Core Viewpoint - The import volume of diluted asphalt in China reached a new low in April 2025, primarily due to trade tensions and reduced profitability in processing diluted asphalt, indicating that "low imports" may become the norm for the remainder of 2025 [1][6]. Group 1: Import Data - In April 2025, China's diluted asphalt import volume was 0.71 million tons, a decrease of 97.58% month-on-month and 97.65% year-on-year, marking the lowest monthly import level since February 2019 [1]. - The total import volume from January to April 2025 was 1.29 million tons, a year-on-year decline of 37.18%, also the lowest for the same period since 2021 [1]. Group 2: Impact of U.S. Sanctions - U.S. sanctions have significantly contributed to the record low import levels of diluted asphalt, with President Trump announcing the termination of oil trading agreements with Venezuela on February 26, 2025, and requiring Chevron to exit Venezuelan oil operations by April 3, 2025 [3]. - The sanctions have led to a reduction in U.S. imports of Venezuelan crude oil and have limited the import enthusiasm of other countries [3]. - Contrary to market expectations, the anticipated increase in China's diluted asphalt imports following the sanctions has not materialized, as evidenced by the low import figures in April [3]. Group 3: Processing Profitability - The current tax policy on processing diluted asphalt, which allows deductions based only on the proportion of taxable products, has significantly reduced the profitability of processing diluted asphalt, leading to a decline in domestic refineries' willingness to process it [5]. - The production of asphalt using crude oil quotas is becoming the primary method in 2025, as the profitability of processing diluted asphalt has not improved compared to processing crude oil [5]. - To achieve profitability in processing diluted asphalt, the price spread would need to decrease by approximately $10 per barrel, which is unlikely to happen without affecting the high cracking margins of diluted asphalt [5]. Group 4: Future Outlook - Given the combined internal and external factors, it is expected that the import volume of diluted asphalt will remain low and may become a norm for the remainder of 2025 [6].

日前，欧盟宣布在第17轮对俄罗斯制裁中将中国企业列入清单。中方对此有何评论？中方一贯反对没有 国际法依据、未经联合国安理会授权的单边制裁，对欧方无理制裁中国企业表示强烈不满、坚决反对， 并已向欧方提出严正交涉。在乌克兰危机问题上，中方始终致力于劝和促谈，从未向冲突方提供致命性 武器，严格管控军民两用物项出口。中方敦促欧方立即停止在对俄经贸合作问题上搞双重标准，停止损 害中国企业合法权益。中方将采取必要措施，坚决维护自身正当权益。(中国驻欧盟使团) ...

Group 1 - Ukrainian President Zelensky announced preparations for a "thousand-for-thousand" prisoner exchange plan and is currently verifying related information [2][4] - Zelensky emphasized that Russia has not signaled any intention to cease hostilities and is not ready to end the conflict, thus calling for increased sanctions against Russia [4][6] - Russian Foreign Minister Lavrov stated that Russia will not agree to a ceasefire followed by negotiations, indicating a firm stance against such proposals [4][5] Group 2 - European leaders, including those from Germany and Italy, have called for European involvement in negotiations regarding the Ukraine conflict during discussions with former US President Trump [5][6] - Trump mentioned that Putin agreed to initiate direct ceasefire negotiations, but European leaders expressed concerns about the feasibility of a 30-day ceasefire as a precursor to peace talks [6] - The EU has implemented its 17th round of sanctions against Russia, targeting nearly 200 vessels of what are termed "shadow fleets," with plans for further sanctions as the conflict persists [6][7] Group 3 - On May 21, Russian military operations continued, with reports of intercepting multiple Ukrainian drones and targeting Ukrainian military infrastructure [7] - Ukrainian forces claimed to have attacked a semiconductor equipment factory in Russia's Oryol region, while Russian forces reported strikes on Ukrainian training camps and military assets [7] - The situation remains tense, particularly in the Donetsk region, with ongoing battles reported in various areas [4][7]

在俄乌冲突陷入僵局，美国调停未起到作用的背景下，欧盟对外政策焦点正悄然转向中东局势。随着以 色列在加沙军事行动持续升级，欧盟内部要求对以方施压的声音愈发高涨。欧盟是否会迈出制裁以色列 的关键一步，成为本周外交舞台上的敏感焦点。 ...

操作方面，在市场未给出明确变盘信号前，主要策略以持有等待为主。前期4月9日参与抄底和布局的朋 友，若手中品种未经历大幅上涨，仍处于低位，可中度仓位继续持有等待，只要仓位不过重就行。短线 方面，虽市场目前未出现向下变盘，仍处于向上震荡中，但近期涨幅较高的品种，如前期提示的君君方 向（提示后已回落）及抱团品种，已出现明显负反馈，要防范回调风险。昨天抱团里最高标品种已出现 跌停，涨幅较高且出现涨不动，如连续2 - 3天明显涨不动、冲高回落、大幅高开低走等情况的品种，一 定要注意风险，这类品种只要走弱，就无条件减仓走人。另外，可关注一些低位板块，如昨天启动的煤 炭、有色板块等，仍存在短线机会。 5月22日，和讯投顾高璐明称市场进入关键变盘节点，即将选择方向，昨夜美股大跳水，引发对今日市 场走势及调整风险的关注。先看消息面，其一，昨晚美债拍卖结果糟糕，长期美债成抛售重灾区，20年 期美债收益率日内冲高13个基点至5.123%，10年期国债收益率飙升至5.09%，还创近三个月新高至 4.6%，直接引发美股跳水、美元下跌。不过，这对我国影响相对较小，美债下跌反而可能推动人民币 汇率升值，助力市场向好，无需过度担忧。其二，昨 ...

Group 1 - The National Financial Supervision Administration and seven other departments jointly issued measures to support financing for small and micro enterprises, aiming to improve their financing conditions and promote inclusive finance [5][6] - The measures are part of the implementation of the spirit of the 20th National Congress of the Communist Party of China and the Central Financial Work Conference [5] - The initiative reflects the government's commitment to enhance the financial environment for small businesses, which are crucial for economic growth and employment [5] Group 2 - Nine joint-stock banks have lowered their deposit interest rates, with three-year and five-year fixed deposit rates reduced by 25 basis points [14] - This trend indicates a broader shift in the banking sector towards lower interest rates, which may impact savings behavior and lending practices [14] - The banks involved include major players such as Ping An Bank, CITIC Bank, and China Merchants Bank, reflecting a significant move in the financial landscape [14]

【环球时报驻美国特约记者 戴润芝 环球时报记者 陈子帅 张旺 陈庆瑞】中方接连表态，抨击美国发布 意在打压中国人工智能（AI）的指南。中国商务部新闻发言人21日发表谈话称，美国商务部近日发布 指南，以所谓推定违反美出口管制为由，企图在全球禁用中国先进计算芯片，包括特定的华为昇腾芯 片。美方措施是典型的单边霸凌和保护主义做法，严重损害全球半导体产业链供应链稳定，剥夺其他国 家发展先进计算芯片和人工智能等高科技产业的权利。中方密切关注美方措施执行情况，将采取坚决措 施维护自身正当权益。19日，中国商务部新闻发言人在回答相关提问时表示，给别人"下绊子"，不会让 自己跑得更快。这种以单边保护主义手段，妄图围堵、孤立其他国家的做法，终将损害美自身产业竞争 力，其结果只能是搬起石头砸自己的脚。21日接受《环球时报》记者采访的专家表示，中国商务部的连 续表态，一方面是对美国荒诞的芯片政策进行抨击，更好地让国际社会认清事情本质；另一方面是在中 美将继续就经贸问题进行协商的背景下，希望美方能够与中国相向而行，为双方达成有利于两国、有利 于国际经济合作、有利于世界福祉的协定作贡献。 外媒关注中方法律警告 中国商务部新闻发言人19 ...

Conflict Situation - A fire occurred at a thermal power station in Kyiv region, Ukraine [1] - Ukrainian forces announced a drone attack on a semiconductor factory in Russia's Oryol region [1] - The Russian Defense Ministry reported the destruction and interception of 77 Ukrainian drones between 20:00 and 23:50 local time [1] - According to the Chairman of the Russian Federal Security Service, Ukrainian armed forces attacked 43 regions in Russia, with nearly 8,000 artillery strikes on border and rear areas [1] Negotiation Situation - The Kremlin stated that significant work is being done on potential peace proposals for Ukraine, with no interest in delaying the process [2] - Russian Foreign Minister Lavrov indicated that there will be no "wait and see" situation in the resolution process of the Ukraine issue [2] - The Chairman of the Russian Federation Council, Matviyenko, asserted that the EU has no place at any negotiation table regarding Ukraine [2] Other Situations - Russian President Putin inspected the Kursk region [3] Defense Spending - The Italian Defense Minister expressed a desire for NATO to set new defense spending targets for member countries, increasing from 2% of GDP to between 3.5% and 5% [4] - German Chancellor Merz stated that the Ukraine conflict is unlikely to end in the short term [4] - A German government spokesperson mentioned that the EU, Germany, and the US are in discussions regarding sanctions against Russia [4]

当地时间5月21日，乌克兰总统泽连斯基在视频讲话中表示，目前乌方正在就"千人对千人"换俘计划做 准备，目前正在核实相关信息。他还表示，当天他听取了乌克兰国防部长乌梅罗夫和前线指挥官有关前 线局势以及与合作伙伴关系的汇报。他表示，俄罗斯的进攻行动仍在继续，顿涅茨克地区局势最为紧 张，尤其是波克罗夫斯克方向。乌军继续在库尔斯克和别尔哥罗德地区采取积极行动，他表示这些行动 是对乌苏梅地区和哈尔科夫地区的积极防御。泽连斯基表示，俄罗斯没有发出任何停火信号，俄罗斯还 没有准备好结束冲突。因此，必须采取一切形式加大对俄制裁。(央视新闻) ...

美国突然对俄罗斯发出警告。 据最新消息，美国国务卿马尔科·鲁比奥警告称，如果俄乌和平协议没有进展，美国将对俄罗斯实施新制裁。 他还表示，预计俄罗斯将在数天内提出与乌克兰停火的大纲，以便华盛顿评估莫斯科是否对实现和平持认真态 度。 但有批评人士称，这只是一种拖延战术，会让俄罗斯在谈判拖延的情况下继续战斗。德国国防部长鲍里斯·皮 斯托瑞斯此前说道："俄罗斯总统普京显然是在拖延时间。" 关键时刻，欧盟和英国正式宣布对俄实施新一轮制裁，重点针对俄罗斯能源、军事和金融等领域，并呼吁美国 加入，对拒绝与乌克兰达成停火协议的俄罗斯实施更严厉制裁。 美国警告 美东时间5月20日，美国国务卿鲁比奥警告称，如果俄乌和平协议没有进展，美国将对俄罗斯实施新制裁。 鲁比奥当天在美国参议院外交关系委员会做证时，被问到他是否会支持共和党参议员林赛·格雷厄姆推动的一 项对俄罗斯实施严厉新制裁的法案。 该法案旨在加大俄罗斯为其战争提供资金的难度，其中包括对从购买其石油和天然气的国家进口的产品征收 500%的关税，以及一些其他条款。 民主党政客指责特朗普未能利用此次通话向普京施压，迫使后者尽快结束战争。 但鲁比奥暗示，美国目前还不打算对俄实施新 ...