二、 本通知自2025年7月6日起施行。 施行之日前，涉上述措施的采购项目已经发布中标、成 交结果公告的，可以继续签订政府采购合同，不执行本通知规定的措施。 根据有关法律法规，经批准，财政部决定在政府采购活动中对部分自欧盟进口的医疗器械采取 相关措施。 现将有关事项通知如下： 一、采购人采购预算金额4500万元人民币以上的医疗器械（具体品目清单见附件）时，确需 采购进口产品的，在履行法定程序后，应当排除欧盟企业（不包括在华欧资企业）参与。对于 参与的非欧盟企业，其提供的自欧盟进口的医疗器械占比不得超过项目合同总金额的50%。上 述措施不适用于仅自欧盟进口的医疗器械能够满足采购需求的采购项目。 附件：具体品目清单 附件: 7月6日，商务部新闻发言人就在政府采购活动中对自欧盟进口的医疗器械采取相关措施答记者 问。 问：我们注意到，欧委会近期出台措施，限制中国企业和产品参与其医疗器械公共采购。中方 于7月6日发布通知，决定在政府采购活动中对部分自欧盟进口的医疗器械采取相关措施。请问 具体品目清单 | 政府采购 | 政府采购品目名称 | | --- | --- | | 品目编码 | | | A02103000 | 心 ...

印度方面表示，美国的保护措施影响了其价值28.9亿美元的出口。 ...

1. Report Industry Investment Rating - The investment rating for lead is bullish [1] 2. Core Views of the Report - After expected adjustments, the supply - demand contradiction this year is relatively reduced, and the import volume may decline, but the market remains in a tight - balance state. The price center of Shanghai lead futures may rise in the second half of the year, with the reference operating range of 16,100 - 18,500 yuan/ton. Based on the expectation of strong supply and demand, it is recommended to focus on unilateral long - position opportunities for Shanghai lead futures. The monthly spread structure may change from C to B, and it is advisable to pay attention to positive spread arbitrage opportunities. There is also an expectation of intermittent opening of the import window, and an interval - trading approach is recommended [4][123] 3. Summary According to the Catalog 3.1 Market Review - In H1 2025, the price centers of Shanghai and London lead futures were significantly lower than the same period in 2024. In Q1, Shanghai lead showed an inverted V - shaped trend due to supply - demand mismatch around the Spring Festival. In Q2, it dropped sharply due to the US tariff increase, then rebounded as the US dollar weakened and overseas structural risks emerged, along with the anticipation of peak - season demand stocking [15] 3.2 Macroeconomic Aspects - Overseas, the Fed's interest - rate cut path is the core variable, affected by trade protection and geopolitical conflicts. A potential rate cut in Q3 may briefly boost London lead, but the rebound is limited by demand. Trade protection may suppress China's lead export demand. Geopolitical risks may increase external - market volatility. Domestically, policy - driven consumption is crucial for lead demand. Although previous consumption - promotion policies had limited effects, future demand may rely more on policy support. Macroeconomic impacts are reflected in the internal - external price ratio [18][19] 3.3 Primary End 3.3.1 Lead Concentrate - Overseas, Q1 2025 lead - concentrate production was lower than expected, with a year - on - year decline of 1.4 million tons and a quarter - on - quarter decline of 3 million tons. The decline was due to factors like lower ore grades, weather disturbances, and mining difficulties. Although there are expectations of increased production from some mines this year, the overall increment is limited, and there are still risks of disturbances in H2. Domestically, lead - concentrate production increased in H1 2025, and imports were high. The annual production is expected to increase by 5 million tons, and the import growth rate is expected to be around 9%. However, the processing fee (TC) may decline in H2 due to tight overseas supply and trade - flow risks [23][33][34] 3.3.2 Primary Lead - Overseas, from January to April 2025, primary - lead production showed a recovery trend, mainly due to the low base in H1 2024. This year, new primary - smelting capacity is limited, and lead concentrate will mainly be consumed through imports. Domestically, from January to June, primary - lead production increased by 9.7% year - on - year. In H2, attention should be paid to the commissioning of new capacities. The annual production growth rate is expected to be around 2% [50][54][55] 3.4 Secondary End - In 2025, the over - capacity of waste - battery processing has intensified, and new capacities are squeezing traditional ones. Recycling merchants have increased their hoarding and advanced the hoarding time. From January to June, secondary - lead production decreased by 4.4% year - on - year. In H2, although there is an expectation of improved replacement demand, waste batteries will remain in short supply, and secondary - smelter profits will be under pressure. Attention should be paid to the possibility of capacity reduction [62][63][68] 3.5 Demand End 3.5.1 Lead Batteries - In H1, battery - enterprise operations were below expectations. In H2, there may be a phased improvement in consumption. In terms of exports, although there was an improvement in H1, the overall annual export demand is expected to decline by 1% [75][100][104] 3.5.2 Domestic Terminal Demand - For electric two - wheelers, production increased in H1, mainly due to consumption - promotion policies. The new national standard and trade - in policies may stimulate demand, but lithium - battery substitution is a long - term risk. For automobiles, production increased in H1, but export may face pressure in H2, and lithium - battery substitution will also affect lead - battery demand. In the communication - base - station and energy - storage sectors, base - station equipment production decreased, while energy - storage demand was strong, and the lead - consumption growth rate is expected to reach 8% [82][87][92] 3.5.3 Overseas Demand - In 2025, overseas lead demand generally recovered, with an increase in Southeast Asia and a decline in India. China's lead - battery exports decreased in H1, and the annual export volume is expected to be under pressure due to factors such as weak overseas demand, high domestic costs, trade protection, and battery - factory expansion overseas [94][100][104] 3.6 Inventory End - In H1, LME lead inventory was high, indicating weak overseas consumption. Domestically, social inventory was at a relatively low level at the end of June. In H2, social inventory may fluctuate widely, and potential delivery risks should be noted due to tight ore supply. There is also a possibility of the import window opening intermittently, and attention should be paid to interval - trading opportunities based on the internal - external price ratio [108][112][121] 3.7 Investment Recommendations - The supply - demand contradiction is expected to be reduced this year, but the market remains in a tight - balance state. The price center of Shanghai lead futures may rise in H2, with a reference range of 16,100 - 18,500 yuan/ton. Unilateral long - position opportunities for Shanghai lead futures are recommended, as well as positive spread arbitrage opportunities for monthly spreads and interval trading based on the internal - external price ratio [4][122][123]

Group 1: Key Events - On June 16, the White House announced a trade agreement between the U.S. and the UK, which includes a quota of 100,000 vehicles per year for U.S. imports from the UK, with a 10% tariff rate [1] - On June 17, the Bank of Japan decided to maintain its policy interest rate at around 0.5% and slow down the pace of bond purchase reductions, currently reducing by approximately 400 billion yen per quarter [2] - On June 18, the Federal Reserve maintained the federal funds rate target range at 4.25% to 4.50%, marking the fourth consecutive meeting without a rate change, while lowering economic growth forecasts for the U.S. [1][2] Group 2: Economic Data - Japan's exports fell for the first time in eight months in May, with exports to the U.S. down 11.1% year-on-year to 1.51 trillion yen, driven by declines in automotive and automotive parts exports [5] - The ZEW Economic Sentiment Index for the Eurozone rose significantly to 35.3 in June, up from 11.6, with Germany's index increasing to 47.5 from 25.2 [5] - U.S. retail sales fell by 0.9% month-on-month in May, the largest decline since March 2023, primarily due to decreased automobile purchases [5] Group 3: Monetary Policy - The Bank of England decided to keep its key interest rate unchanged at 4.25%, citing weak GDP growth and a soft labor market [2] - The yield on 10-year U.S. Treasury bonds decreased by 0.9 basis points, while the yield on 10-year Japanese bonds fell by 1.6 basis points [10] Group 4: Commodity Prices - Brent crude oil prices fell by 3.76% to $75.78 per barrel, while WTI crude oil prices increased slightly by 0.28% to $74.04 per barrel [12] - The CRB Commodity Index decreased by 0.59%, while the Baltic Dry Index dropped by 3.54% [12]

Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. Core Viewpoints - The U.S. is expected to continue the "import rush" from Southeast Asia until mid-June, accelerate the "import rush" from China in June and weaken it in July, and the mild restocking in the U.S. may end in August. The second quarter may see the peak of China's year-on-year export growth rate for the year, followed by a quarterly decline. Under a neutral assumption, China's annual export year-on-year growth rate may be approximately 1.5%. [2][3] - The outcome of China-U.S. tariff negotiations has influenced the pace of the U.S. "import rush" from China. The progress of tariff negotiations between the U.S. and economies with close trade ties to China has a significant impact on China's exports. [17][42] - The export pressure will intensify in the second half of the year, and domestic stable growth policies may be stepped up in the fourth quarter. [64] - "Import rush" will support the short - term U.S. economy, and the market trading contradiction has shifted from tariffs to U.S. fiscal and credit issues. It is recommended to strategically allocate gold and non - dollar assets. [66] Summary by Directory 1. Overview - In April, high reciprocal tariffs between China and the U.S. led shipping companies to reallocate capacity to other routes, causing a slow recovery of U.S. route capacity. The U.S. "import rush" from China is expected to intensify in June and weaken in July. [7][14] - The "import rush" is first reflected in freight rates, and the shipment lags behind freight rates. Since June 3, the daily shipment volume from China to the U.S. has been above 49 ships. [8][9] - The U.S. "import rush" from Southeast Asia may lead China's "re - export rush" to last until mid - June at most. [10][15] - The U.S. weak restocking may end in August. [11][15] - The future trend of China's exports depends on tariff changes in the global trade environment. The main export destinations in 2024 were ASEAN, the U.S., the EU, etc. [12][16] - The progress of U.S. - Southeast Asia negotiations may impact China's re - export of labor - intensive products, and the inertia of EU economic policy decisions may affect Sino - EU trade. [13][16] 2. Imports Rush of the U.S. - The outcome of China - U.S. tariff negotiations affects the U.S. "import rush" from China. During the tariff tension period (April 9 - May 9), the number of fully - loaded vessels decreased. During the tariff easing period (from May 12), it boosted the "import rush". [17][20] - In April, high reciprocal tariffs led to a slow recovery of U.S. route capacity, and in late May, the actual shipping data continued to decline. [25][26] - The U.S. "import rush" from China is expected to end by mid - June, and after mid - June, the incremental volume of China's "re - export rush" through Southeast Asia will be limited. [31][34] - The U.S. may reach the turning point of inventory growth rate in August. [37][38] 3. Tariff Negotiations - China's current export demand may be from backlogged orders, and the future export trend depends on tariff changes. The suspension of Trump's reciprocal tariffs for some economies will expire on July 8. [42][43] - The U.S. has only signed agreements with China and the UK, and the EU - U.S. negotiation progresses slowly. The U.S. increasing steel and aluminum tariffs will pressure the negotiation. [47] - Sino - European relations seem to improve, but the EU's potential restrictions on China and the inertia of its economic policy may affect trade. [48][49] - Japan, Indonesia, India and the U.S. have relatively good negotiation progress, but India's stance has hardened recently. [52][54] - Attention should be paid to the U.S. - Southeast Asia negotiation progress and its impact on China's entrepot trade. [53][55] 4. Different Scenarios - China's exports from May to July will maintain resilience, but the U.S. has increased non - tariff barriers against China, and the Sino - U.S. trade trend is uncertain. [56][62] - Three scenarios are assumed: in the optimistic scenario, China's 2025 export growth rate may be around 3%; in the neutral scenario, it may be around 1.5%; in the pessimistic scenario, it may be around - 2%. [58][63] - The export pressure will intensify in the second half of the year, and domestic stable growth policies may be stepped up in the fourth quarter. [64][65] 5. Asset Outlook - "Import rush" will support the short - term U.S. economy, and the market trading contradiction has shifted. It is recommended to strategically allocate gold and non - dollar assets. The bond market has value for dip - buying after the funding pressure subsides, and the stock market and commodities are expected to fluctuate in the short term. [66][67]

美国白宫：美国计划对英国汽车进口设定年度配额为10万辆，关税税率为10%。 ...

Group 1: Key Recommendations - The report recommends Li Auto-W (02015) due to the resilient performance of the L series and the launch of the i8 model, which is expected to initiate a new product cycle [4] - The sales of the i series models are anticipated to exceed expectations, driven by enhanced charging infrastructure and product design that alleviates range anxiety [4] - Revenue projections for Li Auto from 2025 to 2027 are estimated at RMB 1700.09 billion, RMB 2255.53 billion, and RMB 2907.42 billion respectively, with net profit forecasts of RMB 89.89 billion, RMB 149.26 billion, and RMB 195.33 billion, reflecting year-on-year growth rates of 11.9%, 66.1%, and 30.9% [4] Group 2: Industry Insights - The traditional Chinese medicine (TCM) industry is characterized by high cash reserves and stable profit growth, similar to the banking sector, with minimal impact from overseas situations [6] - The report anticipates a significant improvement in revenue and profit growth for the TCM industry in Q2 2025 compared to Q1, with continued growth expected in H2 2025 [6] - The report highlights a shift in market perception towards TCM, emphasizing its value in a context of trade protection and economic slowdown, suggesting that TCM's configuration value deserves attention [6] Group 3: Consumer Sector Analysis - The consumer sector, particularly in dining and beverage, is expected to recover, with leading brands in fast food and tea drinks projected to see positive same-store sales growth in Q2 and Q3 of 2025 [7] - The report notes that despite ongoing pressure on domestic consumption, the restaurant sector remains a relatively safe investment, with opportunities for valuation increases [7] - The analysis indicates that the market's focus on growth rates, regardless of low base effects, reflects a willingness to invest in growth stories within the consumer sector [7]

欧盟继续暂停对乌克兰钢铁的保护措施。 ...

高盛：特朗普加码钢铝关税引发白银大涨 金十数据6月5日讯，特朗普政府宣布将钢铝关税从25%提高至50%之后，白银迎来了强势上涨。因为这 一消息令市场预期美国政府可能会对其他关键金属（如白银）采取类似贸易保护措施，从而推升对白银 的避险和替代性需求。高盛期货交易员Robert Quinn称，美国提升钢铝关税的消息引发了白银期货市场 显著的多头建仓。白银期货总持仓量激增28亿美元，为过去一年中最大的两日增幅。尽管EFP（期货与 现货价差）波动较大，但整体趋于升水，表明市场对近期现货紧张的预期增强。同时，白银价格的上涨 推动了程序化趋势追踪资金入场做多。此外，期权市场也表现出看涨姿态：三个月隐含波动率飙升； 25-Delta认沽-认购偏度（Put-Call Skew）回落，表明投资者更愿意持有看涨期权；5 Delta与25 Delta认购 期权比例反弹，显示对极端上涨的押注增加。 ...

中新社北京6月5日电 (尹倩芸)就美方宣布上调进口钢铝关税，中国商务部新闻发言人何咏前5日表示， 此举不仅损人害己，无助于维护产业安全，还将严重扰乱全球产业链供应链稳定。 当地时间6月3日，美国白宫发表声明称，美国总统特朗普宣布将进口钢铁和铝及其衍生制品的关税从 25%提高至50%。 5日举行的新闻发布会上，何咏前表示，中方已多次强调，232关税是典型的单边主义和保护主义行径， 早已被世贸组织争端解决机制裁定违反世贸规则。此次美方再一次提高钢铝及其衍生制品关税，已遭到 多个国家反对。 何咏前说，中方敦促美方尊重经济规律，摒弃零和思维，停止泛化和滥用国家安全概念，与各方一道维 护以规则为基础的多边贸易体制，通过平等对话解决各自关切，共同维护全球产业链供应链稳定。 对此，何咏前表示，中方反对美301关税的立场是明确的、一贯的。美301关税措施是典型的单边主义和 贸易保护做法。此前，世贸组织专家组已裁决美301关税措施违反世贸规则。美301关税措施最终成本由 美国企业和消费者承担，这是典型的"损人不利己"行为。 何咏前说，中方敦促美方彻底取消包括301关税在内的各种对华限制措施，与中方共同维护日内瓦经贸 会谈共识精 ...