Group 1 - The core agreement between the US and UK involves the establishment of a low-tariff import quota for UK cars, reducing tariffs from 27.5% to 10% for up to 100,000 vehicles annually [1][6][5] - The US will also eliminate tariffs on UK steel and aluminum products, which currently face a 25% additional tariff [1][4] - The agreement is expected to enhance US exports to the UK by $5 billion, including industrial products like chemicals and agricultural products such as beef [2][6] Group 2 - The US-UK trade agreement is seen as a unique arrangement, with President Trump stating that similar deals will not be made with other countries, particularly in the automotive sector [5][7] - The timing of the announcement coincided with the anniversary of World War II victory, emphasizing the historical significance of the US-UK relationship [6] - The agreement is positioned as a potential benchmark for future negotiations with other countries, including Japan, although the outcomes may differ significantly due to varying trade balances [7][8] Group 3 - The UK is in a more favorable position compared to Japan in trade negotiations, as the US has a trade surplus with the UK of $11.9 billion, while it has a significant trade deficit with Japan of $68.5 billion [8][10] - The automotive industry in the US has expressed concerns that the UK agreement should not set a precedent for negotiations with Asian or European competitors [10] - Japan's negotiations with the US are complicated by its higher automotive export volumes and the need to renegotiate terms from previous agreements, which may not yield similar benefits as those granted to the UK [10]

国外 1. 高盛：中国股市保持韧性，维持"增持"评级 高盛发布研报称，中国股市保持韧性，原因包括美元走弱、经济增长强劲以及国内政策支持。高盛维持 对中国股市的"增持"评级，并上调2025年每股收益预测，将MSCI中国指数和沪深300指数的12个月目标 点位分别上调至78点和4400点，这意味着其潜在回报率分别为7%和15%。近期，高盛还将全年南向资 金净买入额的预期从750亿美元上调至1100亿美元，原因包括资金从美国流向中国、H股的成长性与估 值优势，以及新股IPO和"回归"上市推动南向可投资范围扩大。 2. 高盛：提高MSCI中国及沪深300未来12个月目标值 花旗研究周四将布伦特原油三个月期预估从先前预估的每桶60美元下调至55美元，因美伊核协议谈判重 启，提高了最终达成协议的可能性。花旗表示，由于市场供应增加，美国和伊朗之间的协议可能会缓解 制裁，这可能会推动布伦特原油价格跌至每桶50美元。但如果没有达成协议，以及遏制伊朗核计划等可 能升级的行动，可能会将油价推高至每桶70美元或更高。花旗认为最终达成协议的可能性为60%。 7. 三菱日联：美联储对降息的谨慎态度不一定令美元走强 三菱日联银行分析师哈尔 ...

公司资质 能源化工日报 日度观点: ◆ PVC： 5 月 8 日 PVC 主力 09 合约收盘 4839 元/吨（-37），常州市场价 4660 元 /吨（-40），主力基差-179 元/吨(+3），广州市场价 4790 元/吨（0）， 杭州市场价 4730 元/吨（-40）。5 月 7 日受中美和谈等消息影响，市场 一度宏观偏暖迹象，工业品冲高；国内出台货币政策等，力度一般。市 场更多交易对经济的担忧，美联储偏鹰。基本面看，长期看 PVC 需求在 地产拖累下持续低迷，出口受反倾销和 BIS 认证等压制，且出口体量总 体占比不大（12%左右）；供应端有不少新投计划，二季度投产压力较大， 且烧碱利润高开工持续维持高位，库存高企供应压力较大；基本面需求 不足、产能过剩，供需宽松格局，偏空配。4 月中旬开始环比有增多， 出口以价换量持稳状态，内需季节性恢复，最近库存去化尚可，基本面 驱动有限，宏观主导。目前海外局势动荡，全球经济增速放缓，国内政 策预期不强，PVC 估值偏低，盘面弱势整理。重点关注关税谈判进展、 国内刺激政策力度。基本面关注出口和检修力度。若国内刺激政策超预 期，或有一定支撑。若贸易摩擦恶化、经济预 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The agreement between the US and the UK on tariff trade has led to a rise in market risk appetite, with the gold price falling by over 2%, the US dollar index strengthening, and the US stock index futures showing a short - term risk preference recovery. However, tariff negotiations remain complex, and the long - term impact is uncertain [2][3][14][17]. - In the commodity market, different sectors have different trends. For example, the steel price continues to decline, the inventory of some metals and energy products shows changes, and the prices of agricultural products are affected by factors such as supply and demand and policy [6][24][41]. Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - The US and the UK reached a tariff trade agreement, reducing the US tariff on British - made cars to 10% and the beef tariff close to zero. The gold price fell by over 2%. In the short term, gold is under pressure, but the negotiation is complex, and there is still room for correction [14]. - Investment advice: Pay attention to the progress of US trade negotiations, and be aware of the short - term correction risk of gold [14]. 1.2 Macro Strategy (Foreign Exchange Futures (US Dollar Index)) - Trump criticized Powell for not cutting interest rates. The US and the UK reached the first trade agreement since the Trump tariff war, leading to a significant recovery in market risk appetite and a strengthening of the US dollar index. The US dollar index is expected to maintain a short - term rebound [15][17][18]. 1.3 Macro Strategy (US Stock Index Futures) - Trump announced a major agreement with the UK. The US House of Representatives Committee will start deliberating on Trump's tax - cut plan next week. The short - term market risk preference recovers, but tariff negotiations tend to be long - term, and it is not recommended to chase high [19][20]. 1.4 Macro Strategy (Treasury Bond Futures) - The central bank conducted 158.6 billion yuan of 7 - day reverse repurchase operations, resulting in a net investment of 158.6 billion yuan. The current one - sided market opportunities are limited, and attention can be paid to various arbitrage strategies, such as the curve - steepening strategy. The opportunity to steepen the curve has initially emerged, and subsequent changes in capital interest rates should be continuously monitored [21][22][23]. 2. Commodity News and Comments 2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - As of March 31, Canada's rapeseed ending inventory was 5.8694 million tons, a significant year - on - year decrease. The oil market continued to fluctuate. The short - term palm oil price has reached the support level, and it is recommended to wait for the MPOB report data before operating [24]. 2.2 Agricultural Products (Soybean Meal) - Brazil announced the 25/26 sanitary interval schedule. The USDA weekly export sales report met expectations. The domestic soybean meal futures price is expected to fluctuate, and the spot will continue to be under pressure. Attention should be paid to the USDA monthly supply and demand report on May 12 [25][27][28]. 2.3 Agricultural Products (Sugar) - Brazil's sugar and molasses exports in April decreased by 17.65% year - on - year. In China, the sugar production in Guangxi increased, and the sales rate reached 63.96%, a 6 - percentage - point year - on - year increase. The domestic sugar price has strong resistance to decline in the short term, but the external market is under pressure, and the Zhengzhou sugar is expected to fluctuate weakly in the second quarter of 2025. Attention should be paid to the sugar factory's inventory reduction progress [30][33][34]. 2.4 Agricultural Products (Corn Starch) - Deep - processing enterprises continued to raise prices to promote purchases, but the effect was not good. The overseas cassava starch startup rate decreased seasonally. The CS - C futures spread is expected to have small fluctuations [35][36][37]. 2.5 Agricultural Products (Corn) - The inventory of deep - processing enterprises continued to decline. It is recommended to hold the 07 long positions and pay attention to the 7 - 9 and 7 - 11 positive spread opportunities. If the import auction starts, focus on the transaction rate and price [38]. 2.6 Black Metals (Rebar/Hot - Rolled Coil) - In April, China's heavy - truck market sales were about 90,000 vehicles, and the national passenger - car market retail sales were 1.791 million vehicles. The inventory of the five major steel products increased by 289,700 tons week - on - week. The steel price continued to decline, and the short - term downward space is difficult to open. It is recommended to hold a light position and wait and see in the short term, and use the rebound hedging strategy for the spot [39][40][41]. 2.7 Black Metals (Steam Coal) - After the holiday, the port coal inventory was full, and the coal price may decline rapidly again. It is recommended to pay attention to whether the price can hold at the 600 - yuan level [43]. 2.8 Black Metals (Iron Ore) - FMG's iron ore shipments in the first quarter of 2025 were 46.1 million tons. With the seasonal weakening of demand, the iron ore price is expected to fluctuate weakly [44][45][46]. 2.9 Black Metals (Coking Coal/Coke) - The port coke spot market was stable. During the May Day holiday, the supply of coking coal was sufficient, and the second round of coke price increase was postponed. In the short term, it will maintain a volatile trend, and in the long term, it will be weak [47][48]. 2.10 Non - ferrous Metals (Nickel) - In April, the total actual output of nickel pig iron in China and Indonesia was 181,500 tons of metal, with a month - on - month increase of 3.62% and a year - on - year increase of 24.34%. It is recommended to wait and see or conduct band operations in the short term [48][49][50]. 2.11 Non - ferrous Metals (Copper) - Several copper - related companies had acquisition and project progress. The UK - US trade agreement may increase market risk appetite and benefit the copper price. The domestic copper inventory continued to decline, supporting the price. It is recommended to conduct band operations in the short term and gradually stop profiting from the positive spread strategy [51][53][54]. 2.12 Non - ferrous Metals (Polysilicon) - Tongwei has no plan to destock through the polysilicon futures delivery. The 06 contract price rebounded after reaching a low point. It is expected that the polysilicon will continue to destock in May. Long positions and positive spreads can continue to be held [55][56][57]. 2.13 Non - ferrous Metals (Industrial Silicon) - The organic silicon DMC price is expected to fluctuate. The demand for industrial silicon is weak, and it is recommended to partially stop profiting from previous short positions and wait for clear signals before considering bottom - fishing [58]. 2.14 Non - ferrous Metals (Lithium Carbonate) - Liontown received 15 million Australian dollars in support from the Western Australian government, and BYD and Tsingshan Holdings withdrew from the Chilean lithium processing plant plan. In the long term, the lithium carbonate market is in surplus, and the cost support may move down. It is not recommended to chase short positions at the current point, and wait for rebound short - selling opportunities [59][60][62]. 2.15 Non - ferrous Metals (Lead) - The lead ingot social inventory continued to increase. The lead market is in a situation of weak supply and demand, and the short - term price is expected to fluctuate. It is recommended to wait and see in the short term and pay attention to high - level internal - external positive spread opportunities [63][64][65]. 2.16 Non - ferrous Metals (Zinc) - Pan American and Lundin Mining's zinc production increased in the first quarter of 2025. The zinc social inventory decreased slightly. The short - term zinc price is supported by low inventory and strong spot, but the medium - term demand is weak. It is recommended to pay attention to short - selling opportunities on rallies and internal - external positive spread opportunities [66][67][68]. 2.17 Energy Chemicals (Liquefied Petroleum Gas) - China's LPG weekly commodity volume decreased by 1.6% week - on - week, and the inventory increased. The short - term price is expected to maintain a volatile trend [70][71][72]. 2.18 Energy Chemicals (Carbon Emissions) - The CEA price is in an oscillating adjustment phase. In 2025, the overall supply - demand relationship of carbon emission allowances is relatively loose, and the price is expected to be weak in the short term [74][75]. 2.19 Energy Chemicals (PTA) - The terminal operating rate in Jiangsu and Zhejiang increased. The PTA price is expected to be oscillatingly strong or continue to rebound in the short term [76][77][78]. 2.20 Energy Chemicals (Styrene) - China's styrene production increased this week. The styrene price is expected to fluctuate weakly in the near future. The cost end drags down the price, and the downstream profit expansion space is limited [79][80][81]. 2.21 Energy Chemicals (Caustic Soda) - On May 8, the caustic soda market in Shandong had an upward transaction, and the enterprise inventory was at a low level. The caustic soda spot price rebounded, but the overall commodity market is weak, and the caustic soda market is difficult to rise significantly [82][83]. 2.22 Energy Chemicals (Pulp) - The price of imported wood pulp in the spot market was mainly stable. The short - term pulp market is expected to be oscillatingly weak [84]. 2.23 Energy Chemicals (PVC) - The spot price of PVC powder decreased. Although the inventory is decreasing and the basis is strengthening, the market expects negative impacts from tariffs, and the PVC performance may continue to be weak [85]. 2.24 Energy Chemicals (Bottle Chips) - The export quotation of bottle chips increased slightly in some areas. The supply pressure of bottle chips is increasing, and the processing fee is expected to be under pressure [86][87][88]. 2.25 Energy Chemicals (Soda Ash) - As of May 8, the total inventory of domestic soda ash manufacturers increased by 1.74%. The soda ash futures price continued to fall, and the market sentiment was weak. It is recommended to short on rallies in the medium term and pay attention to the impact of maintenance on the 09 contract [89]. 2.26 Energy Chemicals (Float Glass) - The inventory of float glass manufacturers increased significantly this week. The glass price continued to fall, and the demand is expected to decline seasonally. The glass price is expected to be under pressure, and attention should be paid to real - estate policy variables [90][91]. 2.27 Shipping Index (Container Freight Rate) - Maersk's EBIT in the first quarter of 2025 was 1.253 billion US dollars. Affected by the peace talks between the Houthi and the US, the European - line futures weakened. It is recommended to treat the market as a wide - range oscillation and wait and see in the short term [92].

英国官员：我们相当有信心，虽然基准关税将为10%，但如果我们继续谈判，实际税率可能会有所不 同。 ...

欧盟官员5月7日表示，如与美方关税谈判破裂，欧盟计划对价值近1000亿欧元的美国商品征税，以报复 美国此前实施的关税措施。 目前，欧盟面临美国对钢铁、铝和汽车征收25%的进口关税，以及对几乎所有其他商品征收10%的"基 准关税"。美国此前宣布将对欧盟征收20%所谓"对等关税"，后给予90天暂缓期。（新华社） ...

登记编号：S0890521120001 分析师：郝一凡 登记编号：S0890524080002 分析师：刘 芳 登记编号：S0890524100002 分析师： 蔡梦苑 | | 关税缓和信号显现,但行业关税仍存变数: | | --- | --- | | | > 美国一季度GDP萎缩，后续走势取决于关税谈判及减税政策进展 | | | ◆ 今年第一季度美国实际国内生产总值(GDP)按年率计算奏缩至-0.3%,主要受到抢进口和政府投资减少的抱累。后续美国经济走势 | | | 取决于关税谈判的进展(商品消费),以及减税政策的支持(私人投资)。 | | 海外宏观 | > 对等关税税率后续有望下调，行业关税仍存变数 | | | ◆ 基于财政收益最大化及后续行业关税实施空间的考量,对等关税存在下调预期。预计最终调整方向或与特朗普竞选大致医配一 | | | 即全球基准税率降至10%,中国维持约60%高位。 | | | ◆ 对华关税政策方面,特朗普表示"对中国达成协议的前景泵现得更加乐观"。然而潜在的行业关税(特别是医药、关键矿产及半 | | | 导体等敏感行业)关税仍存变致,伴随着协议谈判进程,市场波动或将延续。政策不确定性 ...

贵金属产业日报 2025-05-08 研究员: 廖宏斌 期货从业资格号F3082507 期货投资咨询从业证书号Z0020723 点，当前利率期货显示今年仍有3次降息空间。在此背景下，美元指数和长端美债收益率或维持相对承压态 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价(日,元/克) | 790.78 | -12.72 沪银主力合约收盘价(日,元/千克) | 8094 | -158 | | | 主力合约持仓量:沪金(日,手) | 198555 | 10247 主力合约持仓量:沪银(日,手) | 228462 | -1892 | | | 沪金主力前20名净持仓(日,手) | 107220 | 2768 沪银主力前20名净持仓(日,手) | 127151 | -2783 | | | 仓单数量:黄金(日,千克) | 15648 | 0 仓单数量:白银(日,千克) | 931982 | -8999 | | 现货市场 | 上海有色网黄金现货价(日,元/克) | 801.9 ...

二、会后声明指出，委员会将继续关注新公布的数据对美国经济前景的影响。如果出现可能阻碍委员会目标实现的风险，委员会将随时准备好把货币政策立 场调整成适合的情况。 三、鲍威尔在会后发布会中表示，他认为就业市场表现良好，通胀虽高于目标，但仍处于相对低位，并预期2025年一季度收缩的GDP数据未来可能上修；不 过，他认为关税可能导致更高的通胀和更低的增长，从而增加经济的不确定性，同时不排除这种影响更加持久的可能性。鲍威尔表示，目前美联储没有必要 急于降息，同时表示特朗普总统的施压不会影响委员会的职责。 投资启示 美国劳工统计局数据显示，美国3月整体CPI同比下行至2.4%，核心通胀同比下行至2.8%，4月新增非农就业17.7万人，失业率维持在4.2%，显示美国经济和 劳动力市场较为稳健，但美国商务部公布的数据显示，美国2025年一季度实际GDP环比年化下降0.3%，为2022年二季度以来首次收缩。叠加美国与各国的 关税谈判迄今尚无明确的进展，美国经济或仍面临衰退风险，美联储在货币政策上或陷入两难抉择。 美联储议息会议核心要点 美东时间5月7日，美联储5月会议维持政策利率不变，结果出台后，资本市场反应温和：美股三大指数 ...