Investment Rating - The industry rating is "Recommended" [6] Core Insights - In Q1 2025, the production of platinum group metals (PGM) from self-operated mines decreased by 8% year-on-year to 46.2 million ounces (14.37 tons), with a quarter-on-quarter decline of 21% [2] - The average realized price for platinum group metals increased by 3% year-on-year to $1,533 per ounce [5] - The total production of platinum group metals fell by 17% compared to the previous period, primarily due to a decrease in third-party POC production [1] Production and Operational Performance - The total production of platinum group metals in Q1 2025 was 69.63 million ounces (21.66 tons), reflecting a 5% year-on-year decline when considering the impacts of the Kroondal mine transition and flooding at the Amandelbult mine [1] - The self-operated mine's platinum group metal production (M&C) saw a year-on-year decrease of 8% to 46.2 million ounces (14.37 tons) [2] - The refined platinum group metal production from self-owned facilities dropped by 30% year-on-year to 43.71 million ounces (13.60 tons) [3] - The sales volume of platinum group metals from production (excluding trade sales) decreased by 30% year-on-year to 49.37 million ounces (15.36 tons) [4] Price Trends - The average realized price for platinum increased by 11% year-on-year, while ruthenium saw a 36% increase, although palladium prices fell by 8%, partially offsetting the overall price increase [7] - The overall sales volume of platinum group metals, including both self-produced and traded, increased by 58% year-on-year to 302.22 million ounces (94.00 tons) [7] Future Guidance - For 2025, the company expects mining and refining metal production to be between 3 million to 3.4 million ounces (93.31-105.75 tons) of platinum group metals [9] - The expected unit cash operating cost for platinum group metals is projected to be between 17,500 to 18,500 Rand per ounce, with an AISC target of $970 to $1,000 per 3E ounce [9]

Core Viewpoint - Japan's seafood industry is optimistic about the resumption of exports to China, but local fishermen express concerns due to the established new export channels and rising prices in the global market [1][3]. Group 1: Resumption of Trade - In late May, China and Japan reached an agreement on the conditions for resuming seafood trade, following China's suspension of imports due to the Fukushima nuclear water discharge [3]. - Japan's fisheries representatives view the agreement as a significant step forward, while some fishermen remain skeptical due to previous disruptions [3][4]. Group 2: Market Dynamics - During the import suspension, Japan's scallop exports diversified, leading to a doubling of wholesale prices, reaching 5,500 yen per kilogram, which is approximately 276.5 RMB [4]. - The price of farmed yellowtail increased from 900 yen to 1,500 yen per kilogram, and farmed salmon prices rose by 20% during the same period [4][5]. Group 3: Supply Chain Challenges - The Japanese seafood market has undergone structural changes during the import ban, making it uncertain whether previous trade channels can be quickly reestablished [4]. - Concerns are raised about the potential impact of increased Chinese demand on domestic supply, as Japan's fisheries face a decline in production, projected to drop by 5% in 2024 [5][6].

至关重要的货币政策不受外部因素的干扰。 美国经济仍然具有韧性，但也看到一些紧张性刺激。 美国费城联储主席哈克（2026年FOMC票委）：美联储可能会面临价格上涨和失业率上升，但不确定一 定会发生这样的情况。 ...

Core Insights - The impact of tariffs on economic growth and employment remains unclear, indicating a need for further analysis on this issue [1] - Price increases driven by tariffs will take time to fully manifest, suggesting a delayed effect on the economy [1]

Core Insights - The Federal Reserve Governor, Christopher Waller, indicates that a surge in imports expected in the coming months will reverse, signaling a potential for larger price increases [1] - Core services inflation remains above pre-pandemic levels, suggesting persistent inflationary pressures in this sector [1] - Improvement in core goods inflation has shown signs of reversal, indicating challenges in controlling inflation in this category [1]

期货热点追踪 尿素市场迎来转折点？天然气短缺+假期导致物流延误=价格上涨？ 相关链接 ...

1-4月进口占比78.38%，同比大增42.2%！数据影响下，几内亚矿石政策能否继续推动氧化铝价格上涨？ 相关链接 期货热点追踪 ...

日本经济再生大臣赤泽亮正：持续的价格上涨对消费和家庭信心造成了冲击，成为日本经济的下行风 险。 ...

Core Viewpoint - The Federal Reserve's Barr indicates that trade shocks may have particularly severe impacts on small businesses, potentially leading to price increases in the event of supply chain disruptions or business closures [1] Group 1 - Trade shocks are expected to disproportionately affect small enterprises [1] - Supply chain disruptions could trigger price hikes [1] - Business closures may result from the adverse effects of trade shocks [1]

沃尔玛(WMT.N)CFO：关税导致的价格上涨可能从本月开始。 ...