细看本次华盛顿G20财长与央行行长会议，仿佛中国与美国之间进行了一场精妙的"外交拉锯战"。在会 上，中国财长蓝佛安和中国人民银行行长潘功胜开始了一场积极而繁忙的外交活动：广泛会见南非、欧 盟、德国、日本、韩国等多国代表，却唯独没有安排与美国财长贝森特的会面。这样的举动背后，是中 方对美方缺乏诚意及实质行动的不满，更是对美国单方面压力政策的有力反击。 听起来似乎有些戏剧化，但这非常符合中国的策略：在面对单边挑衅时，不是硬碰硬，而是以柔克刚。 虽说"来而不往非礼也"，但在国际政治的盘面上，"选择性沟通"成了中国的利器。随着G20会议的闭 幕，美国那边却显得有些慌张，不到48小时，特朗普再度变脸，突然放出了"撤销关税"的条件，试图重 新掌握主动。 在国际舞台上，经济大戏的主角有时会扮演出人意料的角色，而最近的中美贸易争端便是这样一幕扣人 心弦的剧目。美国意欲通过加征关税来进行经济施压，然而，中国却没有落入"关税陷阱"的圈套，反倒 在接下来的博弈中站稳了脚跟。 事情得从特朗普高调宣布加征中国商品关税说起，这不是简单的"贸易政策调整"，而更像是向中国发出 的挑战。145%的关税增幅，这手段颇具"出其不意"之感，但不要忘 ...

Group 1: Product Overview - The company primarily offers three categories of products: outdoor leisure furniture, sunshades, and tents, with various subcategories based on material, structure, and usage [1] - The company is a leading player in the outdoor leisure furniture and supplies industry, collaborating with major global retail chains and maintaining a leading position in sales for key categories [1] Group 2: Impact of Tariffs - The company is currently in the order negotiation season for the 2025-2026 business year, with specific order volumes, especially from the U.S. market, still uncertain due to clients being in a wait-and-see mode [1] - If U.S.-China tariffs remain at current levels, significant impacts on U.S. market orders are anticipated [1] - The U.S. reciprocal tariff policy proposed on April 2, 2025, will affect future business, but the first quarter of 2025 has not yet been impacted [6][7] Group 3: Market Expansion and Sales - Revenue from emerging markets such as Southeast Asia and the Middle East is currently low, but online sales channels (e.g., Amazon, independent sites) are growing faster than traditional B2B models [3] - Sales of the company's products in Canada account for approximately 10%-20% of total North American sales [4] - The company is actively expanding its domestic market while maintaining steady growth [4] Group 4: Strategic Planning and Cost Control - The company has no current plans for restructuring and is focused on managing operations effectively to respond to U.S. tariff policies [5] - The company is gradually internationalizing its production layout, with a factory in Vietnam already operational and another in Thailand under preparation [5] - Specific cost control measures include increasing R&D innovation, improving production efficiency, optimizing the supply chain, and strict budget management to enhance profitability [7] Group 5: Market Position and Future Outlook - The company emphasizes that the resolution of U.S.-China trade disputes relies on national negotiations rather than individual companies [5] - The company remains committed to its core market of outdoor leisure furniture and is expanding its product categories while adapting to global market changes [7]

观察者网消息，美方挑起关税战前夕，美国零售巨头沃尔玛公司曾打起"将关税负担转嫁中方"的歪脑筋， 在被中方约谈后，这才开始想起来"找补"。 据香港《南华早报》4月29日报道，在中美贸易争端升级而导致货运量锐减后，最近几天，沃尔玛和其他 美国主要零售商已通知中国江浙地区的部分制造商恢复供货。 "我们的长期合作伙伴沃尔玛已经通知我们开始（向美国）发货，我们不需要承担（对中国商品）新关税 的额外成本。"4月28日，宁波一家大型文具办公用品出口商的副总裁透露，已收到沃尔玛的通知，要求它 们恢复对美国的正常供货。该公司表示，新进口关税的成本将由美国客户承担。此外，江苏也至少有一家 出口商接到了需求复苏的备货通知。 另据香港《明报》4月26日报道，近期正举行的第137届中国进出口商品交易会（广交会）期间，多名出口 商也不约而同提到，在沃尔玛、家得宝（Home Depot）、塔吉特（Target）等零售巨头于当地时间4月21日 同美国总统特朗普会谈后，沃尔玛已通知中国供应商恢复发送因本月初关税战开打而暂时停运的货物，关 税由美方买家承担。 美国一家沃尔玛购物超市 资料图 "我们了解到，（美国）主要零售商已建议其中国供应商恢复 ...

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: April 24, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoint - Trump's concessions in Sino-US trade disputes and on the issue of the Fed's independence have eased market concerns and weakened risk aversion. The domestic non-ferrous metals market opened higher, but Shanghai zinc faced upward pressure and fluctuated during the day. The import window is open, and April refined zinc imports may rebound to over 30,000 tons. With overseas mine disruptions and domestic TC remaining flat, and considering factors such as refinery maintenance, new production, and pre-holiday restocking demand, a short position on rallies is recommended [7]. Summary by Directory 1. Market Review - Shanghai zinc futures showed different fluctuations. For example, the 2505 contract opened at 22,595 yuan/ton, closed at 22,745 yuan/ton, up 265 yuan or 1.18%. The 2506 contract (the main contract) opened at 22,325 yuan/ton, closed at 22,460 yuan/ton, up 215 yuan or 0.97%, with a decrease in positions. The 2507 contract opened at 22,220 yuan/ton, closed at 22,245 yuan/ton, up 170 yuan or 0.77%, with an increase in positions [7]. - The Shanghai-London ratio was 8.69, and the exchange-excluded ratio was 1.21, with the import window open. LME zinc stocks decreased by 7,200 tons to 185,025 tons, and the 0 - 3C spread widened to 42.09. There were rumors of a full shutdown at Peru's Antamina due to an accident, strengthening overseas mine support [7]. 2. Industry News - On April 23, 2025, the spot prices of 0 zinc in different regions varied. In Shanghai, the mainstream transaction price of 0 zinc was 22,815 - 23,040 yuan/ton. In Ningbo, it was 22,805 - 23,000 yuan/ton. In Guangdong, it was 22,835 - 23,120 yuan/ton. In Tianjin, it was 22,850 - 23,250 yuan/ton. The spot premiums in different regions also showed different levels and trends [8][9]. 3. Data Overview - The report provides data on the price trends of zinc in two markets, the Shanghai-London ratio and exchange-excluded ratio, and zinc inventories in seven regions and LME, but specific data details in this part are not further elaborated [10][15].

1. Industry Investment Ratings No investment ratings for the industries are provided in the reports. 2. Core Views Oils and Fats Industry - Palm oil: After short - term release of export slowdown, the market rebounds, but the benchmark contract conversion affects the price. In China, the production cycle starts, and the price may fluctuate widely in the medium - and short - term [1]. - Soybean oil: The impact of Sino - US trade disputes is digested. The NOPA report may show an increase in US soybean oil inventory, but it is still lower than last year. In China, soybean supply shortage will last until the end of the month, and the basis price will decline as Brazilian soybeans arrive [1]. Sugar Industry - The market expects an increase in the 25/26 sugar season, which will suppress prices in the long - term. Raw sugar will fluctuate between 17 - 20 cents/pound. The domestic market follows the raw sugar trend, with price support but limited upside due to increasing industrial inventory [3]. Cotton Industry - Macroeconomic uncertainties remain high, and the downstream demand is weak. The cotton price is expected to be weak in the short - term, and it is advisable to wait and see [4]. Egg Industry - Egg supply and demand are generally balanced, and the national egg price is expected to remain stable this week [7]. Meal Industry - US soybean prices are affected by tariff policies and inventory adjustments. Brazilian supply pressure is increasing. In China, slow customs clearance affects soybean inventory, and the meal basis is boosted. The market may face a short - term correction [9]. Corn and Corn Starch Industry - Corn supply is tightening in the long - term, but short - term factors are mixed. The price is expected to be volatile in the short - term and strong in the long - term. Corn starch shows some price differences compared to corn [12]. Pig Industry - The pig futures price is pushed up by feed trends and second - round fattening. In the short - term, the price may be strong, but the sustainability is uncertain due to supply pressure and weak demand [16]. 3. Summary by Related Catalogs Oils and Fats Industry - **Prices**: On April 15, 2025, soybean oil, palm oil, and rapeseed oil prices all declined compared to April 14. For example, the price of Jiangsu first - grade soybean oil decreased by 0.37% [1]. - **Spreads**: The soybean - palm oil spread increased by 6.19%, and the rapeseed - soybean oil spread decreased by 9.16% [1]. Sugar Industry - **Futures Market**: On April 15, 2025, the price of sugar 2505 increased by 0.07%, and the price of sugar 2509 decreased by 0.37% [3]. - **Spot Market**: The price in Nanning decreased by 0.32%, and the price in Kunming increased by 0.42% [3]. - **Industry Data**: The national sugar production increased by 12.27% year - on - year, and the sales increased by 26.64% [3]. Cotton Industry - **Futures Market**: On April 15, 2025, the price of cotton 2505 decreased by 0.86%, and the price of cotton 2509 decreased by 0.85% [4]. - **Spot Market**: The price of Xinjiang 3128B increased slightly, and the FC Index:M: 1% decreased by 2.15% [4]. - **Industry Data**: Commercial inventory decreased by 6.5%, and the export of textile yarn and fabric increased by 93.8% [4]. Egg Industry - **Prices**: On April 15, 2025, the price of the egg 09 contract decreased by 0.05%, and the price of the egg 05 contract increased by 0.10% [7]. - **Related Data**: The egg - feed ratio was 2.53, and the breeding profit was - 15.78 yuan/feather [7]. Meal Industry - **Prices**: On April 15, 2025, the price of Jiangsu soybean meal increased by 1.82%, and the price of the M2509 contract decreased by 1.22% [9]. - **Spreads**: The soybean - rapeseed meal spread in 2509 increased by 2.61% [9]. Corn and Corn Starch Industry - **Corn**: On April 15, 2025, the price of corn 2507 decreased by 0.35%, and the import profit decreased by 5.78% [12]. - **Corn Starch**: The price of corn starch 2507 increased by 0.26%, and the starch - corn spread increased by 4.27% [12]. Pig Industry - **Futures Market**: On April 15, 2025, the price of the pig 2505 contract decreased by 8.33%, and the price of the 2509 contract increased by 0.28% [16]. - **Spot Market**: The price in Shandong decreased by 50 yuan/ton, and the price in Sichuan increased by 130 yuan/ton [16]. - **Related Data**: The sample slaughter volume increased by 0.19%, and the self - breeding profit increased by 8.83% [16].