摩根大通成立了一个部门，旨在指导客户应对地缘政治风险。公司首席执行官戴蒙表示，这一风险远超 他整个职业生涯中的其他任何担忧。 ...

本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不 做任何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状 明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | | | | 集运指数（欧线）期货日报 | | 2025/5/21 | | --- | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 环比 数据指标 | 最新 | | 最新 | 环比 | | EC主力收盘价 | -47.6↓ EC次主力收盘价 | 1677.200 | | 2121.1 | -164.00↓ | | 期货盘面 | EC2506-EC2508价差 +93.30↑ EC2506-EC2510价差 | -443.90 | | 257.60 | -32.30↓ | | 期货持仓头寸（手） EC主力持仓量 | EC合约基差 | -411.90 | +48.70↑ | | | | | | 25907 | 0↑ | | | | SCFIS（欧线）（周） | 1265.30 ...

新华财经北京5月21日电周二（5月20日），国际金价开盘3229.11美元，最高3295.72美元，最低3204.21 美元，收盘报3289.29美元。全天波幅91.51美元，上涨60.16美元，涨幅1.86%，日K线呈现长阳线形 态，突破震荡区间有望进一步延续上行。 基本面上来看，中东地区动荡局势及美元回落为金价上行提供动力。以色列国防军发布消息称，当天早 些时候，以军打死黎巴嫩南部真主党曼苏里基地的一名指挥官。英国外交大臣拉米表示，以方对加沙的 行动"不可容忍"，英国政府将宣布暂停与以色列的贸易协议谈判，就以色列扩大加沙军事行动召见了以 色列大使。美国表示，以色列可能正在准备对伊朗核设施发动打击。目前地缘局势紧张，如果确定发生 突发打击事件，或再次推动金价避险买盘。 此外，美国国债收益率持续攀升，30年期收益率接近5%，美元指数连续多个交易日整体震荡回落，从 102附近再次回撤至100整数位，也为金价强势反弹形成支撑。 短线走势来看，银价在受百日均线以及布林带下轨的双重支撑作用下，多次在32美元一线及下方获得支 撑并止跌回升，该位置仍是当前及未来一段时间的重要支撑区域，布林带中轨以及短期多条均线汇集于 3 ...

Core Insights - Richemont Group reported a 4% year-on-year increase in sales for the fiscal year ending March 31, 2025, reaching €21.399 billion, while operating profit slightly declined by 1% to €3.76 billion, resulting in a profit margin of 20.9% [1] - The jewelry segment remains the core growth driver for Richemont, with brands like Cartier and Van Cleef & Arpels generating €15.33 billion in revenue, an 8% increase year-on-year, and contributing over half of the group's revenue and 70% of its profit [1] - The watch segment, including brands like Jaeger-LeCoultre and Vacheron Constantin, saw a 13% decline in revenue and a significant 69% drop in profit [1] Market Performance - Other luxury brands faced challenges in the fiscal year 2024, with LVMH reporting a 2% decline in revenue to €84.683 billion and a 17% drop in net profit to €12.25 billion, while Kering's revenue fell by 12% to €17.194 billion and net profit decreased by 62% [2] - Hermès maintained strong performance with a 15% increase in revenue to €15.17 billion and a 7% rise in net profit to €4.603 billion [2] - Prada, after acquiring Versace, reported a 17% increase in revenue to €5.432 billion and a 25% rise in net profit to €0.839 billion, with Miu Miu's revenue soaring by 93.2% [2] Leadership Changes - Significant leadership changes occurred across major luxury brands, including Pierpaolo Piccioli taking over as creative director at Balenciaga and Demna moving to Gucci, indicating strategic shifts within Kering [3] - LVMH also saw notable changes, with Damien Bertrand appointed as LV's deputy CEO and Pierre-Emmanuel Angeloglou becoming the new CEO of Dior, reflecting the group's focus on retail and global expansion [3] - Richemont appointed Laurent Perves as CEO of Vacheron Constantin, replacing Louis Ferla, who moved to Cartier, showcasing internal restructuring efforts [3] Competitive Landscape - Traditional luxury brands are facing growth challenges, while independent brands are achieving rapid growth through precise positioning and product innovation [4] - The luxury sector is increasingly impacted by geopolitical risks and the rise of local brands, necessitating a new balance between institutional resilience and market insight [5] - The U.S. tariff policies have raised concerns within the luxury sector, particularly for Swiss brands, with Richemont's chairman expressing caution regarding future pricing and trade conditions [5][6] Local Market Dynamics - In the Chinese market, local brand Lao Pu Gold has shown remarkable growth, with a stock price increase of 495.56% in 2024, outperforming established luxury brands like Cartier and Tiffany in sales per store [7] - The competitive pressure from local brands is intensifying, prompting international luxury brands like Richemont to reconsider their strategies in response to changing consumer preferences [7]

中东地区的局势，再度紧张起来！ 据CNN报道，美国获取的情报显示，以色列可能正在准备对伊朗核设施发动打击。消息人士称，美国观察到 的最新动向显示，"以色列袭击伊朗核设施的可能性大大增加"。 报道称，有美国官员表示，若以色列对伊朗核设施发动袭击，将是与特朗普的公然决裂，还可能引发中东地区 更广泛的冲突。 受上述消息刺激，周三早盘，国际油价一度大涨3.5%。金价盘中也大幅拉升，盘中突破3300美元/盎司，而在 此前一天，金价已大涨近2%。 中东传来大消息 当地时间5月20日下午，美国有线电视新闻网（CNN）报道称，有多名美国官员透露说，美国获取的情报显 示，以色列可能正在准备对伊朗核设施发动打击。 报道称，两位知情人士透露，美国观察到的以色列军事动向包括航空弹药的调动以及一次空中演习的完成。官 员们指出，目前尚不清楚以色列领导人是否已做出最终决定。这些迹象也可能只是以色列在向伊朗施加压力， 试图促使其放弃核计划中的关键内容。 美国官员表示，若以色列对伊朗核设施发动袭击，将是与特朗普的公然决裂。这还可能引发中东地区更广泛的 冲突——自2023年加沙战争加剧紧张局势以来，美国一直试图避免这种情况。 据报道，一位熟悉情 ...

二、地缘政治风险缓和 中美贸易谈判进展 中美经贸会谈达成多项共识，部分关税暂停或降低，市场对贸易摩擦的担忧减弱，避险需求退潮。 俄乌冲突降温 黄金价格近期持续下跌的原因是多方面因素共同作用的结果，主要可归纳为以下几点： 一、美元走强与美联储政策 美元指数回升 黄金以美元计价，美元升值会直接压低黄金价格。近期美联储维持高利率的预期增强，市场认为降息可能推迟， 美元指数反弹至高位，导致黄金吸引力下降。 加息预期升温 美国4月CPI数据若超预期，可能促使美联储进一步加息，增加持有黄金的机会成本（黄金不产生利息）。这种政 策预期促使资金从黄金转向美元资产。 俄乌停火谈判的预期及中东局势缓和，进一步削弱了黄金作为避险资产的需求。 三、市场情绪与技术面因素 技术性抛售 金价跌破关键支撑位（如3300美元/盎司），触发程序化交易抛售，形成"越跌越卖"的恶性循环。 多头获利了结 此前黄金连续上涨积累了大量获利盘，投资者选择高位套现锁定利润，导致短期抛压加剧。 四、宏观经济数据影响 美国经济数据向好 非农就业数据超预期、制造业PMI回升等指标缓解了市场对经济衰退的担忧，风险资产（如股票）吸引力上升， 资金撤离黄金市场。 实际利 ...

甲醇产业期现日报 投资咨询业务资格:证监许可【2011】1292号 2025年5月21日 张晓珍 数据来源:Wind、卓创、彭博、隆众、广发期货发展研究中心。请仔细阅读报告尼端免费声明。 免责声明 本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料. 但广发期货对这些信息的准确性及完整性不作任何保证。本报 告反映研究人员的不同观点、见解及分析方法,并不代表广发期货或其附属机构的立场。在任何情况下,报告内容仅供参考,报告中 的信息或所泰达的意见并不构成所述品种买卖的出价或询价. 投资者据此投资,风险自担。本报告旨在发送给广发期货特定客户及其 他专业人士、版权归广发期货所有,未经广发期货书面授权,任何人不得对本报告进行任何形式的发布,复制。如引用、刊发、需注 明出处为"广发期货"。 知识图强,求实奉献,客户至上,合作共赢 亚期现日报 投资咨询业务资格:证监许可【 2011】1292 Z0003135 甲醇价格及价差 | 品种 | 5月20日 | 5月19日 | 涨跌 | 涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | | MA2501 收盘价 | 232 ...

日度报告——综合晨报 LPR 迎来年内首降，以色列准备袭击伊核设施 [T报ab告le_日R期an：k] 2025-05-21 宏观策略（外汇期货(美元指数)） 以色列准备袭击伊核设施 美国情报部门发现以色列准备袭击伊朗核设施，市场避险情绪 明显上升，美元指数震荡。 宏观策略（股指期货） LPR 迎来年内首降 综 股市再次演绎风险偏好走高的过程，权重股大幅上行，市场情 绪乐观。短期无更多催化下，散户入场可能是本轮资金持续走 高的原因。 合 宏观策略（黄金） 中国 4 月棕榈液油进口 15.68 万吨，环比减少 6.35% 马棕出口小幅增加，中国 4 月棕榈油进口环比下降。 黑色金属（螺纹钢/热轧卷板） 国家发改委：将稳步有序推进城市更新重点工程实施 钢价延续弱势震荡，市场情绪依然偏谨慎。4 月经济数据进一步 验证国内地产和基建需求没有明显改善，外需在抢出口后同样 存在风险，钢价预计近期仍处于震荡格局。 有色金属（铜） 中国 4 月精炼铜进口量环比下降 15.27% 宏观因素阶段影响偏中性，但市场对基本面阶段转弱担忧正在 升温，预计铜价短期震荡偏弱可能性更大。 晨 伊朗最高领袖表态强势 报 金价强势上涨，主要是受 ...

现货黄金涨穿3300美元，目前涨幅超过0.3%，据媒体报道，美国情报部门发现，以色列正准备袭击伊朗。 WTI原油期货涨1.68%，暂报63.30美元。 ...

Financial Data and Key Metrics Changes - JPMorgan Chase reported record revenue for the seventh consecutive year, with managed revenue of $180.6 billion and net income of $58.5 billion in 2024, reflecting a return on tangible common equity of 20% [13][14] - The company increased its quarterly common dividend from $1.5 per share to $1.15 in Q1 and again to $1.25 in Q3 of 2024 [13] Business Line Data and Key Metrics Changes - The firm extended credit and raised capital totaling $2.8 trillion for consumer and institutional clients globally [14] - JPMorgan Chase moved over $10 trillion daily in more than 20 currencies across 60 countries and safeguarded over $35 trillion in assets [14] Market Data and Key Metrics Changes - The company grew market share in several business segments and made significant investments in products, people, and technology [14] Company Strategy and Development Direction - The management emphasized the importance of running a great company and the long-term health of America and the democratic world as foundational to the firm's success [12][13] - The company aims to drive organic growth across all parts of the business while remaining nimble to address significant competition and geopolitical risks [15][16] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by geopolitical tensions, inflation, interest rates, and trade wars, while expressing confidence in the company's ability to remain healthy under various scenarios [17][18] - The firm is committed to educating clients and countries about critical economic issues through extensive research conducted by over 700 senior analysts [18] Other Important Information - The company has a strong focus on responsible corporate citizenship and engages with policymakers to protect long-term interests [50] - Management highlighted the importance of employee well-being and has significantly increased minimum pay over the last seven years [55] Q&A Session Summary Question: How does JPMorgan view its approach to financing energy in light of its commitment to political neutrality and fiduciary duty? - JPMorgan is one of the largest financers of both traditional and green energy, supporting energy production from all sources while focusing on long-term shareholder value [41] Question: What is the company's stance on political contributions? - The firm engages with policymakers to advance long-term interests and prohibits the use of corporate funds for political contributions to candidates or parties [50][51] Question: How does the company plan to address employee compensation concerns? - Management emphasized the importance of building a great company for employees and communities, offering competitive compensation and benefits [54][55] Question: How does JPMorgan plan to handle potential margin compression in a lower interest rate environment? - The firm prepares for a range of outcomes regarding interest rates and believes it is well-positioned to handle various scenarios [59] Question: Will there be a consideration for a stock split or stock dividend? - The board considers stock splits and dividends at every meeting and will communicate any decisions made [61] Question: How does JPMorgan intend to incorporate climate science into its investment decisions? - The company has frameworks to assess environmental and social risks and engages with clients to make informed business decisions [64] Question: What is the company's assessment of increasing dividends and economic growth? - JPMorgan has increased dividends multiple times and will continue to recommend increases as profitability grows [70]