Group 1 - The core viewpoint of the articles is that the U.S. Court of Appeals has allowed the Trump administration to continue implementing its global tariff measures, despite a lower court ruling that deemed such measures unauthorized under the International Emergency Economic Powers Act [1][2] - The U.S. International Trade Court had previously ruled against the Trump administration's tariffs, but the Court of Appeals has temporarily suspended this ruling, indicating that the government's position is "reasonable" [1][2] - The case has been classified as an "extremely important issue" by the appellate court, which has expedited the hearing process, with a debate scheduled for July 31 [2] Group 2 - Investors should be aware that the 90-day suspension period for most of the "reciprocal" tariffs announced by Trump will expire in about a month, potentially leading to significant increases in tariff rates unless a trade agreement is reached or the suspension is extended [2] - The global market has experienced significant volatility since the announcement of the "reciprocal" tariffs, with market values fluctuating by trillions of dollars amid delays, policy reversals, and potential trade agreements [2] - The recent court ruling suggests that Trump's tariff policy will remain effective in the short term, which may continue to impact global trade flows and market sentiment [2]

王爷说财经讯：6月9日消息，虽说现在美国劳动市场表面上还算稳定，但特朗普那反复无常的贸易政策，可把商界折腾惨了。 这政策变来变去，企业们根本没法为未来制定投资计划呀！ 而且美联储（Fed）也很头疼。因为担心关税措施会让通货膨胀抬头，所以即便经济形势不太妙，也不敢轻易降息。 这下可好，外界都在担心美国经济在今年夏天会变得更加艰难，甚至有可能陷入衰退！ 另外，美国民众的消费需求也变得犹豫不决，不敢大手大脚花钱了。 对此，《华尔街日报》分析报道说，美国经济今年夏天不好过，这和安联经济顾问——伊尔艾朗 （Mohamed El-Erian）一周前预测的Fed将进入 「艰难的夏天」不谋而合。 更早之前，阿波罗全球管理公司首席经济师——史洛克（Torsten Slok）就预测经济要陷入衰退了。 实际上，王爷说财经注意到，好多专家和机构都把这经济问题的"锅"甩给特朗普的关税政策。 例如：研究顾问公司Beacon Economics创办合伙人之一桑博格（Christopher Thornberg）就分析评论称，美国经济走向全看特朗普怎么决策，可关 键是特朗普自己都不知道下一步要干啥，外界就更没法预测啦！ 现在大部分经济学家都觉 ...

据知情人士透露，欧洲央行官员预计在7月下次制定政策时将暂停降息行动。鉴于美国总统特朗普关税 政策的不确定性，目前最有可能的情况是，在八次下调借贷成本后暂停降息。知情人士拒绝透露姓名， 讨论的是机密谈判。一些官员认为借贷成本的下调可能已经结束，而另一些官员仍然支持再次降息—— 可能要到9月（才暂停）。他们强调，随着7月9日美欧贸易谈判最后期限的临近，政策制定者的想法可 能还会发生变化。（彭博） ...

河野还传达了中国的稀土等出口管制也会影响日本企业的担忧，但李强对此未作回应。 双方均未提及发生在辽宁省大连市的两名日本男性被杀事件。 6月3日，由日本前众议院议长河野洋平率领的日本国际贸易促进协会（国贸促）访华团在北京与中国总 理李强进行了会面。据日本国际贸易促进协会介绍，李强指出，为了对抗持续实施关税措施的美国，中 日两国应进一步深化合作。 关于特朗普关税政策，李强指出当前国际形势正在发生深刻复杂变化，给各国经济发展带来很大挑战。 尽管中美双方5月中旬达成了降低加征关税的协议后仍在继续磋商，李强强调中方不会为了达成协议而 做出原则性让步。 他还呼吁日本对中国进行进一步投资。 担任访华团团长的河野提出了租借大熊猫的提议，李强表示这是非常重要的提议。 日本前众议院议长河野洋平（左）与中国总理李强握手（6月3日，北京人民大会堂） 李强呼吁日本对中国进行进一步投资。担任访华团团长的河野提出了租借大熊猫的提议，李强 表示这是非常重要的提议。河野还传达了中国的稀土等出口管制也会影响日本企业的担忧，但李强对此 未作回应…… 访华团由大约100名商界人士组成，计划在中国访问到6月8日。在北京停留后，将去广州市等地访问。 访 ...

Core Insights - The article indicates that U.S. housing prices are expected to continue rising, with a projected average annual increase of 3.5% in the S&P CoreLogic Case-Shiller 20-City Home Price Index until 2027 [1] - Nearly all surveyed analysts believe that Trump's tariff policies will hinder housing construction, reflecting a negative outlook on market affordability and liquidity [1] - Long-term bond yields have surged, limiting the downward movement of mortgage rates, which will continue to pressure affordability in the housing market [1] Survey Findings - A survey conducted by Reuters from May 19 to June 3 involved 27 real estate analysts, who expressed a more pessimistic view compared to three months prior [1] - The analysts had previously predicted improvements in market affordability and liquidity, but recent tax and spending legislation is expected to increase U.S. debt, dampening their optimism [1] - Approximately 90% of respondents indicated that U.S. tariffs would lead to a reduction in affordable housing construction [1]

陷入法律泥潭,特朗普贸易战将走 2025年4月2日,美国总统唐纳德·特朗普在华盛顿特区白宫玫 绍互惠关税的海报。 摄影师:肯特·西村/彭博社 作者：埃里克·拉尔森、乔什·温格罗夫、肖恩·唐南和劳拉·柯蒂斯 2025年5月30日凌晨12:13 (GMT+8) 更新日期 2025年5月30日凌晨4:54 GMT+8 人 节省 美国国际贸易法院于5月28日裁定, 唐纳德·特朗普总统征收的绝大多 数关税均属非法,并下令冻结这些关税,这将对其经济议程的一个关 键支柱造成打击。一天后,上诉法院暂时撤销了特朗普政府的裁决, 同时正在考虑更长期的冻结措施。 纽约贸易法院由三名法官组成的合议庭一致裁定,特朗普错误地援引 了一项紧急状态法来证明征收关税的合理性。鉴于法院在贸易问题上 倾向于听从总统的意见,这一裁决实属罕见。 如果最终维持贸易法院的裁决,将标志着特朗普政府在一系列针对行 政命令的诉讼浪潮中遭遇重大法律挫折,这些诉讼正在考验总统权力 的底线。如果行政部门选择无视法官的命令,这项裁决也可能考验法 院执行裁决的权力。 随着案件在司法系统中不断推进,影响数万亿美元全球贸易的关税命 运最终可能掌握在最高法院手中。 贸易法庭的 ...

贵金属日报 | 2025-05-30 美国上诉法院允许特朗普关税政策暂时继续生效 市场要闻与重要数据 昨日，美国上诉法院允许特朗普关税政策暂时继续生效，此前美国国际贸易法院叫停了"解放日"关税政策；特 朗普麾下官员对取得诉讼胜利表现得极具信心，还认为即使败诉也能另寻他法征收关税，同时关税谈判也将继续 推进，未来几周会有三份协议。而美国财长贝森特表示，过去48小时贸易伙伴的态度没有任何变化。此外，特朗 普新上任以来首次约见鲍威尔，特朗普要求其降息，鲍威尔则坚持货币政策独立性。 期货行情与成交量： 2025-05-29，沪金主力合约开于 772.70元/克，收于 764.32元/克，较前一交易日收盘 -1.03%。当日成交量为 250594手，持仓量为 195076手。昨日夜盘沪金主力合约开于 773.58 元/克，收于 773.78 元/克，较昨日午后收盘 上涨0.96%。 2025-05-29，沪银主力合约开于 8236元/千克，收于 8224元/千克，较前一交易日收盘-1.31%。当日成交量为 659531手，持仓量 345595手。昨日夜盘沪银主力合约开于 8,249元/千克，收于 8,235 元/千克， ...

Group 1 - The Federal Reserve may begin to lower interest rates in the second half of 2025 if tariffs on trade partners are reduced to around 10% [1] - The recent tax reform bill proposed by the Trump administration has raised concerns about the fiscal outlook of the U.S., leading to a sell-off in long-term U.S. Treasury bonds [2] - The S&P 500 index has shown volatility after a significant sell-off, with major tech companies like Google rebounding [3] Group 2 - Market participants are worried that the tax reform bill, despite passing the House, will further increase the already growing fiscal deficit [6] - Uncertainty surrounding trade policies and fiscal outlook has led to renewed market volatility, with high bond yields becoming a focal point [6] - Despite rising price pressures, U.S. business activity and output expectations have improved, although existing home sales have unexpectedly declined [6]

Investment Rating - The investment rating for the non-ferrous metals sector is "Positive" (maintained) [4] Core Insights - The non-ferrous metals sector has shown overall profit growth in 2024 and Q1 2025, with significant performance differentiation among sub-sectors. The gold and copper-aluminum sectors benefited from rising metal prices, while the energy metals sector experienced a substantial profit decline [5][6] - In 2024, the non-ferrous metals sector achieved a revenue of 3.64 trillion yuan, a year-on-year increase of 5.73%, and a net profit of 147.13 billion yuan, up 2.61% year-on-year. The gross margin was 11.46%, up 0.34 percentage points, while the net margin decreased by 0.12 percentage points to 4.04% [11][18] Summary by Sections 1. Overview of Non-Ferrous Metals Sector Performance - In 2024, the non-ferrous metals sector's revenue and profit increased year-on-year, with a revenue of 3.64 trillion yuan and a net profit of 147.13 billion yuan [11] - The gross margin improved to 11.46%, while the net margin slightly decreased to 4.04% [11] 2. Price Changes in 2024 and Q1 2025 - Gold prices saw significant increases, with an average price of 560.8 yuan/gram in 2024, up 24.4% year-on-year, and 673.5 yuan/gram in Q1 2025, up 37.2% year-on-year [24][28] - Industrial metals generally increased in price, with copper averaging 75,000 yuan/ton in 2024, up 10.5% year-on-year, and 77,000 yuan/ton in Q1 2025, up 11.5% year-on-year [28] - Energy metals prices fell significantly due to oversupply, with lithium carbonate averaging 91,000 yuan/ton in 2024, down 65% year-on-year [24][28] 3. Sector and Sub-Sector Performance - The non-ferrous metals sector rose by 3.2% in 2024 and 12.0% in Q1 2025, ranking 15th and 1st among the Shenwan sectors, respectively [29] - The gold sector saw a profit increase of 29% year-on-year in 2024, while the lithium sector experienced a profit decline of 126.9% [16][22] 4. Fund Holdings - In Q1 2025, the proportion of active funds holding non-ferrous metals stocks increased by 0.71 percentage points to 3.82% [32] - The top ten active fund holdings included companies like Zijin Mining and Shandong Gold, with a focus on gold sector companies [34]

Group 1: Economic and Trade - The Federal Reserve maintained interest rates in the range of 4.25%-4.50% for the third consecutive time, with concerns over the unpredictability of Trump's tariff policies being a major issue [4] - Moody's downgraded the U.S. credit rating from Aaa to Aa1, citing that government debt is expected to reach 134% of GDP by 2035, leading to increased concerns over U.S. debt risks and a 0.8% drop in the dollar index [5] Group 2: Technology and Society - A new microorganism species named "Tian Gong Nier Jun" was discovered in samples collected by astronauts from the Chinese space station, marking a breakthrough in space life sciences [6] - The first "Mount Everest Dialogue" concluded in Nepal, where a Chinese scientist proposed establishing a cross-border disaster warning system due to significant glacier melting in the Tibetan Plateau, which has seen a 15% reduction in glacier area since the 20th century [7] Group 3: International Relations and Controversies - China's Vice Premier Zhang Guoqing is set to visit Russia to promote local cooperation in energy and agriculture, while another Vice Premier is attending the World Health Assembly in Switzerland [8] - Indonesia's purchase of 42 French "Rafale" fighter jets for $8.1 billion has raised performance concerns, with experts questioning the aircraft's effectiveness in complex electromagnetic environments [10]