当地时间5月12日，特朗普回应关税问题称，就算90天后中美未达成长期协议，美方对华关税也不会重 回145%的水平。中美发表联合声明宣布暂时降低关税，特朗普修正行政命令，价值低于800美元小额包 裹的关税税率从120%降低至54%。这一消息，对不少美国进口商和零售商以及美国民众来说，"都松了 口气"。美家电企业Shark Ninja、玩具公司Basic Fun等多家美企表示，将立即安排货物装船发运美国港 口。（看看新闻） ...

投资咨询业务资格：证监许可【2011】1778 号 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：焦煤（JM） 日内观点：震荡偏强 中期观点：震荡 ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤 | 2509 | 震荡 | 震荡 | 震荡 偏强 | 震荡思路 | 基本面拖累，焦煤震荡调整 | | 焦炭 | 2509 | 震荡 | 震荡 | 震荡 偏强 | 震荡思路 | 多空交织，焦炭低位震荡 | 宝城期货煤焦早报（2025 年 5 月 14 日） 参考观点：震荡思路 核心逻辑：5 月 13 日夜盘，焦煤主力合约报收 879.0 ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层 （100020） 资讯早间报 制作日期： 2025/05/14 隔夜夜盘市场走势 1. 国际油价大幅走高，美油主力合约收涨 2.71%，报 63.63 美元/桶；布伦 特原油主力合约涨 2.43%，报 66.54 美元/桶。 2. 国内商品期货夜盘收盘普遍上涨，能源化工品表现强劲，苯乙烯涨 3.78%，乙二醇涨 3.31%，PTA 涨 3.25%，丁二烯橡胶涨 2.97%，短纤涨 2.7%，低 硫燃料油涨 2.37%，原油涨 1.7%。黑色系全线上涨，铁矿石涨近 1%。农产品涨 跌不一。基本金属全线上涨，氧化铝涨 1.69%，沪锌涨 1.57%，沪铜涨 0.99%。 沪金涨 0.36%，沪银涨 0.40%。 3. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 0.82%报 3254.50 美元/盎 司，COMEX 白银期货涨 1.43%报 33.09 美元/盎司。 4. 伦敦基本金属全线上涨，LME 期锌涨 1.93%报 2720.50 美元/吨，LME 期 铅涨 1.40%报 1993.00 美元/吨，LME 期铜涨 1.29%报 962 ...

Core Viewpoint - The recent announcement of the US-China Geneva Economic and Trade Talks Joint Statement indicates a commitment to reduce tariffs imposed since April 2025 to 10%, with a 90-day suspension on the remaining 24% tariffs, although tariffs on certain Chinese imports from the US remain unchanged [1][2]. Tariff Changes and Impact - The tariffs on US imports, particularly on coal, LNG, crude oil, and agricultural products, will continue to apply at rates of 10%-15% for China [1]. - As of 2024, China imported approximately 60 billion yuan worth of US crude oil and LNG, with US crude oil accounting for only 1.74% of China's total crude oil imports [2]. - The imposition of tariffs has led to a significant reduction in China's imports of US energy products, with a year-on-year decline of 54%, 76%, and 70% in the first three months of 2024 for crude oil [2]. Market Dynamics - The attractiveness of US crude oil has diminished for Chinese buyers due to the 20% tariff, as global price differences among various crude oil types are minimal [2]. - Chinese buyers are currently in a wait-and-see mode regarding US LNG imports, despite the competitive pricing of US natural gas [3][4]. - The anticipated increase in pipeline gas imports from Russia and the acceleration of domestic gas storage and LNG receiving station construction in China are expected to fill the gap left by reduced US imports [4]. Economic Outlook - The mutual tariff reduction between the US and China is expected to positively impact the international oil and gas market, improving global economic prospects and market sentiment [4].

【环球时报报道 记者 丁雅栀】中美12日发表《中美日内瓦经贸会谈联合声明》，同意大幅降低双边关税。这一消息为全球市场注入一剂强心针， 引发全球金融市场强烈反应。 "关税降幅远超华尔街预期，韦德布什证券公司分析师丹·艾夫斯称，当前对投资者来说是最好的情况。"据《华尔街日报》报道，中美联合声明发 表后，美国股市应声大涨，有着"全球科技股风向标"称号的纳斯达克综合指数飙升逾4%，重新进入牛市行情。道琼斯工业指数恢复4月2日收盘 位。美媒称，亚马逊、苹果和特斯拉等受贸易战冲击的企业股价也集体上扬。服装类、鞋类、运动装备、零售、旅游等与中国业务往来较频繁的 行业股价也在上升。 中国社会科学院美国问题专家吕祥对《环球时报》记者表示，此次共同声明的优点在于明确了"认识到双边经贸关系对两国和全球经济的重要 性"等重要原则。只要美方真心诚意按照原则推进，双方进一步磋商甚至谈判就能够真正开展起来，从技术层面将双边关系稳定下来。 美媒称，全球制造商为中美贸易冲突降温松一口气，但同时也在观望未来。CNBC称，顾问公司GEP供应链波动指数显示，4月，北美波动幅度较 大。据GEP咨询副总裁皮亚泰克所说，北美企业正以"令人担忧的速度"大举 ...

"90天关税暂停令许多美国农民感到宽慰。"美国商业和经济新闻网站Marketplace刊文称。据报道，北达科他州大豆农民乔希·加克尔听闻中美达成 协议后心情好了很多，他说："我们正在取得进展，正在播种，所以我感觉很好。我们还有很多工作要做，我很感激两国正在展开对话。"与此同 时，他也对中美双边关税暂停90天之后的情况抱有谨慎的希望，8月刚好是他种植的大豆快要收获之时，他希望自己投入资金后能够得到回报。 据美国有线电视新闻网（CNN）巴西频道报道，美国大豆协会主席凯莱布·拉格兰对"朝着问题解决迈出的第一步"表示满意，但他表示，目前的关 税税率"依然过高"，可能还是会让美国大豆在中国的市场份额下降。 据《环球时报》驻巴西特派记者观察，中美日内瓦经贸会谈联合声明发布后，巴西农业媒体和农业从业者最关心的是大豆的价格和出口。今年4月 初，中国与巴西签署了至少240万吨的大豆采购合同，这相当于中国月均进口量的近1/3。 【环球时报综合报道】编者的话：近几年，中国在从美国进口大豆等农产品的同时，也开始增加从南美等地区国家的农产品进口。中国持续推动 农产品进口多元化，巴西已超越美国成为中国最大的大豆供应国，中国和阿根廷签署了 ...

特朗普又点评市场了。 周二，美股早盘再度上涨、标普500指数收复年内失地之际，美国总统特朗普表示，一个月前，各家公 司还对我不满意，市场上涨真是太美妙了。它还会继续涨，涨得高的多。 不过这一次特朗普喊话后，美股并没有像此前那样盘中迅速拉涨。反之，短线来看，标普500指数涨幅 收窄至0.8%，道指跌148点、跌幅重新扩大至0.4%，纳指上涨不到290点，涨幅收窄至将近1.5%。 回顾过去几个月的美股走势，特朗普讲话对市场的影响非常大： 在4月初，据央视新闻，美国实施10%普遍关税以及对汽车、钢铁和铝材等特定行业的关税措施，导致 标普500指数自2月份峰值，一度跌近19%。 随后，在特朗普4月9日表示"现在是买入的好时机"后，几个小时后，他宣布暂停了部分关税，美股在当 月大幅反弹逾16%。 特朗普的"喊买"并没有止步于此： 特朗普在5月8日再次强调，如果贸易协议与减税相结合能够取得成果，"你最好现在就出去买股票。" 此后本周一，据中美日内瓦经贸会谈联合声明，美国和中国宣布暂时削减关税。这令美股周一全线大 涨，标普500指数涨3.3%，纳指100大涨4%。美股涨势延续到周二，标普500指数盘中收复年内全部失 地。 ...

Summary of HCA Healthcare (HCA) 2025 Conference Call Company Overview - **Company**: HCA Healthcare (HCA) - **Industry**: Healthcare Services - **Event**: 2025 Conference Call on May 13, 2025 Key Points Financial Performance - **Q1 Performance**: Strong quarter with good volume growth and improved margins, attributed to operational leveraging and effective cost management [5][9] - **Net Revenue Growth**: Net revenue per unit increased by 3%, indicating solid top-line growth [9] - **EBITDA Growth**: EBITDA grew by 11% year-over-year, with a close to 9% growth when accounting for state supplemental payment impacts [33][34] Guidance and Sustainability - **Guidance Reaffirmation**: The company reaffirmed its guidance for the year, indicating a cautious approach due to the uncertain macro environment [6][8] - **Volume Growth Guidance**: Volume growth is projected at 3% to 4%, which is higher than the previous long-term target of 2% to 3% [26][32] Regulatory and Policy Environment - **Reconciliation Bill**: The draft bill is seen as largely maintaining current state supplemental payments, which is viewed positively, although it may limit future enhancement opportunities [11][12][13] - **Enhanced Premium Tax Credits (EPTCs)**: The company is advocating for the extension of EPTCs, which are crucial for coverage and cost of living for working families [15][16] Operational Insights - **Labor Trends**: The labor environment is stable, with improvements in retention rates returning to pre-pandemic levels. The company has invested in workforce development through partnerships with nursing schools [37][38][41] - **Professional Fees**: Professional fees are growing faster than inflation, with a reported 11% increase year-over-year. The company is working to stabilize these costs [42][43] Market Dynamics - **Ambulatory Surgery Centers (ASCs)**: The ASC business is experiencing mid-single-digit net revenue growth, although there have been slight volume declines in lower acuity cases [59][60] - **Non-Hospital Assets**: The company has expanded to 2,750 sites of care, with outpatient revenue growth outpacing inpatient revenue growth [61][62] Capital Allocation and Financial Strategy - **Leverage Ratio**: The leverage ratio stands at 3.1, within the targeted range of 2.75 to 3.75, indicating a strong balance sheet [65] - **Capital Investments**: The company plans to maintain a balanced approach to capital allocation, including investments in facilities, dividends, mergers and acquisitions, and share repurchases [65][68] Future Considerations - **Impact of Federal Health Policy Changes**: The company is preparing for potential adverse impacts from federal health policy changes and tariffs, with flexibility in capital allocation plans [67][68] Additional Insights - **Market Demand**: There are no current indications of deferred care or pull-forward utilization due to economic concerns, suggesting stable demand in the first quarter [28] - **Contracting with Payers**: The company is over 90% contracted for 2025 and 75% for 2026, indicating strong relationships with payers despite ongoing negotiations [50][51][55] This summary encapsulates the key insights and data points from the HCA Healthcare conference call, providing a comprehensive overview of the company's current performance, strategic outlook, and market dynamics.

GE HealthCare Technologies (GEHC) 2025 Conference May 13, 2025 11:00 AM ET Speaker0 Good morning, everyone. Welcome to the BofA Healthcare Conference. I'm Craig Bijou, one of the med tech analysts here. And it's a pleasure to have GE Healthcare. And from the company with us is Jay Sicaro, CFO, and Carolyn Borders, who's Chief Investor Relations Officer. So, Jay and Carolyn, thank you both. Speaker1 Great. Thank you for the invitation to the conference. As always, it's nice to be here again. And it's nice to ...

今天凌晨，她和美国客户约好这两天收到30%的定金后，工厂就会开始生产他们的订单。 中新社义乌5月13日电(柴燕菲董易鑫)"'联合声明'一出，美国客商立马联系我们收定金、恢复之前的订 单，快速生产出货。"5月13日，浙江义乌主营眼镜的商户陈海红告诉记者，她与美国客户反复沟通产品 细节，直到凌晨2点多。 陈海红所说的"联合声明"，指的是5月12日中美双方公布的中美日内瓦经贸会谈联合声明，内容提及美 方取消了共计91%的加征关税，中方相应取消了91%的反制关税；美方暂停实施24%的"对等关税"，中 方也相应暂停实施24%的反制关税。 义乌被称为"全球最大的小商品集散中心"，超210万种商品发往全球230多个国家和地区，常驻外商超2 万人。今年4月，在美国滥施关税的背景之下，"卖全球"的义乌成为焦点城市。 "我们有50%的订单来自欧美地区，前段时间涉美订单量几乎降到0%。"做了19年外贸生意的陈海红坦 言，确实受到影响，但是信心比黄金贵，她当时就相信转机很快会出现。 "美国市场对中国商品有依存度，从我们这些年不断增长的订单量就能看出来。这次，和我们合作了很 多年的美国客商还说'风浪都是一时的，一起经历了这些变化，反而 ...