Report Industry Investment Rating - Not provided Core View of the Report - The copper market is influenced by multiple factors, with the copper price expected to move in a volatile manner. The fundamentals are neutral, the basis is bearish, the inventory situation is neutral, the market trend is bullish, the main positions are bullish, and considering factors such as the slowdown of the Fed's interest - rate cuts, inventory reduction from a high level, and the easing of Sino - US economic and trade relations, the copper price will mainly fluctuate [2]. Summary by Relevant Catalogs Daily View - Fundamentals: In April, the manufacturing PMI was 50.4%, down 0.4 percentage points from the previous month, remaining in the expansion range for two consecutive months, and the manufacturing industry continued to recover; the situation is neutral [2]. - Basis: The spot price is 78,480, with a basis of - 460, indicating a discount to the futures, which is bearish [2]. - Inventory: On May 14, copper inventory decreased by 4,075 tons to 185,575 tons, and the SHFE copper inventory decreased by 8,602 tons to 80,705 tons compared to the previous week; the situation is neutral [2]. - Market Trend: The closing price is above the 20 - day moving average, and the 20 - day moving average is upward, which is bullish [2]. - Main Positions: The main net positions are long, but the long positions are decreasing, which is bullish [2]. - Expectation: With the slowdown of the Fed's interest - rate cuts, inventory reduction from a high level, and the easing of Sino - US economic and trade relations, the copper price will mainly move in a volatile manner [2]. Recent利多利空Analysis - The logic involves domestic policy easing and the escalation of the trade war, but specific details of利多 and利空 are not fully provided [3]. Supply - Demand Balance - In 2024, there is a slight surplus, and in 2025, the market will be in a tight balance [21]. - The China annual supply - demand balance table shows the production, import, export, apparent consumption, actual consumption, and supply - demand balance of copper from 2018 - 2024 [23].

首席点评： 中美经贸关系竞合窗口期 2025 年 5 月 15 日，中方宣布自即日起暂停对 28 家美国实体的出口管制措施，同时美方同步撤销对中 国商品 91% 的关税，保留的 34% 关税中 24% 暂停加征 90 天。这场 " 关税休战 " 标志着双方在芬太尼 关税争端持续两年后首次达成竞合妥协，但商务部昨日 " 发现一起查处一起 " 的强硬表态，以及美方仍 保留 10% 战略关税的举措，揭示出博弈远未结束。 国内政策组合拳精准发力，央行降准释放万亿流动性与科技金融 15 条新政形成共振。 0.5 个百分点的 全面降准叠加汽车金融公司定向降准，既延续了适度宽松基调，又精准支持实体产业升级。值得关注的 是， 4 月企业新发贷款利率降至 3.2% 的历史低位，配合《促进科技金融发展意见》提出的全生命周期 金融服务体系，政策着力点正从总量刺激转向结构优化。 海外市场方面，特朗普政府的 " 交易艺术 " 展现新动向。在斩获卡塔尔 2000 亿美元大单的同时，美国 众议院推进数万亿美元减税计划，这种 " 左手贸易右手财政 " 的组合策略无不体现其交易的风格。 当前中美博弈已进入 " 边打边谈 " 的新阶段， 90 ...

经济日报：充分发挥中美经贸磋商机制作用 金十数据5月15日讯，文章称，此次联合声明的达成为中美后续沟通与谈判奠定了基础，但诸多细节问 题仍有待进一步磋商。应当看到，中美之间结构性矛盾和深层次分歧依然存在，解决这些问题不可能一 蹴而就。 对于今后一段时间的中美经贸关系走向，应保持理性预期。双方需要维护好当前的对话势 头，在平等协商中管控分歧、积累共识、强化信任。当前，无论从最优化配置资源要素、更好适应创新 技术持续涌现带来的发展模式转变，还是从创造稳定的全球发展环境看，都需要中美协同发展。一方 面，要充分发挥中美经贸磋商机制的作用，就双方关切的问题进行持续、深入的沟通，及时化解可能出 现的矛盾和分歧；另一方面，要积极推动双边贸易和投资自由化便利化，进一步扩大市场开放，为两国 企业创造更加公平、透明、可预期的营商环境。聚焦共同利益，中美合作的清单能够拉得更长，合作的 蛋糕可以做得更大。 ...

Market Overview - US stock indices closed mixed, with the Nasdaq up 0.72%, S&P 500 up 0.1%, and Dow Jones down 0.21% [3] - Major tech stocks mostly rose, with Tesla and Nvidia up over 4%, Google up over 3%, and Netflix up over 1% [3] - International oil prices weakened, with WTI crude down 1.23% at $62.89 per barrel and Brent crude down 1.23% at $65.81 per barrel [3] - International gold prices fell, with spot gold down 2.26% to $3176.58 per ounce [3] US-China Trade Relations - The US has adjusted tariffs on Chinese goods, revoking a total of 91% tariffs and modifying a 34% tariff, with 24% suspended for 90 days [5] - The US also reduced tariffs on small packages from China, lowering the international mail tax rate from 120% to 54% [5] Economic Indicators - As of April, the broad money supply (M2) in China was 325.17 trillion yuan, growing 8% year-on-year [6] - The narrow money supply (M1) was 109.14 trillion yuan, up 1.5% year-on-year [6] Corporate Developments - Tencent reported Q1 2025 revenue of 1800.2 billion yuan, a 13% year-on-year increase, with gross profit up 20% [17] - Apple has significantly reduced prices for the new iPhone 16 Pro, with discounts up to 2500 yuan [18] - JD.com apologized for a system crash during a promotional event, offering compensation to affected users [19] - NIO's parent company is facing bankruptcy scrutiny, although the company denies any bankruptcy application [26] Regulatory Actions - The Chinese Ministry of Commerce announced measures to strengthen control over strategic mineral exports to prevent illegal outflows [7] - The Ministry of Commerce also suspended measures against 17 US entities on the unreliable entity list for 90 days [8] Legal Matters - The former chairman of Tsinghua Unigroup, Zhao Weiguo, was sentenced to death with a two-year reprieve for corruption [29] - A blogger was ordered to apologize and pay 60,000 yuan for defaming Xiaomi and its founder Lei Jun [20]

Core Points - The recent high-level economic talks between China and the United States have garnered significant international attention, resulting in important agreements that benefit both nations and the global economy [1][2] - The talks, held in Geneva from May 10 to 11, were characterized by "candid, in-depth, and constructive communication," with a positive tone noted by various banking experts [1] - The reduction of bilateral tariffs is seen as aligning with the expectations of producers and consumers, contributing to easing current tensions [1] Group 1 - The talks are viewed as a significant step towards improving economic prospects and are welcomed by international trade experts [2] - The progress made in the talks has been described as encouraging, signaling a commitment to continued dialogue and cooperation [2] - The United Nations has expressed that maintaining a positive and mutually beneficial relationship between the world's two largest economies is advantageous for all [2]

来源：商务部网站 责编： 刘珺宇 校对： 杨舒欣 有记者问：中美日内瓦经贸会谈联合声明中提到中方将暂停或取消自2025年4月2日起针对美国的非关税反制措 施，请问在不可靠实体清单方面有什么考虑？ 答： 根据《中华人民共和国反外国制裁法》《不可靠实体清单规定》及有关规定，不可靠实体清单工作机制 于2025年4月4日和9日，将17家美国实体列入不可靠实体清单，禁止上述企业从事与中国有关的进出口活动， 以及在中国境内新增投资。为落实中美经贸高层会谈共识，自2025年5月14日起，暂停4月4日公告（不可靠实 体清单工作机制〔2025〕7号）相关措施90天，暂停4月9日公告（不可靠实体清单工作机制〔2025〕8号）相关 措施。根据《不可靠实体清单规定》相关规定，国内企业可申请与上述实体进行交易，不可靠实体清单工作机 制将依法进行审核，对符合条件的申请予以批准。 商务部新闻发言人就出口管制管控名单答记者问 有记者问：我们注意到，中美日内瓦经贸会谈联合声明中提到中方将暂停或取消自2025年4月2日起针对美国的 非关税反制措施，请问在出口管制管控名单方面有什么考虑？ 答：根据出口管制相关法律法规规定，商务部于2025年4月4 ...

有关事项如下： 一、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，由34%调整为10%，在90天内暂停实施24%的对美加征关税税率。 二、停止实施《国务院关税税则委员会关于调整对原产于美国的进口商品加征关税措施的公告》（税委会 公告2025年第5号）和《国务院关税税则委员会关于调整对原产于美国的进口商品加征关税措施的公告》 （税委会公告2025年第6号）规定的加征关税措施。 美国也调整了。 记者14日从商务部获悉，根据美国白宫5月12日发布的《修改对等关税税率以反映与中华人民共和国会谈 情况的行政令》，美方已于美东时间5月14日凌晨00:01撤销根据2025年4月8日第14259号行政令和2025年 4月9日第14266号行政令对中国商品（包括香港特别行政区和澳门特别行政区商品）加征的共计91%的关 税，修改2025年4月2日第14257号行政令对中国商品(包括香港特别行政区和澳门特别行政区商品)加征的 34%的对等关税措施，其中24%的关税暂停加征90天，保留剩余10%的关税。 同时，美方还下调或撤销对中国小额包裹（包括香港特别行政区 ...

百万用户都在看 集体大爆发！这个行业，迎来狂欢！ 利好来袭！芯片、特朗普，突传重磅！ 特朗普，突传大消息！ 巴基斯坦， 重大突发！ 责编： 刘珺宇 校对： 杨舒欣 记者14日从商务部获悉，根据美国白宫5月12日发布的《修改对等关税税率以反映与中华人民共和国会谈情况 的行政令》，美方已于美东时间5月14日凌晨00:01撤销根据2025年4月8日第14259号行政令和2025年4月9日第 14266号行政令对中国商品(包括香港特别行政区和澳门特别行政区商品)加征的共计91%的关税，修改2025年4 月2日第14257号行政令对中国商品(包括香港特别行政区和澳门特别行政区商品)加征的34%的对等关税措施， 其中24%的关税暂停加征90天，保留剩余10%的关税。同时，美方还下调或撤销对中国小额包裹(包括香港特别 行政区小额包裹)加征的关税，将国际邮件从价税率由120%下调至54%，撤销原定于2025年6月1日起将从量税 由每件100美元调增为200美元的措施。 鉴于美方根据中美经贸高层会谈共识撤销、暂停或调整有关对华加征关税，中方相应调整有关关税和非关税对 美反制措施。 来源：新华社 违法和不良信息举报电话：0755 ...

据人民日报报道称，中美经贸高层会谈近日在瑞士日内瓦举行。中美经贸中方牵头人在出席中方代表团举行的新闻发布会时表示，此次中美经贸高层会谈坦 诚、深入、具有建设性，达成重要共识，并取得实质性进展。双方一致同意建立中美经贸磋商机制。中美双方将尽快敲定相关细节，并将发布会谈达成的联 合声明。 他说，经过中美双方的共同努力，会谈富有成效，迈出了通过平等对话协商解决分歧的重要一步，为进一步弥合分歧和深化合作打下了基础、创造了条件。 双方在联合声明中达成多项积极共识。双方认识到双边经贸关系对两国和全球经济的重要性，认识到可持续的、长期的、互利的双边经贸关系的重要性，本 着相互开放、持续沟通、合作和相互尊重的精神，继续推进相关工作。双方同意共同采取以下措施：美方承诺取消根据第14259号行政令和第14266号行政令 对中国商品加征的共计91%的关税，修改第14257号行政令对中国商品加征的34%的对等关税，其中24%的关税暂停加征90天，保留剩余10%的关税。 日本超长期国债收益率走势图（资料图） 由于中美贸易谈判的乐观情绪鼓励人们抛售避险资产，日本30年期国债收益率攀升至近25年来的最高水平。日本30年期国债收益率上升5个 ...

Core Viewpoint - The recent high-level trade talks between China and the U.S. have led to significant progress, resulting in a notable decline in gold prices, which reflects reduced market concerns over trade tensions [2] Group 1: Trade Developments - The U.S. and China announced the cancellation or suspension of most tariffs, including the removal of 91% of tariffs and the suspension of 24% of "reciprocal tariffs," alleviating fears of escalating trade friction [2] - The easing of trade tensions has diminished the appeal of gold as a safe-haven asset, contributing to a drop in international spot gold prices to around $3,215 per ounce, with a single-day decline exceeding 3% [2] Group 2: Market Reactions - Domestic gold jewelry prices also fell, with brands like Chow Tai Fook and Lao Feng Xiang seeing a decrease of 16-20 yuan per gram, bringing prices back to the "90s" [2] - The market's expectations for delayed interest rate cuts by the Federal Reserve and a rising U.S. dollar index have further pressured gold prices [2] Group 3: Geopolitical Factors - Additional factors such as the ceasefire in the Middle East and the de-escalation of the India-Pakistan conflict have further reduced safe-haven demand, intensifying gold sell-offs [2] - Despite the easing of U.S.-China trade tensions, uncertainties remain, including potential new frictions related to U.S. manufacturing repatriation strategies and ongoing geopolitical risks like the Russia-Ukraine situation [2] Group 4: Long-term Outlook - The ongoing U.S. debt ceiling issue poses challenges to the credibility of the dollar, while a global trend of "de-dollarization" is leading to strong central bank demand for gold [2] - In the first quarter of 2025, global official gold reserves increased by 244 tons, providing long-term support for gold prices [2] - If inflation rises or the Federal Reserve resumes rate cuts due to economic pressures, gold's anti-inflation properties may become more prominent [3]