4月16日，美国白宫在官网的最新声明，由于中国采取报复性措施，美对华关税加征至245%！ 面对特朗普这损招，中国厂商自有办法，在 TikTok和小红书上来了一场"自曝战 "。 先是把自己给大牌代工的身份暴露了， 然后把 外国奢侈品的底裤都给扒了。 ● 图片来源：小红书@JerryNotTom 他们" 残忍 " 地告诉老外，你在花200美元甚至2000美元买的某大牌，全是在我这里拿的货， 而且一双只要20美元。 更用平静的口吻说出最扎心的事实，世界上超过80%的奢侈包包都是Made in China。 所谓的奢侈大牌，绝大部分都是从中国工厂出去的，然后再贴上品牌自己的logo，以高价卖给外 国人。 这在国内已不算秘密的秘密，让老外彻底破防了！ 不少老外隔着屏幕指着奢侈品牌的脑袋疑 ...