央视网消息：近日，中共中央、国务院印发《关于实施自由贸易试验区提升战略的意见》。专家表示，在当前国际环境变乱交织的背景 下，《意见》的出台以高水平对外开放的确定性应对外部环境的不确定性，有助于稳外贸、稳外资，增强市场主体信心。 专家表示，《意见》的集成式体现在构建了贸易、投资、资金流动、交通运输、人员往来等五个自由便利，加数据安全有序流动，加科 技、加产业的高水平开放的政策制度框架。这是在前期上海、海南等自贸区港政策制度探索基础上，对自贸试验区政策制度体系的进一步优化 和提升。 注重自贸试验区产业高质量发展 此外，推动自贸试验区产业的高质量发展，突出全产业链的集成创新，是《关于实施自由贸易试验区提升战略的意见》的又一亮点。 国务院发展研究中心对外经济研究部研究员 赵福军：制度创新方面，更加突出全产业链的集成创新，因为制度创新是自贸试验区的核心 使命。 突出首创性和集成式 增强市场主体信心 专家表示，党的二十大和二十届三中全会都提出了实施自贸试验区提升战略。党的二十届三中全会《决定》明确提出，鼓励首创性、集成 式探索。此次《意见》的亮点集中体现在了首创性和集成式探索上。 商务部国际贸易经济合作研究院副院长 崔卫 ...

Report Information - Report Type: Coke and Coking Coal Daily Review [1] - Date: April 23, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] Market Performance Futures Market - On April 22, the main contract 2509 of coke futures significantly declined, erasing the previous day's gains and approaching the previous low of 1517 yuan/ton set on April 9. The main contract 2509 of coking coal futures also significantly declined, hitting a new low of 924 yuan/ton for the September contract since October 2016 [5]. - The closing price of J2509 was 1530.5 yuan/ton, down 1.83%, with a trading volume of 23,584 lots and an open interest of 37,180 lots, an increase of 3,784 lots, and a capital inflow of 0.87 billion yuan. The closing price of JM2509 was 928.5 yuan/ton, down 2.42%, with a trading volume of 350,052 lots and an open interest of 360,046 lots, an increase of 19,667 lots, and a capital inflow of 1.05 billion yuan [5]. Spot Market - On April 22, the ex - warehouse price index of quasi - first - class metallurgical coke in Rizhao Port, Qingdao Port, and Tianjin Port was 1440 yuan/ton, with no change. The price in Tangshan was 1370 yuan/ton, also unchanged [8]. - The aggregated price of low - sulfur main coking coal in Tangshan was 1365 yuan/ton, unchanged; in Lvliang, it was 1240 yuan/ton, down 30 yuan/ton; in Linfen, it was 1330 yuan/ton, unchanged; in Handan, it was 1250 yuan/ton, unchanged; in Heze, it was 1320 yuan/ton, unchanged; and in Pingdingshan, it was 1460 yuan/ton, unchanged [8]. Technical Analysis - On April 22, the daily KDJ indicator of the coke 2509 contract changed from a golden cross to a death cross, and the daily KDJ indicator of the coking coal 2509 contract declined, with the J and K values turning down and the D value continuing to decline. The daily MACD green bars of both the coke and coking coal 2509 contracts enlarged [8]. Market Outlook Coke - Currently, downstream steel mills maintain high production, and coking plants have significantly increased production for five consecutive weeks. The obvious destocking of steel mills and coking plants is favorable, but the rising port inventory is unfavorable. Coke price rebound requires the recovery of the finished steel market. After the steel price rebounded from the low and then fluctuated weakly, it is expected that the coke market may improve following the finished steel before the end of April [9]. Coking Coal - Imports are at a high level and have increased. The domestic coal industry still emphasizes the principle of ensuring supply. Although the production and operating rate of coal washing plants are significantly lower than that in the fourth quarter of last year, the supply remains loose. The inventories of steel mills and ports have significantly decreased, but the recent active replenishment of coking plants will discount the later price rebound. Whether the decline of coking coal can stop depends on whether the coke market can truly recover [9]. Strategy - It is expected that the coke and coking coal markets will stabilize and rebound after a second bottom - finding in late April. One can try to sell put options at high prices during the price - stabilizing stage or try to buy the far - month 2509 contract for hedging or investment after the price stabilizes [9]. Industry News - The CPC Central Committee and the State Council issued the "Opinions on Implementing the Strategy of Upgrading Free Trade Pilot Zones", covering data flow, shipping, finance, and other aspects [10]. - The Ministry of Finance issued a notice on April 21, allocating over 13.5 billion yuan in the first batch of energy - saving and emission - reduction subsidy funds for 2025, including 2.91 billion yuan for pre - allocating the reward funds for the pilot project of filling and swapping facilities in counties in 2025 [10]. - Many companies released financial reports, including Yue Electric Power A, Yangmei Chemical Industry, TBEA, Wuchan Environmental Energy, and Shenhuo Co., Ltd., with varying revenue and profit performances [10][11] - Southern Power Grid's regional electricity consumption in the first quarter was 380.9 billion kWh, a year - on - year increase of 4% [11] - Shougang Co., Ltd. and Geely Group signed a strategic cooperation framework agreement [12] - From January to March, Shanxi's coalbed methane production reached 3.53 billion cubic meters, a year - on - year increase of 14.5% [12] - In March 2025, China's coking coal imports decreased for the fourth consecutive month, with an import volume of 8.588 million tons, a year - on - year decrease of 4.6% and a month - on - month decrease of 2.9% [12] - Coal India Ltd plans to build a 1600 - megawatt coal - fired power plant in Jharkhand [12] - The US announced new tariffs on solar products imported from Cambodia, Malaysia, Thailand, and Vietnam [13] Data Overview - The report provides various data charts, including the spot price index of metallurgical coke, the aggregated price of main coking coal, the production and capacity utilization rate of coking plants and steel mills, the national daily average pig iron production, and the inventories of coke and coking coal in ports, steel mills, and coking plants [14][15][16]

Group 1 - The A-share market showed divergence with the Shanghai Composite Index rebounding and surpassing 3300 points, marking an 8-day consecutive rise, while the Shenzhen Component and ChiNext Index declined [1] - The logistics, cross-border payment, free trade port, unified market, and diversified finance sectors surged due to the release of two significant policy documents aimed at enhancing the Shanghai International Financial Center [5] - Pharmaceutical stocks rebounded, particularly in the innovative drug sector, with several leading companies reaching historical highs, such as BaiLi TianHeng, which rose by 11.41% to a market capitalization of 116.9 billion [5] Group 2 - Multiple pharmaceutical companies reported positive developments in clinical trials for innovative drugs, including HengRui Medicine's approval for two clinical trials and XinLiTai's acceptance of a clinical trial application for a gene-editing drug [5] - Industry analysis indicates that Chinese innovative drug companies possess significant advantages in research efficiency and cost control, leading to faster drug development and higher potential returns for investors [6] - The consumer sector was active, with retail and duty-free shop stocks rising, highlighted by GuoFang Group hitting the daily limit for the 13th time in 12 trading days [6]

今天上午，港股市场上，优必选、京城机电股份、小米集团均上涨。 4月19日，"天工Ultra"夺得全球首个人形机器人半程马拉松冠军，其研发企业是北京 人形机器人创新中心。资料显示，该创新中心由优必选、京城机电、小米机器人等机器人行业企事业单位联合组建。 A股方面，两份重磅政策文件《关于实施自由贸易试验区提升战略的意见》《上海国际金融中心进一步提升跨境金融服务便利化行动方案》备受投资者关 注，相关板块成为今天上午市场的交易主线，引发相关个股涨停潮。 上午收盘，上证指数上涨0.31%，报3301.59点；深证成指下跌0.41%，创业板指下跌0.98%。现货黄金上午继续大涨，盘中突破3490美元/盎司关口。 | 上证指数 | 深证成指 | 创业板指 | | --- | --- | --- | | 3301.59 | 9865.30 | 1925.24 | | +10.16 +0.31% | -40.23 -0.41% - - 19.08 -0.98% | | | 跌3121 | | 涨2069 | 两大政策利好成主线 近日，中共中央、国务院印发《关于实施自由贸易试验区提升战略的意见》。《意见》从增强对外贸易综合竞争力 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report 2.1 Overall Market - The LPR quote remains unchanged, and the market shows a mixed performance. The economic data in March exceeded expectations, but the market is concerned about future data weakness. The micro - liquidity shows signs of state - owned capital support, but market sentiment is still cautious [4]. - In the bond market, there is a certain degree of stalemate. The ultra - long - end bonds can be moderately optimistic, and the short - term bonds are weak. The market needs a significant event to confirm the trend [4]. 2.2 Commodity Futures - **Equity - related Futures**: Consider IH, IM cross - variety arbitrage or stay on the sidelines in the stock index futures market [4]. - **Agricultural Products**: - Cotton: Domestic cotton prices are under pressure due to concerns about orders and demand. The impact of US tariffs and the supply - demand situation in the international market also affect cotton prices [6]. - Sugar: The sugar price shows a volatile trend due to sufficient short - term supply and uncertain demand - supply gap [7][8]. - Oils and Fats: Short palm oil at high prices and long soybean meal at low prices, but be aware of policy, weather, and soybean arrival risks [9]. - Eggs: Expect egg futures to be weak and volatile, and operate with a short - term bearish view [10]. - Apples: Lightly buy near - month contracts at low prices [10]. - Red Dates: Hold short positions and pay attention to downstream demand and abnormal changes in production areas [10]. - Livestock: Consider shorting the LH2507 contract of live hogs [11]. - **Energy and Chemicals**: - Crude Oil: The oil price rebounds and then falls back. In the long - term, supply pressure increases, and demand is weak. In the short - term, it is expected to be volatile [12]. - Fuel Oil: It is expected to follow the oil price and fluctuate, and the market's reaction to the trade war and risk release will affect it [13]. - Plastics: L is expected to be weak and volatile. For PP, consider a long position in the near - month contract and a short position in the far - month contract after a correction [14]. - Rubber: The short - term disk is expected to be in a low - level shock, and pay attention to the opportunity of the RU - NR spread widening after NR04 delivery [15]. - Methanol: It is expected to be weak and volatile due to weak supply - demand and increasing imports [16]. - Soda Ash and Glass: Soda ash is expected to be weak and volatile, and glass may face a decline risk. Consider the opportunity of long glass and short soda ash [16]. - Asphalt: The price is expected to be in the range of 3250 - 3350 yuan, and the market's reaction to the trade war is the main factor [16][17]. - Liquefied Petroleum Gas: It follows the crude oil price in the short - term and may decline in the long - term due to supply - demand changes [18]. - Paper Pulp: The short - term is in a shock due to weak demand and high inventory. Pay attention to the arrival rhythm in April and inventory changes [18][19]. - Urea: Keep a long - term bullish view on the UR09 contract after a significant decline, but be cautious in the short - term [20]. - Synthetic Rubber: Pay attention to shorting opportunities after a rebound due to weak raw material expectations [21]. - **Metals**: - Aluminum and Alumina: Aluminum is expected to be volatile and slightly bullish, and alumina is expected to be in a bottom - range shock and can be bought at low prices [23]. - Industrial Silicon and Polysilicon: Industrial silicon is expected to be bearish, and polysilicon is expected to have limited upward space in the 06 contract and downward pressure in the 07 contract [24][25]. - Iron and Steel and Ore: The short - term is expected to be volatile, and the medium - long - term is expected to be weak. The cost provides some support [26][27][28]. - Coal and Coke: They are expected to be weak in the short - term without large - scale production cuts or reduced imports [28][29]. - Ferroalloys: Go long on ferrosilicon during the day and be bearish on ferromanganese in the medium - term but do not chase short [30]. 3. Summary by Related Catalogs 3.1 Macro Information - The 1 - year LPR is 3.1%, and the 5 - year LPR is 3.6%, remaining unchanged for 6 consecutive months [4]. - The Chinese government promotes the opening of the futures market and expands the scope of specific varieties [4]. - Ningde Times releases the second - generation Shenxing super - charging battery [4]. - The US economic and financial markets are affected by "reciprocal tariffs", and the global financial market is volatile [4]. - China promotes the expansion of service industry opening - up pilot projects [4]. - The expected interest rate of ordinary personal insurance products may be adjusted [4]. - The US may shrink its activities in Africa [4]. - The US economy is affected by "reciprocal tariffs", and the stock market continues to fall [4]. 3.2 Futures Strategies - **Stock Index Futures**: Consider IH, IM cross - variety arbitrage or stay on the sidelines [4]. - **Treasury Bond Futures**: Be moderately optimistic about the ultra - long - end bonds [4]. - **Container Shipping to Europe**: Take profit on long positions in the far - month contracts [4][5]. 3.3 Commodity Market Analysis - **Agricultural Products**: - **Cotton**: The domestic cotton price is under pressure due to weak demand and the impact of US tariffs. The supply - demand situation in the international market also affects it [6]. - **Sugar**: The sugar price is volatile due to sufficient supply and uncertain demand - supply gap [7][8]. - **Oils and Fats**: The palm oil is affected by seasonal production increase and other factors, and the soybean meal supply may increase in the future [9][10]. - **Eggs**: The egg price is expected to be weak due to increasing supply and weakening demand [10]. - **Apples**: The price is expected to be strong in the near - term due to low inventory and good sales [10]. - **Red Dates**: The price is under pressure due to sufficient supply and weakening demand [10]. - **Livestock**: The hog price may be weak due to increasing supply and weakening demand [11]. - **Energy and Chemicals**: - **Crude Oil**: The oil price is affected by supply - demand and geopolitical factors, and the short - term is expected to be volatile [12]. - **Fuel Oil**: It follows the oil price and is affected by the market's reaction to the trade war [13]. - **Plastics**: The L is expected to be weak, and the PP has different trends in the near - month and far - month contracts [14]. - **Rubber**: The short - term disk is expected to be in a shock, and pay attention to the spread opportunity [15]. - **Methanol**: It is expected to be weak due to weak supply - demand and increasing imports [16]. - **Soda Ash and Glass**: Soda ash is weak, and glass may decline. Consider spread trading [16]. - **Asphalt**: The price is in a range and is affected by the oil price and the trade war [16][17]. - **Liquefied Petroleum Gas**: It follows the oil price in the short - term and may decline in the long - term [18]. - **Paper Pulp**: The short - term is in a shock due to weak demand and high inventory [18][19]. - **Urea**: Keep a long - term bullish view on the UR09 contract after a decline [20]. - **Synthetic Rubber**: Short after a rebound due to weak raw material expectations [21]. - **Metals**: - **Aluminum and Alumina**: Aluminum is slightly bullish, and alumina is in a bottom - range shock [23]. - **Industrial Silicon and Polysilicon**: Industrial silicon is bearish, and polysilicon has limited upward space [24][25]. - **Iron and Steel and Ore**: The short - term is volatile, and the medium - long - term is weak. The cost provides support [26][27][28]. - **Coal and Coke**: They are weak in the short - term without production cuts or reduced imports [28][29]. - **Ferroalloys**: Go long on ferrosilicon during the day and be bearish on ferromanganese in the medium - term [30].

Group 1 - The Central Committee of the Communist Party of China and the State Council issued opinions to support the deepening of intelligent connected vehicle road testing and the construction of civil unmanned aerial vehicle test bases in free trade pilot zones [1] - The Shanghai Stock Exchange held a meeting with private equity institutions, which expressed that Chinese asset valuations are relatively low and have significant potential for recovery and enhancement, advocating for a long-term, rational, and value-oriented investment approach [3] - The People's Bank of China and four other departments jointly issued an action plan to enhance cross-border financial service facilitation in Shanghai, supporting cooperation between the Shanghai Gold Exchange and foreign exchanges [1][3] Group 2 - The Ministry of Commerce announced pilot tasks in the telecommunications sector, including the removal of foreign investment shareholding restrictions in application stores and internet access services [2] - The China Insurance Industry Association held a meeting where experts predicted a potential reduction in the standard interest rate for ordinary life insurance products, currently at 2.13% [2] - A bank in a southeastern coastal province received instructions to maintain lending to foreign trade enterprises, confirming the implementation of "no withdrawal, no discontinuation" policies [2] Group 3 - Ningde Times launched its second-generation supercharging battery, which can provide over 520 kilometers of range with a 5-minute charge, and released its first sodium-ion battery product, expected to be mass-produced in June [2] - China Communications Construction Company announced plans to repurchase A-shares worth 500 million to 1 billion yuan, while BOE Technology Group plans to repurchase A-shares worth 1.5 billion to 2 billion yuan [2][3] Group 4 - Several companies reported significant year-on-year profit growth in the first quarter, including Light Media with a 375% increase, Yongding Co. with a 961% increase, and others with substantial growth rates [4] - Companies like Pingzhi Information and Zhongbei Communication announced contracts worth 246 million yuan and 441 million yuan for GPU computing power projects and services, respectively [4]

| 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业指 38170.41 | | -971.82 | -2.48% | | 纳斯达克指数 15870.90c | | -415.55 | -2.55% | | 标普500 | 5158.20 | -124.50 | -2.36% | 当地时间周一，美股全线下挫。截至收盘，道指跌2.48%，纳指跌2.55%，标普500指数跌2.36%。 个股方面，特斯拉跌5.8%。报道称，该电动汽车制造商平价版Model Y汽车的推出被推迟。 机构认为，当前是战略性看多的窗口期，短期回补缺口有待量能配合。 【财经日历】 2025全球汽车领袖闭门峰会举办 SPARK2025腾讯游戏发布会 | | | ►►中共中央、国务院印发《关于实施自由贸易试验区提升战略的意见》。其中提出： -支持符合条件的自由贸易试验区开展合格境外有限合伙人试点； -支持有条件的自由贸易试验区深化智能网联汽车道路测试、示范应用； -探索建立生物医药企业进口研发用物品"白名单"制度，允许免予办理进口药品通关单； ►►上交所召开私募机构座谈会。与会机构认为 ...

重要新闻提示 中共中央国务院印发《关于实施自由贸易试验区提升战略的意见》 中国人民银行、金融监管总局、国家外汇局、上海市人民政府近日联合印发《上海国际金融中心进一步 提升跨境金融服务便利化行动方案》 3. 4月21日，工业和信息化部信息通信发展司司长谢存在国新办举行的新闻发布会上表示，工信部将推 动电信领域有序扩大开放，支持服务业扩大开放综合试点建设，并将加快推进政策的宣贯实施，优化服 务管理，支持更多外资企业参与试点，探索更多新业态新功能，激发市场活力。 诺德股份（600110）决定终止"通过发行股份购买湖北诺德锂电材料有限公司37.50%股权并募集配套资 金"的重大资产重组 今日提示 央行今日有1645亿元7天期逆回购到期。 2025全球汽车领袖闭门峰会今日在上海举办。 华为兆瓦超充新品今日发布。 华为乾崑智能技术大会今日在上海举办，多家车企将出席本次大会。 财经新闻 1. 新华社消息，近日，中共中央、国务院印发《关于实施自由贸易试验区提升战略的意见》，对自由贸 易试验区建设工作作出系统部署。 2. 中国人民银行网站4月21日消息，近日，中国人民银行、金融监管总局、国家外汇局、上海市人民政 府联合印发《上 ...

新华财经北京4月21日电（记者谢希瑶）近日，中共中央、国务院印发《关于实施自由贸易试验区提升 战略的意见》，对自由贸易试验区建设工作作出系统部署。 党的二十届三中全会通过的《中共中央关于进一步全面深化改革、推进中国式现代化的决定》专章部署 完善高水平对外开放体制机制，明确提出"实施自由贸易试验区提升战略，鼓励首创性、集成式探索"。 党中央高度重视自由贸易试验区建设，在一个个关键节点，一次次指路定向。 商务部国际贸易经济合作研究院副院长崔卫杰表示，在当前国际环境变乱交织的背景下，意见的出台有 助于稳定市场预期，增强各方信心，有利于锚定中国式现代化这个目标，以更大力度统筹推进深层次改 革和高水平开放，是我们坚定做好自己的事、为世界注入更多确定性和稳定性的务实行动。 从目标来看，意见强调，经过5年左右的首创性、集成式探索，实现自由贸易试验区制度型开放水平、 系统性改革成效、开放型经济质量全面提升，以贸易、投资、资金流动、交通运输、人员往来自由便利 和数据安全有序流动为重点的政策体系更加完善，科技创新和产业创新深度融合，现代产业集群能级跃 升，新质生产力加快发展，打造开放层次更高、营商环境更优、辐射作用更强的改革开放 ...

今天《新闻联播》主要内容有：1.习近平向加蓬当选总统恩圭马致贺电； 2.习近平致电祝贺诺沃亚当选 连任厄瓜多尔总统； 3.应习近平邀请 阿塞拜疆总统将访华； 4.【新思想引领新征程】携手落实全球安 全倡议 共同守护世界和平稳定； 5.中共中央 国务院印发《关于实施自由贸易试验区提升战略的意 见》； 6.丁薛祥同阿联酋副总统共同主持中阿投资合作高级别委员会第一次会议； 7.韩正会见印度尼西 亚外交部长； 8."中国共产党的故事——习近平新时代中国特色社会主义思想在重庆的实践"专题宣介会 举行； 9.我国加快推进服务业扩大开放综合试点； 10.一季度我国批发和零售业增加值同比增长5.8%； 11.一季度全国新设经营主体606.3万户； 12.各地一批重大工程建设加速推进； 13.南方多地降雨持续； 14.国内联播快讯： （1）一季度国家开发银行发放3691亿元贷款支持基础设施建设； （2）《中国法院 知识产权司法保护状况（2024年）》发布； （3）2024年全国计算机软件版权登记创新高； （4）市场 监管总局发布新版《采用国际标准管理办法》； （5）一季度全国农产品质量安全监测总体合格率 98.3%； （6）2 ...