一、 指数表现与成交量 今日 ， A 股三大指数集体高开， 但在 早盘冲高后市场出现获利盘抛压，午后指数震荡回 落，沪指微涨 0. 17 % ，深成指和创业板指分别收跌 0. 13 % 和 0. 12 % 。两市成交额 继 续 突破万亿元，达 1. 29 万亿元，较前一交易日 缩量 约 169 亿元。个股表现分化，超 4 000 只个股早盘上涨，但收盘时下跌个股增至 3200 余只，市场情绪从普涨转向结构性波 动。 二、 领涨板块：出口链与科技股主导行情 1 、 光伏设备与新能源：光伏板块全线爆发，多晶硅期货主力合约 4 日累计涨幅超 13% ， 头部企业如东方日升涨停，阳光电源一季度净利润同比大增 82.52% 。行业传闻头部厂商联 合减产挺价，叠加中美关税缓和后出口预期改善，推动板块情绪。 2 、 跨境电商与消费电子：中美关税下调超预期直接利好出口链。跨境电商指数创 2 个月新 高，恒而达、华纺股份等多股涨停；消费电子板块因供应链成本下降预期走强，叠加 VR/AR 技术提升购物转化率等长期逻辑支撑。 尽管中美关税缓和提振了整体风险偏好，但市场并未普涨，反而呈现显著分化，主要原因包 括： 1、 利好提前消化 ...

5月13日，港股全天表现低迷，三大指数呈现低开低走行情，尤其是恒生科技指数大跌3.26%，恒生指数、国企指数分别下跌1.87%及2.02%，恒指更是止步8 连涨。 昨日中美关税削减重大利好，未能持续推动市场上行。 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 恒生指数 800000 | min | 23108.27 | -441.19 | -1.87% | | 国企指数 800100 | min | 8386.21 | -173.02 | -2.02% | | 恒生科技指数 800700 | min | 5269.66 | -177.69 | -3.26% | 盘面上，作为市场风向标的大型科技股集体走低，昨日受关税影响而大涨的苹果概念股、汽车股、半导体芯片股跌幅较为明显；中资券商股、军工股、手游 股、体育用品股、保险股、电信股、家电股纷纷走低。另一方面，机构对黄金长期展望乐观，黄金股再度活跃，生物医药股集体反弹，海运股、内银股多数 上涨。 具体来看： 科技股低迷，美团、快手跌超4%，阿里、小米跌超3%，腾讯、京东、百度纷纷跟跌。消 ...

中美关税谈判提振市场风险偏好,后市建议关注中东地缘问题 单边未形成强趋势,建议观望。WTI波动区间给到 | | 原油 | SC2507 | . | Production of the first of the finish of the finish of the county of the county of the county of the county of the county of the county of the county of the county of the con | | --- | --- | --- | --- | --- | | | | | 扰动 | [59,69],布伦特 [61,71], SC [450,510] | | | | | | 单边仍建议观望。主力合约波动调整到 | | | 尿素 | UR2509 | 市场整体氛围向好,短期盘面高位震荡为主 | [1750,1920]附近,期权端建议短期买入做扩波 | | | | | | 动率为主,仅供参考 | | | PX | PX2509 | 供需驱动偏强,叠加关税利好提振,PX走势偏强 | 短期震荡偏强,关注6700上方压 ...

Group 1 - The core point of the article is the significant change in the US-China tariff situation, where both countries agreed to cancel 91% of tariffs, providing a boost to the global economy and alleviating market tensions [2] - Following the announcement, Li Ka-shing's CK Hutchison Holdings issued a statement regarding a $22.8 billion global port deal, emphasizing that it would not proceed in an illegal or non-compliant manner, contrasting with their previous stance [4][6] - The company attempted to downplay the political implications of the port deal, asserting it was a purely commercial transaction, but public scrutiny intensified instead of subsiding [8][9] Group 2 - Li Ka-shing's shift in position reflects a strategic response to the easing of US-China tensions, as the company seeks to find a balance in its business strategy amidst changing circumstances [11][13] - The company stated that the port deal must meet three conditions to proceed: legal and regulatory approval, no violations of laws, and shareholder consent, indicating a commitment to compliance [15][18] - To regain public trust, the company could consider three remedial measures: terminating the deal and accepting legal consequences, shifting core business operations back to domestic markets, and engaging in charitable projects to improve its corporate image [20][30] Group 3 - The cancellation of tariffs is expected to lead to a recovery in commodity markets, particularly benefiting copper demand due to potential renewed cooperation in the renewable energy sector [38] - Chinese steel companies may also benefit from domestic growth policies, particularly in infrastructure projects, which will enhance demand expectations for rebar and hot-rolled coils [38] - Oil prices are anticipated to rise alongside improved macroeconomic sentiment, indicating a broader positive outlook for various sectors [38]

5月13日国内金价快报：国内各大金店金价跌下千元大关，目前这个金价大概和4月中旬那会差不多。周六福等金店金价今 日跌了16元/克，最新标价992元/克，还是最高价金店。上海中国黄金下跌24元/克，报价969元/克，再次成为最低价金店。 今日金店黄金价差23元/克，价差稍稍扩大。 具体各大品牌金店最新价格见下表格： | | | 今日金店黄金价格一览(2025年5月13日) | | | | --- | --- | --- | --- | --- | | 金店报价 | 今日金价 | 单位 | 变动幅度 | 涨跌 | | 老庙黄金价格 | 987 | 元/克 | 13 | 跌 | | 六福黄金价格 | 992 | 元/克 | 16 | 時 | | 周大福黄金价格 | 992 | 元/克 | 16 | 联 | | 周六福黄金价格 | 992 | 元/克 | 16 | ま | | 金至尊黄金价格 | 992 | 元/克 | 16 | 時 | | 老凤祥黄金价格 | 995 | 元/克 | 7 | 跌 | | 潮宏基黄金价格 | 992 | 元/克 | 16 | 跌 | | 周生生黄金价格 | 991 | 元/克 | 16 ...

就在中美联合发声的当天夜里，李嘉诚旗下的长和实业发布声明，称港口交易不会在任何不合法或不合 规的情况下进行。长和还详细说明了达成交易的四大前提：一是国家监管部门的同意批准，二是符合中 国法律法规，不存在法律禁止情况，三是获得公司股东的必要批准，四是其他适当及常规条件。 长和的声明是一种态度，旨在表明自身将接受中国法律和部门监管，如果不合法或不合规，长和有可能 叫停港口交易。不难看出，李嘉诚似乎认清了形势，选择以国家利益为重，在港口问题上与国家保持一 致，但选择的时间点却是5月12号，也就是中国取得关税战胜利的当天，有些"见风使舵"的嫌疑，为了 打消公众疑虑，李嘉诚方面还给出解释，称原定于5月22号发声，但最近有许多股东和媒体询问，所以 决定提前表态。另一方面，上个月有美媒披露，长和计划把43处港口拆分为两个交易进行，以规避国家 的反垄断调查，如果消息属实，李嘉诚如今的态度是紧急改口。 中美关税战"中场休息"，两国发布降税联合声明，李嘉诚深夜发布消息，在港口交易上表明立场，认清 形势了吗？ 原因也不难理解，首先是美方在关税问题上的妥协，让李嘉诚认识到了中国经济的强大韧性，看出了中 美攻守易势，连美国都不得不主动 ...

| 品种 | 点评 | 观点 | | --- | --- | --- | | 棉花 | 周一，ICE 美棉上涨 0.05%，报收 66.64 美分/磅，CF509 上涨 2.44%，报收 13240 保留对这些商品加征 10%的关税，另外还有 2 月和 3 月对美国部分商品加征的关 | | | | 元/吨，主力合约持仓环比增加 8708 手至 58.28 万手，新疆地区棉花到厂价为 14085 | | | | 元/吨，较前一日上涨 174 元/吨，中国棉花价格指数 3128B 级为 14187 元/吨，较 | | | | 前一日上涨 65 元/吨。昨日中美公布日内瓦经贸会谈联合声明，美国将 4 月 2 日以 | | | | 来对中国加征的关税取消 91%，24%的关税在初始的 90 天内暂停实施，仅保留 10%。 | | | | 仅考虑 2 月以来情况，目前美国对中国仍有 2 月和 3 月各加征 10%的关税税率。 | 震荡上 | | | 中国对美国加征的关税也取消 91%，24%的关税在初始的 90 天内暂停实施，同时 | | | | | 行 | | | 税保留。综上，中美关税谈判已经取得突破性进展，成果超 ...

聚烯烃日报 | 2025-05-13 中美关税缓和，聚烯烃小幅提振 单边：塑料谨慎偏空。 跨期：无。 风险 宏观经济政策，原油价格波动，新增产能投产进度。 市场分析 价格与基差方面，L主力合约收盘价为7090元/吨（+114），PP主力合约收盘价为7030元/吨（+63），LL华北现货为 7210元/吨（+0），LL华东现货为7230元/吨（-20），PP华东现货为7160元/吨（+0），LL华北基差为120元/吨（-114）， LL华东基差为140元/吨（-134）， PP华东基差为130元/吨（-63）。 上游供应方面，PE开工率为84.1%（-0.8%），PP开工率为79.7%（+5.4%）。 生产利润方面，PE油制生产利润为518.1元/吨（-162.9），PP油制生产利润为188.1元/吨（-162.9），PDH制PP生产利 润为-525.4元/吨（-47.3）。 进出口方面，LL进口利润为-87.6元/吨（+70.8），PP进口利润为-301.1元/吨（+10.0），PP出口利润为26.0美元/吨（-1.2）。 下游需求方面，PE下游农膜开工率为19.4%（-4.0%），PE下游包装膜开工率为47 ...

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The iron ore market currently shows a situation of increasing supply and demand, with a relatively healthy fundamental situation, which provides support for iron ore prices. After the Sino - US Geneva talks, the tariff policy has been eased, and with the revision of downstream demand expectations, the iron ore price is expected to rebound in the near future [10][11]. 3. Summary by Relevant Catalogs 3.1 Market Review - On May 12, the main 2509 contract of iron ore futures fluctuated upwards, rising 3.16% to close at 718.5 yuan/ton. The prices of other steel futures also showed varying degrees of increase, such as RB2510 rising 1.52%, HC2510 rising 1.51%, and SS2507 rising 1.29% [5][7]. - In terms of positions, the long - short position changes of different contracts varied. For the I2509 contract, the top 20 long positions increased by 18,164 hands, and the top 20 short positions increased by 5,325 hands, with a long - short difference of 12,839 hands and a deviation of 2.84% [8]. 3.2 Spot Market and Technical Analysis - In the spot market on May 12, the main iron ore outer - disk quotes increased by $2.5 per ton compared with the previous trading day, and the prices of main - grade iron ore at Qingdao Port were raised by 15 yuan/ton compared with the previous trading day. Technically, the daily KDJ and MACD indicators of the iron ore 2509 contract showed golden crosses [9]. 3.3 Market Outlook - **Supply**: Last week, the shipments from Brazil decreased, while those from Australia increased slightly. The total shipments from 19 ports decreased month - on - month, and the arrivals at 45 ports also decreased slightly. However, the overall level was still moderately high. The shipments in the past four weeks increased by 1.68% compared with the previous four weeks, and it is expected that the arrivals will remain at a moderately high level in the near future, with a loose iron ore supply [10][11]. - **Demand**: Last week, the daily average pig iron output increased again, reaching a new high of 2.4564 million tons since late October 2023. Steel mills maintained strong production, providing strong support for the actual demand for iron ore [11]. - **Inventory**: The available days of steel mill inventory remained at 22 days, and the port inventory decreased slightly. As the arrivals remain at a high level, it is expected that the inventory will increase in the near future, but the increase space is limited [11]. 3.4 Industry News - On May 12, Rio Tinto signed a final joint - venture agreement with Japan's Sumitomo Metal Mining for the Winu copper - gold project in Western Australia. Sumitomo will pay up to $430.4 million to acquire a 30% stake in the project [12]. - According to data from the China Association of Automobile Manufacturers, in April, the export of traditional fuel vehicles was 317,000 units, a month - on - month decrease of 9.3% and a year - on - year decrease of 18.7%. The export of new energy vehicles was 200,000 units, a month - on - month increase of 27% and a year - on - year increase of 76%. From January to April, the export of traditional fuel vehicles was 1.295 million units, a year - on - year decrease of 7.9%, and the export of new energy vehicles was 642,000 units, a year - on - year increase of 52.6% [12]. - The Sino - US Geneva economic and trade talks jointly stated that both sides will take measures to adjust tariffs. The US will modify the ad - valorem tariffs on Chinese goods, and China will make corresponding adjustments to the tariffs on US goods. Both sides will also cancel some additional tariffs and take measures to suspend or cancel non - tariff counter - measures. They will establish a mechanism to continue consultations on economic and trade relations [12][13]. 3.5 Data Overview - The report presents multiple data charts related to the iron ore and steel industry, including the prices of main iron ore varieties at Qingdao Port, the price differences between high - grade and low - grade ores and PB powder, shipments from Brazil and Australia, arrivals at 45 ports, domestic mine capacity utilization, port iron ore trading volume, steel mill inventory available days, port inventory and dredging volume, and various production and consumption data of steel products [20][22][24].

证券研究报告 点评报告 2025 年 5 月 13 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、策略和先进制造组： 5 月 12 日报道称，三星已与主要客户敲定新定价，计划将 DDR4 的价格提高约 20%。 另外 DDR5 的价格也会上涨，幅度大概在 5%，由此全球主要存储厂都已上调，据 Etoday 报道，SK 海力士最近将 DRAM 价格上调了 12%。4 月份国际市场，PC 用 DDR4 8Gb 的价格环比上涨了 22.22%。存储厂从今年一季度就开始不断给市场传递涨价的 信息，但是因为美国对全球关税战的原因，市场反应较弱。目前中美关税战阶段性 超预期缓和，国内主要存储模组上市公司的存货也相对较高，股价也相对高位下跌 20%左右，因此本次存储芯片原厂涨价，大概率会给国内国内存储模组公司带来类似 2024 年上半年的业绩提升。 分析师：郭强 证书编号：S1080524120001 电话：0755-23838533 12 日中国汽车动力电池产业创新联盟发布数据，4 月我国动力和其他电池合计出口 22.3GWh，环比下降 2.9%，同比增长 64.2%。1-4 月，我国动 ...