其中提到，中国始终按照相互尊重、和平共处、合作共赢的原则处理中美关系，致力于中美关系稳定、 健康、可持续发展。中国不惹事也不怕事，谈，我们大门敞开，打，中国也将奉陪到底，施压和威胁绝 不是同中国打交道的正确方式。维护发展权利是中国国家安全的红线之一，维护国家利益也是中国国家 安全的基本要求。正如白皮书指出的，中国不觊觎他国权益，不嫉妒他国发展，但决不放弃自身正当权 益，在原则问题上寸步不让。中国有决心有信心有能力应对美国关税冲击，致力于维护多边贸易体制， 维护国际公平正义。中国国家安全将变压力为动力，把应对美国冲击视为加快构建新安全格局、推进国 家安全体系和能力现代化的战略机遇。 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The short - term view on gold is bearish, with a mid - term view of oscillation, and a short - term weakening outlook. The core logic is that Sino - US relations are tending to ease, which is negative for gold prices. For nickel, the short - term view is bearish, the mid - term view is oscillatory, and the intraday view is weakly oscillatory, suggesting a wait - and - see approach due to strong upstream nickel ore and weak downstream stainless steel [1]. 3. Summary by Related Catalogs Gold - **Price and Technical Support**: Last week, the gold price rose and then fell. New York gold has strong technical support at $3300, corresponding to the 780 - yuan mark for Shanghai gold [3]. - **Market Drivers**: After the Fed's hawkish stance in the May 8th meeting, the US dollar index rebounded from the bottom, causing the gold price to fall. The Sino - US trade situation is tending to ease, which will put pressure on the gold price. Attention can be paid to the long - short game at the 780 - yuan level of Shanghai gold [3]. Nickel - **Price Movement**: Last week, the main contract price of Shanghai nickel oscillated downward, then rebounded sharply on the night of Friday, regaining the weekly decline and standing above the 126,000 - yuan mark [4]. - **Market Drivers**: The expectation of the Philippine nickel ore export ban from June 2025 has pushed the nickel price to rebound. The nickel ore market is strong, while the demand side is weak. Stainless steel inventory is high and the price is weak, and nickel sulfate is stable. Technically, the futures price may face some pressure at the late - April high [4].

关税，这个曾在特朗普字典里被称作"最美妙"的词，现在看起来似乎开始变得不那么吸引人了。搞了一段时间的关税大戏，特朗普现在却对中国示好，甚 至提出可能会降低对华关税。这一举动着实值得认真琢磨。到底是什么让特朗普从"关税是好东西"到开始考虑降低关税？更重要的是，这会对中美关系乃 至全球市场造成什么影响呢？ 特朗普的关税狂想曲我们都知道，特朗普一向以特立独行的风格见长，尤其是在贸易政策上，他总喜欢用关税这把"双刃剑"来搅动风云。在当初，他甚至 预告过美国针对中国的145%高额关税，声称这是为了促成一项"公平"的交易。不仅如此，他还设下条件：只有当协议达成，美国才会考虑降低关税。 而更大的压力来自于金融市场。股市暴跌、债券收益率上升，都是美国经济不健康的信号。特朗普原本把这些看做是"治病"的阵痛，但当国债利息支出将 美国财政收入压得喘不过气来时，他不得不开始另寻出路。美国国债总规模已超过36万亿美元，利息压力巨大，在这种背景下，任何让利息支出增大的政 策调整都会被视作"开闸放血"。 谁在抛售美债？ 令人关注的不仅仅是美国的问题，还有幕后的"推手"。当美国国债收益率上升时，意味着有人在大规模抛售美债，那么是谁干的？目前 ...

马哈蒂尔还谈及美国政府关税政策，"特朗普会发现他的关税政策正在损害美国，而美国民众最终会反 对他"，"这不会让美国变得伟大。" 法新社提到，在马哈蒂尔漫长的从政生涯中，马哈蒂尔一直是"向东看"政策的支持者，推动马来西亚人 在亚洲寻找解决方案，而不是依赖西方国家。 谈及关税战背景下的中美关系，马哈蒂尔表示，"你不能因为中国的能力和实力与那些西方国家不相上 下就阻止它。" "我们发现，一段时间以来一直标榜自己是世界第一强国的美国并不愿意接受中国的发展。"马哈蒂尔 称。同时，他表示，马来西亚希望与华盛顿和北京保持友好关系，"马来西亚的政策是与所有国家友好 相处。" 今年7月10日，马哈蒂尔将迎来百岁生日。法新社5月9日发布了对这位政坛老将的采访，其间，马哈蒂 尔对美国特朗普政府的政策以及中美关系等话题发表了自己的看法。 法新社称，马哈蒂尔向来直言不讳。他认为，美国总统特朗普"没有认真思考自己的所作所为"，"他的 移民政策——以及试图削减政府开支、解雇数千人（的做法）——所有这些都不好。" 当被问及对特朗普政府一些外交政策的看法，例如他提议接管格陵兰岛和控制巴拿马运河，马哈蒂尔表 示，这位美国领导人"生活在旧世界"。 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货贵金属有色早报（2025 年 5 月 9 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | 2508 | 震荡 | 震荡 | 震荡 偏弱 | 观望 | 中美关系趋于缓和，利空金价 | | 镍 | 2506 | 下跌 | 震荡 | 震荡 偏弱 | 观望 | 上游镍矿强势，下游不锈钢弱势 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 核心逻辑：昨日金价冲高回落，午后持续跳水，夜盘延续颓势。纽约金再度回落至 3300 美元关口， 对应沪金 780 元关口。消息面上，5 月 8 日凌晨美联储议息会议结束，整体表现鹰派。美元指数触底 回升，金价冲高回落；5 月 8 日新华社华 ...

Group 1 - David Perdue was sworn in as the U.S. Ambassador to China amid tense U.S.-China trade relations, drawing attention from foreign media [1] - President Trump emphasized Perdue's capability to handle one of the most complex diplomatic relationships and expressed confidence in his performance [1] - Perdue has 40 years of international business experience and has lived and worked in Singapore and Hong Kong, making him familiar with the Asian business ecosystem [1] Group 2 - Some foreign media speculate on Perdue's appointment, noting his previous advocacy for a stronger U.S. Navy to counter China's military presence in the Pacific [2] - CNBC reported that Wall Street and the general public are eager for upcoming U.S.-China negotiations to ease trade tensions [2] - Perdue's lack of diplomatic experience may influence his future work, which could depend on his close relationship with Trump and his ability to navigate U.S.-China relations [2]

AI基金中欧责任投资混合A（009872）披露2025年一季报，第一季度基金利润3.08亿元，加权平均基金份额本期利润0.0908元。报告期内，基金净值增长率 为13.3%，截至一季度末，基金规模为31.18亿元。 该基金属于偏股混合型基金。截至4月24日，单位净值为0.803元。基金经理是王培和尹为醇，目前共同管理4只基金近一年均为正收益。其中，截至4月24 日，中欧成长领航一年持有混合A近一年复权单位净值增长率最高，达21.6%；中欧行业成长混合(LOF)A最低，为6.51%。 基金管理人在一季报中表示，展望未来，股市运行依然具有较多的不确定性，虽然能看到一些基本面的亮点，但是依然需要警惕中美关系恶化带来的风险。 目前，人工智能的进展相较于过去两年明显有所放缓，随着算力前端等发展到一定的稳定期，期待未来应用端具备杀伤力的产品出现，而其不确定的进程也 会导致行业充满变数。现阶段，中美之间的博弈随着特朗普的超常规操作，又变得充满变数和对抗，在这种情形下，投资底层逻辑的构建具备较大的挑战 性，穿越周期所需具备的条件变得更加苛刻。 截至4月24日，中欧责任投资混合A近三个月复权单位净值增长率为6.75%，位于同类 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货贵金属有色早报（2025 年 5 月 7 日） ◼ 品种观点参考 品种：黄金（AU） 日内观点：震荡偏弱 中期观点：震荡 参考观点：观望 核心逻辑：五一期间金价先抑后扬，伦敦金由 3300 美元一度跌至 3200 美元一线，随后触底回升， 收复前期跌幅。节后开盘首日，金价维持强势运行，伦敦金由 3300 关口拉升至 3400 关口。4 月底金 价下挫我们认为是短期累积涨幅过大，且美国方面对关税政策有所松口，市场风险偏好回升，避险需 求下降，多头了结意愿上升。而本周以来期价快速反弹，很大程度上也说明了多头支撑较强。短期技 术面可关注伦敦金 3400 关口技术压力，沪金关注 800 元技术压力。消息面上，5 月 7 日外交部发言 人宣布我国副总理将在访瑞期间与美国财政部长举行会谈，中美关系趋于缓和，或导致金价冲高回 落。此外，可关注北京时间周四凌晨美联储议息会议结果。 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | ...

Summary of Conference Call Records Industry Overview - The records primarily discuss the bond market and its dynamics in the context of macroeconomic factors, particularly focusing on interest rates, government debt supply, and the impact of U.S.-China relations on the market [1][2][3][5][8]. Key Points and Arguments Interest Rates and Monetary Policy - Current funding rates are inverted compared to bond market rates, raising market concerns; however, historical experience suggests maintaining a loose monetary policy in the face of uncertainty is advisable [1][3][4]. - The central bank has signaled a direction of easing through reverse repos and MLF operations, indicating that even without immediate further easing, hesitation should be avoided to prevent missing opportunities [1][4][15]. - The overall view for the bond market in May remains bullish despite a lack of immediate easing signals; historical trends show that May typically sees downward movement in bond markets, except in specific years due to various economic factors [2][13]. U.S.-China Relations - Uncertainty in U.S.-China relations continues to exert pressure on the market; recent comments from Trump about potential tariff reductions should not be overestimated, as substantial progress in negotiations is still lacking [5][7][8]. - The trade negotiations have not yielded significant breakthroughs, and the ongoing trade war initiated by the U.S. requires more time for resolution [5][7][8]. Domestic Economic Conditions - Internal macro and micro pressures are becoming more evident, but the likelihood of the central bank returning to a tight funding state is low; thus, maintaining a bullish outlook is deemed more rational [6][10]. - Domestic policies have been adjusted to support enterprises, but these measures have not exceeded expectations, indicating a stable but cautious approach to economic management [8][9]. Government Debt Supply - April saw a peak in government debt supply, with total issuance exceeding 2 trillion yuan, but net financing was relatively low due to high maturities; May is expected to see a rebound in net financing to approximately 1.3 trillion yuan [11]. - The impact of government debt supply on the bond market is contingent on the central bank's cooperation, which is likely to increase amid rising uncertainties [11][12]. Market Dynamics and Investment Strategy - The primary drivers of interest rate declines since March have shifted to non-bank institutions, with a stable liability side supporting continued bullish strategies in the bond market [12][15]. - The current investment strategy should focus on long-duration investments, leveraging the positive signals from the central bank to maintain a bullish stance [15][16]. Predictions and Recommendations - Predictions regarding market points should be flexible; reliance on preset points may hinder effective operations, as market dynamics can lead to unexpected movements [17]. - The overall sentiment for the bond market remains optimistic, provided that no significant negative changes occur in credit, government debt, or other asset classes [13][14]. Additional Important Insights - High-frequency data has not yet shown significant impacts from tariffs and trade friction, indicating that the negative effects may manifest gradually [9][10]. - The production side has shown resilience, but demand indicators, particularly in new housing sales, have been weaker, necessitating close monitoring of shipping metrics [10].

豆油 证券代码：839979 油脂早报 2025-05-06投资咨询部 分析师: 王明伟 从业资格号： F0283029 投资咨询号： Z0010442 TEL: 0575-85226759 每日观点 1.基本面：MPOB报告显示，MPOB月报显示马棕2月产量环比减少9.8%至162万吨，出口环比减少14.74%至 149万吨，月末库存环比减少2.6%至183万吨。报告中性，减产不及预期。目前船调机构显示本月目前 马棕出口数据环比增加4%，后续进入增产季，棕榈油供应上有所增加。中性 2.基差：豆油现货8080，基差248，现货升水期货。偏多 3.库存：4月7日豆油商业库存88万吨，前86万吨，环比+2万吨，同比+11.7% 。偏空 4.盘面：期价运行在20日均线上方且方向向上。偏多 5.主力持仓：豆油主力多增。偏多 6.预期：油脂价格震荡整理，国内基本面宽松，国内油脂供应稳定。24/25年USDA南美产量预期较高，马 棕库存偏中性，需求有所好转，印尼B40促进国内消费，减少可供应量，但国际生柴利润偏低，需求疲 软。国内对加菜加征关税导致菜系领涨，国内油脂基本面偏中性，进口库存稳定。中美关系恶化关税 问题影响市 ...