三星电子：将考虑因关税调整电视和家用电器的产量安排。 ...

智通财经APP获悉，据报道，不断升级的中美贸易冲突正开始对美国经济产生更广泛的影响，集装箱港 口运营商和航空货运公司报告称，来自中国的货物大幅减少。 物流公司注意到，自美国对中国进口商品征收145%的关税以来，运往美国的集装箱运输量急剧下降。 洛杉矶港是中国商品在美国的主要入境点，该港预测，从5月4日开始的一周，预计到港集装箱数量将比 去年同期下降33%。航空货运公司也发现订单量大幅下降。 集装箱跟踪平台Vizion的数据显示，截至4月中旬，从中国到美国的标准20英尺集装箱预订量同比下降 了45%。 航运巨头赫伯罗特报告称，其从中国出发的出境订单约有30%被取消。 订单放缓显然影响了港口活动。Sea-Intelligence 的分析师报告称，"空船"（即取消从中国出发的预定船 只）数量激增。据报道，从5月5日开始的四周内，亚洲-北美航线的集装箱预订量减少了约40万个，与 关税宣布前的计划相比下降了25%。 国际商会（ICC）主席John Denton表示，这种中断反映出企业正在推迟决策，等待华盛顿和北京是否会 就降低关税进行谈判的明确消息。在美国总统特朗普4月2日宣布对等关税之后，国际商会对60多个国家 的成 ...

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Views - On April 28, the JM2509 contract closed at 947.0, down 1.66%. The spot price of Meng 5 raw coal remained stable. The market's pessimistic sentiment eased due to Trump's softened attitude towards China on tariffs. Fundamentally, supply is abundant, and the sector's demand is under pressure due to tariff impacts. Technically, the 4 - hour cycle K - line is below the 20 and 60 moving averages. It should be treated as a volatile operation [2]. - On April 28, the J2509 contract closed at 1562.0, down 1.20%. After the first round of price hikes in the spot market, the price remained stable. In Q1, the steel industry turned a profit, with a profit of 7.51 billion yuan year - on - year. Fundamentally, the short - term supply elasticity of coke is better than that of coking coal. The current hot metal output is 2.4435 million tons, an increase of 42,300 tons. Supply and demand are in balance, and the room for hot metal output growth is limited. The average loss per ton of coke for 30 independent coking plants is 9 yuan. Technically, the 4 - hour cycle K - line is between the 20 and 60 moving averages. It should be treated as a volatile operation [2]. 3. Summary by Directory 3.1 Futures Market - JM main contract closing price: 947.00 yuan/ton, down 9.00 yuan; J main contract closing price: 1562.00 yuan/ton, down 4.00 yuan [2]. - JM futures contract open interest: 423,417.00 lots, down 3,350.00 lots; J futures contract open interest: 45,222.00 lots, down 964.00 lots [2]. - Net position of the top 20 JM contracts: - 49,148.00 lots, down 11,416.00 lots; Net position of the top 20 J contracts: - 1,145.00 lots, down 363.00 lots [2]. - JM 9 - 5 contract spread: 66.50 yuan/ton, down 0.50 yuan; J 9 - 5 contract spread: - 7.00 yuan/ton, down 7.50 yuan [2]. - Coking coal warehouse receipts: 0.00; Coke warehouse receipts: 890.00 [2]. 3.2 Spot Market - Dry Qimantage Meng 5 raw coal: 835.00 yuan/ton, unchanged; Tangshan quasi - first - grade metallurgical coke: 1,630.00 yuan/ton, unchanged [2]. - Russian prime coking coal forward spot (CFR): 117.50 US dollars/wet ton, unchanged; Tangshan second - grade metallurgical coke: 1,635.00 yuan/ton, unchanged [2]. - Jingtang Port Australian imported prime coking coal: 1,280.00 yuan/ton, unchanged; Tianjin Port first - grade metallurgical coke: 1,540.00 yuan/ton, unchanged [2]. - Jingtang Port Shanxi - produced prime coking coal: 1,380.00 yuan/ton, unchanged; Tianjin Port quasi - first - grade metallurgical coke: 1,440.00 yuan/ton, unchanged [2]. - Shanxi Jinzhong Lingshi medium - sulfur prime coking coal: 1,150.00 yuan/ton, unchanged; J main contract basis: 68.00 yuan/ton, up 4.00 yuan [2]. - Inner Mongolia Wuhai - produced coking coal ex - factory price: 1,160.00 yuan/ton, unchanged; JM main contract basis: 203.00 yuan/ton, up 9.00 yuan [2]. 3.3 Upstream Situation - Raw coal inventory of 110 coal washing plants (weekly): 2.7133 million tons, up 25,800 tons; Clean coal inventory of 110 coal washing plants (weekly): 1.8168 million tons, up 3,500 tons [2]. - Operating rate of 110 coal washing plants (weekly): 63.01%, up 1.11 percentage points; Raw coal output (monthly): 44.0582 million tons, up 173,400 tons [2]. - Coal and lignite imports (monthly): 3.873 million tons, up 437,000 tons; Daily average output of raw coal from 523 coking coal mines: 198,600 tons, up 1,000 tons [2]. - Imported coking coal inventory at 16 ports (weekly): 586,480 tons, down 19,490 tons; Coke inventory at 18 ports (weekly): 295,480 tons, up 1,850 tons [2]. 3.4 Industry Situation - Total coking coal inventory of independent coking enterprises (weekly): 968,960 tons, down 7,170 tons; Coke inventory of independent coking enterprises (weekly): 104,870 tons, down 2,390 tons [2]. - Coking coal inventory of 247 steel mills nationwide (weekly): 782,480 tons, down 1,750 tons; Coke inventory of 247 steel mills nationwide (weekly): 666,350 tons, up 1,950 tons [2]. - Available days of coking coal for independent coking enterprises (weekly): 12.39 days, down 0.05 days; Available days of coke for 247 steel mills (weekly): 12.06 days, down 0.23 days [2]. - Coking coal imports (monthly): 858,810 tons, down 29,510 tons; Coke and semi - coke exports (monthly): 76,000 tons, up 34,000 tons [2]. - Coking coal output (monthly): 3.62259 million tons, unchanged; Capacity utilization rate of independent coking enterprises (weekly): 75.36%, up 1.85 percentage points [2]. - Profit per ton of coke for independent coking plants (weekly): - 9.00 yuan/ton, up 7.00 yuan; Coke output (monthly): 4.1294 million tons, down 18,700 tons [2]. 3.5 Downstream Situation - Blast furnace operating rate of 247 steel mills nationwide (weekly): 84.35%, up 0.77 percentage points; Blast furnace iron - making capacity utilization rate of 247 steel mills (weekly): 91.62%, up 1.49 percentage points [2]. - Crude steel output (monthly): 9.28414 million tons, up 1.68722 million tons [2]. 3.6 Industry News - As of April 27, 24 listed coal enterprises announced their Q1 2025 results, with a total operating income of 247.6 billion yuan and a total net profit of 29.034 billion yuan [2]. - Shandong Province aims to complete the transformation of 60% of its coking production capacity by the end of 2025, and basically complete the transformation of coking enterprises in key areas by the end of 2028, with 80% of coking production capacity in other areas to be transformed [2]. - Baowu Egang plans to overhaul its No. 2 blast furnace for 35 days starting in May 2025, expected to affect the daily hot metal output by about 6,500 tons, with a total impact on output of about 270,000 tons in May - June, mainly affecting rebar production [2]. - Starting from May 6, Sichuan - Chongqing steel mills will adjust the price difference of rebar specification groups. The price of rebar Φ16, Φ20, and Ф22 will be increased from 80 yuan/ton to 100 yuan/ton based on the Φ18 specification [2].

以下文章来源于智通财经APP ，作者智通编选 智通财经APP . 智通财经APP，连线全球资本市场。内容合作/内容举报请联系李先生： Tel: +86-15121009144 Email:zhitongcolumn@163.com 点击蓝字，关注我们 政治局会议敦促加快推进已获全国人大批准的 2 万亿元人民币刺激计划 的实施：此次会议首次提出要 "抓紧" 落实现有刺激政策，包括加快政府债券的发行和使用，以及在适当时机下调存款准备金率和利 与之前相比，A 股投资者情绪有所下降：摩根士丹利 A 股情绪指标（MSASI）的加权值和简单值分别下 降了 13 个百分点，至 70% 和 6%；截至 4 月 9 日，创业板、A 股和股指期货的日均成交额（ADT）分 别下降了 17%、11% 和 40%，而北向资金的日均成交额增长了 27%，沪深 300 相对强弱指标（RSI - 30）较前截止日期（4 月 9 日）提升了 6 个百分点。市场一致预期的盈利预测修正幅度仍为负值，但自 2024 年 11 月下旬以来，下行势头有所放缓。 率。这些措施，再加上银行间流动性的持续宽松，有望在 2025 年第二季度末使国内生产总值（G ...

美国银行的首席投资策略师Michael Hartnett建议，在不确定性彻底结束前，投资者应该趁美股、美元反 弹时卖出。 Hartnett和他的团队在报告中指出，"我们（上半年）仍然会在债券、黄金下跌时买入，在标准普尔指数/ 美元上涨时卖出。"Hartnett补充说，市场的"痛苦交易"表明未来还会有更多的下行空间。 报告指出，美元正处于长期贬值趋势中，而资金撤离美国资产的趋势还将延续。这一趋势将持续到美联 储开始降息、"贸易战"彻底结束以及消费者支出保持韧性为止。 高盛也表示，自3月初以来，外国投资者已悄然抛售了630亿美元的美股。而摩根大通周五公布的一项调 查显示，美股将是今年资金流出最多的资产类别，最被看好的资产类别是现金。 图片来源：智通财经 美国银行策略师并不看好本轮美股反弹。 本周一，美股三大指数集体大跌，且跌幅均超过2%。周二至周五，美股则连续4天反弹。整周，道指、 标普500指数、纳指分别上涨2.48%、4.59%、6.73%。万得美国科技七巨头指数单周涨幅接近8%，特斯 拉大涨18%，亚马逊、英伟达、脸书涨幅均超过9%，苹果、微软涨幅也超过6%。 本周，特朗普对关税的态度有所缓和。Robeco ...

迄今为止，美国白宫都没有公布任何同其他经济体的正式贸易协议，美国总统特朗普最近却透露了惊人 的数字，宣称他已经谈下200份协议。 美东时间4月25日周五媒体发布的专访显示，本周二该媒体问特朗普，他的贸易顾问纳瓦罗之前说，可 能在90天内达成90份协议，现在距离90天这个期间只剩13天，还没有一份协议对外公布，为何会如此。 特朗普回答，并不是什么都没有，有"很多"（many）协议。 以上提到的90天是指美国暂缓征收部分对等关税的期间。据新华社，美国4月2日宣布对所有贸易伙伴征 收对等关税，其中对华加征关税税率高达34%；4月9日，美方继续对中国产品加税至125%，并对其他 各国超过10%部分的对等关税暂缓90天；中方4月11日宣布，对原产美国的进口商品加征关税提高至 125%。 本周五公布的访谈中，被媒体追问何时会公布很多协议时，特朗普说： "我已经谈成了200份协议。" 同在周五，美国贸易代表办公室（USTR）透露在同一些国家会谈。USTR称，正与日本及其他国家"持 续进行"实质性的技术性会谈，会谈的重点是改善互惠贸易。 据央视新闻，上周的美日谈判结束后，特朗普宣称取得"重大进展"，但海外媒体表示，除了同意再 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The LPR remained unchanged this month, and the crude steel output increased seasonally in March. The average price of second - hand residential properties in 100 cities decreased both month - on - month and year - on - year. The global economic uncertainty is high, and trade tensions are intensifying [6]. - Trump's attitude towards China has softened, and it is expected that tariffs on Chinese goods will be significantly reduced, which eases market pessimism, and the commodity index fluctuates [6]. - The ferroalloy production profit is negative, and the molten iron output continues to rise. The overall demand for steel is still weak, and the 75B ferrosilicon tender quantity of Hegang in April decreased compared with the previous round [6]. - The prices of semi - coke and electricity are generally stable, with little expected change [6]. - The weekly K - line of ferrosilicon 2506 is below the 60 - day moving average, showing a bearish trend [6]. - The supply is decreasing, and the power cost provides support. The spot price change is limited, and the sector demand is under pressure. Ferrosilicon 2505 is expected to fluctuate [6]. 3. Summary According to the Catalog 3.1 Week - on - Week Summary - **Macro Aspect**: This month, the LPR remained unchanged. In March, the crude steel output increased seasonally, and the average price of second - hand residential properties in 100 cities decreased. The global economic uncertainty is high, and trade tensions are intensifying [6]. - **Overseas Aspect**: Trump's attitude towards China has softened, and it is expected that tariffs on Chinese goods will be significantly reduced. There are two possible tariff adjustment plans [6]. - **Supply - Demand Aspect**: The ferroalloy production profit is negative, the molten iron output rises, and the overall steel demand is weak. The 75B ferrosilicon tender quantity of Hegang in April decreased compared with the previous round [6]. - **Cost Aspect**: The prices of semi - coke and electricity are generally stable, with little expected change [6]. - **Technical Aspect**: The weekly K - line of ferrosilicon 2506 is below the 60 - day moving average, showing a bearish trend [6]. - **Strategy Suggestion**: The supply is decreasing, and the power cost provides support. The spot price change is limited, and the sector demand is under pressure. Ferrosilicon 2505 is expected to fluctuate [6]. 3.2 Futures and Spot Market - **Futures Market**: As of April 25, the open interest of ferrosilicon futures contracts decreased by 36,900 lots compared with the previous period, and the monthly spread increased by 52. The number of warehouse receipts increased by 530, and the spot price remained unchanged [8][12][14]. - **Spot Market**: As of April 25, the basis of ferrosilicon increased by 42, reaching - 60 yuan/ton [20][21]. 3.3 Industrial Chain Situation - **Industry**: As of April 24, the national operating rate of 136 independent ferrosilicon enterprises was 30.91%, a decrease of 1.48% from the previous period, and the daily average output decreased by 200 tons. The weekly demand for ferrosilicon in five major steel types increased by 0.08% week - on - week, and the national ferrosilicon output was 98,900 tons. The national inventory of 60 independent ferrosilicon enterprises decreased by 11.82% from the previous period [27][31]. - **Upstream**: As of April 21, the electricity prices in Inner Mongolia and Ningxia for ferrosilicon production remained unchanged. As of April 24, the price of Shenmu semi - coke remained unchanged. The production profit of ferrosilicon was negative [37][43]. - **Downstream**: As of April 25, the daily average molten iron output of 247 steel mills increased compared with the previous week and the same period last year. From January to February 2025, the total ferrosilicon export volume decreased by 26.65% compared with the same period last year [47].

特朗普秒变脸！关税砍半+鲍威尔保命？中美谈判桌暗流涌动！ 导语 老铁们！川普大爷这波操作直接把华尔街整不会了！前脚刚说要炒了美联储主席鲍威尔，后脚就改口称"从没想过解雇他"，转头又承认对华关 税"高得离谱要大幅砍价"。这变脸速度比川剧还快，咱得好好掰扯掰扯这出大戏。 【事件反转】特朗普急刹车：不解雇鲍威尔，关税要砍半？ 美东时间周二（4月22日），白宫上演现实版"冰火两重天"。总统特朗普在官方活动后的记者会上突然变调，先是对着媒体比出"OK"手势："我和 鲍威尔聊得不错，他暂时安全了。"这和他上周大骂鲍威尔"史上最差主席""越早滚蛋越好"的态度简直判若两人。 更绝的是，这位最会搞推特治国的总统突然承认："我们现在对华关税确实定得太高，会考虑大幅下调。"这话要是放在两年前，能从他嘴里蹦出 来？记得当时他可是在推特上炫耀"关税就是中国交的保护费"啊！ 【恩怨情仇】从"央行刺客"到"最佳队友" 要说这出戏码，得从去年说起。川普刚上任就盯着美联储："赶紧降息啊！我的经济计划全靠低利率！"可鲍威尔这个"鹰派铁头娃"硬是顶着压力 加息，气得总统在推特上连发十几条推文骂街。 到今年4月，矛盾彻底爆发。先是白宫经济顾问放风要 ...

Report Industry Investment Rating - Not provided in the content Core Views - **Copper**: The copper price opened higher in the morning, with the main contract price briefly reaching the 78,000 yuan mark before falling back. It oscillated below 78,000 yuan throughout the day, and the open interest increased slightly. The price increase was due to Trump's recognition of high tariffs on Chinese goods and the expected significant reduction. The short - term price has recovered to the level of February, the refined - scrap spread has widened, and the industrial support is strong but the driving force will decline. The rebound of the US dollar index will suppress the price increase. It is expected that the short - term copper price will oscillate at a high level, and attention should be paid to the resistance at 78,000 yuan [4]. - **Aluminum**: The aluminum price slightly rose and then fell in the morning, oscillating above 19,800 yuan throughout the day, and the open interest decreased continuously. The price increase was also due to the expected tariff reduction. The short - term macro environment is improving, high profits of smelters suppress the price, while active downstream production provides support. It is expected that the aluminum price will oscillate, and attention should be paid to the resistance at 20,000 yuan [5]. - **Nickel**: The nickel price oscillated in the range of 125,000 - 126,000 yuan and closed above 126,000 yuan, with the open interest decreasing slightly. The short - term price has repeatedly failed to break through the 126,000 yuan mark, facing significant technical resistance. The short - term industrial outlook is weak, and the downstream stainless - steel market is sluggish. It is expected that the short - term nickel price will be weak [6]. Summary by Directory 1. Industry Dynamics - **Copper**: On April 23, a fatal accident occurred at the Antamina copper mine in Peru, leading to a full - scale shutdown for safety and an investigation. Citi raised the copper futures price forecast to $8,800 per ton due to Trump's relaxed stance on tariffs [8]. - **Aluminum**: According to IAI data, the global primary aluminum production in March 2025 was 6.227 million tons, compared with 6.089 million tons in the same period last year and a revised 5.66 million tons in the previous month. The estimated primary aluminum production in China in March was 3.729 million tons, compared with a revised 3.399 million tons in the previous month [8]. - **Nickel**: On April 23, for the Shanghai market's main reference contract of refined nickel, the mainstream premium of Jinchuan electrolytic nickel was +2,250 yuan/ton, with a price of 127,800 yuan/ton; that of Russian nickel was +300 yuan/ton, with a price of 125,850 yuan/ton; that of Norwegian nickel was +2,750 yuan/ton, with a price of 128,300 yuan/ton; and that of nickel beans was - 900 yuan/ton, with a price of 124,650 yuan/ton [8]. 2. Related Charts - **Copper**: Charts include copper basis, copper monthly spread, domestic visible inventory of electrolytic copper, overseas copper exchange inventory, LME copper cancelled warrant ratio, and SHFE warrant inventory [9][11][12]. - **Aluminum**: Charts include aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, alumina trend, and alumina inventory [21][23][25]. - **Nickel**: Charts include nickel basis, nickel monthly spread, LME nickel inventory and cancelled warrant ratio, LME nickel trend, SHFE inventory, and nickel ore port inventory [32][35][36].

观察者网消息，美国财政部长贝森特22日被爆向投资者承认，眼下中美关税对峙僵局"难以为继"，并称预 计"短时间内"将出现缓和态势后，"先眨眼"的美国总统特朗普再度释放"降温"信号。 据美联社23日报道，当地时间周二（22日），特朗普在白宫椭圆形办公室表示，在关税谈判期间他不会对 中国采取 "强硬手段"，并"乐观"认为能够"相当迅速地"与之达成一项协议，"大幅下调"对中国进口商品加 征的145%巨额关税。 在被问到是否会对中国采取"强硬态度"时，特朗普否认说："不，我不会说'我要对中方强硬'。我们会以非 常友好的态度对待他们，他们也会友好相待，然后我们拭目以待会发生什么。" 继续凭空造牌，他在回答另一个问题时又补充称，如果未与中国达成贸易协议，"我们只需要设定（关 税）数字就行"。 《今日美国》报道称，尽管中美之间的正式贸易谈判尚未启动，但特朗普仍摆出一副信誓旦旦的模 样，"这份协议对于每个人而言都是公平的。而且我认为这个（谈判）过程很快会完成。" 在后续提问中，特朗普也重申了不想继续提高对华关税的态度。在谈到高达145%的对华关税时，他声称， 针对中国进口商品的关税税率不会维持在当前水平，"145%的税率非常高 ...