Core Viewpoint - The United States is preparing to negotiate with the United Kingdom to lower tariffs on various American goods, specifically aiming to reduce the UK’s automobile tariff from 10% to 2.5% [1] Group 1: Trade Negotiation Goals - The U.S. intends to encourage the UK to lower tariffs on multiple American products and reduce non-tariff barriers [1] - A specific target is to decrease the UK’s automobile tariff from 10% to 2.5% [1] - The U.S. will also push for the UK to ease import regulations on American beef and other agricultural products [1] Group 2: Regulatory Changes - The U.S. seeks modifications to the rules regarding the origin of goods traded between the two countries [1] - A draft document outlining the U.S.-UK trade negotiation objectives has been circulated to stakeholders by the Trump administration [1]

Core Viewpoint - Satellite Chemical (002648) reported a revenue of 45.648 billion yuan in 2023, a year-on-year increase of 10.03%, and a net profit of 6.072 billion yuan, up 26.77% year-on-year, despite facing challenges in the domestic petrochemical industry due to supply-demand imbalances [1][4] Group 1: Financial Performance - In 2023, Satellite Chemical achieved a revenue of 45.648 billion yuan, reflecting a growth of 10.03% compared to the previous year [1] - The company reported a net profit of 6.072 billion yuan, which is a 26.77% increase year-on-year [1] Group 2: Strategic Advantages - The company maintains a competitive edge through low raw material costs, a complete supply chain, and integrated industrial operations [1] - Satellite Chemical employs a leading technology strategy, focusing on R&D innovation to differentiate and upscale its products, allowing for premium pricing [1] Group 3: Market Conditions and Challenges - The company faces uncertainties from domestic and international markets, particularly the "low-end surplus, high-end shortage" issue in the petrochemical sector [1] - The price of propane, a key raw material, has dropped significantly from $618/ton to $450/ton, creating arbitrage opportunities for the company's processing business [1][2] Group 4: Tariff Adjustments and Responses - Satellite Chemical has developed three strategies to mitigate the impact of tariff adjustments on ethane, including lobbying for exclusion from tariffs and adapting processing models [2][3] - The company has a history of processing business and plans to shift its focus to export-oriented operations, despite the complexities involved [3] Group 5: Production Capacity and Market Outlook - In 2024, Satellite Chemical plans to invest in a new facility with an annual capacity of 100,000 tons of ethanolamine, enhancing its product lineup [4] - The company’s C2 and C3 product prices have shown a positive trend, with projections indicating a potential price increase due to supply constraints in the domestic market [5][6] Group 6: Industry Trends - The chemical industry is experiencing a slowdown in capacity expansion, which is expected to support chemical prices [5] - The high dependency on imports for high-end polyethylene and other products indicates a structural issue in the market, with potential for price increases as domestic supply tightens [5][6]

4月16日，美股周三低开。道琼斯工业指数跌0.35%至40225.82点，标普500指数跌1.01%至5342.16点， 纳斯达克指数跌1.89%至16499.69点。 具体来看，科技股普遍走低，美股科技七巨头均低开，英伟达重挫6.9%，微软跌1.4%，苹果跌1.8%， 亚马逊跌1.7%，谷歌跌2.1%，特斯拉跌2.5%，Meta跌2.5%。 除英伟达外，半导体板块也表现疲软，超威半导体（AMD）跌7.9%，应用材料跌5.3%，阿斯麦跌 5.3%，台积电跌5.1%。 本周美股财报季继续，高盛、强生、美国银行、花旗集团、黑石、阿斯麦、台积电、奈飞等知名公司将 陆续公布业绩。 | 英伟达 | 105.9750 | -5.55% | -6.2250 | | --- | --- | --- | --- | | US NVDA.O | 104.500 盘前 | -6.86% | -7.700 | | 特斯拉 | 248.3350 | -2.27% | -5.7750 | | US TSLA.O | 247.550 盘前 | -2.58% | -6.560 | | Meta | 510.3200 | -2.15% | - ...

国务院关税税则委员会今天（11日）发布公告，2025年4月10日，美国政府宣布对中国输 美商品征收"对等关税"的税率进一步提高至125%。美方对华加征畸高关税，严重违反国际 经贸规则，也违背基本的经济规律和常识，完全是单边霸凌胁迫做法。 根据《中华人民共和国关税法》、《中华人民共和国海关法》、《中华人民共和国对外贸易 法》等法律法规和国际法基本原则，经国务院批准，自2025年4月12日起，调整对原产于 美国的进口商品加征关税措施。有关事项如下： 昨天，发生了哪些财经大事？ 中国对美所有进口商品加征125%关税 二、其他事项按照《国务院关税税则委员会关于对原产于美国的进口商品加征关税的公告》 （税委会公告2025年第4号）执行。 小米汽车回应湛江SU7事故 4月11日，小米汽车发文回应了网传的湛江事故。 小米汽车表示，2025年4月5日凌晨，一辆 小米SU7标准版 在驾驶员（经查非车主本人） 手动驾驶状态行驶过程中，在湛江市徐闻县曲界镇376省道与一辆电动二轮车发生碰撞。事 故发生后，肇事司机弃车逃逸。据警方最新通报，肇事司机目前已被执行逮捕。 对于事故中汽车为什么会被引燃，小米汽车表示，目前，现场勘查已完成， ...

Group 1 - The article discusses the impact of new tariffs on consumer behavior, particularly focusing on the rush to purchase Apple products before the tariffs take effect [5][10][11] - There is a noticeable shift in consumer sentiment, with many young people moving away from bulk buying and instead opting for calculated purchases based on immediate needs and price sensitivity [9][11] - The article highlights the urgency among consumers to stock up on essential items, such as medications and household goods, due to anticipated price increases from tariffs [13][22] Group 2 - The furniture industry is experiencing a surge in demand for North American wood, with prices increasing by 10% to 15% as manufacturers rush to secure supplies before tariffs are implemented [16][17] - Despite the rising costs, some furniture manufacturers are choosing not to raise prices immediately, aiming to maintain customer loyalty and market competitiveness [18][19] - The article notes that the overall impact of tariffs on furniture pricing may be less significant than expected, as raw materials constitute only a portion of total production costs [17][18] Group 3 - The article mentions the rising prices of everyday goods, such as coffee and eggs, as consumers begin to feel the effects of inflation and tariff-induced price hikes [22][23] - It emphasizes that the ability to stockpile goods is often limited to those with greater financial resources, highlighting a disparity in consumer behavior based on economic status [25][20] - The article also discusses the broader implications of tariffs on the stock market, with fluctuations in stock prices reflecting consumer and investor sentiment regarding future economic conditions [25][31] Group 4 - The pharmaceutical sector is facing uncertainty as consumers consider the potential impact of tariffs on the prices of imported medications, leading to a mix of panic buying and cautious purchasing [13][14] - The article illustrates how the medical community is also affected, with patients and healthcare providers closely monitoring the situation for changes in drug availability and pricing [14][15] - It points out that the global pharmaceutical supply chain is heavily reliant on imports, particularly from countries like China and India, which may complicate the effects of tariff increases [14][15] Group 5 - The photography industry is experiencing price increases for film, with some consumers feeling compelled to stock up before further price hikes occur [41][42] - The article highlights the emotional impact of rising film prices on photographers, who may need to adjust their shooting habits and reduce the number of exposures taken [45][46] - It suggests that if prices continue to rise significantly, the use of film could decline, marking a potential shift in the photography landscape [47][48]

9 April 2025 | 12:14PM EDT US Daily: 5 Questions on the Near-Term Outlook for Trade and Fiscal Policy (Phillips) Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC Alec Phillips +1(202)637-3746 | alec.phillips@gs.com Goldman Sachs & Co. LLC David Mericle +1(212)357-2619 | david.mericle@gs.com Goldman Sachs & Co. LLC Ronnie Walker +1(917)343-4543 | ronnie.walker@gs.com Goldman Sachs & Co. LLC Manuel Abecasis +1(212)902-8357 | manuel.abecasis@gs.com Goldman Sachs & Co. LLC Elsie Peng +1( ...

Apple shares declined more than 4% Thursday, giving back some of Wednesday's gains that pushed the iPhone maker to its best day since January 1998.The technology giant, down 13% so far this month and down 23% since the start of 2025, surged more than 15% Wednesday after President Donald Trump announced a 90-day pause on some tariffs and dropped the tariff on most countries to 10% to allow negotiations.The news spurred a widespread market rally that pushed the Nasdaq Composite to its second-best day ever and ...

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - The global financial and commodity markets are significantly affected by macro - events such as the Sino - US trade tariff adjustment and the EU's counter - tariff measures against the US. The market sentiment is volatile, and different asset classes show various trends. In the short term, the market may experience high - volatility fluctuations, and investors are advised to wait for the situation to become clearer [7][8][21][23] Summary by Relevant Catalogs 1. Market Data Tracking - **Stock Indexes**: On April 10, 2025, the Dow Jones Industrial Index was at 40608.45, up 7.87% from the previous trading day; the Nasdaq Index was at 17124.97, up 12.163%; the S&P 500 was at 5456.90, up 9.515%; the Hang Seng Index was at 20264.49, up 0.68% [2] - **Commodity Futures**: Most commodity futures showed price changes. For example, COMEX gold rose 3.385% to $3099.80, and NYMEX crude oil rose 7.694% to $62.71 [2] - **Domestic Futures**: In the domestic market, metals, chemicals, and agricultural products also had different price fluctuations. For instance, domestic gold rose 0.53% to 732 yuan/gram, and methanol rose 0.85% to 2372 yuan/ton [2][4] 2. Macro - News - **Tariff Adjustment**: The State Council Tariff Commission of China increased the additional tariff rate on all imported goods originating from the US from 34% to 84% starting from 12:01 on April 10. The EU voted to impose a 25% tariff on US - imported products in retaliation for the US's tariff on EU steel and aluminum [7][8] - **Policy Statements**: China issued a white paper clarifying its stance on Sino - US economic and trade relations, and the Chinese Ministry of Commerce stated that it would firmly safeguard its legitimate rights and interests. The Chinese government emphasized the implementation of more proactive macro - policies, expanding domestic demand, and stimulating the vitality of business entities [7][8] 3. Morning Meeting Views on Main Varieties 3.1 Agricultural Products - **Peanuts**: The spot market is in a stalemate. Affected by the tariff increase on US - origin goods, the peanut market is expected to rise with oilseeds and meal, and long - spread arbitrage can be considered [13] - **Sugar**: The supply side has improved rainfall in Brazil, and the domestic syrup import suspension provides support. The demand side has good domestic sugar sales, but the short - term inventory pressure remains. It is recommended to use 6000 yuan as the key dividing line for trading [13] - **Pigs**: The national pig price is stable. The market shows an oversupply and weak demand situation, and the spot price is expected to remain stable and slightly strong [13] - **Eggs**: The spot price has rebounded due to post - holiday restocking and pre - May Day stocking, but the price increase space is limited due to supply pressure. Attention can be paid to short - selling opportunities during the rebound [15] 3.2 Energy and Chemicals - **Caustic Soda**: The market atmosphere is weakening. The 2505 contract of caustic soda may continue to operate weakly, and attention should be paid to the support level of last year's low [15] - **Urea**: The domestic urea market price is declining. The supply is high, and the downstream demand is slowing down. The short - term price may continue to fluctuate at a high level [15] 3.3 Industrial Metals - **Copper and Aluminum**: Affected by the Sino - US trade friction, the prices of copper and aluminum continue to decline. The inventory of copper has decreased, and the inventory of aluminum has increased. The market is worried about the impact of tariffs [15][17] - **Alumina**: The new production capacity of domestic alumina is being put into operation, and the supply is in surplus. The 2505 contract is expected to operate weakly [17] - **Steel Products**: The night trading prices of rebar and hot - rolled coils have risen. The spot trading volume is fair, and the inventory reduction of steel products continues, but the market is expected to fluctuate at a low level in the short term [17] 3.4 Option Finance - **Stock Index**: The A - share market has rebounded, and the US stock market has also risen significantly. The tariff war between China and the US may have a negative impact on the global financial system. Short - term investors can wait for the situation to become clearer, and some trading strategies such as short - term volatility strategies and combination arbitrage strategies can be considered [21][23][24] - **Options**: The trading volume and open interest of stock index options have different changes. Trend investors can hold long - 50 and short - 1000 arbitrage, and volatility investors can sell put options to short - sell volatility [25][26]

美国白宫：在谈判期间，关税水平将降至统一的10%。 ...

| 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 37645.59 | 15267.91 | 4982.77 | | -320.01 -0.84% | -335.35 -2.15% -79.48 --1.57% | | | 期货主力 它 | | | | 10年美债期货 | 纳指100小型 | 标普500小型 | | 111.33 | 17232.00 | 5012.25 | | -0.73 -0.66% | -331.25 -1.89% | -85.00 -1.67% | | 美股ETF ☑ | | | | ETRACS2倍杠杆M Gabelli资产ETF ETRACS2倍美国价 | | | | 45.6600 | 28.699 | 38.910 | | +10.8730 +31.26% | +5.475 +23.57% | +7.401 +23.49% | | 美国国债 它 | | | | 3个月期 | 10年期 | 2年期 | | 4.279 | 4.297 | 3.734 | | 1.64bp | 11.90bp | -2.50bp | 标普500指数同样承压，下 ...