1-4小时级别，自3440高点回调后，周一开盘失守3270重要支撑，价格跌至3200上方。昨日4小时行情底部震荡，多空 延续性差，涨跌皆有可能。指标上，ma5有望上穿ma10形成金叉，MACD绿柱缩量，短线震荡偏强。目前低点抬高至 3225有支撑，关键强支撑在3207，阻力位3265-3283。黄金上行压力区间3270-3280，下行支撑区间3220-3210。王召金 建议黄金日内操作以反弹高空为主，回调做多为辅。可在3260附近布局空单，目标3250-3240。 白银行情走势分析： 黄金行情走势分析： 周二（5月13日）现货黄金探底回升，小幅扩大隔夜反弹空间，现交投于3253美元附近。贸易缓和不会促使美联储迅 速降息。贸易壁垒减少降低了供应链严重短缺引发恶性通胀的风险，但当前通胀压力仍存，即便贸易紧张局势缓解， 相关政策或使通胀维持在美联储难以接受的高位，因此美联储今年降息步伐会很谨慎。周一国际金价"闪崩"，单日跌 近3%，创年内最大跌幅，主因中美贸易紧张局势缓和，避险资产受冲击，黄金多空博弈进入新阶段。 白银短线行情价格波动区间特征明显。上行区间在33.25-33.45，需突破33.45关键阻力位，才可能 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - After the release of the China - US negotiation joint statement, short - term bullish factors have materialized, and the market is still in an emotional state. The new US tariffs on China have been reduced from 165% to 50%, which, although still high, restarts trade and leaves room for future negotiations. After the short - term bullish factors are exhausted, the market will return to fundamental logic after the emotional release [1]. - In the medium term, the rebound of crude oil is much weaker than other risk assets due to the increasing supply surplus expectation under OPEC+ continuous accelerated production. Unless there is an Iranian geopolitical risk, the current stage of crude oil rally is expected to end. Attention should be paid to short - selling opportunities at high levels [2]. 3. Summary by Variety (1) Crude Oil - Technical analysis: Daily - level shows a medium - term downward structure, and hourly - level shows a short - term upward structure. It opened high and closed low today, testing the medium - term pressure level of WTI $63. If it fails to break through, it will test the support at 460. - Strategy: Hold short positions (non - right - hand side). Wait for the anti - package pattern as a signal to short again, with the stop - loss referring to the hourly high at 22:00 last night [4][5]. (2) Styrene (EB) - Technical analysis: Hourly - level shows a short - term upward structure. It had a limit - up with increased positions today, and the short - term support is moved up to today's low. - Strategy: Observe [9]. (3) PX - Technical analysis: Hourly - level shows a short - term upward structure. It oscillated during the day and increased positions in the late session, with the short - term support moved up to today's low. - Strategy: Wait for the price to break the support and then look for short - selling opportunities at high levels [10]. (4) PTA - Technical analysis: Hourly - level shows a short - term upward structure. It oscillated during the day and increased positions in the late session, with the short - term support moved up to today's low. - Strategy: Wait for the price to break the support and then look for short - selling opportunities at high levels [15]. (5) PP - Technical analysis: Hourly - level shows a short - term upward structure. It rebounded with reduced positions today, broke through the pressure/stop - profit level, and is considered to have a short - term trend reversal. The new short - term support refers to today's low. - Strategy: Take profit on the remaining short positions and then observe [17]. (6) Urea - Technical analysis: Hourly - level shows a short - term upward structure. It oscillated today, and the short - term support refers to the low on May 8th. - Strategy: Look for low - buying opportunities based on the reversal pattern above the short - term support [18][21]. (7) Methanol - Technical analysis: Hourly - level shows an oscillating structure. It oscillated today and remained below the upper limit of the previous range. - Strategy: Observe mainly on the hourly cycle [22]. (8) Rubber - Technical analysis: Daily - level shows a medium - term downward structure, and hourly - level shows a short - term oscillating structure. It opened high and closed low today, falling back after reaching the upper limit of the oscillating range. The upper pressure still refers to the high on April 8th. - Strategy: The general idea is to short at high levels, but observe mainly on the hourly cycle under the current oscillating structure [26]. (9) Caustic Soda - Technical analysis: Daily - level shows a medium - term downward structure, and hourly - level shows a short - term upward structure. It increased positions and rose today, with opportunities for long positions based on the reversal pattern, but the strategy has not prompted recently. - Strategy: Observe mainly [27]. (10) Ethylene Glycol (EG) - Technical analysis: Daily - level shows a medium - term downward structure, and hourly - level shows a short - term upward structure. It had an oscillating market today, and the short - term support temporarily refers to the 4200 level. - Strategy: Observe due to the divergence between medium - term and short - term trends [31]. (11) Plastic - Technical analysis: Daily - level shows a medium - term downward structure, and hourly - level shows a short - term upward structure. It oscillated during the day and rose in the late session with reduced positions, and the sustainability is questionable. The short - term support is moved up to today's low. - Strategy: Observe on the hourly cycle [32][34].

周二（北京时间5月13日），现货黄金交投于3234.88美元附近，金价周一下跌近3%，ETOMARKETS分 析主要原因是贸易缓和降低了市场的避险情绪。此前，两大经济体宣布达成降低关税的临时协议，冒险 情绪逐渐升温，导致黄金价格大幅下跌。现货金报每盎司3225.28美元，下跌3%；美国期金收低3.5%， 报3228美元。这一走势表明，黄金市场对贸易局势的变化极为敏感，而当前市场的乐观情绪对黄金价格 产生了明显的抑制作用。 乐观情绪的可持续性 尽管当前市场对贸易协议的达成表现出乐观情绪，但这种乐观情绪的可持续性仍需观察。贸易协议的最 终实施和未来的贸易政策走向仍存在不确定性，这可能在未来引发市场的波动。黄金市场在当前的乐观 情绪下受到抑制，但如果未来贸易局势出现反复或新的不确定性，黄金价格可能会迅速反弹。 美联储政策的影响 交易员们正在等待周二公布的美国消费者物价指数（CPI）数据，以了解美联储的政策走向。本周还将 公布其他关键数据，包括生产者价格指数（PPI）和零售销售。这些数据将为市场提供关于美国经济状 况和通胀水平的重要信息，进而影响美联储的利率决策。如果数据显示美国经济放缓或通胀压力上升， 美联储可能会 ...

Core Viewpoint - The recent "Geneva Economic and Trade Joint Statement" between China and the U.S. indicates a significant easing of trade tensions, with both countries agreeing to modify tariffs on each other's goods, which may lead to a gradual recovery of trade flows and improved economic conditions [1]. Group 1: Trade Policy Changes - The U.S. will suspend the implementation of a 24% tariff on Chinese goods for the first 90 days, retaining a 10% tariff thereafter, and will eliminate additional tariffs imposed in early April [1]. - China will similarly suspend a 24% tariff on U.S. goods for 90 days, keeping a 10% tariff, and will cancel other tariffs imposed in early April [1]. Group 2: Market Reactions and Implications - The easing of trade tensions is expected to positively impact sensitive sectors, with shipping and oil markets likely to see increased demand and price stabilization [2][7]. - The potential for a recovery in U.S. orders and changes in transshipment trade are critical indicators for future trade negotiations and market dynamics [3]. Group 3: Commodity-Specific Impacts - The shipping market is anticipated to experience a surge in demand due to the tariff suspensions, particularly in the U.S. shipping lanes, which may lead to a temporary reversal in shipping volumes [7]. - The oil market remains cautious, as the tariff adjustments do not directly affect crude oil trade flows, but the overall sentiment may improve due to reduced trade tensions [9]. - Cotton exports from China to the U.S. may recover if negotiations continue positively, enhancing China's competitive position in the textile market [11]. Group 4: Economic Indicators and Future Outlook - Key indicators to monitor include China's PMI new export orders and U.S. retail inventory levels, which will provide insights into the stability of trade conditions [4]. - The overall economic outlook remains cautious, with potential risks from U.S. fiscal policies and global inventory cycles impacting market sentiment [5].

投资咨询业务资格： 证监许可[2011]1771号 分析师： 明道雨 从业资格证号：F03092124 投资咨询证号： Z0018827 电话：021-880128600-8631 邮箱：mingdy@qh168.com.cn 2025年5月6日 美国经济放缓vs关税缓和 [Table_Title] ，全球风险偏好整体升温 ——宏观策略周报 [table_main] 投资要点： 观 金 融 周 报 HTTP://WWW.QH168.COM.CN 1 / 14 请务必仔细阅读正文后免责申明 东 海 研 究 宏 5、美国财长贝森特表示，美国 2 年期国债收益率低于 10 年期国债收益率，这一信号表明美联储 应该降息；美国家庭消费强劲；GDP 下降可能是由于进口商品的库存积压所致；预计 GDP 数据将 被修正；政策将降低通胀。正与美国的前 17 大贸易伙伴合作推进协议磋商，将逐日逐周减少关税 不确定性；战略上的不确定性是美国总统的谈判策略。 6、美国 4 月份就业增长强劲，失业率保持稳定，这表明特朗普贸易政策的不确定性尚未对招聘计 划产生重大影响。美国劳工统计局数据显示，在前两个月的数据被下修后，4 月非农就业人数 ...

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is experiencing a strong rebound driven by significant capital inflows and valuation recovery, with expectations for continued growth in May [5][7]. Group 1: Market Performance - The Hong Kong Technology Index saw a substantial increase, breaking through previous resistance levels, indicating strong momentum [2][4]. - The Hang Seng Technology Index's price-to-book ratio is currently around 18%, which is historically low, suggesting that the sector is undervalued [5]. - The Hong Kong stock market has attracted nearly 200 billion HKD in southbound capital in April alone, totaling over 600 billion HKD this year, which is approximately three times the amount from the same period last year [5]. Group 2: Capital Inflows - The Hong Kong Monetary Authority sold 60.54 billion HKD to maintain the currency peg, marking the first activation of the strong-side convertibility since October 2020, driven by increased demand for HKD related to stock investments [5]. - The banking system's surplus is expected to rise to 91.31 billion HKD by May 7, following significant liquidity injections by the Monetary Authority [5]. Group 3: Sector Analysis - The technology sector, particularly companies like Xiaomi, is showing innovation and growth potential, with Xiaomi's new AI model outperforming competitors [7]. - The Hong Kong Technology 50 ETF includes major players like Tencent and Alibaba, as well as smaller companies, providing a diversified investment opportunity across technology, consumer, pharmaceuticals, and new energy vehicles [7]. - The healthcare and new energy vehicle sectors are expected to perform well in May, potentially outperforming the broader technology index due to their higher inclusion in the Hong Kong Technology Index [6].

1. Report Industry Investment Ratings - No specific industry - wide investment ratings are provided in the report. 2. Core Viewpoints - The US continues to release signals of trade relaxation, leading to a significant increase in global risk appetite. The Chinese foreign exchange regulator aims to correct pro - cyclical market behaviors, alleviating the pressure on the RMB exchange rate. Domestic policy support and US - China trade relaxation signals strongly support the short - term risk appetite of the domestic market [2]. - Different asset classes have different trends: stocks are expected to rebound in the short - term with cautious long positions; bonds are expected to fluctuate at high levels with cautious long positions; commodities show different trends in sub - sectors, with black metals being weak in the short - term, non - ferrous metals and energy - chemicals expected to rebound, and precious metals fluctuating at high levels [2]. 3. Summary by Related Catalogs Macro - finance - Overseas: US tariff policies lead to rising prices, slowing economic activities, and a 16 - month low in business activities. The US President's statements on tariff reduction and exemption boost the US dollar and global risk appetite. Domestic: The Chinese foreign exchange regulator's actions ease RMB exchange rate pressure, and domestic policies and US - China trade signals support the domestic market [2]. Stock Index - The domestic stock market declines slightly due to the drag of sectors such as precious metals, agriculture, and hotel tourism. However, short - term risk appetite is supported, and short - term cautious long positions are recommended [3]. Precious Metals - The precious metals market experiences a significant correction. Factors such as the US government's attitude towards tariffs, the strengthening of the US dollar, and economic data affect the market. In the long - term, the decline of the US government's credit and trade policy uncertainties support the fundamentals of gold, and a correction may present a long - term allocation opportunity. Silver follows gold but faces greater correction pressure [3][4]. Black Metals Steel - The spot and futures prices of steel rebound, and market trading volume recovers. Demand is recovering, and inventory is decreasing, but supply also has room to increase. The short - term market is dominated by macro - sentiment, and an interval - oscillation approach is recommended [5]. Iron Ore - The spot and futures prices of iron ore rebound due to macro - sentiment. Its fundamentals are relatively strong. Iron - water production has room for further increase, and supply is expected to rise in the second quarter. An interval - oscillation approach is recommended, and attention should be paid to the peak of iron - water production [5]. Silicon Manganese/Silicon Iron - The spot prices of silicon manganese and silicon iron are stable. The demand for ferroalloys is acceptable, but the production willingness of silicon - manganese enterprises is decreasing. The short - term prices are expected to oscillate within an interval [6][7]. Energy - chemicals Crude Oil - The concern about OPEC's production increase outweighs the impact of potential trade - tariff relaxation, causing the oil price to decline [8]. Asphalt - Asphalt prices follow the decline of oil prices. The market shows a north - south differentiation, and its fundamentals lack driving forces and mainly follow the movement of crude - oil prices [8]. PX - The external price of PX rebounds with crude oil, but the supply - demand situation is weak. It will maintain a weak - oscillation pattern similar to PTA [8]. PTA - The basis of PTA declines slightly. Although tariff - relaxation news boosts the price, terminal orders are poor, and downstream inventory pressure increases. It will maintain a weak - oscillation pattern [9]. Ethylene Glycol - The de - stocking of port inventory is limited, and the supply - demand situation is weak. The price will continue to oscillate weakly [9]. Short - fiber - The price of short - fiber rebounds slightly with polyester. However, domestic demand is low, and inventory is accumulating. It will follow the movement of crude oil but with a smaller increase [10][11]. Methanol - The market price of methanol in Taicang rises slightly. Inventory shows a slight change, and the 05 contract price will oscillate, while the 09 contract may face supply pressure [12]. PP - The domestic PP market shows a narrow - range adjustment. Although downstream开工 declines, upstream maintenance increases, and supply - side reduction is expected to ease the pressure, and the price is expected to repair through oscillation [13]. LLDPE - The PE market price adjusts. Import volume is expected to decline, and the price will oscillate with limited downward space in the short - term, but face pressure from new production capacity in the long - term [14][15]. Non - ferrous Metals Copper - Global manufacturing PMI is better than expected. A copper mine accident and the decline in processing fees affect the market. With strong demand, the inventory of refined copper is decreasing, and the short - term price will continue to rebound [16]. Aluminum - Trump's statement on tariff reduction boosts market sentiment. The domestic fundamentals of aluminum are good, but the long - term trend still depends on tariff negotiations and domestic policies. The short - term price may rebound, but it is bearish in the medium - term [16]. Tin - Attention should be paid to the resumption of production in the mining area. Supply is gradually recovering, and demand is differentiated. The inventory has decreased significantly, and the short - term price may rebound with limited space [17]. Agricultural Products US Soybeans - The price of CBOT soybeans rises due to the relaxation of trade tensions and a weak US dollar. The sowing progress is normal [18][19]. Soybean Meal - The slow recovery of oil - mill operations has led to a significant increase in the spot basis. With the arrival of imported soybeans and the resumption of operations, the high basis is expected to decline. Near - month contracts may face limited upside [19]. Vegetable Oils and Meals - Different vegetable oils and meals have different market conditions. For example, soybean oil inventory is decreasing, palm oil demand is expected to be stable, and rapeseed meal is in the demand season but may face inventory risks [20]. Livestock Pigs - The market is mainly trading on seasonal trends. Although there is seasonal demand for piglets, short - term supply pressure may increase, and the price may face pressure around May [21][22]. Corn - The corn market faces upper - limit pressure from weak demand and high inventory and lower - limit support from factors such as low inventory in production areas and policy expectations. The C05 contract may decline to narrow the basis [22].

行 业 研 究 研 究 所 晨 会 投资咨询业务资格： 证监许可[2011]1771号 观 点 精 萃 从业资格证号：F0256916 投资咨询证号：Z0000671 电话：021-80128600-8632 邮箱：jialj@qh168.com.cn 明道雨 从业资格证号：F03092124 投资咨询证号：Z0018827 电话：021-80128600-8631 邮箱：mingdy@qh168.com.cn 刘慧峰 从业资格证号：F3033924 投资咨询证号：Z0013026 电话：021-80128600-8621 邮箱：Liuhf@qh168.com.cn 刘兵 从业资格证号：F03091165 投资咨询证号：Z0019876 联系电话：021-80128600-8630 邮箱：liub@qh168.com.cn 王亦路 从业资格证号：F03089928 投资咨询证号：Z0019740 电话：021-80128600-8622 邮箱：wangyil@qh168.com.cn 冯冰 从业资格证号：F3077183 投资咨询证号：Z0016121 电话：021-80128600-8616 邮箱：feng ...

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The global risk appetite has significantly increased due to the US releasing signals of trade relaxation. The short - term risk preference of the domestic market is strongly supported by factors such as the Chinese foreign exchange regulator's measures to prevent RMB exchange - rate overshooting, strengthened domestic policy support, and the US - China trade relaxation signals. Different asset classes have different trends: the stock index will rebound with short - term fluctuations, treasury bonds will fluctuate at a high level, and different commodity sectors also show different trends [1]. 3. Summary by Related Catalogs 3.1 Macro - finance - Overseas: The IMF has significantly downgraded the global economic outlook due to the impact of Trump's high tariffs. The US Treasury Secretary said that the trade tension between the US and China will ease, and Trump has no intention of firing Fed Chairman Powell but hopes for a rate cut, leading to a sharp rebound in the US dollar and a significant decline in global risk appetite. Domestic: The Chinese foreign exchange regulator's measures have relieved the RMB exchange - rate pressure, and the short - term risk preference of the domestic market is strongly supported [1]. 3.2 Stock Index - Driven by sectors such as logistics trade, cross - border payment, and port shipping, the domestic stock market has risen slightly. With the relief of RMB exchange - rate pressure and strengthened policy support, short - term cautious long positions are recommended [2]. 3.3 Precious Metals - The precious metals market continued to rise on Tuesday. The US government's credit damage, trade policy uncertainty, geopolitical risks, and other factors will support the short - term strength of gold. If there is a correction, it may present a long - term allocation opportunity. Silver follows gold but has greater correction pressure [2][3]. 3.4 Black Metals 3.4.1 Steel - The steel futures and spot markets rose and then fell on Tuesday, with a significant decline in trading volume. The real demand recovery lacks sustainability, and the supply remains high. The short - term steel market is recommended to be treated with an interval - oscillation mindset [4]. 3.4.2 Iron Ore - The iron ore futures and spot prices fell slightly on Tuesday. The ore fundamentals are still good, but if the steel prices remain low, iron ore may experience a supplementary decline [5]. 3.4.3 Silicon Manganese/Silicon Iron - The spot prices of silicon iron and silicon manganese remained flat on Tuesday. The demand for ferroalloys is okay, but the operating rates of silicon manganese and silicon iron enterprises have decreased. The short - term ferroalloy prices are recommended to be treated with an interval - oscillation mindset [6]. 3.5 Energy and Chemicals 3.5.1 Methanol - The methanol price in Taicang fluctuated slightly. The supply and demand pressure is expected to be small. The 05 contract price will mainly oscillate, and the 09 contract has a large supply - expectation pressure, waiting for a short - selling opportunity on a rebound [7]. 3.5.2 PP - The domestic PP market quotation was slightly adjusted. Although there is new production capacity, the supply reduction on the supply side will relieve the overall pressure, and the price is expected to oscillate and recover [8]. 3.5.3 LLDPE - The PE market price was adjusted. The near - month price has limited downward space due to low - inventory support. The 09 contract's supply and demand situation needs to be tracked, and the long - term price is still under pressure due to new production capacity release [9]. 3.6 Non - ferrous Metals 3.6.1 Copper - The copper price rose due to the weakening of the US dollar. The fundamentals are okay, and with the improvement of market risk preference and the expectation of domestic policy strengthening, the copper price will continue to rebound with short - term fluctuations [10]. 3.6.2 Aluminum - The domestic fundamentals of aluminum are good, with significant inventory reduction. There is short - term rebound space, but it is still bearish in the medium term [10]. 3.6.3 Tin - The supply of tin is gradually recovering, and the demand is differentiated. The short - term tin price will rebound, but the rebound space is limited [11]. 3.7 Agricultural Products 3.7.1 US Soybeans - The CBOT soybean closed higher. The US soybean planting progress is slightly faster, and the weather conditions vary in different regions [12]. 3.7.2 Soybean Meal - Since mid - April, the soybean meal spot basis has been strongly pulled up, but it may quickly decline later. The risk of a decline after May Day is relatively high [13]. 3.7.3 Rapeseed Meal - Rapeseed meal has entered the peak demand season, but the supply risk premium has declined. The short - term price difference between soybean meal and rapeseed meal is expected to continue to widen [13]. 3.7.4 Oils - The inventory of soybean oil is accelerating to decline, the rapeseed oil is in the off - season, the Malaysian palm oil inventory has reached an inflection point, and the domestic palm oil is less driven by cost [14]. 3.7.5 Pigs - The current market is mainly trading on seasonal trends. After the second - fattening stimulates the spot price to rise, the demand matching is low, and the spot price may be under pressure around May [14]. 3.7.6 Corn - The upper - limit pressure of the current corn price range is due to weak demand and high inventory, while the lower - limit support comes from low inventory in the producing areas, risk premium, and policy expectations. The C05 contract may decline to narrow the basis [15].