Core Viewpoint - The recent decline in gold prices has led to significant discounts in domestic gold jewelry, with prices dropping below 1,000 yuan per gram, prompting increased sales activity in the market [1] Group 1: Price Changes - As of May 13, the price of 24K gold jewelry in several domestic stores has fallen to below 1,000 yuan per gram, with current quotes around 995 yuan per gram after a reduction of 50 yuan [1] - Prior to this adjustment, gold prices had reached as high as 1,050 yuan per gram, indicating a notable price correction [1] Group 2: Sales Performance - Despite the high costs associated with gold jewelry, with some pieces exceeding 10,000 yuan due to manufacturing fees, sales performance remains strong, with daily sales ranging from tens of thousands to hundreds of thousands of yuan [1] - Many stores report that they successfully meet their monthly sales targets, achieving several million yuan in sales each month [1]

2025 年 05 月 13 日 铅：供需双弱，区间调整 莫骁雄 投资咨询从业资格号：Z0019413 moxiaoxiong@gtht.com 铅趋势强度：0 注：趋势强度取值范围为【-2,2】区间整数。强弱程度分类如下：弱、偏弱、中性、偏强、强，-2 表示 最看空，2 表示最看多。 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪铅主力收盘价 | 16995 | 1.13% | 伦铅 3M 电子盘收 | 1985.5 | 1.69% | | （元/吨） | | | 盘（美元/吨） | | | | 沪铅主力成交量 | 42622 | 13667 | 伦铅成交量（手） | 4140 | 1345 | | （手） | | | | | | | 沪铅主力持仓量 | 33309 | -145 | 伦铅持仓量（手） | 149126 | 180 | | （手） | | | | | | | 上海 1# 铅升贴水 | ...

Group 1 - The White House officials announced that the U.S. Trade Representative's office will take action on drug prices [1]

据华尔街日报：苹果考虑提高iPhone价格，但不会将涨价归因于关税。 ...

Group 1 - The US and China have agreed to cancel a total of 91% of the tariffs imposed on each other's goods, with a temporary suspension of 24% of retaliatory tariffs for 90 days [1] - Major US stock indices saw significant gains, with Dow futures up 2.06%, S&P 500 futures up 2.79%, and Nasdaq futures up 3.84% [2] - Chinese concept stocks surged, with Jia Yuda, a cross-border logistics service company, seeing a pre-market increase of over 200% [1] Group 2 - Pharmaceutical stocks collectively declined following Trump's announcement to lower prescription drug prices, with Pfizer down 2.92% and AstraZeneca down 3.34% [2] - Technology stocks experienced a notable rise, with Apple up 6.38%, Nvidia up 4.93%, and Amazon up 7.93% [3] - A study funded by Eli Lilly showed that its weight loss drug, Tirzepatide, outperformed Novo Nordisk's Semaglutide, leading to a decline in Eli Lilly's stock by 2.78% [3] Group 3 - The US dollar index rose sharply, with the offshore yuan appreciating by over 400 points [3] - Commodity prices increased following the US-China joint statement, with Brent crude oil rising by 3.7% and copper by 1.4%, benefiting major mining companies [3] - Gold prices fell significantly after the joint statement, with spot gold dropping about $20 per ounce, leading to a decline in gold stocks [4]

Core Insights - Two U.S. lawmakers sold shares of AbbVie shortly before President Trump's announcement regarding drug price cuts, raising concerns about potential insider knowledge [2][5]. Company Impact - AbbVie shares were sold by Representative Robert Bresnahan, valued between $1,001 and $15,000 on April 8, and by Jefferson Shreve, who sold shares valued between $50,001 and $100,000 on April 17, both trades filed on May 8 [2][3]. - Trump's executive order announced on May 11 aims for drug price reductions of 30% to 80%, which could significantly impact AbbVie's revenue, as the company heavily relies on the U.S. market [6][7]. - AbbVie reported $13.3 billion in revenue for Q1 2025, reflecting an 8.4% year-over-year increase, but is facing pressure from high drug prices and declining profit margins [8][14]. Market Reaction - Following Trump's announcement, AbbVie stock fell 4% in pre-market trading to $177, having closed the previous session at $184, but still shows modest year-to-date gains of 2.88% [10].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report indicates that zinc faces a situation of surplus in the long - term, which will put pressure on its price [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price and Volume**: The closing price of SHFE zinc main contract was 22,190 yuan/ton, up 0.07%, and the closing price of LME zinc 3M electronic disk was 2,655.5 dollars/ton, up 0.74%. The trading volume of SHFE zinc main contract was 140,017 lots, a decrease of 82,058 lots, and the trading volume of LME zinc was 6,713 lots, an increase of 346 lots [1]. - **Position and Premium**: The open interest of SHFE zinc main contract was 119,170 lots, a decrease of 737 lots, and the open interest of LME zinc was 216,461 lots, an increase of 3,291 lots. The premium of Shanghai 0 zinc decreased by 20 yuan/ton to 480 yuan/ton, and the LME CASH - 3M premium increased by 6 dollars/ton to - 27 dollars/ton [1]. - **Inventory**: SHFE zinc futures inventory was 1,903 tons, a decrease of 150 tons, and LME zinc inventory was 170,325 tons, a decrease of 325 tons. The LME zinc cancelled warrants were 70,225 tons, an increase of 3,450 tons [1]. 3.2 News - The Q1 monetary policy report of the People's Bank of China states that it will give full play to the dual functions of the total amount and structure of monetary policy tools, and explore and expand the central bank's macro - prudential and financial stability functions. The price control idea should shift from preventing "price gouging" to preventing "low - price dumping". The expansion of Chinese government debt remains sustainable, and there is still room for financial support for consumption [2]. 3.3 Trend Intensity The trend intensity of zinc is - 1, indicating a relatively bearish view, with the range of trend intensity being integers in the [-2, 2] interval [2].

日本医药指数下跌3.9%，在东京证券交易所的行业子指数中跌幅最大。此前特朗普称寻求大幅降低药 品价格。 ...

证券代码：688403 证券简称：汇成股份 公告编号：2025-027 转债代码：118049 转债简称：汇成转债 合肥新汇成微电子股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 是否涉及差异化分红送转：是 ● 每股分配比例： 1.发放年度：2024年年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东（合肥新汇成微电子股份有限公司回购专用证券 账户除外）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号一一回购股份》等相关 法律、行政法规、部门规章及其他规范性文件以及《公司章程》的有关规定，公司回购专用证券账户中 的股份不享有股东大会表决权、利润分配、公积金转增股本、认购新股和可转换公司债券等权利。 每股现金红利0.095元，不进行资本公积金转增股本，不送红股 ● 相关日期 ■ 一、通过分配方案的股东大会届次和日期 本次利润分 ...

Core Viewpoint - The government has set a target of approximately 1.4 trillion jin (about 700 million tons) for grain production this year, emphasizing the importance of spring management and sowing to ensure a successful summer harvest [1][2]. Group 1: Grain Production Outlook - The current state of grain and oilseed production is promising, with stable winter wheat acreage and a good growth condition for winter oilseed rape, which has seen an increase in area for seven consecutive years [1][3]. - The spring sowing progress is ahead of last year, with nearly 20% of the national spring grain sowing completed as of mid-April, including over 70% for early rice and over 60% for middle rice [2][3]. Group 2: Support Measures and Strategies - The government continues to enhance support for grain production by raising minimum purchase prices for wheat and early indica rice, stabilizing subsidies for corn and soybeans, and implementing comprehensive cost insurance for rice, wheat, and corn [3][4]. - A focus on improving grain yield through the "Four Good" strategy (good land, good seeds, good machinery, and good methods) aims to achieve breakthroughs in large-scale yield increases [4]. Group 3: Market Dynamics - Domestic grain prices have stabilized and begun to rise since February, with stable prices for staple grains like rice and wheat, while corn and soybean prices have increased [4][5]. - The recovery in the grain market is attributed to effective regulatory measures, improved demand due to consumption policies, and a positive outlook among trade and processing enterprises [5].