Important News - The US has adjusted tariffs on China as of May 14, 00:01 Eastern Time [1] - China Securities Depository and Clearing Corporation clarified that account verification is a routine operation, not a special arrangement for "off-market financing" [1] - The People's Bank of China reported that from January to April, the total social financing increased by 16.34 trillion yuan, with new loans amounting to 10.06 trillion yuan, and M2 growth year-on-year at 8% [1] Company News - Tencent (00700.HK) reported Q1 revenue of 180 billion yuan, a year-on-year increase of 13% [1] - China Petroleum & Chemical Corporation (00386.HK) received an increase of approximately 302 million H-shares from Sinopec Group [1] - Longfor Properties (06968.HK) reported contract sales of approximately 1.804 billion yuan in the first four months, a year-on-year decrease of 0.3% [1] - Oceanwide Holdings (03377.HK) reported cumulative contract sales of approximately 8.09 billion yuan in the first four months, a year-on-year increase of 13.62% [1] - New China Life Insurance (01336.HK) reported original insurance premium income of 85.3791 billion yuan in the first four months, a year-on-year increase of 27% [1] - China Pacific Insurance (02601.HK) reported original insurance premium income of 115.359 billion yuan from Pacific Life Insurance in the first four months, a year-on-year increase of 10.4% [1] - Heng Rui Medicine plans to issue 224.5 million shares in Hong Kong, with an issue price not exceeding 44.05 HKD [1] - Vanke Enterprises (02202.HK) announced that its largest shareholder, Shenzhen Metro Group, plans to provide a loan to the company not exceeding 1.552 billion yuan [1] - Greentown China Holdings (00095.HK) has postponed the hearing for its liquidation application to July 9 [1]

Core Viewpoint - The prices of copper, aluminum, and zinc on the London Metal Exchange (LME) reached their highest levels since early April due to the U.S. adjusting tariffs on Chinese imports, which temporarily increased the risk appetite for metals reliant on economic growth [1][3]. Price Movements - As of May 14, 2023, LME three-month copper rose by $7 to $9,606.50 per ton, having previously hit a peak of $9,664, the highest since April 2 [1][2]. - Three-month aluminum reached $2,543.5 per ton, marking its highest point since April 1 [1]. - Three-month zinc increased by 2.22%, closing at $2,765.00 per ton [1][2]. Tariff Adjustments - The U.S. has rescinded a total of 91% of tariffs on Chinese goods and modified a 34% tariff, with 24% of it suspended for 90 days, while retaining 10% [3]. - The adjustments are in line with the consensus reached during high-level economic talks between the U.S. and China [3]. Market Conditions - The U.S. dollar has weakened following disappointing consumer inflation data, providing further support to the market [4]. - China's social financing scale stock was reported at 424 trillion yuan at the end of April 2025, reflecting an 8.7% year-on-year growth, indicating future demand for industrial metals [4]. - The premium of COMEX copper over LME copper has decreased from 18% at the end of March to around 10% currently, with COMEX copper inventories increasing by 77% since late February [4].

Group 1 - The core point of the article is the reduction of tariffs on agricultural products between the US and China, with the US lowering tariffs on Chinese imports from 145% to 30% and China reducing tariffs on US imports from 125% to 10% [1] - Brazil is expected to benefit from the tariff changes, as it is the largest soybean supplier to China, and its exports are not subject to the same tariffs as US products [1][3] - The US soybean market has been significantly impacted by the trade war, with over half of US soybean exports going to China in recent years, but the tariffs have created opportunities for Brazilian farmers [3] Group 2 - During the tariff suspension period, US pork exports to China still face a minimum tariff of 57%, which could affect export volumes during the critical harvest season for US soybeans and corn [4] - Australia has seen a record increase in beef exports to China, while US beef exports have stagnated, with Chinese importers recently canceling orders [4] - China has increased its imports of feedlot beef from Australia, with approximately 42,000 tons imported this year, marking a 36% increase compared to the same period last year [4]

Core Insights - Hasbro is adjusting its strategies in response to a significant reduction in tariffs on Chinese imports from 145% to 30%, which has positively impacted the company's planning and pricing strategies [1][2][6] Group 1: Pricing and Product Strategy - The reduction in tariffs has led Hasbro to pause many planned pricing changes that were initially set under the 145% tariff regime, allowing for more thoughtful pricing decisions moving forward [2][3] - The company had previously planned to discontinue certain products due to unfavorable manufacturing costs but is now reconsidering those plans in light of the new tariff situation [4][5] Group 2: Financial Impact - Hasbro had estimated that the 145% tariffs could reduce its annual net profits by $180 million, but with the new 30% tariff, this figure is now projected to be between $50 million and $70 million [6] - The company acknowledges that the current tariff agreement is temporary and the trade environment remains uncertain, indicating that ongoing adjustments will be necessary [6]

5月14日12时01分起，中美相互调整后的关税正式实施，美方取消了共计91%的加征关税，中方相应取消了91%的反制关税；美方暂停实施24%的"对等关 税"，中方也相应暂停实施24%的反制关税。 关税降了，全球市场都松了一口气，美国客商更是趁着缓冲期赶紧下订单、提货。然而，对于外贸企业，特别是中小型外贸企业来说，经历了此前关税风 浪带来的挑战，他们在外贸市场的"通关秘籍"已经改变。 但最后，张艳还是顶住了重重压力，抱着"允许客户不下单，但不允许自己不准备"的心态决定"先干了再说"。于是，在十多轮样品的打磨、寄送以及双方 来回沟通后，张艳于当年十月初寄出了第一批货，最终完成订单，赚到了创业路上的"第一桶金"。她至今仍清楚记得，客户叫西米和凯瑞，是美国连锁超 市的供货商。 远隔重洋的买家和卖家，在未曾谋面只通过电话、网络联系的情况下，选择彼此信任，克服重重阻隔，最终达成合作。来自中国廊坊一家小厂房内的乐器 类玩具就这样飘洋过海，为太平洋彼岸的家庭送去了圣诞的乐音。 这家小玩具厂的发展史，恰是此后二十年"中国制造"一路壮大的生动注脚。在中美两国合作互信、商贸往来中，伴随着跨境电商和国际物流的飞速发展， 中国制造的产品 ...

Core Viewpoint - The article highlights the positive impact of the "China-US Joint Statement" on foreign trade, leading to a surge in orders and shipping activities among Chinese exporters, particularly those exporting to the US [2][9]. Group 1: Impact of the China-US Joint Statement - The "China-US Joint Statement" was released on May 12, agreeing to significantly reduce bilateral tariff levels, which has led to a rush among foreign trade companies to fulfill backlogged orders within a 90-day buffer period [2][9]. - Companies are experiencing a revival in order volumes, with many US clients resuming shipments that were previously on hold due to tariff policies [10][11]. Group 2: Shipping and Port Activity - Shipping rates have increased significantly, with the price for shipping containers to the US West Coast reaching $6,000, up from approximately $2,500 before the announcement [12][13]. - Port activities are expected to peak in the coming weeks, with an increase in cargo truck volumes observed at key ports like Yantian Port, which handles over one-third of Guangdong's foreign trade [4][6]. Group 3: Order Fulfillment and Production - Companies are ramping up production to meet the renewed demand, with reports indicating a 20% increase in orders for some logistics providers [6][7]. - The logistics and shipping sectors are preparing for a significant increase in order fulfillment, with expectations of surpassing pre-tariff levels in the coming weeks [11][13].

Core Viewpoint - The article highlights the positive impact of the recent tariff reductions between China and the United States on a knitting factory in Shanghai, which is now able to resume shipping previously delayed orders and is considering expanding into the European market [1] Company Summary - The knitting factory located in Li Ta Hui Town, Songjiang District, Shanghai, received notification from a U.S. client to proceed with shipments after a significant reduction in tariffs [1] - The factory had over 50,000 finished garments stacked in the packaging workshop for a month, indicating a backlog due to previous tariff issues [1] - The company anticipates that it can complete the shipment of 300,000 delayed items within 90 days following the tariff adjustments [1] Industry Summary - The recent tariff adjustments are expected to facilitate smoother trade relations between China and the U.S., benefiting manufacturers reliant on American markets [1] - The factory's decision to explore the European market signifies a strategic shift in response to changing trade dynamics and potential new opportunities [1]

Core Viewpoint - The article discusses the recent changes in tariffs on rubber and tire imports to the United States, highlighting that while tariffs on certain Chinese tires remain unchanged, other products have seen a reduction in tariffs, which may have limited impact on the overall market due to low export volumes from China [2][5]. Tariff Modifications - Tariffs on Chinese passenger car and light truck tires remain at 25%, while other Chinese tires have been reduced to 10% (with a 24% rate paused for 90 days) [2][3]. - For Southeast Asian tires, tariffs remain unchanged at 25% for passenger and light truck tires, and 0% for other types [2]. Impact on Rubber Products - The reduction in tariffs for Chinese rubber products is down to 10% from a previous 24% [3]. - The actual volume of Chinese tires exported to the U.S. is low, with only 310,000 tons expected in 2024, translating to a mere 50,000 tons of rubber, indicating that tariff changes may not significantly affect rubber consumption [4]. Market Reactions and Expectations - The market has experienced a decline of 2,000 points, primarily driven by recession expectations and long positions being liquidated, rather than the direct impact of the 232 tariff [5][9]. - There is a noted decrease in bullish sentiment due to changes in underlying market logic, with supply exceeding market expectations [5][10]. Supply and Demand Dynamics - The supply from major rubber-producing countries like Thailand and Indonesia has shown a year-on-year increase of over 10%, contradicting previous expectations of supply constraints [11]. - The article suggests that the basic logic of a long-term supply-demand gap may need to be reassessed based on current supply data [10]. U.S. Demand and Economic Indicators - U.S. freight demand has been weak, with cargo volumes near historical lows, which correlates with overall economic performance and PMI levels [18]. - The article emphasizes the need to monitor terminal demand changes and how companies respond to tariff impacts, as these factors will influence inventory cycles [18]. International Tire Manufacturers' Perspectives - Major international tire manufacturers, such as Goodyear and Michelin, have expressed concerns about increased costs due to tariffs, estimating potential annual costs of $300 million, which they plan to pass on to consumers [29][32]. - There is an expectation that the effects of tariffs on tire imports may not be fully realized until the third quarter of the year [30]. Conclusion - The overall sentiment among international tire manufacturers is pessimistic regarding the impact of trade wars on tire and automotive demand, with expectations of reduced production in North America [32][33].

| 财产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年5月14日 | | | 周敏波 | Z0010559 | | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 前值 | 张庆 | 其差 | 单位 | | 螺纹钢现货(华东) | 3220 | 3220 | O | 118 | | | 螺纹钢现货(华北) | 3210 | 3210 | 0 | 108 | | | 螺纹钢现货(华南) | 3340 | 3310 | 30 | 238 | | | 螺纹钢05合约 | 3033 | 3036 | -3 | 187 | | | 螺纹钢10合约 | 3079 | 3082 | -3 | 141 | | | 螺纹钢01合约 | 3102 | 3103 | -1 | 118 | | | 热卷现货(华东) | 3260 | 3280 | -20 | 32 | 元/吨 | | 热卷现货(华北) | 3210 | 3200 | 10 | -18 | | | 热卷现货(华南) | ...

Group 1 - The core viewpoint indicates that tin prices are maintaining a range-bound operation due to a tight supply in the short term and a lack of significant demand boost from downstream industries [1] - The main contract for tin closed at 265,770 yuan/ton, reflecting a slight increase of 0.92% [1] - The Congo (DRC) has become China's largest source of imported tin concentrate, surpassing Myanmar, with the Bisie tin mine resuming operations after a temporary halt due to armed conflict [1] Group 2 - The recovery of the Bisie tin mine is progressing well, with the first batch of tin concentrate expected to enter the smelting phase by June 2025 [2] - The operating rates of tin smelting enterprises in Yunnan and Jiangxi remain low due to raw material supply shortages, with the import volume from Myanmar falling below the warning line for several months [1] - The overall order situation from downstream customers is limited, as the willingness to restock in the electronics and home appliance sectors is low despite relatively high tin prices [1]