Investment Rating - The report maintains an "Accumulate" rating for the tungsten industry, indicating a positive outlook for companies with resource advantages and deep processing capabilities [7]. Core Viewpoints - The tightening of total mining control indicators and resource scarcity are driving the upward trend in tungsten prices. The first batch of tungsten mining control indicators for 2025 is set at 58,000 tons, a decrease of 6.5% from the previous year [2][10]. - The global tungsten resource supply bottleneck began in 2016, leading to a shift in pricing logic from "demand narrative" to "supply narrative," initiating the longest price increase cycle in nearly 20 years [4][26]. - The recent export controls on tungsten products have significantly reduced export volumes, with March exports dropping by 63% year-on-year [3][19]. Summary by Sections Total Mining Control Indicators - The first batch of tungsten mining control indicators for 2025 is 58,000 tons, down from 62,000 tons in the previous year, primarily due to reductions in Jiangxi, Yunnan, and Heilongjiang provinces [10][11]. - The overall annual total mining control indicators are expected to remain flat or decrease compared to last year, reflecting a long-term growth bottleneck in domestic tungsten supply since its peak in 2015 [12][28]. March Exports - The export control measures implemented on February 4, 2025, have led to a drastic reduction in the export of dual-use tungsten items, with March exports falling to 502 tons, a 63% decrease year-on-year [3][19]. - The newly controlled tungsten products, such as tungsten carbide and ammonium paratungstate, saw their export volumes drop to zero, while other tungsten products also experienced significant declines [17][19]. Investment Recommendations - Companies with resource supply advantages and deep processing capabilities are expected to benefit significantly from the tungsten industry's favorable cycle, as resource scarcity continues to dominate the market [5][28]. - Key investment targets include Zhongtung High-tech, Xiamen Tungsten, Zhangyuan Tungsten, and Xianglu Tungsten, which are well-positioned to capitalize on the current market dynamics [5][28].

1 、 《 金价，继续狂飙 》摘要 ■ 在初期因流动性紧张导致黄金短线被动回调后，市场回归"避险逻辑"，推动金价再度上涨。 潜力的真实压力测试 。 4 、 《 黄金价格再创历史新高 》摘要 ■ 以"超硬材料"为例， 2024年9月、12月、2025年2月 三次政策发布即为明显波段上涨窗口。 ■ ■ 宇树科技表示并未参与此次比赛，视频中的G1机器人由 第三方客户购买后自主参赛 ，算法控制等 均由用户自行开发。 ■ 熊友军（北京具身中心）指出："中国已处于全球第一梯队"，但距离规模商业化仍有5~10年。 ■ 4月21日早盘， 黄金价格再度大涨，刷新历史新高 ，显示全球市场在高通胀、美元信用风险和地缘 冲突背景下对避险资产的强烈需求。 ■ 黄金已不再只是防御型资产，而成为主流资金布局的重要方向之一 ，尤其是亚洲央行和全球机构持 续加仓，推动金价节节攀升。 5、《 "出口管制"板块集体攀升 》摘要 ■ 中国在" 关键战略资源与高端材料领域 "逐步强化出口管制策略，以应对中美科技对抗的背景，并 催生出若干产业与资本市场的结构性机会 ，尤其是在"超硬材料、培育钻石、高纯石英、石墨"这四 大细分赛道。 ■ 2024年至今， ...

Core Viewpoint - The U.S. government has imposed new export controls on AI chips, specifically targeting Nvidia's H20 chip, marking a significant escalation in restrictions on technology exports to China [1][2][8]. Group 1: Export Controls and Market Impact - Nvidia announced that its H20 chip requires a license for export to China, a first for a special version of AI chips [1]. - Intel has informed Chinese customers that starting April 2025, chips meeting certain performance criteria will also require U.S. government approval for export [1]. - The restrictions primarily affect Nvidia's H20 and AMD's MI308 chips, with Nvidia's H20 being particularly critical due to its market presence in China [1][8]. - Following the announcement, Nvidia's stock price dropped nearly 7%, resulting in a market value loss of over $148 billion, while AMD warned of an $800 million loss due to the new restrictions [11]. Group 2: Competitive Landscape - The H20 chip's performance exceeds that of other AI chips, making it highly sought after by Chinese cloud computing providers [8][9]. - Huawei's Ascend 910C AI accelerator is expected to fill the market gap left by Nvidia, with performance metrics approaching Nvidia's latest offerings [13][15]. - The competitive dynamics are shifting, with domestic Chinese manufacturers poised to accelerate their development in response to U.S. export controls [11][13]. Group 3: Strategic Implications - The U.S. export controls reflect a broader strategy to maintain technological dominance while balancing commercial interests [16]. - Nvidia's decision to maintain high performance in its products, even under export restrictions, indicates a strategic intent to retain market share in China [10]. - The ongoing policy fluctuations highlight the challenges faced by the U.S. in navigating the intersection of technology control and economic interests [16].

Core Viewpoint - The supply of NVIDIA GeForce RTX 5090D is reportedly being paused in the Chinese market, following the export restrictions on AMD MI308 and NVIDIA H20 to mainland China, indicating potential supply chain disruptions and market impacts [1][2]. Group 1: Supply Chain and Market Impact - NVIDIA has not officially notified its AIC partners about the suspension of GeForce RTX 5090D, with most communication being verbal, leading to uncertainty in the supply chain [1]. - Some AIC partners have already informed their supply chains to halt the procurement and production of GeForce RTX 5090D, indicating a significant shift in order priorities [1]. - Reports suggest that the news of the suspension is not unfounded, although it remains in the rumor stage without formal confirmation from NVIDIA [1]. Group 2: Product Specifications and Launch - The RTX 5090D was launched on January 30, 2023, as a special version compliant with U.S. export control regulations, featuring no difference in gaming performance compared to the flagship RTX 5090, but with a nearly 30% reduction in AI computing power [2]. - The official pricing for the RTX 5090D starts at 16,499 RMB (approximately 2,250 USD), highlighting its positioning in the market [2].

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% | - ...

Group 1 - The U.S. plans to impose a $1 billion fine on TSMC for allegedly violating export controls by manufacturing 3 million AI chips for a Chinese company without timely detection [1] - TSMC has significantly increased its investment in U.S. chip manufacturing, with plans to invest a total of $165 billion, including $100 billion recently announced for six chip factories and a research center [3][5] - The majority of TSMC's revenue, over 65%, comes from U.S. clients, making it imperative for the company to comply with U.S. demands to avoid potential tariffs of up to 100% on its products [5] Group 2 - TSMC's leadership has expressed concerns about becoming overly dependent on U.S. requirements, indicating that the company feels pressured and unable to refuse U.S. demands [7] - The situation highlights TSMC's precarious position in the U.S. market, where it is perceived as being exploited under the guise of incentives for chip manufacturing [7]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The A - share market withstood the downward pressure from reciprocal tariffs, and the implied volatility significantly declined. After the multi - department "stabilizing the market" combination punches since April 7, market confidence was greatly boosted. It is recommended to cautiously go long, focusing on China's policies to boost the domestic economy [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Series**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 3712.20, 3699.80, 3673.00, and 3624.00 respectively, with increases of 53.80, 54.80, 52.80, and 56.20. The trading volumes were 51403.00, 6892.00, 83748.00, and 15704.00, and the positions were 72066.00, 13205.00, 141689.00, and 54672.00, with position changes of - 7839.00, - 46.00, - 8901.00, and - 2634.00 [1] - **IH Series**: The previous day's closing prices of IH contracts were 2598.40, 2596.00, 2582.20, and 2553.00, with increases of 22.40, 22.00, 19.00, and 19.20. The trading volumes were 23535.00, 3041.00, 43873.00, and 8311.00, and the positions were 27480.00, 5453.00, 48237.00, and 19584.00, with position changes of - 5513.00, - 153.00, - 10558.00, and - 750.00 [1] - **IC Series**: The previous day's closing prices of IC contracts were 5509.00, 5452.20, 5381.20, and 5259.60, with increases of 100.60, 102.00, 104.00, and 103.00. The trading volumes were 60899.00, 7746.00, 53950.00, and 12652.00, and the positions were 65270.00, 15766.00, 97111.00, and 45043.00, with position changes of - 12254.00, 578.00, - 7542.00, and - 1801.00 [1] - **IM Series**: The previous day's closing prices of IM contracts were 5744.80, 5666.20, 5578.20, and 5419.00, with increases of 134.80, 130.60, 127.20, and 125.20. The trading volumes were 96804.00, 14381.00, 222566.00, and 35576.00, and the positions were 92361.00, 20103.00, 174420.00, and 72984.00, with position changes of - 14457.00, 452.00, - 10128.00, and - 4151.00 [1] - **Inter - month Spreads**: The current inter - month spreads of IF, IH, IC, and IM were - 12.40, - 2.40, - 56.80, and - 78.60 respectively, compared with the previous values of - 14.80, 0.60, - 55.20, and - 80.20 [1] 3.2 Stock Index Spot Market - **Major Indexes**: The previous day's closing prices of the CSI 300, SSE 50, CSI 500, and CSI 1000 were 3686.79, 2612.62, 5439.77, and 5784.59, with increases of 0.99%, 0.60%, 2.12%, and 2.34% respectively [1] - **Industry Indexes**: Different industries in the CSI 300 had different performance. For example, the raw materials industry increased by 2.79%, the optional consumption industry increased by 2.23%, while the energy industry decreased by 0.33% [1] 3.3 Futures - Spot Basis - The current basis values of IF, IH, IC, and IM contracts against their corresponding spot indexes changed compared with the previous two - day values, showing different convergence or divergence trends [1] 3.4 Other Domestic Main Indexes and Overseas Indexes - **Domestic Indexes**: The previous day's closing prices of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 3186.81, 9539.89, 5937.04, and 1858.36, with increases of 1.31%, 1.22%, 0.90%, and 0.98% respectively [1] - **Overseas Indexes**: The previous day's closing prices of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 20264.49, 31714.03, 5456.90, and 19670.88, with increases of 0.68%, - 3.93%, 9.52%, and - 3.00% respectively [1] 3.5 Macroeconomic Information - China's March CPI decreased by 0.4% month - on - month and 0.1% year - on - year, with the decline significantly narrowing; PPI decreased by 0.4% month - on - month and 2.5% year - on - year. The core CPI increased by 0.5% year - on - year [2] - The US March CPI increased by 2.4% year - on - year, significantly lower than the previous month's 2.8%, and decreased by 0.1% month - on - month, lower than market expectations [2] - More than 450 listed companies have obtained bank stock repurchase and increase loans, with a total loan limit of over 90 billion yuan [2] - China will improve the modern national export control system, and the stance on the US tariff war is that China is not afraid to fight back [2] 3.6 Industry Information - The new mechanism for toll roads encourages private enterprises to participate, and prohibits using BT models to变相 raise debts [2] - China's new energy storage industry is developing rapidly, with a new energy storage installed capacity of over 75 million kilowatts by the end of February [2] - China will moderately reduce the import of US films due to the US tariff policy [2] - Beijing plans to achieve large - scale 5G applications by the end of 2027 [2]

外部环境不确定性增加，广大外贸企业如何应对也是当前各方关心的重点。仅4月10日，福建、辽宁等 多省份就明确部署推进内外贸一体化工作。其中，福建就提出要聚焦纺织服装、箱包、食品等传统优势 出口行业，建立省市县分级分类联系重点外贸企业机制，联动行业商协会深入摸排外贸企业需求，"一 对一"帮助开拓国内市场，消纳部分出口受阻产品。 对此，何咏前也有进一步回应。她指出，近日，商务部已组织有关商协会、大型商超和流通企业座谈， 研究更好发挥各自优势，帮助外贸企业扩宽内销渠道。 "我们将帮助出口遇阻的外贸企业开拓国内市场，用好消费品以旧换新政策，办好外贸优品中华行等系 列活动，深入开展内外贸一体化工作等。"何咏前表示，商务部将搭建外贸企业拓内销平台，在市场准 入、渠道开拓、财政金融、服务保障等方面加大对外贸企业拓内销的帮助力度，促进内外贸渠道对接、 品牌对接、产销对接、标准对接。 何咏前表示，作为全球第二大经济体和第二大商品消费市场，面对美国霸凌关税，我们将坚定不移推进 高水平对外开放，坚定不移走好自己的发展路，以自身的稳定发展为全球经济注入更多确定性。 4月10日，商务部新闻发言人何咏前在例行发布会上就"是否与美国就加征关 ...

来源：中国基金报 中国对美国的新一轮反制，来了！ 01 强硬反制！ 中方对原产于美国的所有进口商品再加征50%关税 美国东部时间4月8日，美方将此前宣布的对中国输美产品加征34%所谓"对等关税"，进一步提高50%至84%。 国务院关税税则委员会今天发布公告，自4月10日12时01分起，调整《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）规定的加征关税税率， 原产于美国的所有进口商品的加征关税税率由34%提高至84% 。 02 将12家美国实体列入出口管制管控名单 商务部今日发布公告，将12家美国实体列入出口管制管控名单，禁止向其出口两用物项： 1. 美国光子公司（American Photonics） 2. 诺沃特公司（Novotech, Inc.） 3. 埃科达因公司（Echodyne） 4. 马文工程公司（Marvin Engeering Company, Inc.） 5. 埃克索维拉公司（Exovera） 6. 特励达·布朗工程公司（Teledyne Brown Engineering, Inc.） 7. BRINC无人机公司（BRINC Drones, ...

Core Viewpoint - TSMC is under investigation by the U.S. for allegedly supplying chips to mainland Chinese companies, potentially facing fines of $1 billion or more due to violations of U.S. export control regulations [1][2]. Group 1: Investigation and Potential Fines - TSMC may face fines up to $1 billion (approximately 73.5 billion RMB) for allegedly violating U.S. export control laws by supplying chips to mainland Chinese companies [1]. - The fines could be as high as double the transaction amount, as TSMC's chip manufacturing equipment contains U.S. technology, and its factories in Taiwan are subject to U.S. export controls [1][2]. - U.S. officials are seeking to impose stricter penalties for export violations, with the Deputy Secretary of Commerce emphasizing the need for strong enforcement [1]. Group 2: Historical Context and Comparisons - It is rare for companies to face fines in the 10-digit range for export control violations; for instance, Seagate Technology was fined $300 million (approximately 22.1 billion RMB) in 2023 for supplying hard drives to entities on the U.S. Entity List [2]. - In November 2024, the U.S. Department of Commerce ordered TSMC to cease shipments of chips suitable for AI applications that are 7nm or more advanced to China [2]. Group 3: Political and Economic Implications - Former President Trump warned TSMC that failure to build factories in the U.S. could result in taxes as high as 100%, criticizing the Biden administration's subsidies for TSMC's Arizona factory [4]. - TSMC announced plans to invest an additional $100 billion (approximately 735 billion RMB) in the U.S. for production and R&D centers, likely as a strategy to mitigate potential tariffs [4]. - Despite these investments, Trump announced a 32% tariff on imports from Taiwan, indicating ongoing considerations for semiconductor tariffs [4].