1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report 2.1 Overall Market - The LPR quote remains unchanged, and the market shows a mixed performance. The economic data in March exceeded expectations, but the market is concerned about future data weakness. The micro - liquidity shows signs of state - owned capital support, but market sentiment is still cautious [4]. - In the bond market, there is a certain degree of stalemate. The ultra - long - end bonds can be moderately optimistic, and the short - term bonds are weak. The market needs a significant event to confirm the trend [4]. 2.2 Commodity Futures - **Equity - related Futures**: Consider IH, IM cross - variety arbitrage or stay on the sidelines in the stock index futures market [4]. - **Agricultural Products**: - Cotton: Domestic cotton prices are under pressure due to concerns about orders and demand. The impact of US tariffs and the supply - demand situation in the international market also affect cotton prices [6]. - Sugar: The sugar price shows a volatile trend due to sufficient short - term supply and uncertain demand - supply gap [7][8]. - Oils and Fats: Short palm oil at high prices and long soybean meal at low prices, but be aware of policy, weather, and soybean arrival risks [9]. - Eggs: Expect egg futures to be weak and volatile, and operate with a short - term bearish view [10]. - Apples: Lightly buy near - month contracts at low prices [10]. - Red Dates: Hold short positions and pay attention to downstream demand and abnormal changes in production areas [10]. - Livestock: Consider shorting the LH2507 contract of live hogs [11]. - **Energy and Chemicals**: - Crude Oil: The oil price rebounds and then falls back. In the long - term, supply pressure increases, and demand is weak. In the short - term, it is expected to be volatile [12]. - Fuel Oil: It is expected to follow the oil price and fluctuate, and the market's reaction to the trade war and risk release will affect it [13]. - Plastics: L is expected to be weak and volatile. For PP, consider a long position in the near - month contract and a short position in the far - month contract after a correction [14]. - Rubber: The short - term disk is expected to be in a low - level shock, and pay attention to the opportunity of the RU - NR spread widening after NR04 delivery [15]. - Methanol: It is expected to be weak and volatile due to weak supply - demand and increasing imports [16]. - Soda Ash and Glass: Soda ash is expected to be weak and volatile, and glass may face a decline risk. Consider the opportunity of long glass and short soda ash [16]. - Asphalt: The price is expected to be in the range of 3250 - 3350 yuan, and the market's reaction to the trade war is the main factor [16][17]. - Liquefied Petroleum Gas: It follows the crude oil price in the short - term and may decline in the long - term due to supply - demand changes [18]. - Paper Pulp: The short - term is in a shock due to weak demand and high inventory. Pay attention to the arrival rhythm in April and inventory changes [18][19]. - Urea: Keep a long - term bullish view on the UR09 contract after a significant decline, but be cautious in the short - term [20]. - Synthetic Rubber: Pay attention to shorting opportunities after a rebound due to weak raw material expectations [21]. - **Metals**: - Aluminum and Alumina: Aluminum is expected to be volatile and slightly bullish, and alumina is expected to be in a bottom - range shock and can be bought at low prices [23]. - Industrial Silicon and Polysilicon: Industrial silicon is expected to be bearish, and polysilicon is expected to have limited upward space in the 06 contract and downward pressure in the 07 contract [24][25]. - Iron and Steel and Ore: The short - term is expected to be volatile, and the medium - long - term is expected to be weak. The cost provides some support [26][27][28]. - Coal and Coke: They are expected to be weak in the short - term without large - scale production cuts or reduced imports [28][29]. - Ferroalloys: Go long on ferrosilicon during the day and be bearish on ferromanganese in the medium - term but do not chase short [30]. 3. Summary by Related Catalogs 3.1 Macro Information - The 1 - year LPR is 3.1%, and the 5 - year LPR is 3.6%, remaining unchanged for 6 consecutive months [4]. - The Chinese government promotes the opening of the futures market and expands the scope of specific varieties [4]. - Ningde Times releases the second - generation Shenxing super - charging battery [4]. - The US economic and financial markets are affected by "reciprocal tariffs", and the global financial market is volatile [4]. - China promotes the expansion of service industry opening - up pilot projects [4]. - The expected interest rate of ordinary personal insurance products may be adjusted [4]. - The US may shrink its activities in Africa [4]. - The US economy is affected by "reciprocal tariffs", and the stock market continues to fall [4]. 3.2 Futures Strategies - **Stock Index Futures**: Consider IH, IM cross - variety arbitrage or stay on the sidelines [4]. - **Treasury Bond Futures**: Be moderately optimistic about the ultra - long - end bonds [4]. - **Container Shipping to Europe**: Take profit on long positions in the far - month contracts [4][5]. 3.3 Commodity Market Analysis - **Agricultural Products**: - **Cotton**: The domestic cotton price is under pressure due to weak demand and the impact of US tariffs. The supply - demand situation in the international market also affects it [6]. - **Sugar**: The sugar price is volatile due to sufficient supply and uncertain demand - supply gap [7][8]. - **Oils and Fats**: The palm oil is affected by seasonal production increase and other factors, and the soybean meal supply may increase in the future [9][10]. - **Eggs**: The egg price is expected to be weak due to increasing supply and weakening demand [10]. - **Apples**: The price is expected to be strong in the near - term due to low inventory and good sales [10]. - **Red Dates**: The price is under pressure due to sufficient supply and weakening demand [10]. - **Livestock**: The hog price may be weak due to increasing supply and weakening demand [11]. - **Energy and Chemicals**: - **Crude Oil**: The oil price is affected by supply - demand and geopolitical factors, and the short - term is expected to be volatile [12]. - **Fuel Oil**: It follows the oil price and is affected by the market's reaction to the trade war [13]. - **Plastics**: The L is expected to be weak, and the PP has different trends in the near - month and far - month contracts [14]. - **Rubber**: The short - term disk is expected to be in a shock, and pay attention to the spread opportunity [15]. - **Methanol**: It is expected to be weak due to weak supply - demand and increasing imports [16]. - **Soda Ash and Glass**: Soda ash is weak, and glass may decline. Consider spread trading [16]. - **Asphalt**: The price is in a range and is affected by the oil price and the trade war [16][17]. - **Liquefied Petroleum Gas**: It follows the oil price in the short - term and may decline in the long - term [18]. - **Paper Pulp**: The short - term is in a shock due to weak demand and high inventory [18][19]. - **Urea**: Keep a long - term bullish view on the UR09 contract after a decline [20]. - **Synthetic Rubber**: Short after a rebound due to weak raw material expectations [21]. - **Metals**: - **Aluminum and Alumina**: Aluminum is slightly bullish, and alumina is in a bottom - range shock [23]. - **Industrial Silicon and Polysilicon**: Industrial silicon is bearish, and polysilicon has limited upward space [24][25]. - **Iron and Steel and Ore**: The short - term is volatile, and the medium - long - term is weak. The cost provides support [26][27][28]. - **Coal and Coke**: They are weak in the short - term without production cuts or reduced imports [28][29]. - **Ferroalloys**: Go long on ferrosilicon during the day and be bearish on ferromanganese in the medium - term [30].

Group 1 - The Central Committee of the Communist Party of China and the State Council issued opinions to support the deepening of intelligent connected vehicle road testing and the construction of civil unmanned aerial vehicle test bases in free trade pilot zones [1] - The Shanghai Stock Exchange held a meeting with private equity institutions, which expressed that Chinese asset valuations are relatively low and have significant potential for recovery and enhancement, advocating for a long-term, rational, and value-oriented investment approach [3] - The People's Bank of China and four other departments jointly issued an action plan to enhance cross-border financial service facilitation in Shanghai, supporting cooperation between the Shanghai Gold Exchange and foreign exchanges [1][3] Group 2 - The Ministry of Commerce announced pilot tasks in the telecommunications sector, including the removal of foreign investment shareholding restrictions in application stores and internet access services [2] - The China Insurance Industry Association held a meeting where experts predicted a potential reduction in the standard interest rate for ordinary life insurance products, currently at 2.13% [2] - A bank in a southeastern coastal province received instructions to maintain lending to foreign trade enterprises, confirming the implementation of "no withdrawal, no discontinuation" policies [2] Group 3 - Ningde Times launched its second-generation supercharging battery, which can provide over 520 kilometers of range with a 5-minute charge, and released its first sodium-ion battery product, expected to be mass-produced in June [2] - China Communications Construction Company announced plans to repurchase A-shares worth 500 million to 1 billion yuan, while BOE Technology Group plans to repurchase A-shares worth 1.5 billion to 2 billion yuan [2][3] Group 4 - Several companies reported significant year-on-year profit growth in the first quarter, including Light Media with a 375% increase, Yongding Co. with a 961% increase, and others with substantial growth rates [4] - Companies like Pingzhi Information and Zhongbei Communication announced contracts worth 246 million yuan and 441 million yuan for GPU computing power projects and services, respectively [4]

| 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业指 38170.41 | | -971.82 | -2.48% | | 纳斯达克指数 15870.90c | | -415.55 | -2.55% | | 标普500 | 5158.20 | -124.50 | -2.36% | 当地时间周一，美股全线下挫。截至收盘，道指跌2.48%，纳指跌2.55%，标普500指数跌2.36%。 个股方面，特斯拉跌5.8%。报道称，该电动汽车制造商平价版Model Y汽车的推出被推迟。 机构认为，当前是战略性看多的窗口期，短期回补缺口有待量能配合。 【财经日历】 2025全球汽车领袖闭门峰会举办 SPARK2025腾讯游戏发布会 | | | ►►中共中央、国务院印发《关于实施自由贸易试验区提升战略的意见》。其中提出： -支持符合条件的自由贸易试验区开展合格境外有限合伙人试点； -支持有条件的自由贸易试验区深化智能网联汽车道路测试、示范应用； -探索建立生物医药企业进口研发用物品"白名单"制度，允许免予办理进口药品通关单； ►►上交所召开私募机构座谈会。与会机构认为 ...

Group 1: Government Policies and Initiatives - The Central Committee of the Communist Party of China and the State Council issued the "Opinions on Implementing the Strategy to Enhance Free Trade Pilot Zones," providing systematic deployment for the construction of free trade pilot zones [4] - The People's Bank of China, along with financial regulatory authorities, released the "Action Plan for Further Enhancing Cross-Border Financial Service Facilitation in Shanghai," which includes 18 key measures to improve cross-border settlement efficiency and optimize financial services [4] - The Ministry of Industry and Information Technology announced plans to promote orderly opening in the telecommunications sector and support pilot projects for service industry expansion, aiming to enhance market vitality [4] Group 2: Company News and Performance - Several companies reported significant year-on-year profit increases for Q1, including: - Bubu Gao: Net profit of 119 million yuan, up 488.44% [8] - Dajin Heavy Industry: Net profit of 231 million yuan, up 335.91% [8] - Yalian Machinery: Net profit of 57.6 million yuan, up 1088.67% [8] - Antong Holdings: Net profit of 241 million yuan, up 371.53% [8] - Guoda Special Materials: Net profit of 74.25 million yuan, up 1488.76% [8] - Xiantan Co.: Net profit of 48.02 million yuan, up 583.83% [8] - Shenghong Technology: Net profit of 921 million yuan, up 339.22% [8] - CATL announced the launch of its second-generation supercharging battery, capable of charging for 5 minutes to achieve a range of over 520 kilometers, marking a significant advancement in lithium iron phosphate battery technology [8] - China Communications Construction Company plans to repurchase A-shares worth 500 million to 1 billion yuan, while its controlling shareholder plans to increase H-shares by 250 million to 500 million yuan [8] - Rock Shares announced a termination of its major asset restructuring plan due to ongoing investigations by the China Securities Regulatory Commission [12] Group 3: Market Insights and Recommendations - The Shanghai Stock Exchange held a meeting with private equity representatives, who expressed confidence in the potential for valuation recovery in Chinese assets, suggesting a long-term, rational investment approach [5] - Citic Securities highlighted the importance of service consumption in expanding domestic demand, recommending investments in sectors like hotels and scenic spots [13] - Huatai Securities suggested focusing on defensive assets and policy hedging, particularly in transportation, insurance, and communication services, which are expected to see increased dividend rates in 2024 [13]

新华财经北京4月21日电（记者谢希瑶）近日，中共中央、国务院印发《关于实施自由贸易试验区提升 战略的意见》，对自由贸易试验区建设工作作出系统部署。 党的二十届三中全会通过的《中共中央关于进一步全面深化改革、推进中国式现代化的决定》专章部署 完善高水平对外开放体制机制，明确提出"实施自由贸易试验区提升战略，鼓励首创性、集成式探索"。 党中央高度重视自由贸易试验区建设，在一个个关键节点，一次次指路定向。 商务部国际贸易经济合作研究院副院长崔卫杰表示，在当前国际环境变乱交织的背景下，意见的出台有 助于稳定市场预期，增强各方信心，有利于锚定中国式现代化这个目标，以更大力度统筹推进深层次改 革和高水平开放，是我们坚定做好自己的事、为世界注入更多确定性和稳定性的务实行动。 从目标来看，意见强调，经过5年左右的首创性、集成式探索，实现自由贸易试验区制度型开放水平、 系统性改革成效、开放型经济质量全面提升，以贸易、投资、资金流动、交通运输、人员往来自由便利 和数据安全有序流动为重点的政策体系更加完善，科技创新和产业创新深度融合，现代产业集群能级跃 升，新质生产力加快发展，打造开放层次更高、营商环境更优、辐射作用更强的改革开放 ...

今天《新闻联播》主要内容有：1.习近平向加蓬当选总统恩圭马致贺电； 2.习近平致电祝贺诺沃亚当选 连任厄瓜多尔总统； 3.应习近平邀请 阿塞拜疆总统将访华； 4.【新思想引领新征程】携手落实全球安 全倡议 共同守护世界和平稳定； 5.中共中央 国务院印发《关于实施自由贸易试验区提升战略的意 见》； 6.丁薛祥同阿联酋副总统共同主持中阿投资合作高级别委员会第一次会议； 7.韩正会见印度尼西 亚外交部长； 8."中国共产党的故事——习近平新时代中国特色社会主义思想在重庆的实践"专题宣介会 举行； 9.我国加快推进服务业扩大开放综合试点； 10.一季度我国批发和零售业增加值同比增长5.8%； 11.一季度全国新设经营主体606.3万户； 12.各地一批重大工程建设加速推进； 13.南方多地降雨持续； 14.国内联播快讯： （1）一季度国家开发银行发放3691亿元贷款支持基础设施建设； （2）《中国法院 知识产权司法保护状况（2024年）》发布； （3）2024年全国计算机软件版权登记创新高； （4）市场 监管总局发布新版《采用国际标准管理办法》； （5）一季度全国农产品质量安全监测总体合格率 98.3%； （6）2 ...

Core Viewpoint - The implementation of the Free Trade Zone (FTZ) enhancement strategy is a significant measure to promote high-level opening up and high-quality development in China, guided by Xi Jinping's thoughts and the principles of the 20th National Congress of the Communist Party of China [1] Group 1: Systematic Deployment and Objectives - The FTZ aims to enhance the level of institutional opening, systemic reform effectiveness, and the quality of the open economy over approximately five years, focusing on trade, investment, capital flow, transportation, personnel exchange, and data security [2] - The policy framework will be improved to facilitate the free and convenient flow of goods, services, and data, while promoting deep integration of technological and industrial innovation [2] Group 2: Trade and Investment Facilitation - The strategy emphasizes enhancing comprehensive competitiveness in foreign trade, optimizing goods trade, and supporting the development of service and digital trade [2] - It allows enterprises within the FTZ to conduct physical mixing of gold-bearing minerals under different tax codes and explores the establishment of a "white list" system for imported research and development items in the biopharmaceutical sector [2] Group 3: Innovation and Industry Development - The FTZ will promote the integration of innovation chains and industrial chains, support the construction of advanced industrial clusters, and encourage comprehensive innovation across the entire industrial chain [3] - It aims to enhance the modernization level of the industrial chain and support the development of smart connected vehicles and civilian drone testing bases [3] Group 4: Data and Financial Services - The strategy focuses on promoting efficient, convenient, and secure data flow, establishing market rules for data elements, and enhancing cross-border data flow [4] - It also aims to deepen financial sector opening and innovation, expand pilot programs for qualified foreign limited partners, and promote the integration of domestic and foreign currency funds for multinational companies [4] Group 5: Implementation and Coordination - Local governments and relevant departments are urged to strengthen reform efforts under the centralized leadership of the Party, ensuring the effective implementation of the FTZ enhancement strategy [4] - The Ministry of Commerce will coordinate and promote the replication of successful experiences and ensure the smooth implementation of the strategy [4]

Core Viewpoint - The implementation of the Free Trade Zone (FTZ) enhancement strategy is a crucial measure for promoting high-level opening-up and high-quality development in China [1][2]. Group 1: Policy Framework - The strategy aims to establish a comprehensive policy system focusing on trade, investment, capital flow, transportation, personnel exchange, and data security [2]. - The goal is to enhance the comprehensive competitiveness of foreign trade, optimize goods trade, and support the development of service and digital trade [2][3]. Group 2: Investment and Market Environment - The strategy emphasizes the need to facilitate investment liberalization and create a market-oriented, law-based, and international first-class business environment [3]. - It includes measures to attract foreign investment, such as allowing foreign enterprises to engage in film post-production services and enabling qualified Hong Kong, Macau, and Taiwan doctors to practice in the FTZ [3]. Group 3: Technological and Industrial Development - The strategy promotes the integration of innovation chains and industrial chains, aiming to build a modern industrial system and advanced industrial clusters [3][4]. - It encourages the FTZs to engage in comprehensive innovation across the entire industrial chain and supports participation in national-level industrial cluster construction [3]. Group 4: Data and Financial Services - The strategy aims to enhance the efficient, convenient, and secure flow of data, establishing rules for the data factor market and improving cross-border data flow [4]. - It also seeks to deepen financial sector opening and innovation, expanding pilot programs for qualified foreign limited partners and promoting the opening of the futures market [4]. Group 5: Implementation and Coordination - Local governments and relevant departments are urged to strengthen their responsibilities and increase investments in projects, funds, and talent to ensure the effective implementation of the strategy [5]. - The Ministry of Commerce is tasked with coordinating efforts and promoting the replication of successful experiences from the FTZs [5].

Core Viewpoint - The implementation of the Free Trade Zone (FTZ) enhancement strategy is a significant measure to promote high-level opening up and high-quality development in China [1][2]. Group 1: Strategic Objectives - The FTZ enhancement strategy aims to establish a robust policy framework focusing on trade, investment, capital flow, transportation, personnel mobility, and data security [2]. - The strategy emphasizes the integration of technological and industrial innovation, aiming to elevate the capabilities of modern industrial clusters and accelerate the development of new productive forces [2]. Group 2: Trade and Investment Facilitation - The strategy seeks to enhance the comprehensive competitiveness of foreign trade, optimize goods trade, and invigorate service trade, while supporting the innovation of digital trade [2][3]. - It allows enterprises within the FTZ to engage in physical blending of gold-bearing minerals under different tax codes and explores the establishment of a "white list" system for imported research and development items in the biopharmaceutical sector [2]. Group 3: Innovation and Industry Development - The strategy promotes the integration of innovation chains and industrial chains, encouraging the development of advanced industrial clusters and supporting participation in national-level industrial cluster construction [3]. - It supports the testing and demonstration applications of intelligent connected vehicles and the establishment of civil unmanned aerial vehicle testing bases [3]. Group 4: Data and Financial Services - The strategy aims to facilitate efficient, convenient, and secure data flow, establishing rules for the data factor market and enhancing cross-border data flow [4]. - It encourages financial innovation and the expansion of financial services to the real economy, including pilot programs for qualified foreign limited partners and the opening of specific futures markets [4]. Group 5: Implementation and Coordination - Local governments and relevant departments are urged to strengthen their responsibilities and increase investments in projects, funds, and talent to ensure the effective implementation of the FTZ enhancement strategy [5]. - The Ministry of Commerce is tasked with coordinating efforts and promoting the replication of successful experiences from the FTZ [5].

Core Viewpoint - The document outlines the strategic opinions of the Central Committee of the Communist Party of China and the State Council on enhancing the Free Trade Zone, focusing on improving data flow, transportation services, and financial openness [1] Group 1: Data Flow and Market Rules - The strategy emphasizes promoting efficient, convenient, and secure data flow, establishing comprehensive market rules for data elements, and enhancing the facilitation of cross-border data movement [1] Group 2: Transportation and Logistics - The plan includes constructing efficient and open transportation channels, improving shipping service levels, and strengthening land and air transport capabilities [1] - It allows for the blending and mixing of high and low sulfur fuel oil under different tax codes through bonded logistics [1] - Liquefied natural gas is permitted to enjoy bonded policies as fuel for international navigation vessels [1] Group 3: Financial Sector Innovation - The strategy aims to deepen financial sector openness and innovation, promoting financial services for the real economy and gradually expanding financial openness [1] - It supports pilot programs for multinational companies' integrated currency pools and qualified foreign limited partner trials in designated Free Trade Zones [1] - The plan encourages the opening of the futures market, focusing on specific domestic futures products and exploring diverse paths for settlement price authorization [1] Group 4: Talent Policy - The document calls for the implementation of more proactive and effective talent policies, innovating talent cultivation and utilization mechanisms, and facilitating personnel exchanges [1]