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国泰君安期货商品研究晨报:贵金属及基本金属-20250512
Guo Tai Jun An Qi Huo· 2025-05-12 05:36
国泰君安期货商品研究晨报-贵金属及基本金属 观点与策略 | 黄金:中美贸易取得进展 | 2 | | --- | --- | | 白银:震荡回落 | 2 | | 铜:库存减少,支撑价格 | 4 | | 铝:边际走弱 | 6 | | 氧化铝:供需格局未改 | 6 | | 锌:远端过剩,价格承压 | 8 | | 铅:供需双弱,区间震荡 | 9 | | 锡:窄幅震荡 | 10 | 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 2025年05月12日 期货研究 商 品 研 究 商 品 研 究 2025 年 5 月 12 日 黄金:中美贸易取得进展 白银:震荡回落 | 王蓉 | 投资咨询从业资格号:Z0002529 | wangrong013179@gtjas.com | | --- | --- | --- | | 刘雨萱 | 投资咨询从业资格号:Z0020476 | liuyuxuan023982@gtjas.com | 【基本面跟踪】 贵金属基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | ...
经济日报金观平:厚植营商环境沃土 激发企业发展活力
Jing Ji Ri Bao· 2025-05-11 21:54
Group 1 - The core viewpoint emphasizes that the operating entities are vital for economic growth, with 6.063 million new entities established in Q1, reflecting a year-on-year increase of 7.1% for private enterprises and 4.3% for foreign-invested enterprises [1] - As of the end of March, there are 24.918 million registered "new economy" enterprises, showing a year-on-year growth of 6.2%, indicating a positive trend in high-quality economic development despite uncertainties [1] - The need to further stimulate the vitality and internal motivation of operating entities is highlighted as essential for addressing complex challenges and promoting stable economic growth [1] Group 2 - Optimizing the business environment is identified as a foundational project to enhance the confidence of operating entities, with Shanghai focusing on this for eight consecutive years [2] - Various measures are being implemented to improve the business environment, including the establishment of service officers for enterprises in Guangdong to protect their legal rights [2] - The release of policy dividends is crucial for the robust development of operating entities, with tailored policies for different types of enterprises, such as loan interest subsidies for small and micro enterprises [2] Group 3 - Building a unified national market is deemed key to invigorating the vitality of operating entities, with the number of items in the market access negative list reduced from 151 in 2018 to 106 in the 2025 version [3] - The total number of registered operating entities in China is projected to reach 189 million by the end of November 2024, representing over a 70% increase since 2018 [3] - Efforts are being made to enhance market access and regulatory frameworks to support new business models and promote technological innovation [3]
印度外交部长:印度一贯采取审慎负责的方针,且将继续如此。
news flash· 2025-05-10 06:36
印度外交部长:印度一贯采取审慎负责的方针,且将继续如此。 ...
整理:昨日今晨重要新闻汇总(5月10日)
news flash· 2025-05-10 00:55
金十数据整理:昨日今晨重要新闻汇总(5月10日) 国内新闻: 7. 海关总署等6部门调整海关特殊监管区域、保税监管场所和区外加工贸易有关管理措施。 3. 央行Q1货政报告:发挥好货币政策工具总量和结构双重功能,探索拓展中央银行宏观审慎与金融稳 定功能。 4. 中国证监会印发2025年度立法工作计划,维护市场平稳健康发展,切实保护广大中小投资者合法权 益。 5. 广期所修改交易规则并首次发布结算规则。 6. 中期协进一步加强期货居间人管理、规范居间人行为。 国际新闻: 1. 第四轮伊美核谈判将于11日在阿曼举行。 6. 美政府据悉拟借太平洋模式协定将格陵兰岛纳入势力范围。 2. 韩国执政党更换总统大选候选人,韩德洙成为韩国执政党总统大选候选人。 3. 日本考虑向澳大利亚出口与英国、意大利共同开发的下一代喷气式战斗机。 4. 特朗普:共和党不应增加对富人的税收,但如果这样做也可以接受。 5. 墨西哥宣布就"墨西哥湾"更名一事起诉谷歌。 8. 美贸政策:印度要求美国免除所有当前和未来的关税。印度提议在潜在贸易协议下,将与美国的关税 差距从接近13%缩减至不足4%;冯德莱恩:若有具体的贸易协议,可能会访问美国;越南指 ...
浙商银行珠海分行被罚35万,一客户经理被禁业5年
Nan Fang Du Shi Bao· 2025-05-09 14:00
南都讯 记者李洁琼 因贷款业务严重违反审慎经营规则,浙商银行股份有限公司珠海分行被处以35万元 罚款,同时,徐洋健(时任浙商银行股份有限公司珠海分行小企业业务部客户经理)因贷款业务严重违 反审慎经营规则,被禁止从事银行业工作5年。近日,国家金融监督管理总局官发布了这一处罚信息。 3月,国家金融监督管理总局滨海监管分局行政处罚信息公开表显示,浙商银行滨海新区分行因贷后管 理不到位,被国家金融监督管理总局滨海监管分局处以30万元罚款。 | 序 | 当事人名称 | 行政处罚 决定书文 | 主要违法违规行为 | 行政处罚 | 作出决定 | | --- | --- | --- | --- | --- | --- | | 름 | | | | 内容 | 机关 | | | | 름 | | | | | 1 | 浙商银行股份 有限公司珠海 | | | 罚款35万 元 | | | | 分行 | 珠金罚决 | | | 国家金融 | | 2 | 徐洋健(时任 | 字 | | 禁止从事 | 监督管理 | | | 浙商银行股份 | [2025] | 贷款业务严重违反审 | | 总局珠海 | | | 有限公司珠海 | 3号 | 慎经营规则 ...
中国人民银行:持续强化利率政策执行和监督
Xin Hua Wang· 2025-05-09 13:30
Core Viewpoint - The People's Bank of China (PBOC) has reported significant effects of counter-cyclical monetary policy adjustments in the first quarter, with stable growth in financial totals and an optimized credit structure [1][2] Group 1: Monetary Policy and Financial Stability - The PBOC will continue to strengthen the execution and supervision of interest rate policies, aiming to lower bank funding costs and reduce overall social financing costs [1] - In the first quarter, monetary credit maintained reasonable growth, utilizing various tools such as reserve requirements and open market operations to ensure ample liquidity and support key economic sectors [1][2] Group 2: Loan Rates and Economic Development - In March, new corporate loans and personal housing loan rates decreased by approximately 50 and 60 basis points year-on-year, creating a favorable financial environment for high-quality economic development [2] - The PBOC plans to enhance the implementation of interest rate policies and continue reforms to improve the Loan Prime Rate (LPR), while expanding pilot areas for comprehensive financing cost assessments for enterprises [2] Group 3: Future Directions - The PBOC will leverage monetary credit policy to guide financial institutions in supporting technology finance, green finance, inclusive small and micro enterprises, consumption expansion, and stabilizing foreign trade [2] - The scope of re-loans for affordable housing will be broadened to maintain stability in the real estate market [2]
【中国央行:阶段性暂停国债买卖操作 视市场供求状况择机恢复操作】央行发布2025年第一季度中国货币政策执行报告,其中提到,年初,国债市场供不应求状况进一步加剧,10年期国债收益率一度跌破1.6%的历史低位。1月中国人民银行宣布阶段性暂停在公开市场买入国债,避免影响投资者的配置需8要,并更多使用其他工具投放基础货币,维护流动性和债券市场平稳运行。中国人民银行将继续从宏观审慎的角度观察、评估债市运行情况,关注国债收益率的变化,视市场供求状况择机恢复操作。
news flash· 2025-05-09 09:55
【中国央行:阶段性暂停国债买卖操作 视市场供求状况择机恢复操作】央行发布2025年第一季度中国 货币政策执行报告,其中提到,年初,国债市场供不应求状况进一步加剧,10年期国债收益率一度跌破 1.6%的历史低位。1月中国人民银行宣布阶段性暂停在公开市场买入国债,避免影响投资者的配置需8 要,并更多使用其他工具投放基础货币,维护流动性和债券市场平稳运行。中国人民银行将继续从宏观 审慎的角度观察、评估债市运行情况,关注国债收益率的变化,视市场供求状况择机恢复操作。 ...
央行:启动2025年度系统重要性金融机构评估工作 稳步拓宽附加监管覆盖范围至非银领域
news flash· 2025-05-09 09:46
央行:启动2025年度系统重要性金融机构评估工作 稳步拓宽附加监管覆盖范围至非银领域 智通财经5月9日电,央行发布2025年第一季度中国货币政策执行报告。其中提到,下一阶段,积极稳妥 防范化解金融风险。探索拓展中央银行宏观审慎与金融稳定功能,创新金融工具,维护金融市场稳定。 进一步完善宏观审慎政策框架,提高系统性风险监测、评估与预警能力,丰富宏观审慎政策工具箱。强 化系统重要性金融机构宏观审慎管理,督促系统重要性银行落实附加资本和杠杆率要求,持续提升恢复 与处置计划的操作性和有效性,加强全球系统重要性银行跨境危机管理合作。启动2025年度系统重要性 金融机构评估工作,稳步拓宽附加监管覆盖范围至非银领域。稳妥有序推进重点风险项目和重点领域风 险处置,按照市场化、法治化原则,支持中小银行风险处置。加强金融风险监测、预警和评估,强化系 统性金融风险研判。夯实金融稳定机制保障,推动扩大存款保险基金和金融稳定保障基金积累,强化存 款保险专业化金融风险处置职能。 ...
「改革创新」田轩:降准降息,如何“择机”?
Sou Hu Cai Jing· 2025-05-08 18:01
Group 1: Monetary Policy Adjustments - The central bank will selectively lower the reserve requirement ratio and interest rates based on economic growth momentum and liquidity conditions in the financial market [3] - Supportive monetary policy aims to maintain sufficient market liquidity, reduce financing costs, and guide funds to key areas to stimulate economic growth [4] - Coordination between monetary and fiscal policies is essential to enhance their effectiveness and ensure consistency in achieving economic stability and risk prevention [5] Group 2: Monetary Policy Tools - The toolbox for monetary policy includes tools like differentiated reserve requirement ratios, targeted medium-term lending facilities (TMLF), and open market operations to manage liquidity and credit [6] - Structural monetary policy tools will focus on directing financial support to strategic sectors such as technology innovation and green finance [6][7] Group 3: Price Stability and Asset Prices - The shift in the central bank's focus from "maintaining overall price stability" to "keeping prices at a reasonable level" indicates a more precise monetary policy target [8] - There is a complex debate about including asset prices in monetary policy goals, as it could complicate the balance between various economic objectives [10] Group 4: Government Bond Yields and Currency Exchange Rates - Current government bond yields are in a fluctuating range due to economic recovery expectations and monetary policy adjustments, with a potential for gradual increases in the long term [11] - The recent appreciation of the RMB reflects improved economic fundamentals and market confidence, while external pressures like tariffs may pose risks [13]
固收“申”音:月度策略
2025-05-08 15:31
固收"申"音:月度策略 20250508 摘要 • 经济外需压力显现,市场对经济预期悲观,利率曲线趋于平坦。关注美国 联储政策、美元汇率及宽财政进度,警惕美国"双赤字"问题及其对美元 资产信用的潜在影响。 • 美国通过关税、汇率等手段解决特里芬难题,与中国等主要竞争对手博弈。 美国宽财政或难持续,未来几年可能转向紧缩,需重点关注美联储政策方 向和财政状况。 • 美国经济当前处于滞胀而非衰退,密歇根消费者信心指数下降主因通胀预 期回升。全球贸易增速或在 2024 年见顶,中美博弈加剧,全球贸易经济 重构概率大。 • 国内政策侧重提振内需,但海外负面影响或削弱政策效果。投资方面,地 产、基建、制造业增长空间有限;消费受储蓄意愿、收入预期和房价下跌 制约,未来政策应侧重促进消费。 • 货币政策方面,大工具保持定力,小工具灵活调整,实体融资需求下降形 成自发性宽松。5-8 月利率或下行,全年或为嵌套在宏观审慎框架内的利 率下行期,需警惕利率下行引发的金融风险。 Q&A 今年 5 月份整体在线市场的看法是什么? 今年 5 月份整体在线市场的看法主要集中在利率下行期的开始。宽松交易窗口 已经打开,这与最新新闻发布会内容相 ...