Group 1: Report Industry Investment Ratings - Gold investment rating: ☆☆☆, indicating a clearer long - trend and a relatively appropriate investment opportunity currently [1] - Silver investment rating: ★☆★, where the white star represents that the short - term long/short trend is in a relatively balanced state, and the current market is less operable, suggesting to wait and see [1] Group 2: Core Views of the Report - Overnight, the gold price fluctuated, and silver rose along with the copper price breaking through resistance. Sino - US leaders agreed to continue implementing the Geneva Consensus and hold a new round of talks soon. The US weekly initial jobless claims unexpectedly rose to 247,000, hitting an eight - month high. After the generally weak US economic data this week, the focus is on tonight's non - farm payrolls report. Gold should maintain the idea of buying on dips based on the strong support at $3000, and silver has opened up upside space after breaking through [1] Group 3: Summary According to Related Information Trade and Tariff News - The US shows flexibility in reducing additional reciprocal tariffs on Japan [2] - US and Indian negotiators may finalize tariff cuts and market access issues to reach a temporary agreement [2] - Trump claims to reach a good trade agreement with Germany [2] Russia - related News - Trump and Putin did not reach any agreement on a face - to - face meeting. Trump said it's difficult to achieve an immediate cease - fire in the Russia - Ukraine conflict. If the agreement with Russia fails, the US will take tough measures. Trump has not reviewed the Russia sanctions bill, believing it's too harsh [2] European Central Bank Policy - The European Central Bank cut three key interest rates by 25 basis points. Lagarde hinted that the interest - rate cut cycle may end, and the market no longer fully prices in another 25 - basis - point rate cut this year [2]

Group 1 - The core viewpoint of the article is that Japan and the United States are advancing trade negotiations, with potential announcements of an agreement during the G7 summit [1] - Japan is attempting to secure tariff exemptions by committing to increase automobile production in the U.S. and enhancing cooperation in the rare earth sector [1] - Japanese Trade Representative Akira Amari is in Washington discussing non-tariff barriers, expanded trade, and economic security cooperation with U.S. Commerce Secretary Gina Raimondo [1] Group 2 - Japan's proposal includes a mechanism where an increase in automobile production and exports to the U.S. could lead to a proportional reduction in the 25% automobile tariff [1] - Japan still hopes for a complete elimination of tariffs but considers a reduction in rates as an alternative option [1] - Recent phone conversations between Shigeru Ishiba and Donald Trump have raised expectations for an agreement announcement during the G7 summit [1]

Domestic News - The Ministry of Commerce responded to new restrictions imposed by the U.S. on China, stating that if the U.S. continues to harm China's interests, China will take strong measures to protect its legitimate rights and interests [2] International News - The U.S. has shown flexibility in reducing additional reciprocal tariffs on Japan, while negotiations between the U.S. and India may lead to a temporary agreement on tariff reductions and market access [3] - Spot silver has surpassed $36 per ounce for the first time since February 2012 [3] - The U.S. trade deficit has sharply decreased by 55.5% to $61.6 billion due to a significant drop in imports caused by Trump's tariffs [3] - The European Central Bank's interest rate statement maintains its current stance on future rate paths, with Lagarde suggesting the end of the rate-cutting cycle; the market no longer fully prices in a 25 basis point cut within the year [3]

Core Viewpoint - The United States and India are in discussions to finalize a temporary tariff agreement, focusing on tariff reductions and market access issues, with an announcement expected before the July 9 deadline set by President Trump [1] Group 1: Negotiation Details - The U.S. trade delegation is engaged in a two-day meeting in New Delhi to negotiate tariff reductions [1] - Discussions are centered around specific sectors, including agriculture and automobiles, with potential benefits for Indian companies being considered [1] Group 2: Timeline and Expectations - An Indian government official indicated that the agreement could be formally announced by the end of the month [1] - A statement regarding the agreement is anticipated to be released before the upcoming Sunday [1]

Domestic News - The central bank governor emphasized the need for an appropriately loose monetary policy to meet the effective financing needs of the real economy and maintain reasonable growth in the total financial volume [1] - In April, the total electricity consumption in China reached 772.1 billion kilowatt-hours, a year-on-year increase of 4.7%. From January to April, the cumulative electricity consumption was 3,156.6 billion kilowatt-hours, up 3.1% year-on-year, with industrial power generation accounting for 2,984 billion kilowatt-hours [1] - The National Development and Reform Commission is working to further improve the institutional mechanisms that promote the development of the private economy [1] - Several banks have recently lowered the interest rates on fixed-term deposits and large-denomination certificates of deposit, with large-denomination products soon entering the "1 era" [1] - China successfully launched the Zhongxing 3B satellite, which is primarily used for voice, data, and broadcasting transmission services [1] International News - The Reserve Bank of Australia cut the benchmark interest rate by 25 basis points to 3.85%, marking a return to the "3" range for the first time in two years [2] - The Bank of Japan's report revealed market divisions, raising concerns about the liquidity crisis in ultra-long-term government bonds [2] - The European Union approved the 17th round of sanctions against Russia, with more sanctions in the pipeline [3] - The issuance of European bonds has surged at a record pace, surpassing one trillion euros [3]

Core Viewpoint - Japan is considering accepting U.S. tariff reductions instead of exemptions [1] Group 1 - The potential shift in Japan's trade policy may impact bilateral trade relations with the U.S. [1] - Acceptance of tariff reductions could lead to changes in import/export dynamics between Japan and the U.S. [1] - This decision may influence Japan's economic strategy and its position in global trade [1]

Core Viewpoint - Japan is considering accepting a reduction in U.S. tariffs instead of seeking an exemption, indicating a potential shift in trade strategy and relations with the U.S. [1] Group 1 - Japan's potential acceptance of U.S. tariff reductions could lead to changes in trade dynamics between the two countries [1] - This move may reflect Japan's willingness to engage in negotiations and adapt to U.S. trade policies [1] - The decision could impact various sectors in Japan, particularly those reliant on exports to the U.S. [1]

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The consumer electronics industry is expected to benefit significantly from substantial tariff reductions, particularly in the smartphone, smart glasses, and panoramic camera supply chains [5][6] - The report highlights the strong performance of the panel sector and the weak performance of digital chip design within the electronic industry [4] - Emerging products like AI smart glasses and panoramic action cameras are gaining traction, with companies like Rokid, Snap, and Insta360 leading the market [5][6] Summary by Sections Market Overview - The Shanghai Composite Index rose by 0.76%, while the Shenzhen Component Index increased by 0.52% during the week of May 12 to May 16, 2025 [4] - The best-performing sector was panels with a 0.91% increase, while digital chip design saw a decline of 2.05% [4] Consumer Electronics - In the U.S. smartphone market, Apple holds a 60% market share, followed by Samsung at 20% and Lenovo (Motorola) at 10% [5] - AI smart glasses are projected to see significant growth, with global shipments expected to reach 80 million units by 2030 [5] - Insta360 has become the global leader in panoramic cameras, with a market share of two-thirds of the total sales [6] Company Insights - Key companies in the Apple supply chain include Luxshare Precision, GoerTek, and others [6] - Xiaomi is set to release its self-developed chip, with related companies including Xiaomi Group and Kingsoft Cloud [6] - Companies involved in AI smart glasses technology include Hengxuan Technology and TaiLing Microelectronics [9] Stock Performance - The top five performing stocks for the week included Jingyan Technology and Sixuan New Materials, while the weakest performers were Dalian Technology and Changguang Huaxin [49]

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The consumer electronics industry is expected to benefit significantly from substantial tariff reductions, particularly in the smartphone, smart glasses, and panoramic camera supply chains [5][6] - The report highlights the strong performance of the panel sector and the weak performance of digital chip design within the electronic industry [4] - Emerging products like AI smart glasses and panoramic action cameras are gaining traction, with companies like Rokid, Snap, and Insta360 leading the market [5][6] Summary by Sections Market Overview - The Shanghai Composite Index increased by 0.76%, while the Shenzhen Component Index rose by 0.52% during the week of May 12 to May 16, 2025 [4] - The best-performing sector was panels with a 0.91% increase, while digital chip design saw a decline of 2.05% [4] Consumer Electronics - In the U.S. smartphone market, Apple holds a 60% market share, followed by Samsung at 20% and Lenovo at 10% [5] - AI smart glasses are projected to see significant growth, with global shipments expected to reach 80 million units by 2030 [5] - Insta360 has become the global leader in panoramic cameras, with a market share of two-thirds in the segment [6] Company Insights - Key companies in the Apple supply chain include Luxshare Precision, GoerTek, and others [6] - Xiaomi is set to release its self-developed chips, impacting its supply chain [6] - Companies involved in AI smart glasses technology include Hengxuan Technology and TaiLing Microelectronics [9] Stock Performance - The top-performing stocks for the week included Jingyan Technology and Sixuan New Materials, while stocks like Dalian Technology and Changguang Huaxin performed poorly [49]

璃以天然气，煤炭，石油为原材料制作的玻璃，整体利润小幅增加，主要原因来自于原材料成本下跌，产 数据来源于第三方，仅供参考。市场有风险，投资需谨慎！ 量整体保持平稳。需求端，个别企业灵活操作，下游拿货积极性一般。华南市场白玻价格维稳操作，下游 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 根据订单刚需采购为主，企业库存有所增加。目前期货价格已经毕竟生产成本价格，成本支撑可能会短期 免责声明 见效。操作上建议，玻璃主力合约2509，暂时观望,目前纯碱主力合约2509，暂时观望。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 纯碱玻璃产业日报 2025-05-13 | 项目类别 | 数据指标 最新 环比 数据指标 ...