Core Viewpoint - The impact of U.S. tariffs on Japanese industries is becoming evident, prompting the Japanese government to fully support domestic industries [1] Group 1: Government Response - Japanese Prime Minister Shigeru Ishiba stated that the effects of U.S. tariff measures on Japan's industry are now apparent [1] - The Japanese government has decided to provide comprehensive support to its domestic industries in response to these impacts [1] Group 2: Ongoing Negotiations - Japan and the U.S. are scheduled to hold another round of tariff negotiations on May 30 in Washington, D.C. [1] - Japanese Economic Revitalization Minister Akira Amari emphasized the need for careful progress in reaching an agreement to avoid harming national interests [1] - So far, three rounds of tariff negotiations have taken place, with Japan requesting the complete removal of additional tariffs, which the U.S. has rejected [1]

在资本市场全面深化改革与新质生产力加速崛起的历史交汇点，一场聚焦"资本赋能创新"的深度对话正 在展开。从"科创板八条""并购六条"到金融"五篇大文章"的部署，资本市场正加速与科技创新深度融 合。 5月21日下午，由浙商证券（601878）主办的第八届西湖大会分论坛——2025中国资本市场之江论坛顺 利举办，本次论坛以"向'新'而行，勇立潮头"为主题，会聚政府领导、浙商证券高管、80余家国资国企 平台及巨化股份（600160）、华友钴业（603799）、中控技术等近百家上市公司与拟上市公司高管，共 200余位嘉宾共话资本市场高质量发展新机遇。 浙商证券党委书记、总裁钱文海在致辞中表示，当前中国证监会聚焦新质生产力发展，深化投融资综合 改革，推动资本市场制度创新，为金融机构服务实体经济提供了广阔空间。作为浙江本土券商，浙商证 券始终以"深耕浙江，开拓全国"为使命，构建"投行+投资+投研"生态链，助力新质生产力培育与区域经 济高质量发展，期待与各界深化合作，共探资本市场改革新路径。 在论坛主旨演讲环节，浙商证券首席经济学家李超、浙商资管、浙商资本等多位参会嘉宾，围绕宏观经 济展望、金融赋能上市公司提质增效、上市公司 ...

Report Overview - The report aims to objectively reflect the research views of futures and securities companies on various commodity varieties, track hot varieties, analyze market investment sentiment, and summarize investment driving logics [2]. Market Data Summary Commodity Prices and Weekly Changes - Gold closed at 780.10 with a 3.76% weekly increase [2]. - Silver closed at 8263.00 with a 2.00% weekly increase [2]. - Other commodities like corn, copper, and glass had varying degrees of price changes, with some increasing and others decreasing [2]. Stock Indexes and Weekly Changes - The Shanghai Composite Index and other indexes also had corresponding price changes, with the Hang Seng Index rising by 0.38% - 1.10% [2]. Bond and Exchange Rates - Chinese 10 - year government bonds increased by 2.61%, and the euro - US dollar exchange rate rose by 1.79% [2]. Commodity Views Summary Macro - Financial Sector Stock Index Futures - Strategy view: Among 9 institutions surveyed, 1 was bullish, 1 was bearish, and 7 expected a sideways movement [4]. - Bullish logics: RMB appreciation, capital inflow, net financing purchase, potential monetary policies, and policy support for the stock market [4]. - Bearish logics: Global debt issues, ineffective industrial policies, slow economic improvement, and low market trading volume [4]. Bond Futures - Strategy view: Among 7 institutions surveyed, all 7 expected a sideways movement [4]. - Bullish logics: Low possibility of tightened liquidity, declining interest rates, policy constraints on market rates, and weak real - economy financing demand [4]. - Bearish logics: Unlikely further interest - rate cuts, upcoming special treasury bond supply, rising risk appetite, and expected policy - driven inflation and growth [4]. Energy Sector Crude Oil - Strategy view: Among 9 institutions surveyed, 1 was bullish, 4 were bearish, and 4 expected a sideways movement [5]. - Bullish logics: Rebound in transportation data, decline in US active oil rigs, high gold - oil ratio, and lack of clear OPEC production increase data [5]. - Bearish logics: Approaching US debt crisis, rumored OPEC+ production increase, inventory accumulation, easing US - Iran relations, poor US debt auction, and tariff threats [5]. Agricultural Sector Palm Oil - Strategy view: Among 8 institutions surveyed, 0 were bullish, 2 were bearish, and 6 expected a sideways movement [5]. - Bullish logics: Increase in Malaysian palm oil exports, limited production increase in May, high Indian imports, and decreasing domestic inventory [5]. - Bearish logics: Increase in Malaysian palm oil production, excessive domestic purchases, higher - than - expected production data, seasonal production increase, and potential reduction in biodiesel demand [5]. Non - Ferrous Metals Sector Aluminum - Strategy view: Among 7 institutions surveyed, 2 were bullish, 0 were bearish, and 5 expected a sideways movement [6]. - Bullish logics: Tariff - buffer - driven exports, improvement in US manufacturing PMI, inventory reduction, and continuous decline in social inventory [6]. - Bearish logics: Low downstream processing profits, post - tariff - window demand pressure, potential decline in photovoltaic demand, and high valuation [6]. Chemical Sector Glass - Strategy view: Among 7 institutions surveyed, 0 were bullish, 3 were bearish, and 4 expected a sideways movement [6]. - Bullish logics: Improved regional sales, reduced inventory, potential policy support, and technical support at the current price [6]. - Bearish logics: Price cuts for inventory reduction, high daily melting volume, approaching traditional off - season, and weak real - estate demand [6]. Precious Metals Sector Gold - Strategy view: Among 7 institutions surveyed, 4 were bullish, 0 were bearish, and 3 expected a sideways movement [7]. - Bullish logics: Global bond market volatility, Chinese reduction of US debt, trade risks, and geopolitical tensions [7]. - Bearish logics: Market pricing of US fiscal bill impact, potential limited impact of tariff threats, possible decline in gold's relative attractiveness, and overbought technical signals [7]. Black Metals Sector Coking Coal - Strategy view: Among 9 institutions surveyed, 0 were bullish, 3 were bearish, and 6 expected a sideways movement [7]. - Bullish logics: Coal mine maintenance, high steel - mill profits, strong basis after price decline, and weak coking - enterprise production - cut incentives [7]. - Bearish logics: High mine inventory, declining iron - water production, high auction failure rate, shrinking coking profits, and high port clearance volume [7].

据千龙网报道，在外交部例行记者会上，有记者问：据报道，中美在日内瓦举行经贸高层会谈后，中方将在初始90天内将对美商品关税从125%降至10%， 同时美方将对华商品关税降至30%，其中包括以芬太尼为由对华加征20%的关税。中方对此有何评论？外交部发言人表示，美方以芬太尼为借口对中国无理 加征两轮关税，中方均第一时间采取包括关税和非关税措施在内的反制举措，坚定维护自身正当权益。这些反制措施仍然有效。 中美在瑞士日内瓦举行经贸高层会谈，双方在经贸领域达成一系列重要共识。双方发布《中美日内瓦经贸会谈联合声明》。4月2日第14257号行政令，对中 国商品（含港澳地区）加征的34%关税中，24%暂停实施90天，保留10%作为谈判筹码。此外，取消两项行政令关税：废除4月8日第14259号和4月9日第 14266号行政令对华加征的关税（累计91%），缓解中国企业出口压力。 对外经济贸易大学教授向中青报·中青网记者分析说，特朗普政府滥施关税在美国国内遭到了广泛的反对和抵制，这是其近期在对华关税问题上态度出现软 化的一个重要原因。另外，中美之间在多个领域的双向贸易在双方谈判前几乎陷入了停滞状态，美国零售巨头沃尔玛的一名高管此前警 ...

报告类型 股指日评 日期 2025 年 5 月 27 日 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(宏观国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 资料来源：Wind，建信期货研究发展部 1.2 后市展望： 外围市场方面，特朗普 23 日表示将从 6 月 1 日开始对来自欧盟的商品征收 50%的关税，而后 25 日表态称经欧盟请求将关税谈判期限延长至 7 月 9 日，美股 开盘跳水后有所回升。国内方面，一季度宏观数据展现一定韧性，且随着中美关 系缓和，二季度预期也有所修复，后续仍需观察内需的改善节奏与房地产修复情 请阅读正文后的声明 - 2 - 每日报告 一、行情回顾与后市展望 1.1 行情回顾： ...

Core Viewpoint - The recent fluctuations in gold prices have created a dramatic market environment, with significant highs and lows impacting investors and consumers [1][2]. Group 1: Price Movements - Gold prices experienced a sharp rise to a historical high followed by a sudden decline, causing losses for many investors and consumers [1]. - On May 21, gold prices rebounded sharply, indicating a volatile market [1]. - In the first quarter of 2025, global gold investment demand surged, with China's demand for gold bars and coins reaching the second-highest record in history [1]. Group 2: Market Influences - The volatility in gold prices is primarily driven by changes in market risk sentiment, influenced by uncertainties in US-China trade negotiations and regional conflicts [1]. - As negotiations progressed and tensions eased, market risk sentiment diminished, leading to a decline in gold prices [1][2]. - The relationship between gold prices and the US dollar is significant, with expectations of tighter monetary policy from the Federal Reserve potentially strengthening the dollar and suppressing gold prices [2]. Group 3: Future Outlook - Experts suggest that gold prices may enter a phase of high-level fluctuations in the medium to long term, influenced by central bank gold purchases and geopolitical uncertainties [2]. - Investors are advised to approach gold investments cautiously, avoiding impulsive decisions in response to market volatility [2].

广发期货研究所 化工组 金果实 从业资格：F3083706 投资咨询资格：Z0019144 氯碱周报 S H ：氧化铝采 买价提涨支撑， 盘 面反复 关 注 现货及仓单 V ： 近 端现货显 疲 弱 ， 驱动不足盘 面再度转跌 本报告及路演当中所有观点仅供参考，请务必阅读此报告倒数第二页的免责声明 观点及策略建议 烧碱主要观点：短期看烧碱检修集中阶段供应压力有限，需求端，氧化铝伴随近期利润好转部分存复产预期，叠加新产线支撑需求。山东主流厂采买价上近期连续四次提涨， 当前已涨至800元/湿吨，支撑现货价格。且当前看仓单较少或反映当前供需面仍强，但非铝端压力增加以及烧碱成本下降后估值逐步走高形成风险。单边维持观望；6-9正套尝试。 PVC主要观点：PVC近期的反弹主要基于中美关税缓和带来的宏观刺激、BIS政策延期至6月下后出口维持积极以及PVC自身检修集中及库存同比压力有限的供需面支撑。但中长 线PVC在地产难见有效提振下仍表现出明显的过剩压力，而印度BIS及反倾销税始终作为潜在利空存在。且伴随期现反弹，本周现货市场反映偏淡，当前盘面已有震荡回落势头，中 线维持高空思路对待，09上方阻力位一线看5100附近。 周 ...

据央视新闻此前报道，当地时间5月19日，波兰国家选举委员会公布了总统选举首轮投票的最终计票结 果。根据计票结果，公民联盟候选人、华沙市长恰斯科夫斯基，与反对党法律与公正党支持的独立候选 人纳夫罗茨基的得票率分列一二。他们将进入定于6月1日举行的第二轮投票。 法国总统马克龙开启六天东南亚访问之行 本周5月26日至6月1日： 据《环球时报》报道，当地时间5月25日，法国总统马克龙已开启为期六天的东南亚访问之行，他将先 后访问越南、印度尼西亚和新加坡，并出席在新加坡举行的香格里拉对话会。香格里拉对话会官网议程 显示，今年的香格里拉对话会将于5月30日至6月1日举行。马克龙将在5月30日的开幕晚宴上发表主旨演 讲。 据香格里拉对话会官网公布的信息，本届香格里拉对话会汇集了来自亚太、欧洲、北美及其他地区的国 防部长、军事领导人和高级国防官员以及商界领袖和安全专家，共同讨论关键的安全挑战。相关会议主 题包括"美国对印太安全的新战略愿景""竞争世界中如何维护稳定""管控亚太地区的扩散风险网络""海 底与太空防御挑战"等。 据日本《读卖新闻》报道，多位日本政府消息人士透露，第四轮日美关税谈判将于5月30日左右举行。 日本首席 ...

在华盛顿进行第三轮日美关税谈判的日本经济财政兼再生相赤泽亮正（右）与美国贸易代表格里尔（5月23日，日本内阁官房提供） 日本经财相赤泽亮正在会谈结束后表示"希望能借那个（6月G7峰会的首脑会谈）时机达成某些共 识"。日本方面准备好了扩大农产品进口、简化美国汽车进口程序、造船领域合作等筹码，将继续 寻找妥协点…… 日本经济财政兼再生相赤泽亮正于当地时间5月23日在美国首都华盛顿参加了对美关税谈判的第 三轮部长级磋商。赤泽再次提出希望美方对特朗普关税进行全面调整。双方就继续紧密磋商达成 一致，力争在6月的首脑会谈中达成协议。赤泽计划5月内再次访问美国。 在本次谈判之前的日本时间5月23日，日本首相石破茂与特朗普总统举行了电话磋商。双方确 认，将借加拿大的七国集团(G7)峰会期间举行首脑会谈。 赤泽在部长级磋商结束后的记者会上表示："希望能在那个时机达成某些共识"，他同时强调："即 使到了最后期限，也不会达成损害国家利益的协议",表明了希望避免草率进行讨论的想法。 日本将扩大企业的对美投资作为关税谈判的有力筹码。还表达了特朗普政府的一系列关税措施导 致日方投资能力减退的隐忧。如果伴随巨额投资的日铁对美国钢铁的收购计 ...

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2025-05-26 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸豆粕观点和策略 豆粕M2509：2900至2960区间震荡 1.基本面：美豆冲高回落，特朗普威胁对欧洲加征关税和美豆种植天气整体良好，美豆短期 偏强震荡等待中美关税谈判后续和美国大豆产区种植天气进一步指引。国内豆粕冲高回 落，5月进口大豆到港增多和现货价格下跌限制反弹空间，进口巴西大豆到港增多和中美 关税谈判后续交互影响，短期回归区间震荡格局。中性 2.基差：现货2890（华东），基差-62，贴水期货。偏空 3.库存：油厂豆粕库存12.17万吨，上周10.12万吨，环比增加20.26%，去年同期62.31万吨， 同比 ...