1. 对达成贸易协议保持乐观——特朗普表示，世界各国都希望与我们达成贸易协议。看到这样，令人感 到非常欣慰。 2. 计划加快与欧盟关税谈判——欧盟委员会发言人："欧盟委员会主席冯德莱恩周日与特朗普进行了电 话交谈，他们同意加快贸易谈判进程，并保持密切联系。" 3. 将砍掉哈佛大学30亿资金——美国总统特朗普：考虑从哈佛大学撤回30亿美元的资助资金，将该资金 分发至各地学校。仍在等待哈佛大学提供国际学生名单，哈佛大学在提供名单方面进展非常缓慢。 4. 辟谣筹集30亿投资加密货币——据英国金融时报报道，特朗普旗下媒体公司计划筹集30亿美元用于购 买比特币等加密货币。但随后该公司对此强烈否认，声明称"《金融时报》的愚蠢记者听取了更愚蠢的 消息来源"。 5. 与以总理内塔尼亚胡激烈"争吵"——据以色列媒体报道，以色列总理内塔尼亚胡和美国总统特朗普就 如何应对伊朗进行了激烈的电话交谈，这与此前有关两人在阻止德黑兰获得核武器方面达成统一立场的 说法相矛盾。 6. 本周考虑对俄实施新制裁——知情人士透露，美国总统特朗普考虑本周对俄实施制裁，因其对俄罗斯 总统普京持续攻击乌克兰及和平谈判进展缓慢感到不满。新的银行业制裁可能不 ...

特朗普要求仍不明确，欧盟面临两难 特朗普推迟欧盟关税大限，市场暂时松了一口气，但美欧之间的贸易较量仍远未结束，分析师警告投资 者应"系好安全带"，为更多波动做好准备，贸易战威胁依然笼罩在全球市场之上。 据央视新闻此前报道，当地时间25日，美国总统特朗普表示，欧盟请求将关税谈判期限延长至7月9日， 他已同意这一请求。特朗普称，本次与欧盟就关税问题的谈话"非常愉快"。欧盟委员会也证实，欧美贸 易代表定于26日周一（欧洲时间）下午进行通话，并表示特朗普与冯德莱恩的对话为谈判注入了"新动 力"。 这一消息点燃投资者的乐观情绪。欧股周一集体大涨，一举扭转上周五的颓势，欧元兑美元升至一个月 高点，而作为避险资产的黄金价格应声下跌。然而，在分析师们看来，欧美谈判的前景仍不明朗，市场 波动性恐将加剧。 伦敦Zaye Capital Markets首席投资官Naeem Aslam警告称，关税延期虽然引发了"试探性的风险偏好反 弹"，但前景仍不明朗。他在一封电子邮件中表示： 展望未来，欧美贸易舞蹈是一场"高风险的探戈"，7月9日将是下一个引爆点。欧盟正在推动 分阶段降低关税和"相互尊重""谈判，但特朗普的"美国优先"姿态可能会将 ...

Tabl e_Title 2025 年 5 月 26 日 丁沛舟 高级分析师 期货从业资格号：F3002969 投资咨询从业证书号：Z0012005 dingpz@essence.com.cn 010-58747724 相关报告 大类资产运行周报（20250224 -20250228）-美国关税引发市场忧虑 风 险资产价格回落 大类资产运行周报（20250303 -20250307）-关税政策不确定性仍存 风 险资产走势分化 大类资产运行周报（20250310 -20250314）-美国通胀预期降温 债市偏 弱运行 大类资产运行周报（20250317 -20250321）-美联储按兵不动 美股周度 企稳 大类资产运行周报（20250324 -20250328）-市场避险情绪升温 权益资 产回落 大类资产运行周报（20250331 -20250404）-市场避险情绪升温 权益资 产回落 大类资产运行周报（20250407 -20250411）-关税政策短期趋向缓和 美 股大幅反弹 大类资产运行周报（20250414 -20250418）-美联储按兵不动 美元指数 持续回落 大类资产运行周报（20250421 - ...

Group 1 - The core viewpoint indicates that Trump is willing to resume tariff negotiations under pressure from the EU, leading to a drop in spot gold prices and a tense market environment [1] - The ongoing uncertainty in the Russia-Ukraine situation is highlighted, with Trump publicly condemning Putin and the EU considering new sanctions against Russia [1] Group 2 - The market sentiment is described as being in a state of contention, with various indices showing differing levels of bullish and bearish positions [3][4]

宏观 海外风险偏好回落影响市场表现 [Table_ReportDate] 2025 年 05 月 26 日 [Table_Author] 分析师：陈江月 执业证书：S1030520060001 电话：0755-83199599-9055 邮箱：chenjy@csco.com.cn 公司具备证券投资咨询业务资格 [Table_ReportType] 宏观周报（5 月第 4 周） [Table_S 核心观点： ummary] 请务必阅读文后重要声明及免责条款 单位（%） 2409E 24E GDP（Q3E） CPI PPI 工业增加值增速 固定投资增速 社消增速 出口增速 进口增速 M2 增速 社融增速 数据来源：万得资讯 1) 权益：上周市场缩量下跌。市场方面，中美谈判乐观预期出 尽，叠加海外风险偏好回落，市场情绪偏弱，整体缩量。政 策方面，1 年期 LPR 下调 10bp 至 3%，5 年期以上 LPR 下调 10bp 至 3.5%，六大行及部分股份行下调人民币存款利率，幅度在 5-25bp 间。LPR 和存款利率同步下调，一方面降低居民企业融 资成本，另一方面降低银行放贷成本抬升放贷意愿，有助于二 季度实体 ...

Market Performance - The market experienced a decline with a weekly average trading volume of 1,173.3 billion CNY, down by 92.9 billion CNY from the previous week[9] - The Shanghai Composite Index fell by 0.57%, the Shenzhen Component by 0.46%, and the ChiNext Index by 0.88%[9] - The overall market sentiment weakened due to the exhaustion of optimistic expectations from China-US negotiations and a decline in overseas risk appetite[3] Monetary Policy - The 1-year Loan Prime Rate (LPR) was lowered by 10 basis points to 3%, and the 5-year LPR was also reduced by 10 basis points to 3.5%[3] - Major banks adjusted deposit rates downwards by 5-25 basis points, which is expected to lower financing costs for residents and enterprises[3] - The National Development and Reform Commission aims to finalize this year's construction project list by the end of June, potentially boosting construction activity in Q2[3] Economic Indicators - April economic data showed overall weakness, with ongoing downward pressure on housing prices, although export expectations have improved[3] - The average funding price increased slightly compared to the previous week, indicating a marginal tightening of liquidity[9] - The central bank's net injection in the open market was 1.2 trillion CNY, including a 375 billion CNY increase in Medium-term Lending Facility (MLF) operations[9] International Market Trends - US stock markets declined, with the Dow Jones down 2.47%, S&P 500 down 2.61%, and Nasdaq down 2.47%[9] - The 10-year US Treasury yield rose by 3 basis points to 4.51%, while the 2-year yield fell by 1.4 basis points to 3.98%[9] - Moody's downgraded the US credit rating from AAA to AA1, citing increased government debt and potential GDP growth slowdown due to tariff adjustments[3] Risk Factors - Risks include weaker-than-expected economic fundamentals and slower progress in China-US negotiations[3]

Group 1: Tariff Negotiations - US President Trump agreed to extend tariff negotiations with the EU until July 9, describing the talks as "very pleasant" [3] - Following the announcement, US and European stock index futures rose in early trading [4] - Trump suggested imposing a 50% tariff on EU goods starting June 1, 2025, claiming that the EU's main purpose is to take advantage of the US in trade [6] Group 2: Market Reactions - Trump's tariff comments led to significant market volatility, with US stock indices experiencing declines; the Dow Jones fell by 0.61%, Nasdaq by 1%, and S&P 500 by 0.67% [6] - European markets also reacted negatively, with major indices like the FTSE 100 and DAX dropping over 1% during trading [6] Group 3: Corporate Transactions - TPG Capital is set to acquire 48 Wanda Plaza projects across major Chinese cities, with the transaction recently approved by the State Administration for Market Regulation [12][13] - The specific financial details of the transaction have not been disclosed, but it marks a significant move in the commercial real estate sector in China [13] Group 4: Regulatory Developments - The State Administration for Market Regulation is drafting a compliance guideline for network trading platforms to regulate their fee structures and protect the rights of platform operators [15][16] - The guideline emphasizes fair, legal, and honest charging practices, encourages platforms to reduce burdens on small merchants, and outlines measures for compliance and self-regulation [17][18]

Group 1: Silver Market Analysis - London silver is currently trading above $33.54, with an opening price of $33.03 per ounce and a current price of $33.48, reflecting a 1.33% increase [1] - The highest price reached today was $33.54, while the lowest was $32.88, indicating a short-term bullish trend in the silver market [1] - The trading range for platinum metal over the past month has been between $31.65 and $33.70, with recent price movements showing uncertainty as it fluctuates around the 20-period exponential moving average [3] Group 2: EU-US Trade Negotiations - EU and US tariff negotiations have resumed but remain fraught with uncertainty, with the EU willing to make concessions on purchasing US natural gas, weapons, and agricultural products, while rejecting US demands to eliminate VAT and weaken digital regulations [2] - The US continues to impose a 25% tariff on EU steel and aluminum products and maintains a 10% baseline tariff on nearly all other goods, threatening additional tariffs on pharmaceuticals, semiconductors, and other key sectors [2] - The EU has initiated public consultations on a list of nearly €100 billion worth of goods in response to US tariffs and plans to file a complaint with the WTO regarding US tariffs on cars and parts [2]

特朗普：在伊朗问题上取得了实质性进展 【导读】美国与欧盟的关税谈判期限延长至7月9日！特朗普要求校方提供国际学生名单 持续关注海外最新消息！ 美国与欧盟的关税谈判期限延长至7月9日 央视消息，当地时间5月25日，美国总统特朗普表示，欧盟请求将关税谈判期限延长至7月9日，他已同 意这一请求。特朗普称，本次与欧盟就关税问题的谈话"非常愉快"。 特朗普5月23日在社交媒体发文称，他建议从6月1日开始对来自欧盟的商品征收50%的关税。他表示， 欧盟成立的主要目的就是"在贸易上占美国的便宜"，美国与欧盟的谈判"毫无进展"。因此，他建议从 2025年6月1日起对来自欧盟的商品征收50%的关税。如果商品在美国制造或生产，则无需缴纳关税。 特朗普威胁停止向哈佛大学拨款要求校方提供国际学生名单 据央视，当地时间25日，美国总统特朗普威胁称，联邦政府将可能不再继续向哈佛大学提供新的拨款， 并要求校方提供所有国际学生的姓名及国籍信息，以便进一步审查。 美国政府22日宣布取消美国哈佛大学获得的学生和交流学者项目资质，禁止该校招收国际学生。哈佛大 学23日就此禁令起诉美国政府。 据央视新闻消息，当地时间25日，美国总统特朗普表示，美方 ...

Group 1 - The deadline for tariff negotiations between the US and the EU has been extended to July 9, as requested by the EU, and President Trump has agreed to this request, describing the discussions as "very pleasant" [1] - Following Trump's announcement, US stock index futures and major European stock index futures rose in early trading [1][3] - On May 23, Trump threatened to impose a 50% tariff on EU goods starting June 1, claiming that the EU's main purpose is to take advantage of the US in trade [2] Group 2 - The global financial markets experienced volatility due to Trump's tariff comments, with US and European stock markets declining on May 23; the Dow Jones fell by 0.61%, the Nasdaq by 1%, and the S&P 500 by 0.67% [2][3] - European stock indices also saw declines, with the UK FTSE 100 down 0.24%, and major indices in France, Germany, and Italy dropping over 1% [2][3] - Following Trump's statements, US stock index futures surged, with the Nasdaq 100 futures rising over 1% on May 26 [3][4]