Core Viewpoint - The recent volatility in gold prices is significant, with a notable drop from a peak of $3500 per ounce to around $3120 per ounce, indicating a potential short-term adjustment but a long-term bullish outlook for gold prices [3][6][18]. Price Movement - On May 15, gold prices experienced a sharp decline, with spot gold dropping to a low of $3120 per ounce, reflecting a daily decrease of nearly 1.8% [2][3]. - The price of gold has fallen approximately $400 per ounce in just two weeks, reversing gains made during a period of heightened tariffs [3][4]. Economic Factors Influencing Gold Prices - The rise in gold prices is attributed to global economic uncertainties, particularly those stemming from the U.S. [5]. - The current bullish trend in gold began in July 2022, with prices increasing from $1900 to $3100 per ounce, marking a 63% rise [6][10]. Key Drivers of Gold's Bull Market - **Economic Recovery Post-Pandemic**: The global economic recovery has been slower than expected, leading to increased demand for gold as a safe haven [10]. - **Geopolitical Tensions**: The escalation of conflicts, such as the Russia-Ukraine war and unrest in the Middle East, has heightened the appeal of gold as a protective asset [11]. - **Central Bank Purchases**: Central banks globally have been purchasing over 1000 tons of gold annually, with significant increases in reserves noted in countries like China and Russia [12][13]. Long-term Outlook - The decline in U.S. dollar credibility, exacerbated by recent credit rating downgrades, is expected to sustain gold's long-term bullish trend [13][14]. - The U.S. influence on global affairs is waning, contributing to a shift towards gold as a viable alternative asset [15]. Investment Recommendations - Gold is deemed an essential asset for portfolio diversification, with recommendations for investors to allocate a portion of their funds to gold for long-term holding [18][19]. - Historical trends indicate that significant corrections in gold prices often precede larger upward movements, reinforcing the case for long-term investment in gold [16][17].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The macro - economic recovery momentum needs to be strengthened, and the monetary policy is expected to remain loose. For different commodities, there are various investment outlooks, such as being bullish on Chinese equity assets in the long - term, expecting the long - term bull trend of precious metals to continue, and having different views on other commodities based on their supply - demand, cost, and market conditions [6][9][11]. Summary by Related Catalogs Treasury Bonds - Last trading day, most treasury bond futures closed down. The central bank conducted 454.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 375.5 billion yuan. The Caixin China Manufacturing PMI dropped, and there are uncertainties in US tariffs. It is expected that there will be no trend - based market, and caution is advised [5]. Stock Index Futures - Last trading day, stock index futures showed mixed performance. The "Regulations on the Sharing of Government Affairs Data" will be implemented. The domestic economy is stable but the recovery momentum is weak, and there are uncertainties in tariffs. However, due to low domestic asset valuations and China's economic resilience, the long - term performance of Chinese equity assets is optimistic, and going long on stock index futures can be considered [8][9]. Precious Metals - Last trading day, gold and silver futures rose. The OECD lowered the economic growth forecasts of the US and the world. The long - term bull trend of precious metals is expected to continue, and going long on gold futures can be considered [11]. Rebar and Hot - Rolled Coils - Last trading day, rebar and hot - rolled coil futures continued to decline. The real - estate industry's downturn suppresses demand, and the peak demand season is ending. There is a risk of further price decline, but the valuation is low. Investors can focus on short - selling opportunities [13]. Iron Ore - Last trading day, iron ore futures fell slightly. The supply - demand pattern has weakened marginally, and the valuation is relatively high. Investors can focus on low - level buying opportunities [15]. Coking Coal and Coke - Last trading day, coking coal and coke futures continued to decline. The supply of coking coal is loose, and the demand for coke is weak. The short - term decline may continue, and investors can focus on short - selling opportunities [17]. Ferroalloys - Last trading day, manganese silicon and ferrosilicon futures fell. The demand for ferroalloys is weak, and the supply is relatively high. There are opportunities in manganese silicon call options and ferrosilicon short - covering [18][19]. Crude Oil - Last trading day, INE crude oil rose and then fell. OPEC+ will increase production in July, but the pressure on oil prices is expected to ease. The oil price is expected to strengthen, and a long - position operation on the main crude oil contract can be considered [20][21]. Fuel Oil - Last trading day, fuel oil rose and then fell. The global trade demand is recovering, but the ARA region's inventory is increasing. The cost of crude oil is rising, and a long - position operation on the main fuel oil contract can be considered [23][24]. Synthetic Rubber - Last trading day, synthetic rubber futures fell. The supply pressure persists, and the demand improvement is limited. Wait for the price to stabilize and then participate in the rebound [26]. Natural Rubber - Last trading day, natural rubber futures fell. The demand is worried, and the inventory is accumulating. Wait for the price to stabilize and then consider going long [28]. PVC - Last trading day, PVC futures fell slightly. The short - term fundamentals change little, and it is in a bottom - range oscillation [31]. Urea - Last trading day, urea futures fell. The short - term cost is decreasing, and the agricultural demand has not been released. In the second half of the year, exports and agricultural demand may drive the price up, and long - positions can be considered at low prices [33]. PX - Last trading day, PX futures fell. The supply - demand structure is tight, but the PXN spread is high. It is expected to oscillate, and interval operations can be considered [36]. PTA - Last trading day, PTA futures fell. The supply - demand structure has improved, and the cost is supported. Interval operations at low prices can be considered [37][38]. Ethylene Glycol - Last trading day, ethylene glycol futures fell. The supply is increasing, but the inventory is decreasing significantly. It is expected to oscillate with strong bottom support [40]. Short - Fiber - Last trading day, short - fiber futures fell. The downstream demand is slightly improving, and it is expected to oscillate following the cost. Long - positions can be considered at low prices [41]. Bottle Chips - Last trading day, bottle - chip futures fell. The raw material price is oscillating, and the supply - demand fundamentals have improved. Participate cautiously and pay attention to cost changes [42][43]. Soda Ash - Last trading day, soda ash futures fell. The supply is expected to increase slightly, and the demand is relatively stable. The price is expected to oscillate steadily [44]. Glass - Last trading day, glass futures fell. The actual supply - demand has no obvious driver, and the market sentiment is weak [45][46]. Caustic Soda - Last trading day, caustic soda futures fell. The supply - demand is relatively loose with regional differences. Pay attention to enterprise operations and liquid chlorine prices [47]. Pulp - Last trading day, pulp futures fell. The supply is high, and the downstream consumption is weak. It is expected to rebound briefly due to tariff progress, and pay attention to international production cuts and domestic consumption policies [48][49]. Lithium Carbonate - Last trading day, lithium carbonate futures rose slightly. The supply is increasing, and the demand is weakening. The price is difficult to reverse before the large - scale clearance of mine capacity [50]. Copper - Last trading day, Shanghai copper oscillated lower. The US - China possible call is positive, and the copper tariff is uncertain. A long - position operation on the main Shanghai copper contract can be considered [51][52]. Tin - Last trading day, Shanghai tin rose. The supply is expected to increase, and the demand is improving. The price is expected to oscillate with downward pressure [54]. Nickel - Last trading day, Shanghai nickel rose. The cost support is strong, but the demand is weak. The price is expected to run weakly [55]. Soybean Oil and Soybean Meal - Last trading day, soybean meal futures fell, and soybean oil futures rose. The supply of soybeans is expected to be loose, and the upward pressure on soybean meal is high. For soybean oil, long - position opportunities for out - of - the - money call options can be considered at the bottom [56][58]. Palm Oil - The Malaysian palm oil market is affected by India's tax cut. The domestic palm oil inventory is accumulating. Consider exiting the strategy of widening the rapeseed - palm oil spread [59][61]. Rapeseed Meal and Rapeseed Oil - The Canadian rapeseed market is affected by wildfires and tariff negotiations. The domestic rapeseed inventory is decreasing, and the rapeseed meal and oil inventories are at different levels. Consider going long on rapeseed meal after a pull - back [62][63]. Cotton - Last trading day, domestic cotton futures oscillated weakly. The Sino - US trade relations are uncertain, and the supply - demand situation is complex. Wait for a pull - back and then go long [64][66]. Sugar - Last trading day, domestic sugar futures oscillated. The Brazilian sugar production is lower than expected, and the domestic inventory is low. Consider going long in batches [68][69]. Apples - Last trading day, apple futures oscillated slightly. The new - year domestic apple production is uncertain. Consider going long after a pull - back [71][72]. Hogs - The hog price is weak. The group - farm slaughter is increasing, and the demand is weak after the Dragon Boat Festival. Consider a long - spread operation on the peak - season contract [73][75]. Eggs - Last trading day, egg prices fell. The egg production is increasing, and the profit is low. Consider short - selling after a rebound [76][77]. Corn and Starch - Last trading day, corn and corn starch futures fell. The domestic corn supply - demand is approaching balance, but there is short - term supply pressure. Corn starch follows the corn market, and temporary observation is recommended [78][80]. Logs - Last trading day, log futures rose slightly. The fundamentals have no obvious driver, and the market transaction is light [81][83].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In May, China and the US reached an agreement to suspend the implementation of tariffs, leading to an improvement in Sino-US trade. The import index and new export order index rebounded, driving the recovery of domestic supply and demand, and the manufacturing PMI increased month-on-month. However, considering that the new order index is still below the boom line, enterprises' willingness to expand production is not strong, and the price level continues to decline. The marginal improvement in external demand may have limited impact on boosting the boom level. The US anti-globalization policy has long-term and negative effects on the Chinese economy, and the room for easing domestic fiscal and domestic demand promotion policies may be limited. The expectation of stable growth policies will continue to strengthen [3][26]. Summary by Relevant Catalogs 1. Export Marginally Improves, Manufacturing Boom Rebounds - Manufacturing PMI rebounds, with a month-on-month increase greater than the seasonal average. In May, the manufacturing PMI was 49.5%, up 0.5 percentage points from the previous month, but still below the critical point. From a seasonal perspective, the month-on-month increase of 0.5 percentage points is greater than the average increase of 0.1 percentage points in the past five years. However, the manufacturing PMI is lower than the average of 49.9% in the same period of the past five years, only higher than that in 2023 [12]. - Most sub - indices of the manufacturing PMI increase, and the number of sub - indices in the expansion range remains the same as last month. Among the 13 sub - indices, 9 increase in boom level and 4 decline. Only 2 sub - indices, namely the production and operation activity expectation and production, are in the expansion range [14]. - The price indices have declined for three consecutive months, but the decline has narrowed. In May, the main raw material purchase price index and ex - factory price index of the manufacturing PMI were 46.9% and 44.7% respectively, down 0.1 percentage points from the previous month, and the decline has narrowed by 2.7 and 3.0 percentage points respectively compared with the previous month [16]. - The finished product inventory decreases passively, and enterprises' willingness to expand production increases. The raw material inventory index is 47.4%, up 0.4 percentage points from the previous month; the finished product inventory index is 46.5%, down 0.8 percentage points; the purchase volume index is 47.6%, up 1.3 percentage points from the previous month [16]. - Production returns to expansion, and the new order index approaches the critical point. The production index is 50.7%, up 0.9 percentage points from the previous month, rising above the critical point. The new order index is 49.8%, up 0.6 percentage points from the previous month [19]. - The PMI of large enterprises rises above the critical point, the boom of medium - sized enterprises declines, and the boom of small enterprises improves. The PMI of large enterprises is 50.7%, up 1.5 percentage points from the previous month; the PMI of medium - sized enterprises is 47.5%, down 1.3 percentage points from the previous month; the PMI of small enterprises is 49.3%, up 0.6 percentage points from the previous month [19]. - The high - tech manufacturing industry continues to expand. The PMI of the high - tech manufacturing industry is 50.9%, remaining in the expansion range for four consecutive months [20]. 2. Service Industry Boom Slightly Increases, Construction Industry Boom Declines - The non - manufacturing boom level declines but remains in the expansion range, and the month - on - month performance is weaker than the seasonal average. In May, the non - manufacturing business activity index was 50.3%, down 0.1 percentage points from the previous month, but still above the critical point. From a seasonal perspective, the month - on - month decline of 0.1 percentage points is lower than the average increase of 0.9 percentage points in the past five years [22]. - The service industry boom rebounds, and the boom of holiday - related consumption industries increases. The service industry business activity index is 50.2%, up 0.1 percentage points from the previous month. Driven by the "May Day" holiday effect, industries such as railway transportation, air transportation, accommodation, and catering have significantly rebounded [22]. - The construction industry boom declines but remains in the expansion range. The construction industry business activity index is 51.0%, down 0.9 percentage points from the previous month. The business activity index of civil engineering construction is 62.3%, up 1.4 percentage points from the previous month [23]. - The composite PMI output index slightly rebounds. In May, the composite PMI output index was 50.4%, up 0.2 percentage points from the previous month, indicating that the overall production and operation activities of Chinese enterprises continue to expand [24]. 3. Marginal Recovery of Boom, Policy Still Needs to Be Strengthened - The marginal improvement in external demand has limited impact on boosting the boom level. Although the manufacturing PMI has increased, the new order index is still below the boom line, enterprises' willingness to expand production is not strong, and the price level continues to decline. The US anti - globalization policy has long - term negative effects on the Chinese economy, and the room for easing domestic fiscal and domestic demand promotion policies is limited. Therefore, the expectation of stable growth policies will continue to strengthen [3][26].

证券研究报告 基础材料 波涌回调藏富路，且将机遇入囊中 华泰研究 2025 年 6 月 03 日│中国内地 中期策略 压力与机遇并存，把握回调后的战略配置机遇 "逆全球化"背景下，黄金投资框架发生变化，在矿产金供给相对稳定的前 提下，央行等资产配置需求的大规模增加将利于金价长期上涨。美国通胀预 期、财政赤字、降息预期或均利好黄金，看好金价在特朗普任期内涨至 4500 美金/盎司以上。针对铜，短期需谨防关税扰动下需求提前透支后的回调风 险，长期看好其供需格局的持续改善。针对铝，25H1 光伏抢装和抢出口导 致需求高增长，尽管三季度或存在需求走弱预期，但电解铝价格下跌幅度或 有限；成本下降和供给硬约束或帮助电解铝利润在 25H2-26 年再扩张。针 对钢铁，25 年供给侧优化或重启，铁矿供需格局或趋松，钢价上行空间有 限但行业利润有望持续改善。 黄金：理解边际定价逻辑，特朗普任期或突破 4500 美金/盎司 在历次黄金上涨大周期中，全球经济大变局往往强化特定要素，催生新的边 际买家，重塑黄金投资框架。理解边际买家对价格的主导作用，有助于理解 2022 年以来金价的持续上涨。我们认为，除非美国恢复高增长低通胀并行的 ...

投资咨询业务资格：证监许可【2011】1778 号 贵金属 姓名：何彬 宝城期货投资咨询部 从业资格证号：F03090813 投资咨询证号：Z0019840 电话：0571-87006873 邮箱：hebin@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 贵金属 | 周报 · 2025 年 6 月 3 日 贵金属周报 专业研究·创造价值 地缘政治和贸易政策升温，金价上行 核心观点 端午节前，金价震荡下行。端午节期间，地缘政治风险升级，美 国贸易政策再度升温，进而推升金价。 贸易政策方面：5 月 30 日特朗普表示，6 月 4 日起，将把钢铁和 铝的进口关税从 25%提高至 50%。此前，还威胁于 7 月 9 日对欧盟加征 50%关税，引发全球贸易战担忧。。 地缘政治方面：俄乌冲突加剧，乌克兰在第二轮和平谈判前夕， 对俄罗斯五个地区的军事机场发动大规模无人机袭击，目标包括西伯 利亚的 ...

文/中央财经大学绿色金融国际研究院首席经济学家 刘锋 本 文 聚 焦 2 0 2 5 年 全 球 贸 易 格 局大变 革 背景 下， 逆 全球 化 与 " 对 等 关 税"政策对全球资产配置的深远影响。通过剖析传统资产配置理论面 临的挑战，基于"三重框架+五维穿透"理论体系，深入探讨资产配置 新逻辑，从多维度阐述全球资产配置范式重构、投资者应对策略及 未来资产价格驱动逻辑变革，为投资者在复杂多变的市场环境中提 供理论指引与实践参考。 在全球化进程中，全球资产配置曾是投资者获取稳定收益、分散风险的重要手段。然而近年来， 逆全球化趋势加剧，美国的"对等关税"举措给全球经济和金融市场带来巨大冲击，对华加征关税 的"对等报复"措施成为全球产业链、价值链重构的关键催化剂。这一举措不仅是贸易政策的重大 单边转向，更使得全球经济环境变得错综复杂。 在此背景下，传统资产配置理论遭遇前所未有的挑战，原有的风险评估、收益预期和资产定价逻 辑亟待更新。深入研究逆全球化重构与"对等关税"冲击下的全球资产配置新范式，对于投资者规 避风险、实现资产保值增值，以及金融市场的稳定发展具有重要的理论与现实意义。本文基 于"三重框架+五维穿透" ...

关税政策已在美国国内引发广泛反弹。企业层面，12 个州联合起诉特朗普政府，指控其关税政策 "颠覆宪法秩序"。纽约州总检察长利蒂希娅・詹姆斯直 言："总统没有权力随心所欲地提高税收"。美国消费者技术协会警告，若关税持续，2025 年该行业购买力将下降 900 亿至 1430 亿美元，笔记本电脑、智能 手机等产品销量可能暴跌 37%-68%。汽车行业首当其冲：斯泰兰蒂斯集团因关税成本暂停北美工厂生产，解雇 900 名工人。 民生层面，关税直接推高物价。耶鲁大学预算实验室研究显示，特朗普的关税政策使 2025 年美国通胀率上升 2.3%，每个家庭年均损失 3800 美元，皮革、 外套等商品价格涨幅超 15%。密歇根大学消费者信心指数从年初的 64.7 暴跌至 5 月的 50.8，创 2020 年以来新低，显示民众对经济前景的悲观情绪加剧。沃 尔玛首席执行官道格・麦克米利恩指出，消费者已出现 "月底前钱花光" 的现象，被迫转向廉价品牌。 政治层面，国会内部裂痕扩大。共和党参议员查克・格拉斯利联合民主党提出《2025 贸易审查法案》，要求总统加征关税需国会批准，并在 60 天后自动失 效。尽管特朗普威胁否决该法案，但已 ...

Core Viewpoint - The recent volatility in gold prices indicates a significant market reaction to global economic uncertainties, particularly related to the U.S. economy and geopolitical tensions [1][5][14]. Price Movements - On May 15, gold prices experienced a sharp decline, with spot gold dropping to a low of $3,120 per ounce, reflecting a daily decrease of nearly 1.8%, while COMEX gold futures fell over 2% to a minimum of $3,123 per ounce [2][3]. - In the previous month, gold had surged to a peak of $3,500 per ounce, resulting in a decline of almost $400 per ounce within two weeks [3][4]. Historical Context - The current gold price reflects a retraction of gains made during a period of temporary tariff implementation [4]. - The gold market's upward trend began in July 2022, with prices rising from $1,900 per ounce to the current level of $3,100 per ounce, marking a 63% increase [6][10]. Driving Factors for Gold Prices - The post-pandemic economic recovery has been slower than expected, leading to lower GDP growth rates in major economies, which historically drives investors towards gold as a safe haven [10]. - Increased geopolitical conflicts, such as the Russia-Ukraine war and Middle Eastern unrest, have heightened the demand for gold as a protective asset [11]. - Central banks globally have been purchasing over 1,000 tons of gold annually, with significant increases in reserves noted in countries like China and Russia [12]. Fundamental Issues - A critical factor in the long-term bullish trend for gold is the declining trust in U.S. sovereign credit, highlighted by recent downgrades from credit rating agencies [13]. - The inverse relationship between gold prices and the U.S. dollar indicates that as the dollar weakens, gold prices tend to rise, reinforcing gold's role as a hedge against potential dollar depreciation [14]. Future Outlook - The trend of dollar devaluation is expected to continue, driven by the U.S.'s diminishing global influence and internal political divisions, suggesting a sustained bullish outlook for gold [15]. - Historical patterns show that significant corrections in gold prices often precede larger upward movements, indicating a long-term bullish sentiment despite short-term volatility [16][17]. Investment Recommendations - Given the current economic uncertainties, gold is deemed an essential asset for portfolio diversification, with recommendations for investors to allocate a portion of their funds to long-term gold holdings [18][19]. - It is suggested that the returns from gold investments over a five-year horizon are likely to outperform those from more volatile assets like stocks and funds [20].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The macro - economic recovery momentum needs to be strengthened, and the monetary policy is expected to remain loose. It is recommended to be cautious about the overall market [6]. - For different commodities, there are various investment suggestions, such as considering long positions in stock index futures, gold futures, and copper futures; being cautious about PX, PTA, short - fiber, etc.; and waiting for opportunities in some commodities like urea and cotton [9][11][57]. Summary by Commodity Categories Bonds and Stocks - **Treasury Bonds**: The previous trading day, most treasury bond futures closed down. The central bank conducted reverse repurchase operations, and the Ministry of Finance announced local government bond issuance. It is expected that there will be no trend - following market, and caution is advised [5][7]. - **Stock Index Futures**: The previous trading day, stock index futures showed mixed performance. Although the domestic economic recovery momentum is weak, the long - term performance of Chinese equity assets is still optimistic, and it is considered to go long on stock index futures [9][10]. Precious Metals - **Precious Metals**: The previous trading day, gold and silver futures had small increases. Due to the complex global trade and financial environment and the trends of "de - globalization" and "de - dollarization", the long - term bull market trend of precious metals is expected to continue, and it is considered to go long on gold futures [11][12]. Base Metals - **Copper**: The previous trading day, Shanghai copper fluctuated lower. The US International Court's ruling on tariffs is beneficial to market sentiment, and it is considered to take long positions in Shanghai copper [56][57]. - **Tin**: The previous trading day, Shanghai tin fell. With the resumption of production in some mines and the increase in production costs in some regions, it is expected that the upward pressure on tin prices is large, and a bearish and volatile view is taken [58]. - **Nickel**: The previous trading day, Shanghai nickel fell. Although the cost support is strong, the downstream demand is weak, and it is necessary to pay attention to opportunities after the repair of macro - sentiment [59]. Energy - **Crude Oil**: The previous trading day, INE crude oil oscillated downward. There are concerns about oversupply in the crude oil market, and it is suitable for short - term operations. It is recommended to wait and see for the main crude oil contract [23][26]. - **Fuel Oil**: The previous trading day, fuel oil rose first and then fell. The global trade demand is recovering, but the increase in inventories in some regions is negative for prices. It is recommended to wait and see for the main fuel oil contract [27][29]. Chemicals - **PVC**: The previous trading day, the PVC main contract fell. The short - term fundamentals change little, and it is expected to continue to oscillate [35][37]. - **Urea**: The previous trading day, the urea main contract fell. The cost has decreased in the short term, and the agricultural demand has not been released. It is expected that the price will stabilize and rebound later, and it is advisable to go long at low prices [38][40]. - **PX**: The previous trading day, the PX main contract fell. The short - term supply - demand structure has weakened slightly, and it is recommended to participate cautiously [41]. - **PTA**: The previous trading day, the PTA main contract fell. The short - term supply - demand structure has improved, but the cost support is insufficient, and interval operations are considered [42][43]. Agricultural Products - **Soybean Oil and Soybean Meal**: The previous trading day, soybean meal rose slightly, and soybean oil fell slightly. The supply of soybeans is expected to be loose, and it is recommended to wait and see for soybean meal; for soybean oil, it is possible to pay attention to out - of - the - money call options at the bottom [60][62]. - **Palm Oil**: The Malaysian palm oil closed up. The inventory is at a relatively low level in the same period in recent years. It is recommended to pay attention to the opportunity of expanding the spread between rapeseed oil and palm oil, and soybean oil and palm oil [63][64]. - **Rapeseed Meal and Rapeseed Oil**: The previous trading day, rapeseed futures fell. The inventory of rapeseed, rapeseed meal, and rapeseed oil is at a relatively high or low level in the same period in recent years. It is recommended to pay attention to the opportunity of going long after the callback of rapeseed meal [65][67]. - **Cotton**: The previous trading day, domestic cotton futures fell slightly. The suspension of tariffs is beneficial to short - term exports. It is recommended to go long after the callback [68][72]. - **Sugar**: The previous trading day, domestic sugar futures fell slightly. The global sugar production is expected to recover. It is recommended to conduct interval operations [73][77]. - **Apple**: The previous trading day, apple futures oscillated. The inventory in cold storage is lower than that of last year, and it is recommended to pay attention to the opportunity of going long after the callback [78][79]. - **Live Pigs**: The previous trading day, the main live - pig contract rose slightly. The supply is increasing, and the demand is weak after the Dragon Boat Festival. It is recommended to consider the positive spread opportunity of the peak - season contract [80][82]. - **Eggs**: The previous trading day, the main egg contract fell. The supply of eggs is expected to increase in June, and it is recommended to go short after the rebound [83][84]. - **Corn and Starch**: The previous trading day, the corn and corn starch main contracts rose. The domestic corn supply - demand is approaching balance, and it is recommended to wait and see for corn starch [85][87]. - **Logs**: The previous trading day, the main log contract rose. The arrival of logs at ports has increased, and the market has no obvious driving force [88][89].

Core Viewpoint - The article highlights how Yu Junfeng, the general manager of Zhongshan Dacheng Frozen Food Co., Ltd., navigated the challenges posed by tariff disputes, leading the company to innovate and expand its market reach despite significant obstacles [2][3]. Group 1: Company Background and Challenges - Zhongshan Dacheng Frozen Food Co., Ltd. has been in operation for over 10 years, primarily relying on seafood exports, with 95% of orders coming from overseas markets, particularly the U.S. [5] - The U.S. imposed a 170% tariff on Chinese seafood products, severely impacting the company's operations and leading to over 10 million yuan worth of inventory being halted [5][4]. - The company faced difficulties in selling products like red drum fish domestically due to a lack of local demand, complicating inventory clearance efforts [5] Group 2: Strategic Responses - In response to the tariff crisis, Yu Junfeng initiated a dual-circulation strategy, focusing on both domestic and international markets [8]. - The company partnered with Dongfang Zhenxuan in 2024, becoming a supplier for their self-operated sour fish, which contributed approximately 20% to 30% of Dacheng's revenue in the first year of collaboration [9]. - The partnership with Dongfang Zhenxuan also led to improvements in product safety standards, aligning with export quality requirements [9]. Group 3: Market Expansion Efforts - Yu Junfeng and his team actively sought new markets in the EU, Middle East, Southeast Asia, and countries along the Belt and Road Initiative, adapting products to meet various international regulations [11]. - The company’s proactive approach in exploring global markets demonstrates resilience against the challenges posed by rising tariffs and trade tensions [11].