《方案》中与仪器相关的商品主要集中在进口暂定税率表、税目调整表中，核心涉及测量、医疗、工业检测等类别，具体如下： 一、核心仪器类（进口暂定税率表） 1. 测量/计量仪器 ◦ 三坐标测量机用平衡气缸、自动控制柜（税则号列84123100、90328990） ◦ 机床用可编程序控制器（PLC）、数控单元（85371011、85371019） ◦ 气体流量阀（半导体/集成电路制造专用，84818039） ◦ 轮廓投影仪、光栅测量装置（90328990） 2. 医疗仪器及组件 ◦ 医用直线加速器用磁控管、高压固态调制器系统（862、90229090） ◦ 数字化X射线摄影系统平板探测器、X射线断层检查仪专用探测器（90229090） ◦ 医用可解脱弹簧圈、颅内取栓支架、伞形下腔静脉滤器（90189099） ◦ 人造关节、人造血管、人工心脏瓣膜（90213100、90213900） ◦ 诊断试剂盒（甲型肝炎/乙型肝炎/丙型肝炎/人类免疫缺陷病毒/梅毒螺旋体，38221900） 3. 工业检测/加工仪器 ◦ 半导体检测分选编带机（84224000） ◦ 光刻机用光斑调节装置、电机控制器（90138090、90328990 ...

今日现货锡价走势：据长江有色金属网获悉，12月30日ccmn长江综合市场1#锡价报320100元/吨-323100 元/吨，均价报321600元/吨，较前一日价格下跌22300元；今日长江现货市场1#锡价报320750元/ 吨-322750元/吨，均价321750元/吨，较上一交易日价格下跌22250元/吨。 来源：市场资讯 今日午盘后沪锡走势：今日沪锡合约2602大跌，开盘价报334200元/吨，盘中最高报336740元/吨，最低 报316730元/吨，结算价报324380元/吨，收盘报326330元/吨，下跌16010元，跌幅4.68%；沪锡主力月 2602合约成交量441256手，持仓量43769手，较前一日减少6392手。 供应面呈现"复苏与累库"的背离格局。尽管刚果（金）地缘风险未解，但缅甸佤邦复产、印尼出口改善 及刚果（金）对华进口量增长，均指向主产国供应正在边际回暖。更为直观的压力来自库存端，国内外 社会库存同步累积，表明此前紧张的现货供需格局已实质性松动。 需求面则陷入"高价抑制与结构转变"的困局。当前价位已严重侵蚀下游利润，焊料等行业普遍采取低库 存策略，市场成交清淡，呈现明显的"高价反噬" ...

1 . 测量/计量仪器 ◦ 三坐标测量机用平衡气缸、自动控制柜（税则号列8 4 1 2 3 1 0 0、9 0 3 2 8 9 9 0） ◦ 机床用可编程序控制器（PLC）、数控单元（8 5 3 7 1 0 11、8 5 3 7 1 0 1 9） ◦ 气体流量阀（半导体/集成电路制造专用，8 4 8 1 8 0 3 9） ◦ 轮廓投影仪、光栅测量装置（9 0 3 2 8 9 9 0） 2 . 医疗仪器及组件 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我 们的推送。 2 0 2 5 年 1 2 月 2 9 日 ， 国 务 院 关 税 税 则 委 员 会 发 布 《 2 0 2 6 年 关 税 调 整 方 案 》 （ 下 文 简 称 " 《 方 案》"），将自2 0 2 6年1月1日 起实施。（点击文末"阅读原文"下载附件） 《方案》中与仪器相关的商品主要集中在进口暂定税率表、税目调整表中，核心涉及测量、 医疗、工业检测等类别，具体如下： 一、核心仪器类（进口暂定税率表） 3 . 工业检测/加工仪器 二、税目调整涉及的仪器相关商品 * 以上商品均来自方 ...

Market Overview - The Shanghai Composite Index closed slightly down, while the Shenzhen Component and ChiNext Index recorded gains, with total trading volume increasing to 2.16 trillion yuan [1][5] - The market anticipates two interest rate cuts totaling 50 basis points by the Federal Reserve next year, influenced by political factors such as the U.S. midterm elections and the appointment of a new Fed chair [1][8] - China's export scale and trade surplus have reached historical highs this year, indicating resilience in export structure and direction, with expectations for continued strong performance in exports next year amid improving Sino-U.S. trade relations [1][8] Digital Currency Developments - The People's Bank of China has introduced a digital yuan action plan, with a new framework set to launch on January 1, 2026, transitioning from a cash-based to a deposit currency model [2][9] - This upgrade is expected to create a win-win situation for businesses and individuals, providing interest income and a wider range of financial products, while also incentivizing commercial banks [2][9] Tariff Adjustments - The State Council's tariff adjustment plan for 2026 will implement lower temporary import tariffs on 935 items starting January 1, 2026, aimed at enhancing the linkage between domestic and international markets [2][10] - The plan focuses on high-quality development and open markets, reducing tariffs on key components and advanced materials, and dynamically adjusting tariff structures to support industrial development [10] Agricultural Policy - The Central Rural Work Conference emphasized the importance of agricultural modernization and set key tasks for 2026, including enhancing grain production and improving agricultural policies to stabilize prices and increase farmers' income [4][11] - The conference aims to strengthen agricultural technology and equipment, which could lead to long-term investment opportunities in the agricultural sector and stimulate county-level consumption [4][11] Market Performance - On December 30, the A-share market showed mixed results, with the Shanghai Composite Index at 3965.12 points (down 0.004%), Shenzhen Component at 13604.07 points (up 0.49%), and ChiNext Index at 3242.90 points (up 0.63%) [5][12] - The oil and petrochemical, automotive, and non-ferrous metals sectors saw the highest gains, while retail, real estate, and public utilities experienced the largest declines [5][13] Capital Tracking - The market's trading volume reached 21,617.04 billion yuan, showing an increase from the previous trading day, with the margin financing balance also rising to 25,517.34 billion yuan [6][14]

沪指收红。现货市场，A股三大指数收盘涨跌不一，沪指九连阳，当日涨0.04%收于3965.28点，创业板指跌0.66%。 行业方面，板块指数跌多涨少，石油石化、国防军工、银行行业涨幅居前，有色金属、公用事业、电力设备行业 跌幅居前。当日沪深两市成交额突破2万亿元。海外方面，美国三大股指全线收跌，道指跌0.51%报48461.93点 期指减仓。期货市场，基差方面，股指期货基差回落。成交持仓方面，股指期货成交量和持仓量同步下降。 FICC日报 | 2025-12-30 成交破两万亿，沪指九连阳 市场分析 关注中美关系。宏观方面，国务院关税税则委员会发布《2026年关税调整方案》，将自2026年1月1日起实施。根据 方案，为增强国内国际两个市场两种资源的联动效应，扩大优质商品供给，明年我国将对935项商品实施低于最惠 国税率的进口暂定税率。优化关税税目及本国子目注释，税则税目总数增加至8972个。海外方面，美国总统特朗 普表示，将在适当的时机宣布美联储主席人选，时间很充裕；批评美联储主席鲍威尔及美联储翻修大楼的做法； 正考虑起诉鲍威尔，指控他无法胜任工作。 策略 节前市场中，ETF规模呈现持续扩张态势，同期股票仓位却 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：华泰期货 作者： 汪雅航 市场分析 关注中美关系。宏观方面，国务院关税税则委员会发布《2026年关税调整方案》，将自2026年1月1日起 实施。根据方案，为增强国内国际两个市场两种资源的联动效应，扩大优质商品供给，明年我国将对 935项商品实施低于最惠国税率的进口暂定税率。优化关税税目及本国子目注释，税则税目总数增加至 8972个。海外方面，美国总统特朗普表示，将在适当的时机宣布美联储主席人选，时间很充裕；批评美 联储主席鲍威尔及美联储翻修大楼的做法；正考虑起诉鲍威尔，指控他无法胜任工作。 沪指收红。现货市场，A股三大指数收盘涨跌不一，沪指九连阳，当日涨0.04%收于3965.28点，创业板 指跌0.66%。行业方面，板块指数跌多涨少，石油石化、国防军工、银行行业涨幅居前，有色金属、公 用事业、电力设备行业跌幅居前。当日沪深两市成交额突破2万亿元。海外方面，美国三大股指全线收 跌，道指跌0.51%报48461.93点 期指减仓。期货市场，基差方面，股指期货基差回落。成交持仓方面，股指期货成交量和持仓量同步下 降。 策略 节前市场中，ETF ...

商 品 研 究 2025 年 12 月 30 日 铂：资金离场开启回撤 钯： 跟随铂金撤步 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 产 业 服 务 研 究 所 期货研究 【宏观及行业新闻】（资料来源：金十数据） 铂钯基本面数据 | | | 昨日收盘价 | | 涨幅 | | | --- | --- | --- | --- | --- | --- | | | 铂金期货2606 | 634. 35 | | -10.06% | | | | 金交所铂金 | 637. 15 | | -3.78% | | | | 纽约铂主连(前日) | 2138. 90 | | -14.92% | | | | 伦敦现货铂金(前日) | 2102. 50 | | -14. 52% | | | | 锂金期货2606 | 494. 10 | | -4. 18% | | | | 人民币现货纪金 | 489.00 | | 13.99% | | | 价格 | 纽约锂主连(前日) | 1.695.50 | | -17.71% | | | | 伦敦现货锂金(前日) | 1.621. ...

Group 1 - The Chinese government will implement a temporary import tariff lower than the most-favored-nation rate on 935 items starting January 1, 2026, to enhance the linkage between domestic and international markets and expand the supply of quality goods [4][14] - The adjustment aims to promote high-level technological self-reliance and the construction of a modern industrial system by reducing import tariffs on key components and advanced materials [6] - The plan includes lowering import tariffs on medical products such as artificial blood vessels and diagnostic kits for certain infectious diseases to improve public health and reduce economic burdens on patients [8][16] Group 2 - The adjustment will also involve the cancellation of temporary import tariffs on micro motors, printing machines, and sulfur, restoring the most-favored-nation rate based on domestic industrial development and supply-demand changes [8] - The total number of tariff items will reach 8,972, with new categories added for smart bionic robots, bio-jet fuel, and other emerging products, supporting the development of the circular economy and forest economy [10][22] - Experts indicate that the tariff adjustments focus on cultivating new growth drivers and green transformation, which will enhance the competitiveness of the industrial chain [16][17] Group 3 - The adjustment of tariffs on bio-jet fuel, which saw a fourfold increase in production from January to October 2025 compared to 2024, highlights the potential for green low-carbon transformation in the petrochemical industry [19] - The inclusion of smart bionic robots and clean robots in the tariff schedule will help industries and companies accurately grasp trade data and assess overseas market trends [22] - Targeted adjustments to tariffs on urgently needed equipment and intermediate products will support the development of relevant industries by reducing costs [24]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report The report provides investment outlooks and trend analyses for various commodities in the futures market, including precious metals, base metals, energy, chemicals, agricultural products, etc. It assesses the market conditions, supply - demand relationships, and price trends of each commodity, and gives corresponding trading suggestions and risk warnings [2][4]. Summary by Related Catalogs Precious Metals - **Gold**: Inflation is moderately declining. Gold prices are affected by factors such as inflation and macro - news. The trend strength is 0 [2][5]. - **Silver**: It is in a high - level adjustment. The price shows a downward trend, and the trend strength is 0 [2][5]. - **Platinum**: Capital outflows lead to a retracement. The price drops significantly, and the trend strength is - 1 [2][29]. - **Palladium**: It follows platinum's retracement. The price also shows a decline, and the trend strength is - 1 [2][29]. Base Metals - **Copper**: Capital liquidation causes price corrections. The price experiences a decline, and the trend strength is - 1 [2][12]. - **Zinc**: It is in a range - bound oscillation. The price fluctuates within a certain range, and the trend strength is 0 [2][15]. - **Lead**: The decrease in LME inventory limits price declines. The price shows a slight decline, and the trend strength is 0 [2][19]. - **Tin**: Supply is disrupted again. The price drops, and the trend strength is 1 [2][22]. - **Aluminum**: It follows copper. The price movement is related to copper, and the trend strength is 0 [2][26]. - **Alumina**: It is in a sideways oscillation. The price remains relatively stable, and the trend strength is 0 [2][26]. - **Cast Aluminum Alloy**: It shows a slight decline. The price drops slightly, and the trend strength is 0 [2][26]. - **Nickel**: There is a game between capital and industrial forces, and attention should be paid to the emergence of structural opportunities. The price shows certain fluctuations, and the trend strength is 0 [2][33]. - **Stainless Steel**: The fundamentals restrict elasticity, but attention should be paid to Indonesian policy risks. The price is relatively stable, and the trend strength is 0 [2][33]. Energy and Chemicals - **Crude Oil - related (implied in some products)**: Affects the prices of downstream products such as fuel oil and chemicals. For example, the price of fuel oil may be affected by crude oil price fluctuations [126]. - **Fuel Oil**: Night - session fluctuations increase, and it may maintain strength in the short term. The price shows certain fluctuations, and the trend strength is 0 [2][126]. - **Low - Sulfur Fuel Oil**: It is in a strong - side oscillation, and the spot high - low sulfur spread in the outer market is temporarily stable. The price shows a certain upward trend, and the trend strength is 0 [2][126]. - **PTA**: It is in a high - level oscillation market. The supply increases, and the demand is relatively stable. It is recommended to pay attention to position management before the holiday, and the trend strength is 0 [2][64][69]. - **MEG**: The upside space is limited, and there is still pressure in the medium term. The port inventory accumulates, and the trend is weak. The trend strength is 0 [2][64][70]. - **LPG**: The short - term supply is tight, and attention should be paid to the realization of downward drivers. The price shows certain fluctuations, and the trend strength is 0 [2][113]. - **Propylene**: The spot supply - demand tightens, and there is an expectation of a stop - falling rebound. The price shows a certain upward trend, and the trend strength is 0 [2][114]. - **PVC**: It is in a weak - side oscillation. The market has a high - production and high - inventory structure, and the rebound space is limited. The trend strength is 0 [2][122]. Agricultural Products - **Soybean - related (Soybean, Soybean Meal, Soybean Oil)**: - **Soybean Meal**: Overnight US soybeans closed down, and Dalian soybean meal may follow the adjustment. The price shows a decline, and the trend strength is - 1 [2][159][160]. - **Soybean Oil**: The US soybean drive is not significant, and it is mainly operated within a range. The price shows certain fluctuations, and the trend strength is 0 [2][154]. - **Soybean**: It is in an oscillation. The price is relatively stable, and the trend strength is 0 [2][161]. - **Corn**: Attention should be paid to the spot market. The price shows a certain upward trend, and the trend strength is 0 [2][163]. - **Sugar**: It is in a range - bound arrangement. The price fluctuates within a certain range, and the trend strength is 0 [2][167]. - **Cotton**: The area expectation is undetermined, and the futures price corrects. The price shows a decline, and the trend strength is 0 [2][172]. - **Eggs**: They are in a short - term oscillation. The price shows certain fluctuations, and the trend strength is 0 [2][178]. - **Hogs**: Contradictions continue to accumulate, and they are strong in the short term. The price shows an upward trend, and the trend strength is 0 [2][181]. - **Peanuts**: Attention should be paid to oil mill acquisitions. The price shows certain fluctuations, and the trend strength is 0 [2][187]. - **Palm Oil**: It has a short - term rhythm rebound, but the height is limited. The price shows a certain upward trend, and the trend strength is 0 [2][154]. Others - **Iron Ore**: It is in a high - level repetition. The price shows certain fluctuations, and the trend strength is - 1 [2][45]. - **Rebar**: Macroeconomic support and industrial suppression coexist, and steel prices maintain a range - bound oscillation. The price is relatively stable, and the trend strength is 0 [2][47]. - **Hot - Rolled Coil**: Similar to rebar, with macroeconomic support and industrial suppression, and steel prices maintain a range - bound oscillation. The price is relatively stable, and the trend strength is 0 [2][47]. - **Silicon Iron**: Market information disrupts, and it has a wide - range oscillation. The price shows large fluctuations, and the trend strength is 0 [2][51]. - **Manganese Silicon**: Market information disrupts, and it has a wide - range oscillation. The price shows large fluctuations, and the trend strength is 0 [2][51]. - **Coke**: The fourth - round price cut starts, and it oscillates repeatedly. The price shows certain fluctuations, and the trend strength is 0 [2][56]. - **Coking Coal**: Year - end production cuts disrupt, and it oscillates repeatedly. The price shows certain fluctuations, and the trend strength is 0 [2][56]. - **Log**: It is in a low - level oscillation. The price is relatively stable, and the trend strength is 0 [2][60]. - **Styrene**: It is in a short - term oscillation. The price shows certain fluctuations, and the trend strength is 0 [2][107]. - **Caustic Soda**: Attention should be paid to the delivery pressure in January. The price shows certain fluctuations, and the trend strength is - 1 [2][83]. - **Paper Pulp**: It is in a weak - side oscillation. The price shows a decline, and the trend strength is - 1 [2][89]. - **Glass**: The original sheet price is stable. The price is relatively stable, and the trend strength is 0 [2][96]. - **Methanol**: It oscillates with support. The price shows certain fluctuations, and the trend strength is 0 [2][99]. - **Urea**: It runs in a short - term oscillation. The price shows certain fluctuations, and the trend strength is 0 [2][103]. - **Short - Fiber**: It is in a high - level oscillation. The price shows certain fluctuations, and the trend strength is 0 [2][143]. - **Bottle Chip**: It is in a high - level oscillation. The price shows certain fluctuations, and the trend strength is 0 [2][143]. - **Offset Printing Paper**: It is advisable to wait and see. The price is relatively stable, and the trend strength is 0 [2][146]. - **Pure Benzene**: It is in a short - term oscillation mainly. The price shows certain fluctuations, and the trend strength is 0 [2][151]. - **Container Freight Index (European Line)**: Attention should be paid to the cabin - opening guidance. The price shows certain fluctuations, and the trend strength is 0 [2][128].

Market Data - As of December 29, the Shanghai Composite Index rose by 0.04% to 3965.28 points, while the Shenzhen Component Index fell by 0.49% to 13537.1 points and the ChiNext Index decreased by 0.66% to 3222.61 points [1] - In the U.S. market, all three major indices closed lower, with the Dow Jones down by 0.51%, the Nasdaq down by 0.5%, and the S&P 500 down by 0.35% [1] - International oil prices increased, with light crude oil futures for February 2026 rising by $1.34 to $58.08 per barrel (up 2.36%) and Brent crude oil futures for February rising by $1.30 to $61.94 per barrel (up 2.14%) [1] Economic News - The State Council Tariff Commission announced a tariff adjustment plan effective January 1, 2026, which includes a temporary import tariff rate lower than the most-favored-nation rate for 935 items to enhance the linkage between domestic and international markets [2] - From January to November 2025, state-owned enterprises in China reported a total operating revenue of 7,562.576 billion yuan, a year-on-year increase of 1.0%, while total profits decreased by 3.1% to 371.945 billion yuan [2] - The asset-liability ratio of state-owned enterprises was reported at 65.2% as of the end of November, an increase of 0.3 percentage points year-on-year [2] Regulatory Developments - The State Administration for Market Regulation has set key tasks for 2026, focusing on fair competition governance, breaking administrative monopolies, and enhancing the quality of business entities [3] - The Ministry of Finance and the State Taxation Administration announced new tax deduction rules for advertising and business promotion expenses, effective from January 1, 2026, allowing certain companies to deduct up to 30% of their annual sales revenue [3] - A new regulation on food entrusted production management will take effect on December 1, 2026, aimed at clarifying responsibilities and preventing food safety risks [4] Corporate Developments - The restructuring plan for 38 companies under Suning Electric Group has been approved, with total debts amounting to 238.73 billion yuan, including 18.807 billion yuan of confirmed debts [6] - Airbus secured a significant order from domestic airlines for 55 A320 series aircraft, with a catalog price exceeding $8.2 billion, to be delivered between 2028 and 2032 [6]